# EDGAR Filing Document

**Accession Number:** 0001912963
**File Stem:** 0001145549-25-056685
**Filing Date:** 2025-8
**Character Count:** 207453
**Document Hash:** b408f21ae84b4dc45dec1184685b1db9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056685.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-056685

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Trust Private Credit Fund
- **CENTRAL INDEX KEY:** 0001912963

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23792
- **FILM NUMBER:** 251277170

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2270

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **ASSET-BACKED SECURITIES — 18.7%** |  |
| 5000000<sup>1</sup> | Arts SPV S.r.l.<br> 10.551% (3-Month Euribor+855 basis points), 11/30/2041<sup>2,3,4</sup> | $5889975 |
|  | Banco Santander, S.A. |  |
| 3440036<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1 CLN, 11.014% (3-Month Euribor+900 basis points), 6/20/2030<sup>2,3,4</sup> | 4133393 |
| 1500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series Syntotta 5, 9.959% (3-Month Euribor+800 basis points), 12/27/2043<sup>2,4</sup> | 1801449 |
| 1157427 | BNP Paribas - Broadway<br> Series 1, Class JNR, 12.333% (1-Month Term SOFR+800 basis points), 4/12/2031<sup>2,4,5</sup> | 1160321 |
|  | Deutsche Bank AG |  |
| 2845260 | &nbsp;&nbsp;&nbsp;Series 2021-1X, Class CLN, 13.083% (3-Month Term SOFR+876 basis points), 2/21/2029<sup>2,4,5</sup> | 2858064 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2025-1X, Class CLN, 11.791% (3-Month Euribor+950 basis points), 10/25/2035<sup>2,3,4,5</sup> | 2355990 |
| 5000000 | Granville Ltd.<br> Series 25-1X, 10.890% (1-Month Term SOFR+650 basis points), 2/15/2030<sup>2,4</sup> | 5000000 |
| 10000000<sup>1</sup> | Gregory SPV S.R.L.<br> Series 32XC, 9.725% (3-Month Euribor+775 basis points), 12/30/2045<sup>2,3,4</sup> | 11779951 |
|  | Landesbank Baden-Wuerttemberg |  |
| 1942985<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series LION-5 MEZ, 11.186% (3-Month Euribor+900 basis points), 7/31/2034<sup>2,3,4</sup> | 2273033 |
| 4022973<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series LION-6 SNR, 9.630% (3-Month Euribor+765 basis points), 10/30/2036<sup>2,3,4</sup> | 4726247 |
|  | Lloyds Bank PLC |  |
| 2500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1 A, 8.715% (SONIA+450 basis points), 12/16/2030<sup>2,3,4</sup> | 3436754 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-1 Z, 11.563% (SONIA+735 basis points), 12/16/2030<sup>1,2,3,4</sup> | 4133411 |
| 2621372 | Mespil Securities No.3 Designated Activity Company<br> Series 2024-1, Class B, 13.900% (2-Month Term SOFR+950 basis points), 7/28/2032<sup>2,4</sup> | 2684285 |
|  | PYMES Magdalena |  |
| 5200000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 12, Class NOTE, 9.036% (3-Month Euribor+700 basis points), 12/31/2039<sup>2,3,4,5</sup> | 6125574 |
| 2609534<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 11, Class NOTE, 8.736% (3-Month Euribor+650 basis points), 7/4/2054<sup>2,3,4,5</sup> | 3060185 |
|  | Santander Consumer Finance, S.A. |  |
| 17246443<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1, 8.815% (3-Month Term STIBOR+665 basis points), 12/25/2034<sup>2,3,4</sup> | 1811069 |
| 33128000<sup>1</sup> | &nbsp;&nbsp;&nbsp;8.663% (3-Month CIBOR+665 basis points), 6/25/2035<sup>2,3,4</sup> | 5230351 |
| 1915020<sup>1</sup> | Santander UK PLC<br> Series 2024-2 F, 14.950% (SONIA+1,000 basis points), 5/22/2034<sup>3,4</sup> | 2687862 |
| 3000000 | St. Lawrence Corp.<br> Series 2023-1X, Class MEZZ, 14.040% (1-Month Term SOFR+975 basis points), 5/25/2033<sup>2,4</sup> | 3097500 |
| 2190754 | U.S. Bancorp<br> Series 2025-SUP1, Class R, 11.805% (30-Day SOFR Average+750 basis points), 2/25/2032<sup>2,5,6</sup> | 2173447 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,848,406) | **76418861** |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS — 32.3%** |  |
|  | Accordian Partners, LLC |  |
| 86957 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 11/17/2031<sup>7,8</sup> | $13635 |
| 578261 | &nbsp;&nbsp;&nbsp;9.546%, Term Loan (3-Month Term SOFR+525 basis points), 11/17/2031<sup>2,7</sup> | 576410 |
|  | Accuary, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;0.000%, Delay Draw, <sup>7,8</sup> |  |
| 3000000 | &nbsp;&nbsp;&nbsp;12.808%, Term Loan (30-Day SOFR Average+850 basis points), 6/5/2030<sup>2,7</sup> | 2886875 |
| 3950000 | Astro Acquisition, LLC<br> 9.799%, Term Loan, 12/13/2027<sup>7</sup> | 3950000 |
| 2000000 | C3 Rentals, LLC<br> 12.324%, Term Loan, 4/22/2027<sup>7,9</sup> | 2010000 |
| 1966627 | Cardinal Parent, Inc.<br> 8.949%, Term Loan (3-Month Term SOFR+450 basis points), 11/12/2027<sup>2,5</sup> | 1920942 |
|  | CB Buyer, Inc. |  |
| 394750 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, 7/1/2031<sup>7,8</sup> | 3474 |
| 792086 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 7/1/2031<sup>7,8</sup> | 119001 |
| 3785666 | &nbsp;&nbsp;&nbsp;9.299%, Term Loan, 7/1/2031<sup>7</sup> | 3781124 |
| 363279 | CIRE Alto OpCo, LLC<br> 24.090%, Term Loan, 8/29/2025<sup>7,9</sup> | 363280 |
| 3985000 | Connect America.com, LLC<br> 9.799%, Term Loan, 12/31/2028<sup>7,9</sup> | 3905300 |
| 977500 | CPC/Cirtec Holdings, Inc.<br> 9.077%, Term Loan, 1/30/2029<sup>7</sup> | 965770 |
|  | Craftmark Bakery Holdings, LLC |  |
| 410256 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, <sup>7,8</sup> |  |
| 717949 | &nbsp;&nbsp;&nbsp;9.510%, Delay Draw (3-Month Term SOFR+525 basis points), 5/6/2031<sup>2,7,10</sup> | 68427 |
| 2871795 | &nbsp;&nbsp;&nbsp;9.510%, Term Loan (3-Month Term SOFR+525 basis points), 5/6/2031<sup>2,7</sup> | 2809175 |
| 2032961 | DCERT Buyer, Inc.<br> 11.327% (1-Month Term SOFR+700 basis points), 2/24/2029<sup>2</sup> | 1786465 |
|  | Dentive, LLC |  |
| 275111 | &nbsp;&nbsp;&nbsp;11.046%, Term Loan (3-Month Term SOFR+675 basis points), 12/23/2028<sup>2,7</sup> | 268233 |
| 136672 | &nbsp;&nbsp;&nbsp;11.046%, Delay Draw, 12/23/2028<sup>2,7</sup> | 133256 |
| 2987625 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 12/26/2028<sup>7,10</sup> | 1586979 |
|  | Fenix Topco, LLC |  |
| 58745 | &nbsp;&nbsp;&nbsp;11.830%, Delay Draw, 4/2/2027<sup>7,9,10</sup> | 49405 |
| 847836 | &nbsp;&nbsp;&nbsp;13.550%, Term Loan, 3/28/2029<sup>7,9</sup> | 818162 |
|  | Fertility (ITC) Buyer, Inc. |  |
| 1321945 | &nbsp;&nbsp;&nbsp;10.118%, Term Loan (6-Month Term SOFR+600 basis points), 1/3/2029<sup>2,7</sup> | 1321945 |
| 1589811 | &nbsp;&nbsp;&nbsp;10.217%, Delay Draw, 1/3/2029<sup>7,10</sup> | 1182147 |
| 489873 | Florida Food Products, LLC<br> 9.590%, Term Loan (3-Month Term SOFR+500 basis points), 10/18/2028<sup>2,5</sup> | 333114 |
| 536980 | Fortna Group, Inc.<br> 10.080%, Term Loan (6-Month Term SOFR+550 basis points), 6/1/2029<sup>2,5</sup> | 425938 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS (Continued)** |  |
|  | H.W. Lochner, LLC |  |
| 262355 | &nbsp;&nbsp;&nbsp;10.535%, Term Loan, 7/2/2027<sup>7</sup> | $262355 |
| 2426205 | &nbsp;&nbsp;&nbsp;10.685%, Term Loan, 7/2/2027<sup>7</sup> | 2426205 |
| 1480469 | HS Purchaser, LLC<br> 8.280%, Term Loan (3-Month Term SOFR+400 basis points), 11/30/2026<sup>2,5</sup> | 1414270 |
|  | IDC Infusion Services, Inc. |  |
| 1441851 | &nbsp;&nbsp;&nbsp;10.796%, Term Loan (3-Month Term SOFR+650 basis points), 7/7/2028<sup>2,7</sup> | 1447762 |
| 3473750 | &nbsp;&nbsp;&nbsp;10.796%, Term Loan (3-Month Term SOFR+650 basis points), 7/7/2028<sup>2,7</sup> | 3447349 |
| 530130 | &nbsp;&nbsp;&nbsp;11.889%, Delay Draw, 7/7/2028<sup>7,10</sup> | 467368 |
| 4176478 | Ipsen Group Holding GmbH<br> 7.825% Cash, 7.000% PIK, Term Loan, 7/31/2029<sup>7,9,11</sup> | 4045336 |
|  | Ivanti Software, Inc. |  |
| 1101873 | &nbsp;&nbsp;&nbsp;8.793%, Term Loan (3-Month Term SOFR+425 basis points), 12/1/2027<sup>2,5,11</sup> | 917309 |
| 79571 | &nbsp;&nbsp;&nbsp;0.000%, Term Loan, 6/1/2029\*,<sup>7</sup> | 82058 |
|  | KL Charlie Acquisition Company |  |
| 463750 | &nbsp;&nbsp;&nbsp;9.927%, Delay Draw (1-Month Term SOFR+560 basis points), 12/20/2026<sup>2,7</sup> | 463750 |
| 349554 | &nbsp;&nbsp;&nbsp;9.927%, Term Loan (1-Month Term SOFR+560 basis points), 12/20/2026<sup>2,7</sup> | 349554 |
| 1985000 | Leonard Valve Company, LLC<br> 9.796%, Term Loan (3-Month Term SOFR+550 basis points), 9/30/2027<sup>2,7</sup> | 1985000 |
|  | Medical Technology Solutions, LLC |  |
| 375000 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, <sup>7,8</sup> |  |
| 1250000 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, <sup>7,8</sup> |  |
| 2375000 | &nbsp;&nbsp;&nbsp;9.562%, Term Loan (30-Day SOFR Average+525 basis points), 6/3/2032<sup>2,7</sup> | 2332812 |
|  | Minds + Assembly, LLC |  |
| 169271 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, <sup>7,8</sup> |  |
| 3065326 | &nbsp;&nbsp;&nbsp;10.049%, Term Loan, 10/28/2026<sup>7</sup> | 3051532 |
|  | Monroe Capital Corp. |  |
| 488750 | &nbsp;&nbsp;&nbsp;9.549%, Term Loan, 12/20/2028<sup>7</sup> | 488750 |
| 490687 | &nbsp;&nbsp;&nbsp;9.579%, Delay Draw, 12/20/2028<sup>7</sup> | 490688 |
| 5000000 | Nephorn Pharmaceuticals Corp.<br> 13.525%, Term Loan, 1/31/2028<sup>7,9</sup> | 4975000 |
|  | Neptune Bidco US, Inc. |  |
| 1977311 | &nbsp;&nbsp;&nbsp;9.080%, Term Loan (3-Month Term SOFR+475 basis points), 10/11/2028<sup>2</sup> | 1867501 |
| 1964925 | &nbsp;&nbsp;&nbsp;9.330%, Term Loan (3-Month Term SOFR+500 basis points), 4/11/2029<sup>2,5</sup> | 1863515 |
| 3575814 | &nbsp;&nbsp;&nbsp;14.080%, Term Loan, 10/11/2029 | 3522177 |
|  | NMA Holdings, LLC |  |
| 352941 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, <sup>7,8</sup> |  |
| 529412 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, <sup>7,8</sup> |  |
| 2107059 | &nbsp;&nbsp;&nbsp;9.563%, Term Loan, 1/2/2028<sup>7,9</sup> | 2079667 |
| 1547660 | Orthopaedic (ITC) Buyer, LLC<br> 10.899%, Term Loan, 7/31/2028<sup>7</sup> | 1559267 |
|  | PhyNet Dermatology, LLC |  |
| 517241 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 10/20/2029<sup>7,8</sup> | (5172) |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS (Continued)** |  |
| 1015124 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 10/20/2029<sup>7,8</sup> | $(10151) |
| 968048 | &nbsp;&nbsp;&nbsp;10.772%, Term Loan (3-Month Term SOFR+650 basis points), 10/20/2029<sup>2,7</sup> | 958367 |
| 477572 | &nbsp;&nbsp;&nbsp;10.772%, Term Loan (3-Month Term SOFR+650 basis points), 10/20/2029<sup>2,7</sup> | 472797 |
|  | PMA Parent Holdings, LLC |  |
| 328947 | &nbsp;&nbsp;&nbsp;0.375%, Revolver, 1/31/2031<sup>7,8</sup> | (4145) |
| 4659375 | &nbsp;&nbsp;&nbsp;9.549%, Term Loan, 1/31/2031<sup>7</sup> | 4600667 |
| 3965553 | Progress Lighting, LLC<br> 14.269%, Term Loan, 9/18/2029<sup>7,9</sup> | 3882277 |
| 2767183 | Project Leopard Holdings, Inc.<br> 9.630%, Term Loan (3-Month Term SOFR+525 basis points), 7/20/2029<sup>2,5</sup> | 2521595 |
| 4959786 | Resolute Investment Managers, Inc.<br> 11.061%, Term Loan (3-Month Term SOFR+650 basis points), 4/30/2027<sup>2</sup> | 4925712 |
| 5000000 | RHF VI Funding, LLC<br> 12.090%, Revolver, 8/19/2025<sup>7</sup> | 5000000 |
|  | Riccobene Associates |  |
| 135318 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, <sup>7,8</sup> |  |
| 1316793 | &nbsp;&nbsp;&nbsp;9.327%, Term Loan, 11/12/2027<sup>7,9</sup> | 1299016 |
| 540896 | &nbsp;&nbsp;&nbsp;9.314%, Delay Draw, 1/10/2028<sup>7,9,10</sup> | 104636 |
|  | Riskonnect Parent, LLC |  |
| 4000000 | &nbsp;&nbsp;&nbsp;0.500%, Delay Draw, 12/7/2028<sup>8</sup> | (30000) |
| 967805 | &nbsp;&nbsp;&nbsp;8.916%, Term Loan (6-Month Term SOFR+475 basis points), 12/7/2028<sup>2</sup> | 965386 |
|  | Royal Palm Equity Partners I LP |  |
| 691220 | &nbsp;&nbsp;&nbsp;0.000% Cash. 11.299% PIK, Term Loan (3-Month Term SOFR+700 basis points), 10/24/2033<sup>2,7,11</sup> | 688109 |
| 426008 | &nbsp;&nbsp;&nbsp;0.500% Cash. 3.000% PIK, Delay Draw, 10/24/2033<sup>7,8,11</sup> | 63087 |
|  | Royal Palm Equity Partners II LP |  |
| 51270 | &nbsp;&nbsp;&nbsp;0.000% Cash. 11.299% PIK, Term Loan (3-Month Term SOFR+800 basis points), 10/24/2028<sup>2,7,11</sup> | 50978 |
| 85608 | &nbsp;&nbsp;&nbsp;0.500% Cash. 3.000% PIK, Term Loan, 10/24/2033<sup>7,8,11</sup> | 85222 |
| 5612971 | Russell Investments U.S. Institutional Holdco, Inc.<br> 9.280%, Term Loan (3-Month Term SOFR+500 basis points), 5/28/2027<sup>2,5,11</sup> | 5322499 |
|  | Sepro Holdings, LLC |  |
| 432836 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 7/26/2030<sup>7,8</sup> | (1212) |
| 3007127 | &nbsp;&nbsp;&nbsp;9.577%, Term Loan, 7/26/20307 | 2968636 |
| 5810625 | Shryne Group, Inc.<br> 16.000% Cash, 1.000% PIK, Term Loan, 5/26/2026<sup>7,9,11</sup> | 5839679 |
|  | South Florida ENT Associates |  |
| 420120 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 12/31/2025<sup>7,10</sup> | 338068 |
| 968811 | &nbsp;&nbsp;&nbsp;11.330%, Term Loan, 12/31/2025<sup>7</sup> | 964645 |
|  | Steward Health Care System, LLC |  |
| 1894617 | &nbsp;&nbsp;&nbsp;14.436%, Term Loan, 7/16/2025<sup>7,9,12</sup> | 1894617 |
| 420929 | &nbsp;&nbsp;&nbsp;0.000% Cash, 15.180% PIK, Bridge, 5/28/2026<sup>7,9,11,12</sup> | 420929 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS (Continued)** |  |
|  | Summit Spine & Joint Centers |  |
| 829187 | &nbsp;&nbsp;&nbsp;1.000%, Delay Draw, <sup>7,8</sup> | $— |
| 414594 | &nbsp;&nbsp;&nbsp;9.298%, Revolver, 3/18/202<sup>87,9,10</sup> | 18194 |
| 2749328 | &nbsp;&nbsp;&nbsp;11.500%, Term Loan, 3/18/2028<sup>7,9</sup> | 2705023 |
| 3805172 | Synamedia Americas Holdings, Inc.<br> 12.062%, Term Loan, 12/5/2028<sup>7</sup> | 3794137 |
|  | TA/WEG Holdings, LLC |  |
| 369152 | &nbsp;&nbsp;&nbsp;12.253%, Delay Draw, 10/2/2027<sup>7</sup> | 369152 |
| 221760 | &nbsp;&nbsp;&nbsp;0.500%, Revolver, 10/4/2027<sup>7,8</sup> |  |
| 246028 | &nbsp;&nbsp;&nbsp;12.253%, Delay Draw, 10/4/2027<sup>7,11</sup> | 246028 |
| 367835 | &nbsp;&nbsp;&nbsp;12.253%, Delay Draw, 10/4/2027<sup>7</sup> | 367836 |
| 2601914 | &nbsp;&nbsp;&nbsp;12.253%, Delay Draw, 10/4/2027<sup>7</sup> | 2601914 |
|  | Tank Holding Corp. |  |
| 15409 | &nbsp;&nbsp;&nbsp;1.000%, Revolver, 3/31/2028<sup>8</sup> | (1223) |
| 1856291 | &nbsp;&nbsp;&nbsp;10.077%, Term Loan (1-Month Term SOFR+575 basis points), 3/31/2028<sup>2</sup> | 1771013 |
| 684250 | &nbsp;&nbsp;&nbsp;10.327%, Term Loan (1-Month Term SOFR+600 basis points), 5/11/2029<sup>2</sup> | 651536 |
| 296598 | &nbsp;&nbsp;&nbsp;11.750%, Delay Draw (1-Month Term SOFR+0 basis points), 5/11/2029<sup>2</sup> | 282417 |
|  | Taoglas Group Holdings Limited |  |
| 767346 | &nbsp;&nbsp;&nbsp;11.546%, Term Loan (3-Month Term SOFR+725 basis points), 2/28/2029<sup>2,7</sup> | 756526 |
| 214991 | &nbsp;&nbsp;&nbsp;11.552%, Revolver, 2/28/202<sup>97,10</sup> | 188718 |
| 332043 | TCW Fenix Topco, LLC<br> 1.000%, Delay Draw, <sup>7,8</sup> |  |
| 2468750 | USN Opco, LLC<br> 10.199%, Term Loan, 12/21/2026<sup>7</sup> | 2465787 |
| 1497051 | West Side Holdco, LLC<br> 13.324%, Term Loan, 9/3/2027<sup>7,9</sup> | 1556933 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $131,511,280) | **131908515** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **CLOSED-END FUNDS — 0.6%** |  |
| 162668 | Palmer Square Capital BDC, Inc.<sup>13</sup> | **2270845** |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,670,716) | **2270845** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  |  |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 31.3%** |  |
| 1250000 | ABPCI Direct Lending Fund CLO, LLC<br> Series 2017-1A, Class ERR, 11.769% (3-Month Term SOFR+750 basis points), 7/20/2037<sup>2,5,6</sup> | 1274071 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 250000 | AIMCO CLO Ltd.<br> Series 2019-10A, Class ERR, 9.922% (3-Month Term SOFR+565 basis points), 7/22/2037<sup>2,5,6</sup> | $253238 |
| 500000 | Alinea CLO Ltd.<br> Series 2018-1A, Class DR, 6.584% (3-Month Term SOFR+225 basis points), 7/20/2031<sup>2,5,6</sup> | 502502 |
|  | Apidos CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-28A, Class C, 7.031% (3-Month Term SOFR+276 basis points), 1/20/2031<sup>2,5,6</sup> | 501845 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2015-23A, Class DRR, 6.856% (3-Month Term SOFR+260 basis points), 4/15/2033<sup>2,5,6</sup> | 989245 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2022-42A, Class D1R, 6.719% (3-Month Term SOFR+245 basis points), 4/20/2038<sup>2,5,6</sup> | 498250 |
| 400000 | Arini U.S. CLO Ltd.<br> Series 1A, Class D, 8.326% (3-Month Term SOFR+400 basis points), 4/15/2038<sup>2,5,6</sup> | 404199 |
|  | Bain Capital Credit CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class DR, 7.219% (3-Month Term SOFR+295 basis points), 7/19/2031<sup>2,5,6</sup> | 752503 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1R, 5.725% (3-Month Term SOFR+140 basis points), 7/16/2038<sup>2,5,6</sup> | 1003168 |
| 500000 | Barings CLO Ltd.<br> Series 2018-4A, Class D, 7.418% (3-Month Term SOFR+316 basis points), 10/15/2030<sup>2,5,6</sup> | 501568 |
| 500000 | Battalion CLO Ltd.<br> Series 2020-15A, Class BR, 5.780% (3-Month Term SOFR+150 basis points), 1/17/2033<sup>2,5,6</sup> | 499750 |
|  | Benefit Street Partners CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2015-8A, Class DR, 10.131% (3-Month Term SOFR+586 basis points), 1/20/2031<sup>2,5,6</sup> | 245328 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2020-20A, Class DR, 7.718% (3-Month Term SOFR+346 basis points), 7/15/2034<sup>2,5,6</sup> | 500726 |
| 500000 | BlueMountain CLO Ltd.<br> Series 2020-30A, Class DR, 7.556% (3-Month Term SOFR+330 basis points), 4/15/2035<sup>2,5,6</sup> | 500628 |
| 500000 | Bryant Park Funding Ltd.<br> Series 2023-20A, Class DR, 7.725% (3-Month Term SOFR+340 basis points), 4/15/2038<sup>2,5,6</sup> | 502377 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2014-4RA, Class C, 7.418% (3-Month Term SOFR+316 basis points), 7/15/2030<sup>2,5,6</sup> | 752902 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class DR, 7.141% (3-Month Term SOFR+286 basis points), 4/17/2031<sup>2,5,6</sup> | 250057 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-2RA, Class C, 7.388% (3-Month Term SOFR+306 basis points), 5/15/2031<sup>2,5,6</sup> | 1004278 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 625000 | &nbsp;&nbsp;&nbsp;Series 2014-3RA, Class C, 7.494% (3-Month Term SOFR+321 basis points), 7/27/2031<sup>2,5,6</sup> | $627691 |
| 500000 | Carlyle U.S. CLO Ltd.<br> Series 2021-9A, Class E, 11.161% (3-Month Term SOFR+689 basis points), 10/20/2034<sup>2,5,6</sup> | 499763 |
|  | Cedar Funding CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2016-6A, Class DRR, 7.841% (3-Month Term SOFR+357 basis points), 4/20/2034<sup>2,5,6</sup> | 500123 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-17A, Class E, 12.429% (3-Month Term SOFR+816 basis points), 7/20/2036<sup>2,5,6</sup> | 506465 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class AR3, 5.619% (3-Month Term SOFR+134 basis points), 1/23/2038<sup>2,5,6</sup> | 502034 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2014-4A, Class DR3, 7.579% (3-Month Term SOFR+330 basis points), 1/23/2038<sup>2,5,6</sup> | 501627 |
|  | CIFC Funding Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-4A, Class D, 10.637% (3-Month Term SOFR+636 basis points), 10/24/2030<sup>2,5,6</sup> | 500875 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2013-3RA, Class D, 10.437% (3-Month Term SOFR+616 basis points), 4/24/2031<sup>2,5,6</sup> | 494612 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D1R, 7.319% (3-Month Term SOFR+305 basis points), 10/20/2037<sup>2,5,6</sup> | 500004 |
| 250000 | Crestline Denali CLO Ltd.<br> Series 2018-1A, Class D, 7.768% (3-Month Term SOFR+351 basis points), 10/15/2031<sup>2,5,6</sup> | 249268 |
| 5500000 | Deerpath Capital CLO Ltd.<br> Series 2020-1A, Class DR, 10.670% (3-Month Term SOFR+639 basis points), 4/17/2034<sup>2,5,6</sup> | 5553141 |
| 1000000 | Dryden 55 CLO Ltd.<br> Series 2018-55A, Class D, 7.368% (3-Month Term SOFR+311 basis points), 4/15/2031<sup>2,5,6</sup> | 986220 |
|  | Dryden Senior Loan Fund |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2013-30A, Class DR, 7.188% (3-Month Term SOFR+286 basis points), 11/15/2028<sup>2,5,6</sup> | 501281 |
| 750000 | &nbsp;&nbsp;&nbsp;Series 2017-54A, Class D, 7.631% (3-Month Term SOFR+336 basis points), 10/19/2029<sup>2,5,6</sup> | 750082 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2016-45A, Class DRR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2030<sup>2,5,6</sup> | 497626 |
| 500000 | Eaton Vance CLO Ltd.<br> Series 2015-1A, Class DR, 7.031% (3-Month Term SOFR+276 basis points), 1/20/2030<sup>2,5,6</sup> | 501381 |
| 326693 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.189% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>2,5,6</sup> | 326594 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Elmwood CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2022-1A, Class E, 10.622% (3-Month Term SOFR+635 basis points), 4/20/2035<sup>2,5,6</sup> | $501331 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class AR2, 5.557% (3-Month Term SOFR+130 basis points), 7/20/2038<sup>2,5,6</sup> | 500000 |
| 1000000 | Empower CLO Ltd.<br> Series 2025-1A, Class D1, 7.277% (3-Month Term SOFR+295 basis points), 7/20/2038<sup>2,5,6</sup> | 1002289 |
| 3038420 | Fortress Credit Opportunities CLO, LLC<br> Series 2022-19A, Class ER, 12.256% (3-Month Term SOFR+800 basis points), 10/15/2036<sup>2,5,6,10</sup> | 1079941 |
|  | Galaxy CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2018-26A, Class E, 10.438% (3-Month Term SOFR+611 basis points), 11/22/2031<sup>2,5,6</sup> | 504413 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-24A, Class AR, 5.796% (3-Month Term SOFR+154 basis points), 4/15/2037<sup>2,5,6</sup> | 501510 |
| 500000 | Generate CLO Ltd.<br> Series 2023-12A, Class E, 12.672% (3-Month Term SOFR+840 basis points), 7/20/2036<sup>2,5,6</sup> | 504305 |
| 500000 | Goldentree Loan Management U.S. CLO Ltd.<br> Series 2019-5A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 10/20/2032<sup>2,5,6</sup> | 502486 |
|  | Invesco U.S. CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-3A, Class E, 12.416% (3-Month Term SOFR+816 basis points), 7/15/2036<sup>2,5,6</sup> | 504256 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 12.196% (3-Month Term SOFR+788 basis points), 4/21/2038<sup>2,5,6</sup> | 255298 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 10.281% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,5,6</sup> | 250000 |
| 500000 | Long Point Park CLO Ltd.<br> Series 2017-1A, Class C, 6.941% (3-Month Term SOFR+266 basis points), 1/17/2030<sup>2,5,6</sup> | 501717 |
|  | Magnetite CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2018-20A, Class E, 9.881% (3-Month Term SOFR+561 basis points), 4/20/2031<sup>2,5,6</sup> | 502896 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2020-26A, Class D1R2, 6.258% (3-Month Term SOFR+250 basis points), 1/25/2038<sup>2,5,6</sup> | 996571 |
| 1250000 | Maranon Loan Funding Ltd.<br> Series 2021-3A, Class ER, 12.076% (3-Month Term SOFR+782 basis points), 10/15/2036<sup>2,5,6</sup> | 1273912 |
|  | MCF CLO Ltd. |  |
| 2175000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class ER, 12.269% (3-Month Term SOFR+800 basis points), 4/18/2036<sup>2,5,6</sup> | 2204906 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2018-1A, Class SUB, 15.000%, 4/18/2036<sup>5,6,9,14</sup> | 1936135 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Morgan Stanley Eaton Vance CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2022-18A, Class D1R, 7.369% (3-Month Term SOFR+310 basis points), 10/20/2037<sup>2,5,6</sup> | $500025 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 7.307% (3-Month Term SOFR+300 basis points), 7/15/2038<sup>2,5,6</sup> | 500782 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-19A, Class D2R, 8.807% (3-Month Term SOFR+450 basis points), 7/15/2038<sup>2,5,6</sup> | 500834 |
| 1926983 | Mount Logan Funding LP<br> Series 2018-1A, Class SUBR, 13.635%, 1/22/2033<sup>5,6,9,13,14</sup> | 898608 |
|  | Neuberger Berman CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2016-22A, Class ER2, 11.110% (3-Month Term SOFR+683 basis points), 4/15/2038<sup>2,5,6</sup> | 509943 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-16SA, Class D1R2, 7.010% (3-Month Term SOFR+270 basis points), 4/15/2039<sup>2,5,6</sup> | 1004784 |
|  | Neuberger Berman Loan Advisers CLO Ltd. |  |
| 480000 | &nbsp;&nbsp;&nbsp;0.000%, 6/24/2028<sup>7,14</sup> | 480000 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2020-36A, Class ER2, 11.569% (3-Month Term SOFR+730 basis points), 4/20/2033<sup>2,5,6</sup> | 502144 |
| 3220000 | &nbsp;&nbsp;&nbsp;Series 2018-28A, Class D1R, 7.469% (3-Month Term SOFR+320 basis points), 10/20/2038<sup>2,5,6,10</sup> | 495211 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2025-60A, Class SUB, 0.000%, 4/22/2039<sup>5,6,9,10,14</sup> | 1657607 |
| 3900000 | &nbsp;&nbsp;&nbsp;Series 2025-61A, Class SUB, 0.000%, 7/17/2039<sup>5,6,9,14</sup> | 3450630 |
|  | New Mountain CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series CLO-6A, Class D1, 7.356% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>2,5,6</sup> | 1004425 |
| 500000 | &nbsp;&nbsp;&nbsp;Series CLO-1A, Class DRR, 7.106% (3-Month Term SOFR+285 basis points), 1/15/2038<sup>2,5,6</sup> | 501438 |
|  | Newark BSL CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class CR, 7.693% (3-Month Term SOFR+341 basis points), 7/25/2030<sup>2,5,6</sup> | 499002 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class D, 10.843% (3-Month Term SOFR+656 basis points), 7/25/2030<sup>2,5,6</sup> | 501925 |
| 7000000 | NXT Capital CLO, LLC<br> Series 2026-1, 0.000%, 6/24/2028<sup>7,10,14</sup> | 3094190 |
| 500000 | Oaktree CLO Ltd.<br> Series 2022-1A, Class ERR, 7.445% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,5,6</sup> | 500000 |
| 500000 | Octagon Investment Partners Ltd.<br> Series 2013-1A, Class DR2, 7.043% (3-Month Term SOFR+276 basis points), 1/25/2031<sup>2,5,6</sup> | 501948 |
| 500000 | OHA Credit Partners XII Ltd.<br> Series 2015-12A, Class ER2, 10.529% (3-Month Term SOFR+625 basis points), 4/23/2037<sup>2,5,6</sup> | 507510 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | OZLM Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2018-22A, Class C, 7.191% (3-Month Term SOFR+291 basis points), 1/17/2031<sup>2,5,6</sup> | $502021 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2018-20A, Class C, 7.481% (3-Month Term SOFR+321 basis points), 4/20/2031<sup>2,5,6</sup> | 501425 |
|  | Palmer Square European Loan Funding |  |
| 600000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 11/15/2032<sup>3,5,6,9,13,14</sup> |  |
| 900000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 15.000%, 1/15/2033<sup>3,5,9,13,14</sup> | 950296 |
| 1000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-3X, Class SUB, 15.000%, 5/15/2033<sup>3,5,9,13,14</sup> | 1016553 |
| 2500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 8/15/2033<sup>3,5,9,13,14</sup> | 2350110 |
| 4000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 5/15/2034<sup>3,5,9,13,14</sup> | 4006752 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 5/15/2034<sup>3,5,6,9,13,14</sup> | 2280302 |
| 1000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 8.236%, 10/15/2034<sup>3,5,9,13,14</sup> | 1180165 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 2/15/2035<sup>3,5,9,13,14</sup> | 2355990 |
| 1450000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 13.500%, 10/15/2036<sup>3,5,9,13,14</sup> | 1131550 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 5/15/2037<sup>3,5,9,13,14</sup> | 2016629 |
| 1500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-2X, Class F, 10.519% (3-Month Euribor+824 basis points), 10/15/2037<sup>2,3,5,13</sup> | 1743757 |
| 2825000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 10/15/2037<sup>3,5,9,13,14</sup> | 2965767 |
| 500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1X, Class FR, 10.549% (3-Month Euribor+827 basis points), 1/15/2038<sup>2,3,5,13</sup> | 569952 |
| 1050000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2023-1X, Class SUB, 15.000%, 1/15/2038<sup>3,5,9,13,14</sup> | 838897 |
| 1500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 7/15/2038<sup>3,5,9,13,14</sup> | 1678643 |
| 1250000<sup>1</sup> | &nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 15.000%, 10/15/2039<sup>3,5,9,13,14</sup> | 1269201 |
|  | Palmer Square Loan Funding Ltd. |  |
| 825000 | &nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 7/20/2031<sup>5,6,9,13,14</sup> |  |
| 450000 | &nbsp;&nbsp;&nbsp;Series 2022-4A, Class SUB, 12.500%, 7/24/2031<sup>5,6,9,13,14</sup> | 360702 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 14.000%, 1/25/2032<sup>5,6,9,13,14</sup> | 417716 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 8/8/2032<sup>5,6,9,13,14</sup> | 2370009 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 10.826% (3-Month Term SOFR+657 basis points), 10/15/2032<sup>2,5,6,13</sup> | 241520 |
| 2510000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 15.000%, 10/15/2032<sup>5,6,9,13,14</sup> | 1985419 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 15.000%, 1/15/2033<sup>5,6,9,13,14</sup> | 2517948 |
| 4150000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 0.000%, 2/15/2033<sup>5,6,9,13,14</sup> | 4169452 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-3A, Class SUB, 8.020%, 1/20/2037<sup>5,6,9,13,14</sup> | 490938 |
| 1540000 | &nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 10.571%, 4/15/2037<sup>5,6,9,13,14</sup> | 1454850 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 14.000%, 7/20/2037<sup>5,6,9,13,14</sup> | 2465431 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 14.000%, 7/20/2037<sup>5,6,9,13,14</sup> | 1864107 |
| 1250000 | &nbsp;&nbsp;&nbsp;Series 2023-4A, Class SUB, 15.000%, 10/20/2037<sup>5,6,9,13,14</sup> | 1207704 |
| 3000000 | &nbsp;&nbsp;&nbsp;Series 2024-4A, Class SUB, 15.000%, 1/15/2038<sup>5,6,9,13,14</sup> | 2879924 |
| 2250000 | &nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 15.000%, 4/20/2038<sup>5,6,9,13,14</sup> | 2158781 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 15.000%, 7/20/2038<sup>5,6,9,13,14</sup> | 444121 |
| 2000000 | &nbsp;&nbsp;&nbsp;Series 2025-2A, Class SUB, 0.000%, 7/20/2038<sup>5,6,9,13,14</sup> | 2006751 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 500000 | Post CLO Ltd.<br> Series 2024-1A, Class E, 11.069% (3-Month Term SOFR+680 basis points), 4/20/2037<sup>2,5,6</sup> | $507454 |
| 1000000 | Rad CLO Ltd.<br> Series 2021-15A, Class A1AR, 5.700% (3-Month Term SOFR+136 basis points), 7/20/2040<sup>2,5,6</sup> | 1000000 |
|  | Regatta Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class CR, 6.956% (3-Month Term SOFR+270 basis points), 7/15/2031<sup>2,5,6</sup> | 1005712 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R2, 5.731% (3-Month Term SOFR+141 basis points), 6/20/2034<sup>2,5,6</sup> | 500961 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2021-3A, Class D1R, 7.356% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>2,5,6</sup> | 502585 |
| 500000 | Rockford Tower CLO Ltd.<br> Series 2017-2A, Class ER, 10.768% (3-Month Term SOFR+651 basis points), 10/15/2029<sup>2,5,6</sup> | 495135 |
| 1397275 | Silver Point CLO Ltd.<br> Series 2025-9A, Class A1, 5.808% (3-Month Term SOFR+152 basis points), 3/31/2038<sup>2,5,6,10</sup> | 1006260 |
| 500000 | Stewart Park CLO Ltd.<br> Series 2015-1A, Class ER, 9.798% (3-Month Term SOFR+554 basis points), 1/15/2030<sup>2,5,6</sup> | 500511 |
|  | Symphony CLO Ltd. |  |
| 493621 | &nbsp;&nbsp;&nbsp;Series 2019-21A, Class AR2, 5.156% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>2,5,6</sup> | 492594 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2022-34A, Class DR, 9.525% (3-Month Term SOFR+525 basis points), 7/24/2036<sup>2,5,6</sup> | 251106 |
| 375000 | TCI-Flatiron CLO Ltd.<br> Series 2018-1A, Class ER, 10.692% (3-Month Term SOFR+641 basis points), 1/29/2032<sup>2,5,6</sup> | 377321 |
| 750000 | Trestles CLO Ltd.<br> Series 2023-6A, Class A1R, 5.454% (3-Month Term SOFR+118 basis points), 4/25/2038<sup>2,5,6</sup> | 749151 |
|  | Trinitas CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2025-34A, Class D1, 8.327% (3-Month Term SOFR+400 basis points), 4/22/2038<sup>2,5,6</sup> | 1014096 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2025-34A, Class E, 11.487% (3-Month Term SOFR+716 basis points), 4/22/2038<sup>2,5,6</sup> | 514993 |
| 440799 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.280% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>2,5,6</sup> | 439843 |
| 500000 | Verdelite Static CLO Ltd.<br> Series 2024-1A, Class D, 7.119% (3-Month Term SOFR+285 basis points), 7/20/2032<sup>2,5,6</sup> | 498953 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Voya CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 7.871% (3-Month Term SOFR+359 basis points), 4/17/2030<sup>2,5,6</sup> | $501848 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, 7.468% (3-Month Term SOFR+321 basis points), 10/15/2030<sup>2,5,6</sup> | 502012 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2014-1A, Class CR2, 7.331% (3-Month Term SOFR+306 basis points), 4/18/2031<sup>2,5,6</sup> | 1004787 |
| 250000 | &nbsp;&nbsp;&nbsp;Series 2018-2A, Class D, 7.268% (3-Month Term SOFR+301 basis points), 7/15/2031<sup>2,5,6</sup> | 247965 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2016-3A, Class CR, 7.781% (3-Month Term SOFR+351 basis points), 10/18/2031<sup>2,5,6</sup> | 497595 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2015-3A, Class CR, 7.681% (3-Month Term SOFR+341 basis points), 10/20/2031<sup>2,5,6</sup> | 500079 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2019-2A, Class D, 8.231% (3-Month Term SOFR+396 basis points), 7/20/2032<sup>2,5,6</sup> | 501930 |
| 1000000 | &nbsp;&nbsp;&nbsp;Series 2017-3A, Class CRR, 7.369% (3-Month Term SOFR+310 basis points), 4/20/2034<sup>2,5,6</sup> | 1004771 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2022-4A, Class ER, 10.969% (3-Month Term SOFR+670 basis points), 4/20/2037<sup>2,5,6</sup> | 511875 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2019-1A, Class D1RR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2037<sup>2,5,6</sup> | 504065 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 5.519% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>2,5,6</sup> | 500356 |
| 500000 | &nbsp;&nbsp;&nbsp;Series 2020-3A, Class D1RR, 6.969% (3-Month Term SOFR+270 basis points), 1/20/2038<sup>2,5,6</sup> | 500622 |
| 500000 | Whitebox CLO Ltd.<br> Series 2023-4A, Class D1R, 8.185% (3-Month Term SOFR+390 basis points), 4/20/2036<sup>2,5,6</sup> | 500396 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $130,378,830) | **127596753** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PRIVATE INVESTMENT VEHICLES — 17.7%** |  |
|  | **INVESTMENT PARTNERSHIPS — 13.2%** |  |
| N/A<sup>15</sup> | Acer Tree Credit Opportunities Partners LP<sup>7</sup> | 8082237 |
| N/A<sup>15</sup> | Arbour Lane Credit Opportunity Fund IV LP<sup>16</sup> | 1673529 |
| N/A<sup>15</sup> | Audax Private Credit Fund LP<sup>16</sup> | 8955351 |
| N/A<sup>15</sup> | BCP Special Opportunities Offshore Feeder III LP<sup>13,16</sup> | 319675 |
| N/A<sup>15</sup> | DSC Meridian Credit Opportunities Onshore Fund LP<sup>7</sup> | 8877928 |
| 2818223 | IFRG Investor III LP<sup>7</sup> | 163032 |
| N/A<sup>15</sup> | Linden Investors LP<sup>7</sup> | 8493530 |
| N/A<sup>15</sup> | Old Orchard Credit Fund LP<sup>7</sup> | 6798402 |
| N/A<sup>15</sup> | Seer Capital Regulatory Capital Relief Fund LP<sup>16</sup> | 4138127 |

---

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **INVESTMENT PARTNERSHIPS (Continued)** |  |
| N/A<sup>15</sup> | TCW Rescue Financing II LP<sup>16</sup> | $3985087 |
| N/A<sup>15</sup> | Whitehawk IV-Plus Onshore Fund LP<sup>16</sup> | 1980645 |
| N/A<sup>15</sup> | Wynwood BN, LLC<sup>16</sup> | 301374 |
|  |  | **53768917** |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 1.9%** |  |
| 12000000 | TCW Direct Lending VIII, LLC<sup>10,16</sup> | **7674530** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  |  |
|  | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 2.6%** |  |
| 500000 | Antares Loan Funding CLO<br> 3/1/2026\*<sup>,16</sup> | 579881 |
| 1764490 | Fortress Credit Opportunities CLO, LLC<br> Series XXVII, 1/28/2035<sup>16</sup> | 1699973 |
| 2500000 | GPG Loan Funding, LLC<br> 4/29/2034<sup>10,16</sup> | 1228353 |
| 1500000 | KCLF Note Issuer I SPV, LLC<br> 12/28/2033<sup>16</sup> | 1569394 |
| 3101296 | MCF CLO 12, LLC<br> 2/24/2028<sup>16</sup> | 3034055 |
| 1500000 | Private Credit Fund C-1 Holdco, LLC<br> Series 2023-1, 7/11/2033<sup>10,16</sup> | 808541 |
| 1602725 | Silver Point Loan Funding, LLC<br> 10/20/2033<sup>16</sup> | 1706952 |
|  |  | **10627149** |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,784,999) | **72070596** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.1%** |  |
| 3890000 | Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 4.14%<sup>17,18</sup> | 3890000 |
| 33113321 | UMB Bank, Money Market Special II Deposit Investment, 4.25%<sup>18</sup> | 33113321 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,003,321) | **37003321** |
|  | **TOTAL INVESTMENTS — 109.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $445,197,552) | **447268891** |
|  | Liabilities in Excess of Other Assets — (9.7)% | (39593669) |
|  | **TOTAL NET ASSETS — 100.0%** | $**407675222** |

---

<br> Euribor — Euro Interbank Offered Rate <br> LLC — Limited Liability Company

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| |
|:---|
| LP — Limited Partnership |
| PLC — Public Limited Company |
| SOFR — Secured Overnight Financing Rate |
| SONIA — Sterling Overnight Index Average |
| STIBOR — Stockholm Interbank Offered Rate |

---

---

| |
|:---|
| \* Non-income producing security. |
| <sup>1</sup> Principal Amount denoted in local currency. |
| <sup>2</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| <sup>3</sup> Foreign security denominated in U.S. Dollars. |
| <sup>4</sup> All or a portion of this investment is a holding of FTPCF Cayman Sub1 Ltd. |
| <sup>5</sup> Callable. |
| <sup>6</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $102,121,748, which represents 25.05% of the total net assets of the Fund. |
| <sup>7</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| <sup>8</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. |
| <sup>9</sup> Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| <sup>10</sup> A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. |
| <sup>11</sup> Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash. |
| <sup>12</sup> Issuer filed for bankruptcy and/or is in default. |
| <sup>13</sup> Affiliated company. |
| <sup>14</sup> CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The Fund monitors the effective yield and residual value for each CLO equity position held within the Fund's portfolio on a quarterly basis. The residual value also known as the equity or residual tranche is the portion of the CLO's assets remaining after all debt obligations have been fully satisfied. The effective yield and investment cost may ultimately not be realized. |
| <sup>15</sup> Investment does not issue shares. |
| <sup>16</sup> Investment valued using net asset value per share as practical expedient. |
| <sup>17</sup> All or a portion of this security is segregated as collateral for derivatives. The market value of the securities pledged as collateral was $3,890,000, which represents 0.95% of total net assets of the Fund. |
| <sup>18</sup> The rate is the annualized seven-day yield at period end. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Securities With Restrictions On Redemptions** | **Redemptions**<br>**Permitted** | **Redemption**<br>**Notice Period** |<br>**Cost** |<br>**Fair Value** | **Original**<br>**Acquisition Date** |
| Acer Tree Credit Opportunities Partners LP<sup>1</sup> | Quarterly<sup>2</sup> | 45 Days | $8000000.00 | $8082237.51 | 1/31/2025 |
| Arbour Lane Credit Opportunity Fund IV (B), L.P.<sup>1</sup> | Not permitted | N/A | 1720510.01 | 1673529.13 | 2/27/2025 |
| Audax Private Credit Fund LP<sup>1</sup> | Not permitted | N/A | 8712684.53 | 8955350.89 | 10/30/2024 |
| BCP Special Opportunities Fund Offshore Feeder III LP<sup>1</sup> | Not permitted | N/A | 380761.76 | 319675.04 | 11/2/2023 |
| DSC Meridian Credit Opportunities Onshore LP<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 7600000.00 | 8877928.43 | 5/1/2023 |
| IFRG Investor III LP<sup>1</sup> | Not permitted | N/A | 2818223.00 | 163031.66 | 7/28/2023 |
| Linden Investors LP<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 7250000.00 | 8493529.79 | 5/1/2023 |
| Old Orchard Credit Fund LP<sup>1</sup> | Quarterly<sup>2</sup> | 65 Days | 6250000.00 | 6798401.51 | 5/31/2023 |
| Palmer Square Capital BDC, Inc.<sup>1</sup> | Not permitted | N/A | 2670716.30 | 2270845.28 | 2/1/2023 |
| Seer Capital Regulatory Capital Relief Fund LP<sup>1</sup> | Not permitted | N/A | 4000000.00 | 4138127.17 | 3/7/2024 |
| TCW Direct Lending VIII, LLC<sup>1</sup> | Not permitted | N/A | 8573540.30 | 7674530.26 | 8/9/2023 |
| TCW Rescue Financing II LP<sup>1</sup> | Not permitted | N/A | 4085714.94 | 3985086.82 | 9/12/2024 |
| Whitehawk IV-Plus Onshore Fund LP<sup>1</sup> | Not permitted | N/A | 1663828.26 | 1980644.98 | 6/29/2023 |
| Wynwood BN, LLC<sup>1</sup> | Not permitted | N/A | 300000.00 | 301374.42 | 1/26/2023 |
| **Totals** |  |  | $**64025979** | $**55632055** |  |

---

<sup>1</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>2</sup> The Private Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Private Investment Fund.

**First Trust Private Credit Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**PURCHASE CONTRACTS** | <br>**Counterparty** | <br>**Currency**<br>**Exchange** | <br>**Settlement**<br>**Date** | **Currency**<br>**Amount**<br>**Purchased/(Sold)** | **Value At**<br>**Settlement**<br>**Date** |<br>**Value At**<br>**June 30, 2025** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Euro | BNP Paribas | EUR per USD | 6/18/2026 | 144000 | $160013 | $173072 | $13059 |
| Euro | BNP Paribas | EUR per USD | 11/6/2026 | 368000 | 412344 | 443705 | 31361 |
| British Pound | BNP Paribas | GBP per USD | 7/1/2025 | 160000 | 219328 | 219630 | 302 |
| British Pound | BNP Paribas | GBP per USD | 8/14/2025 | 320000 | 438712 | 439376 | 664 |
| **TOTAL PURCHASE CONTRACTS** | **TOTAL PURCHASE CONTRACTS** | **TOTAL PURCHASE CONTRACTS** |  |  | $1230397 | $1275783 | $45386 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**SALE CONTRACTS** | <br>**Counterparty** | <br>**Currency**<br>**Exchange** | <br>**Settlement**<br>**Date** | **Currency**<br>**Amount**<br>**Purchased/(Sold)** | **Value At**<br>**Settlement**<br>**Date** |<br>**Value At**<br>**June 30, 2025** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| British Pound | BNP Paribas | GBP per USD | 7/17/2025 | (1425000) | $(1651005) | $(1680685) | $(29680) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2025 | (110000) | (121451) | (129784) | (8333) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2025 | (20000) | (22340) | (23597) | (1257) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2025 | (70000) | (77318) | (82590) | (5272) |
| British Pound | BNP Paribas | GBP per USD | 8/14/2025 | (30016000) | (33586446) | (35466490) | (1880044) |
| British Pound | BNP Paribas | GBP per USD | 8/22/2025 | (30000) | (33420) | (35467) | (2047) |
| British Pound | BNP Paribas | GBP per USD | 8/22/2025 | (670000) | (738414) | (792092) | (53678) |
| British Pound | BNP Paribas | GBP per USD | 9/15/2025 | (10100000) | (11801120) | (11959099) | (157979) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2025 | (20000) | (22380) | (23734) | (1354) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2025 | (688000) | (769402) | (816436) | (47034) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2025 | (270000) | (299664) | (320404) | (20740) |
| British Pound | BNP Paribas | GBP per USD | 11/21/2025 | (30000) | (33465) | (35670) | (2205) |
| British Pound | BNP Paribas | GBP per USD | 11/21/2025 | (540000) | (601101) | (642053) | (40952) |
| British Pound | BNP Paribas | GBP per USD | 11/24/2025 | (70000) | (77840) | (83245) | (5405) |
| British Pound | BNP Paribas | GBP per USD | 1/22/2026 | (80000) | (89070) | (95346) | (6276) |
| British Pound | BNP Paribas | GBP per USD | 1/22/2026 | (230000) | (255974) | (274119) | (18145) |
| British Pound | BNP Paribas | GBP per USD | 2/20/2026 | (680000) | (760920) | (811780) | (50860) |
| British Pound | BNP Paribas | GBP per USD | 2/20/2026 | (550000) | (616367) | (656587) | (40220) |
| British Pound | BNP Paribas | GBP per USD | 2/23/2026 | (1505000) | (1673880) | (1796969) | (123089) |
| British Pound | BNP Paribas | GBP per USD | 4/22/2026 | (50000) | (55855) | (59898) | (4043) |
| British Pound | BNP Paribas | GBP per USD | 4/22/2026 | (210000) | (234580) | (251573) | (16993) |
| British Pound | BNP Paribas | GBP per USD | 5/22/2026 | (2134000) | (2393489) | (2560858) | (167369) |
| British Pound | BNP Paribas | GBP per USD | 6/18/2026 | (944000) | (1062000) | (1134583) | (72583) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2026 | (240000) | (268846) | (287905) | (19059) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2026 | (50000) | (55800) | (59980) | (4180) |
| British Pound | BNP Paribas | GBP per USD | 8/21/2026 | (360000) | (406328) | (432473) | (26145) |
| British Pound | BNP Paribas | GBP per USD | 8/24/2026 | (70000) | (78645) | (84104) | (5459) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2026 | (50000) | (55975) | (60243) | (4268) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2026 | (210000) | (236080) | (253020) | (16940) |
| British Pound | BNP Paribas | GBP per USD | 11/6/2026 | (1408000) | (1576960) | (1697653) | (120693) |
| British Pound | BNP Paribas | GBP per USD | 11/20/2026 | (2710000) | (3055445) | (3269681) | (214236) |
| British Pound | BNP Paribas | GBP per USD | 11/23/2026 | (80000) | (90200) | (96536) | (6336) |
| British Pound | BNP Paribas | GBP per USD | 12/23/2026 | (485000) | (518708) | (586086) | (67379) |
| British Pound | BNP Paribas | GBP per USD | 1/22/2027 | (200000) | (225396) | (242032) | (16636) |
| British Pound | BNP Paribas | GBP per USD | 2/22/2027 | (1486000) | (1641442) | (1800966) | (159524) |
| British Pound | BNP Paribas | GBP per USD | 4/22/2027 | (220000) | (248679) | (267386) | (18707) |
| British Pound | BNP Paribas | GBP per USD | 5/21/2027 | (60000) | (71550) | (73025) | (1475) |
| British Pound | BNP Paribas | GBP per USD | 5/24/2027 | (90000) | (102285) | (109553) | (7268) |
| British Pound | BNP Paribas | GBP per USD | 6/4/2027 | (1976000) | (2242760) | (2406580) | (163820) |
| British Pound | BNP Paribas | GBP per USD | 7/22/2027 | (832000) | (952228) | (1015643) | (63415) |
| British Pound | BNP Paribas | GBP per USD | 7/30/2027 | (2584000) | (2917853) | (3155570) | (237717) |
| British Pound | BNP Paribas | GBP per USD | 8/20/2027 | (1480000) | (1771264) | (1809203) | (37939) |
| British Pound | BNP Paribas | GBP per USD | 10/22/2027 | (50000) | (56780) | (61308) | (4528) |
| British Pound | BNP Paribas | GBP per USD | 1/24/2028 | (40000) | (45560) | (49271) | (3711) |
| British Pound | BNP Paribas | GBP per USD | 3/13/2028 | (1016000) | (1158240) | (1254476) | (96236) |
| British Pound | BNP Paribas | GBP per USD | 7/1/2025 | (160000) | (219328) | (219629) | (301) |
| British Pound | BNP Paribas | GBP per USD | 8/14/2025 | (7571000) | (9983499) | (10395370) | (411871) |
| British Pound | BNP Paribas | GBP per USD | 8/14/2025 | (19581000) | (2007144) | (2075952) | (68808) |
| **TOTAL SALE CONTRACTS** | **TOTAL SALE CONTRACTS** |  |  |  | $(86964496) | $(91496704) | $(4532209) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  | $(85734099) | $(90220921) | $(4486823) |

---

EUR - Euro

GBP - British Pound Sterling

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Private Credit Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

**Note 1 - Valuation of Investments**

UMB Fund Services, Inc. ("UMBFS"), the Fund's administrator, calculates the Fund's NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated Investment Adviser as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Adviser carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets by utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities are reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short, at the time NAV is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Valuation Designee not to reflect the fair value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant Determination Date at the time NAV is determined.

Fixed-income securities, except for private debt investments discussed below, with a remaining maturity of sixty (60) days or more, will normally be valued according to dealer-supplied mean quotations or mean quotations from a recognized pricing service. Fixed-income securities for which market quotations are unavailable or are believed by the Valuation Designee not to reflect fair value will be valued based upon broker-supplied quotations provided that if such quotations are unavailable or are believed by the Valuation Designee not to reflect fair value, such fixed-income securities will be valued using valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of sixty (60) days or less are valued at amortized cost.

**First Trust Private Credit Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

The Valuation Designee will evaluate each private debt investment's fair value based on numerous factors, including but not limited to, changes in credit risk, construction risk, the financial strength of the borrower and the debt instrument's spread to US Treasuries. The Fund will also engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semi-annually. The Fund will generally value any private debt investments at the lesser of their amortized cost or the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will fair value the investment using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

The Fund values its investments in private investment vehicles (generally private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) at the value determined by each private investment vehicle in accordance with such private investment vehicle's valuation policies and reported at the time of the Fund's valuation. The Fund will determine the fair value of such private investment vehicle based on the most recent final or estimated value reported by the private investment vehicle, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment vehicle. Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in private investment vehicles may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular private investment vehicle under consideration.

The Fund will generally value shares of open-end and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective NAVs.

Warrants for which market quotations are not readily available will be fair valued based on the underlying investment. The Fund will engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semiannually. The Fund will generally value warrants at the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the warrant based on current market conditions. In such an instance, the Valuation Designee will fair value the warrant using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments regarding appropriate valuations should prove incorrect.

**Note 2 – Fair Value Measurements and Disclosure**

ASC 820, Fair Value Measurement ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with U.S. generally accepted accounting principles and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement.

**First Trust Private Credit Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

Under ASC 820, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

● Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

In accordance with ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), investments valued at the NAV as practical expedient are not included in the fair value hierarchy. As such, investments in Private Investment Vehicles with a fair value of $39,655,467 are excluded from the fair value hierarchy as of June 30, 2025.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets:** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $- | $76418861 | $- | $76418861 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 30460166 | 101448349 | 131908515 |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | 2270845 |  |  | 2270845 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 124022563 | 3574190 | 127596753 |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Partnerships |  |  | 32415129 | 32415129 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 37003321 | - | - | 37003321 |
| **Subtotal** | $39274166 | $230901590 | $137437668 | $407613424 |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Partnerships |  |  |  | 21353788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Listed Business Development Companies |  |  |  | 7674530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Collateralized Loan Obligations |  |  |  | 10627149 |
| **Total investments** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts\* | $- | $45386 | $- | $45386 |
| **Total Assets:** | $39274166 | $230946976 | $137437668 | $447314277 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts\* | $- | $4532209 | $- | $4532209 |
| **Total Liabilities:** | $- | $4532209 | $- | $4532209 |

---

\* Forward foreign currency exchange constracts are valued at the unrealized appreciation/(depreciation).

**First Trust Private Credit Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

**Note 3 – Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment which is advised or sponsored by a Sub-Adviser. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares/Principal<br> Amount End of<br> Period** | **Value Beginning<br> of Period** | **Additions** | **Reductions** | **Amortization** | **Net Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value End of<br> Period** | **Dividend<br> Income** | **Interest<br> Income** |
| **CLOSED-END FUNDS** |  |  |  |  |  |  |  |  |  |  |
| Palmer Square Capital BDC, Inc. | 162668 | $2166738 | $- | $- | $- | $- | $104107 | $2270845 | $68321 | $68321 |
| **COLLATERALIZED LOAN OBLIGATIONS** |  |  |  |  |  |  |  |  |  |  |
| Mount Logan Funding LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class SUBR, 13.635%, 1/22/2033<sup>1,2,3,5,6</sup> | 1926983 | 988911 |  |  |  |  | (90303) | 898608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class ER, 13.012% (3-Month Term SOFR+872 basis points), 1/22/2033<sup>1,2,4</sup> |  | 599112 |  | (579000) |  | (11700) | (8412) |  |  |  |
| Palmer Square European Loan Funding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 11/15/2032<sup>1,2,3,5,6,7,8</sup> | 600000 |  | (146113) |  |  |  | 146113 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 15.000%, 1/15/2033<sup>1,2,3,5,6,7,8</sup> | 900000 | 905655 |  |  |  |  | 44641 | 950296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3X, Class SUB, 15.000%, 5/15/2033<sup>1,2,3,5,6,7,8</sup> | 1000000 | 965230 |  |  |  |  | 51323 | 1016553 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 8/15/2033<sup>1,2,3,5,6,7,8</sup> | 2500000 | 2135816 |  |  |  |  | 214294 | 2350110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 5/15/2034<sup>1,2,3,5,6,7,8</sup> | 4000000 | 3750527 |  |  |  |  | 256225 | 4006752 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 5/15/2034<sup>1,2,3,5,6,7,8</sup> | 2000000 | 2076798 |  |  |  |  | 203504 | 2280302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 8.236%, 10/15/2034<sup>1,2,3,5,6,7,8</sup> | 1000000 | 1081315 |  |  |  |  | 98850 | 1180165 |  | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 2/15/2035<sup>1,2,3,5,6,7,8</sup> | 2000000 |  | 2233389 |  |  |  | 122601 | 2355990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 13.500%, 10/15/2036<sup>1,2,3,5,6,7,8</sup> | 1450000 | 1107397 |  |  |  |  | 24153 | 1131550 |  | 38106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 5/15/2037<sup>1,2,3,5,6,7,8</sup> | 2000000 | 2034274 |  |  |  |  | (17645) | 2016629 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2X, Class F, 10.519% (3-Month Euribor+824 basis points), 10/15/2037<sup>1,2,4,5,6,7,8</sup> | 1500000 | 1613878 |  |  | 953 |  | 128926 | 1743757 |  | 38429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 10/15/2037<sup>1,2,3,5,6,7,8</sup> | 2825000 | 2924332 |  | (8932) | 2949 |  | 47418 | 2965767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1X, Class FR, 10.549% (3-Month Euribor+827 basis points), 1/15/2038<sup>1,2,4,5,6,7,8</sup> | 500000 | 538671 |  |  |  |  | 31281 | 569952 |  | 12846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1X, Class SUB, 15.000%, 1/15/2038<sup>1,2,3,5,6,7,8</sup> | 1050000 | 863748 |  |  |  |  | (24851) | 838897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 7/15/2038<sup>1,2,3,5,6,7,8</sup> | 1500000 |  | 1651718 |  | 249 |  | 26676 | 1678643 |  | 8079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 15.000%, 10/15/2039<sup>1,3,5,9,13,14</sup> | 1250000 | 1216479 |  |  | 2294 |  | 50428 | 1269201 |  |  |
| Palmer Square Loan Funding Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 7/20/2031<sup>1,2,3,5,6</sup> | 825000 | 20170 | (270145) |  |  |  | 249975 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class SUB, 12.500%, 7/24/2031<sup>1,2,3,5,6</sup> | 450000 | 393854 |  |  |  |  | (33152) | 360702 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 14.000%, 1/25/2032<sup>1,2,3,5,6</sup> | 500000 | 449307 |  |  |  |  | (31591) | 417716 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 8/8/2032<sup>1,2,3,5,6</sup> | 3000000 | 2752268 |  |  |  |  | (382259) | 2370009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 10.826% (3-Month Term SOFR+657 basis points), 10/15/2032<sup>1,2,4,5,6</sup> | 250000 | 248293 |  |  | 100 |  | (6873) | 241520 |  | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 15.000%, 10/15/2032<sup>1,2,3,5,6</sup> | 2510000 | 2236771 |  |  |  |  | (251352) | 1985419 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 15.000%, 1/15/2033<sup>1,2,3,5,6</sup> | 3000000 | 3006631 |  |  |  |  | (488683) | 2517948 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 0.000%, 2/15/2033<sup>1,2,3,5,6</sup> | 4150000 | 4150000 |  |  |  |  | 19452 | 4169452 |  | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class SUB, 8.020%, 1/20/2037<sup>1,2,3,5,6</sup> | 500000 | 472204 |  |  |  |  | 18734 | 490938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 10.571%, 4/15/2037<sup>1,2,3,5,6</sup> | 1540000 | 1463089 |  |  |  |  | (8239) | 1454850 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 14.000%, 7/20/2037<sup>1,2,3,5,6</sup> | 3000000 | 2633826 |  |  |  |  | (168395) | 2465431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 14.000%, 7/20/2037<sup>1,2,3,5,6</sup> | 2000000 | 1903530 |  |  |  |  | (39423) | 1864107 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A, Class SUB, 15.000%, 10/20/2037<sup>1,2,3,5,6</sup> | 1250000 | 1187552 |  |  |  |  | 20153 | 1207705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class SUB, 15.000%, 1/15/2038<sup>1,2,3,5,6</sup> | 3000000 | 3041705 |  |  |  |  | (161781) | 2879924 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 15.000%, 4/20/2038<sup>1,2,3,5,6</sup> | 2250000 | 2261814 |  |  |  |  | (103033) | 2158781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 15.000%, 7/20/2038<sup>1,2,3,5,6</sup> | 500000 | 510175 |  |  |  |  | (66054) | 444121 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class SUB, 0.000%, 7/20/2038<sup>1,2,3,5,6</sup> | 2000000 |  | 2000000 |  |  |  | 6751 | 2006751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4A, Class E, 12.074% (3-Month Term SOFR+777 basis points), 10/15/2029<sup>1,2,4,5,6</sup> |  | 1005014 |  | (1007000) | (210) | (1025) | 3221 |  |  |  |
| **PRIVATE INVESTMENTS VEHICLES** |  |  |  |  |  |  |  |  |  |  |
| BCP Special Opportunities Fund Offshore Feeder III LP<sup>5,9,10</sup> | N/A | 308973 | 179491 | (89746) |  |  | (79043) | 319675 |  |  |
|  | 56889652 | $53014057 | $3414951 | $(1684678) | $6335 | $(12725) | $(214864) | $54523076 | $68321 | $174401 |

---

<sup>1</sup> Callable.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers.

<sup>3</sup> Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>4</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>5</sup> Affiliated company.

<sup>6</sup> CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The Fund monitors the effective yield and residual value for each CLO equity position held within the Fund's portfolio on a quarterly basis. The residual value also known as the equity or residual tranche is the portion of the CLO's assets remaining after all debt obligations have been fully satisfied. The effective yield and investment cost may ultimately not be realized.

<sup>7</sup> Principal Amount denoted in local currency.

<sup>8</sup> Foreign security denominated in U.S. Dollars.

<sup>9</sup> Investment does not issue shares.

<sup>10</sup> Investment valued using net asset value per share as practical expedient.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Trust Private Credit Fund

- **b. Investment Company Act file number:** 811-23792

- **c. CIK number of Registrant:** 0001912963

- **d. LEI of Registrant:** 549300C1F1XYQK37T076

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

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 414-299-2270

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

- **a. Name of Series:** First Trust Private Credit Fund

- **c. LEI of Series:** 549300C1F1XYQK37T076

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $453051068.10

**Total Liabilities:** $34078838.80

**Net Assets:** $418972229.30

**Cash Not Reported:** $2138099.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 3.856931686780 | **5-Year:** 1560.201009687679 | **10-Year:** 3547.001688619860 | **30-Year:** 436.570843928680

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

- **3-Month:** 0.000000000000 | **1-Year:** 2618.891385404926 | **5-Year:** 5748.660245529070 | **10-Year:** 18940.958819538339 | **30-Year:** 2237.239360515665

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.54%               | 1.14%                | 1.44%                |
| Class ID N/A | -0.64%               | 1.24%                | 1.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $94090.82                | $-3476208.37                               |
| Month 2  | $-4602.46                | $1643505.07                                |
| Month 3  | $105796.40               | $5829300.71                                |

### Schedule of Portfolio Investments

| Name                                            | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    600000 | PA      | $0.00         | 0.00%             | 2032-11-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| ST. LAWRENCE SRT USD CORP.                      | St (*** Please punctuate:  St. or State ***) Lawrence Srt Usd Corp. | CUSIP: 999999999<br>LEI: 254900Q1AXE1IXAJJM39 | Long             | ABS-CBDO         | CORP              | CA        |   3000000 | PA      | $3097500.00   | 0.74%             | 2033-05-25      | Floating      | 14.04%                | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-1 DAC                               | CUSIP: 999999999<br>LEI: 54930088SCW7OACNS247 | Long             | ABS-CBDO         | CORP              | IE        |   1050000 | PA      | $838896.69    | 0.20%             | 2038-01-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2023-2 DAC                      | CUSIP: 999999999<br>LEI: 549300XJWVHAIRILDH71 | Long             | ABS-CBDO         | CORP              | IE        |    900000 | PA      | $950295.68    | 0.23%             | 2033-01-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-2 DAC                               | CUSIP: 999999999<br>LEI: 549300EVQ1VRDUGS6I93 | Long             | ABS-CBDO         | CORP              | IE        |   1450000 | PA      | $1131550.01   | 0.27%             | 2036-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2023-3 DAC                      | CUSIP: BCC3CQ5F5<br>LEI: 54930004WJL9ZPQZOM50 | Long             | ABS-CBDO         | CORP              | IE        |   1000000 | PA      | $1016553.19   | 0.24%             | 2033-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-1 DAC                      | CUSIP: 999999999<br>LEI: 254900S9D49Z2X16W073 | Long             | ABS-CBDO         | CORP              | IE        |   2500000 | PA      | $2350110.44   | 0.56%             | 2033-08-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Ducati 2024-1 CLN VAR 06/20/2030   /            | Ducati 2024-1 CLN VAR 06/20/2030   /                                | CUSIP: BCC3F2FG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   3440036 | PA      | $4133392.80   | 0.99%             | 2030-06-20      | Variable      | 11.01%                | No            | 2                  | On Loan: No      |
| COOPER MACH TL 12/13/27   /                     | COOPER MACH TL 12/13/27   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3960000 | PA      | $3960000.00   | 0.95%             | 2027-12-13      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| CCLF SPV LLC CLO EQUITY 4/29/34   /             | CCLF SPV LLC CLO EQUITY 4/29/34   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1143250 | PA      | $1182167.64   | 0.28%             | 2034-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| DENTIVE TL 12/23/28 TERM LOAN   /               | DENTIVE TL 12/23/28 TERM LOAN   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    275814 | PA      | $268919.06    | 0.06%             | 2028-12-23      | Variable      | 11.05%                | No            | 3                  | On Loan: No      |
| DENTIVE TL 12/23/28 DELAYED DRAW TL   /         | DENTIVE TL 12/23/28 DELAYED DRAW TL   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    137019 | PA      | $133593.27    | 0.03%             | 2028-12-23      | None          | 1.00%                 | No            | 3                  | On Loan: No      |
| Dentive_IncrDDTL 12/26/28   /                   | Dentive_IncrDDTL 12/26/28   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2991701 | PA      | $2916908.72   | 0.70%             | 2028-12-26      | None          | 1.00%                 | No            | 3                  | On Loan: No      |
| DIGICERT 2ND LIEN   /                           | DIGICERT 2ND LIEN   /                                               | CUSIP: 24022KAJ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2032961 | PA      | $1786464.56   | 0.43%             | 2029-02-24      | Variable      | 11.33%                | No            | 2                  | On Loan: No      |
| DANISH KRONE  /                                 | DANISH KRONE  /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | DK        |     31646 | OU      | $4996.32      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DSC MERIDIAN LP    /                            | DSC MERIDIAN LP    /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8877928.43   | 2.12%             |  |  |  | No            | 3                  | On Loan: No      |
| EUR FWD CONTRACT 01/22/2026   /                 | EUR FWD CONTRACT 01/22/2026   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -230000 | OU      | $-274119.05   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 1/22/2027   /                  | EUR FWD CONTRACT 1/22/2027   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -200000 | OU      | $-242031.84   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 1/24/28   /               | EURO FORWARD CONTRACT 1/24/28   /                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -40000 | OU      | $-49271.04    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 02/20/2026   /            | EURO FORWARD CONTRACT 02/20/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -550000 | OU      | $-656587.01   | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 02/22/2027   /            | EURO FORWARD CONTRACT 02/22/2027   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1486000 | OU      | $-1800966.23  | -0.43%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 02/23/2026   /            | EURO FORWARD CONTRACT 02/23/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1505000 | OU      | $-1796968.49  | -0.43%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 11/20/2026   /            | EURO FORWARD CONTRACT 11/20/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2710000 | OU      | $-3269681.35  | -0.78%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 11/21/25   /              | EURO FORWARD CONTRACT 11/21/25   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -540000 | OU      | $-642053.05   | -0.15%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 11/23/26   /              | EURO FORWARD CONTRACT 11/23/26   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -80000 | OU      | $-96535.77    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 11/24/25   /              | EURO FORWARD CONTRACT 11/24/25   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -70000 | OU      | $-83245.28    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 12/23/2026   /            | EURO FORWARD CONTRACT 12/23/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -485000 | OU      | $-586086.44   | -0.14%            |  |  |  | No            | 2                  | On Loan: No      |
| SEK FORWARD CONTRACT 08/14/2025   /             | SEK FORWARD CONTRACT 08/14/2025   /                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | SE        | -19581000 | OU      | $-2075952.39  | -0.50%            |  |  |  | No            | 2                  | On Loan: No      |
| SEER CAPITAL REG CAPITAL RELIEF FUND   /        | SEER CAPITAL REG CAPITAL RELIEF FUND   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $4138127.17   | 0.99%             |  |  |  | No            | 3                  | On Loan: No      |
| SEPRO DDTL DD 7/26/2030   /                     | SEPRO DDTL DD 7/26/2030   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    432836 | PA      | $427295.52    | 0.10%             | 2030-07-26      | None          | 1.00%                 | No            | 3                  | On Loan: No      |
| SEPRO HOLDINGS TERM LOAN   /                    | SEPRO HOLDINGS TERM LOAN   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3007127 | PA      | $2968635.63   | 0.71%             | 2030-07-26      | Variable      | 9.58%                 | No            | 3                  | On Loan: No      |
| SFENTA_DDTL 12/31/25   /                        | SFENTA_DDTL 12/31/25   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    420897 | PA      | $416099.19    | 0.10%             | 2025-12-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| SFENTA_5th_TL TERM LOAN 3/4/25   /              | SFENTA_5th_TL TERM LOAN 3/4/25   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    971289 | PA      | $967112.33    | 0.23%             | 2025-12-31      | Variable      | 11.33%                | No            | 3                  | On Loan: No      |
| SILVER POINT LOAN NOTE LLC VIREMAIN   /         | SILVER POINT LOAN NOTE LLC VIREMAIN   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1602725 | PA      | $1706952.45   | 0.41%             | 2033-10-20      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /                 | UMB MONEY MARKET II SPECIAL   /                                     | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  23177171 | PA      | $23177171.29  | 5.53%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNAMEDIA AMERICAS HOLDINGS T/L   /             | SYNAMEDIA AMERICAS HOLDINGS T/L   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3805172 | PA      | $3794137.38   | 0.91%             | 2028-12-05      | None          | 12.06%                | No            | 3                  | On Loan: No      |
| TANK HOLDING Corp. DELAYED DRAW   /             | TANK HOLDING Corp. DELAYED DRAW   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    296598 | PA      | $282417.17    | 0.07%             | 2029-05-11      | None          | 1.00%                 | No            | 2                  | On Loan: No      |
| TANK HOLDING Corp. REVOLVER   /                 | TANK HOLDING Corp. REVOLVER   /                                     | CUSIP: 87583FAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     15409 | PA      | $14185.63     | 0.00%             | 2028-03-31      | None          | 11.75%                | No            | 2                  | On Loan: No      |
| TANK HOLDING Corp. TERM LOAN   /                | TANK HOLDING Corp. TERM LOAN   /                                    | CUSIP: 87583FAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1861075 | PA      | $1775577.12   | 0.42%             | 2028-03-31      | Variable      | 10.08%                | No            | 2                  | On Loan: No      |
| TANK HOLDING Corp. TERM LOAN 5/11/29   /        | TANK HOLDING Corp. TERM LOAN 5/11/29   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    684250 | PA      | $651536.01    | 0.16%             | 2029-05-11      | Variable      | 10.33%                | No            | 2                  | On Loan: No      |
| TAOGLAS_RC_2/28/29    /                         | TAOGLAS_RC_2/28/29    /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    214991 | PA      | $211959.90    | 0.05%             | 2029-02-28      | None          | 0.50%                 | No            | 3                  | On Loan: No      |
| TAOGLAS_IRISH_TL 2/28/29   /                    | TAOGLAS_IRISH_TL 2/28/29   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    769309 | PA      | $758461.31    | 0.18%             | 2029-02-28      | Variable      | 11.55%                | No            | 3                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2025-1 Ltd.                                       | CUSIP: 69703UAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2158780.95   | 0.52%             | 2038-04-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2025-1 Ltd.                              | CUSIP: 69703VAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4150000 | PA      | $4169451.88   | 1.00%             | 2033-02-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-4 Ltd.                                       | CUSIP: 69703XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2879924.40   | 0.69%             | 2038-01-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2025-2 Ltd.                                       | CUSIP: 69704DAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2006751.00   | 0.48%             | 2038-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2013-1 Ltd.                                                | CUSIP: 92917CAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502012.40    | 0.12%             | 2030-10-15      | Floating      | 7.47%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2018-2 Ltd.                                                | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247965.13    | 0.06%             | 2031-07-15      | Floating      | 7.27%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2019-1 Ltd.                                                | CUSIP: 92917NBC1<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $504064.60    | 0.12%             | 2037-10-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2019-2 Ltd.                                                | CUSIP: 92917RAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501930.25    | 0.12%             | 2032-07-20      | Floating      | 8.23%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2020-3 Ltd.                                                | CUSIP: 92918NAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500355.60    | 0.12%             | 2038-01-20      | Floating      | 5.52%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2020-3 Ltd.                                                | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500622.25    | 0.12%             | 2038-01-20      | Floating      | 6.97%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2022-4 Ltd.                                                | CUSIP: 92920MAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $511875.00    | 0.12%             | 2037-04-20      | Floating      | 10.97%                | Yes           | 2                  | On Loan: No      |
| Whitebox CLO Ltd                                | Whitebox CLO IV Ltd.                                                | CUSIP: 96467KAU3<br>LEI: 549300SN372GTCE2YI66 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500396.45    | 0.12%             | 2036-04-20      | Floating      | 8.18%                 | Yes           | 2                  | On Loan: No      |
| ACCORDION DDTL 2 PRE-FUNDING 11/17/31   /       | ACCORDION DDTL 2 PRE-FUNDING 11/17/31   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     86957 | PA      | $86678.26     | 0.02%             | 2031-11-17      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| ACCORDION TL 2 PRE-FUNDING 11/17/31   /         | ACCORDION TL 2 PRE-FUNDING 11/17/31   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    579710 | PA      | $577855.07    | 0.14%             | 2031-11-17      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| ACER TREE CREDIT OPP PARTNERS LP   /            | ACER TREE CREDIT OPP PARTNERS LP   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8082237.51   | 1.93%             |  |  |  | No            | 3                  | On Loan: No      |
| AUDAX MEDTECH TL   /                            | AUDAX MEDTECH TL   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2375000 | PA      | $2332812.40   | 0.56%             | 2032-06-03      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| AUDAX NMA HOLDINGS TL   /                       | AUDAX NMA HOLDINGS TL   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2107059 | PA      | $2079667.06   | 0.50%             | 2028-01-02      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| Audax-Riccobene Co. DDTL Audax Private   /      | Audax-Riccobene Co. DDTL Audax Private   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    112219 | PA      | $110704.26    | 0.03%             | 2028-01-10      | Variable      | 9.31%                 | No            | 3                  | On Loan: No      |
| AUDAX RICCOBENE TL   /                          | AUDAX RICCOBENE TL   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1320101 | PA      | $1302280.11   | 0.31%             | 2027-11-12      | Variable      | 9.33%                 | No            | 3                  | On Loan: No      |
| AUDAX SUMMIT SPINE REVOLVER   /                 | AUDAX SUMMIT SPINE REVOLVER   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24876 | PA      | $24474.75     | 0.01%             | 2028-03-18      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| AUDAX SUMMIT SPINE TL   /                       | AUDAX SUMMIT SPINE TL   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2756219 | PA      | $2711802.16   | 0.65%             | 2028-03-18      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| AUDAX Co.-INVEST TL    /                        | AUDAX Co.-INVEST TL    /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3073027 | PA      | $3059198.73   | 0.73%             | 2026-10-28      | Variable      | 10.05%                | No            | 3                  | On Loan: No      |
| ARBOUR LANE CREDIT OPP FUND IV LP   /           | ARBOUR LANE CREDIT OPP FUND IV LP   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $1673529.13   | 0.40%             |  |  |  | No            | 3                  | On Loan: No      |
| TCW DIRECT LENING VIII LLC FTPC   /             | TCW DIRECT LENING VIII LLC FTPC   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $7674530.26   | 1.83%             |  |  |  | No            | 3                  | On Loan: No      |
| TCW FENIX DDTL B-1 TOPCO LLC   /                | TCW FENIX DDTL B-1 TOPCO LLC   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50973 | PA      | $49189.40     | 0.01%             | 2027-04-02      | Variable      | 11.83%                | No            | 3                  | On Loan: No      |
| TCW FENIX TOPCO B TL B 3/28/2029   /            | TCW FENIX TOPCO B TL B 3/28/2029   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    849983 | PA      | $820233.28    | 0.20%             | 2029-03-28      | Variable      | 13.55%                | No            | 3                  | On Loan: No      |
| TCW IPSEN TL LLC   /                            | TCW IPSEN TL LLC   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4161267 | PA      | $4030602.86   | 0.96%             | 2029-07-31      | Variable      | 14.83%                | No            | 3                  | On Loan: No      |
| TCW KICHLER LIGHTING    /                       | TCW KICHLER LIGHTING    /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3975554 | PA      | $3892067.45   | 0.93%             | 2029-09-18      | Variable      | 14.27%                | No            | 3                  | On Loan: No      |
| TCW RESCUE FINANCING    /                       | TCW RESCUE FINANCING    /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $3985086.82   | 0.95%             |  |  |  | No            | 3                  | On Loan: No      |
| TRISTATE CAPITAL BAN LINE OF CREDIT - VIV   /   | TRISTATE CAPITAL BAN LINE OF CREDIT - VIV   /                       | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             | CORP              | US        | -18000000 | PA      | $-18000000.00 | -4.30%            |  |  |  | No            | N/A                | On Loan: No      |
| USN GloNeph TL MATURITY 12/21/26   /            | USN GloNeph TL MATURITY 12/21/26   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2468750 | PA      | $2465787.50   | 0.59%             | 2026-12-21      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| TA/WEG HOLDINGS LLC 10/2/2027 DDTL   /          | TA/WEG HOLDINGS LLC 10/2/2027 DDTL   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    369152 | PA      | $369151.69    | 0.09%             | 2027-10-02      | None          | 12.25%                | No            | 3                  | On Loan: No      |
| TA/WEG HOLDINGS LLC 10/04/27 DDTL   /           | TA/WEG HOLDINGS LLC 10/04/27 DDTL   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    246028 | PA      | $246028.34    | 0.06%             | 2027-10-04      | None          | 12.25%                | No            | 3                  | On Loan: No      |
| TA/WEG HOLDINGS LLC 10/04/27 DDTL   /           | TA/WEG HOLDINGS LLC 10/04/27 DDTL   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    367835 | PA      | $367835.50    | 0.09%             | 2027-10-04      | None          | 12.25%                | No            | 3                  | On Loan: No      |
| WEG_JAN2024_DDTL 10/4/27  DDTL   /              | WEG_JAN2024_DDTL 10/4/27  DDTL   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2601914 | PA      | $2601914.24   | 0.62%             | 2027-10-04      | None          | 12.25%                | No            | 3                  | On Loan: No      |
| WEG_JAN2024_RCF 10/04/27  RC   /                | WEG_JAN2024_RCF 10/04/27  RC   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    221760 | PA      | $221760.22    | 0.05%             | 2027-10-04      | None          | 12.25%                | No            | 3                  | On Loan: No      |
| WHITEHAWK IV PLUS    /                          | WHITEHAWK IV PLUS    /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $1980644.98   | 0.47%             |  |  |  | No            | 3                  | On Loan: No      |
| WHITEHAWK C3 FINANCE TERM LOAN 04/22/2027   /   | WHITEHAWK C3 FINANCE TERM LOAN 04/22/2027   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2010000.00   | 0.48%             | 2027-04-22      | Variable      | 12.32%                | No            | 3                  | On Loan: No      |
| WHITEHAWK NEPH TERM LOAN   /                    | WHITEHAWK NEPH TERM LOAN   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $4975000.00   | 1.19%             | 2028-01-31      | Variable      | 13.52%                | No            | 3                  | On Loan: No      |
| WHITEHAWK SHRYNE TERM LOAN   /                  | WHITEHAWK SHRYNE TERM LOAN   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6144633 | PA      | $6175355.73   | 1.47%             | 2026-05-26      | Variable      | 17.00%                | No            | 3                  | On Loan: No      |
| WHWK STEW HEA BRIDGE BRIDGE 10/31/2024   /      | WHWK STEW HEA BRIDGE BRIDGE 10/31/2024   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    420929 | PA      | $420929.00    | 0.10%             | 2026-05-28      | Variable      | 15.38%                | No            | 3                  | On Loan: No      |
| WHITEHAWK STEWARD DI TERM LOAN 12/31/2024   /   | WHITEHAWK STEWARD DI TERM LOAN 12/31/2024   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1894617 | PA      | $1894617.02   | 0.45%             | 2025-07-16      | Variable      | 14.44%                | No            | 3                  | On Loan: No      |
| WHITEHAWK WEST SIDE TERM LOAN 09/03/2027   /    | WHITEHAWK WEST SIDE TERM LOAN 09/03/2027   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1497051 | PA      | $1556933.03   | 0.37%             | 2027-09-03      | Variable      | 13.32%                | No            | 3                  | On Loan: No      |
| EUR FORWARD FTPC CONTRACT 10/22/2025   /        | EUR FORWARD FTPC CONTRACT 10/22/2025   /                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -688000 | OU      | $-816436.00   | -0.19%            |  |  |  | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | BNP Paribas - Broadway                                              | CUSIP: BCC3F4637<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | FR        |   1157427 | PA      | $1160321.06   | 0.28%             | 2031-04-12      | Floating      | 12.33%                | No            | 2                  | On Loan: No      |
| BANCO SANTANDER TOTT VAR 12/27/2043   /         | BANCO SANTANDER TOTT VAR 12/27/2043   /                             | CUSIP: BCC3FHQ51<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   1500000 | PA      | $1801448.93   | 0.43%             | 2043-12-27      | Variable      | 9.96%                 | No            | 2                  | On Loan: No      |
| EURO CURRENCY  /                                | EURO CURRENCY  /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |     74744 | OU      | $88047.92     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| FORTRESS CREDIT OPP XXVII CLO EQUITY   /        | FORTRESS CREDIT OPP XXVII CLO EQUITY   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1764490 | PA      | $1699972.59   | 0.41%             | 2035-01-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-1 DAC                               | CUSIP: BCC3FQ380<br>LEI: 254900BQYBO0YZH5G587 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2016628.58   | 0.48%             | 2037-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| MESP 2024-1 B MTGE VAR 07/28/2032   /           | MESP 2024-1 B MTGE VAR 07/28/2032   /                               | CUSIP: BCC3G0FW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   2621372 | PA      | $2684284.89   | 0.64%             | 2032-07-28      | Variable      | 13.90%                | No            | 2                  | On Loan: No      |
| Fingerpaint_DDTL 12/20/26 DD TL   /             | Fingerpaint_DDTL 12/20/26 DD TL   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    463750 | PA      | $463749.96    | 0.11%             | 2026-12-20      | Variable      | 9.93%                 | No            | 3                  | On Loan: No      |
| Fingerpaint_TL 12/20/26 TERM LOAN   /           | Fingerpaint_TL 12/20/26 TERM LOAN   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    349554 | PA      | $349553.56    | 0.08%             | 2026-12-20      | Variable      | 9.93%                 | No            | 3                  | On Loan: No      |
| LBBW LION-5 MEZ MTGE VAR 07/31/2034   /         | LBBW LION-5 MEZ MTGE VAR 07/31/2034   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   1942985 | PA      | $2273033.50   | 0.54%             | 2034-07-31      | Variable      | 11.19%                | No            | 2                  | On Loan: No      |
| COLSS 2024-2 F Mtge VAR RT 05/22/2034   /       | COLSS 2024-2 F Mtge VAR RT 05/22/2034   /                           | CUSIP: BCC3GBMB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   1915020 | PA      | $2687862.16   | 0.64%             | 2034-05-22      | None          | 14.95%                | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-2 DAC                               | CUSIP: 999999999<br>LEI: 2549001Y8MR5PODEEG55 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1743756.98   | 0.42%             | 2037-10-15      | Floating      | 10.52%                | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-2 DAC                               | CUSIP: 999999999<br>LEI: 2549001Y8MR5PODEEG55 | Long             | ABS-CBDO         | CORP              | IE        |   2825000 | PA      | $2965767.46   | 0.71%             | 2037-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-2 DAC                      | CUSIP: 999999999<br>LEI: 254900G4AVDGFB7U1712 | Long             | ABS-CBDO         | CORP              | IE        |   4000000 | PA      | $4006751.80   | 0.96%             | 2034-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-3 DAC                      | CUSIP: BCC3J2TW8<br>LEI: 254900IYUKLJNYNCCC63 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2280302.04   | 0.54%             | 2034-05-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-1 DAC                               | CUSIP: 999999999<br>LEI: 54930088SCW7OACNS247 | Long             | ABS-CBDO         | CORP              | IE        |    500000 | PA      | $569951.70    | 0.14%             | 2038-01-15      | Floating      | 10.55%                | No            | 2                  | On Loan: No      |
| Pymes Magdalena                                 | Fondo de Titulizacion Magdalena 11                                  | CUSIP: BCC3JL3Y0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |   2609534 | PA      | $3060184.82   | 0.73%             | 2054-07-04      | Floating      | 8.74%                 | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 08/14/2025   /                 | GBP FWD CONTRACT 08/14/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |    320000 | OU      | $439376.36    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 08/14/2025   /                 | GBP FWD CONTRACT 08/14/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |  -7571000 | OU      | $-10395370.07 | -2.48%            |  |  |  | No            | 2                  | On Loan: No      |
| SANTADER CONSUMER FINANCE24-1 12/25/34   /      | SANTADER CONSUMER FINANCE24-1 12/25/34   /                          | CUSIP: BCC3JLXT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | SE        |  17246443 | PA      | $1811068.82   | 0.43%             | 2034-12-25      | Variable      | 8.81%                 | No            | 2                  | On Loan: No      |
| LLOYDS BANK PLC 12/16/2030   /                  | LLOYDS BANK PLC 12/16/2030   /                                      | CUSIP: BCC3JSBM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   2500000 | PA      | $3436753.60   | 0.82%             | 2030-12-16      | Variable      | 8.71%                 | No            | 2                  | On Loan: No      |
| LLOYDS BANK PLC 12/16/2030   /                  | LLOYDS BANK PLC 12/16/2030   /                                      | CUSIP: BCC3JSBN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3000000 | PA      | $4133411.12   | 0.99%             | 2030-12-16      | Variable      | 11.56%                | No            | 2                  | On Loan: No      |
| LBBW LION-6 SNR 10/30/2036   /                  | LBBW LION-6 SNR 10/30/2036   /                                      | CUSIP: BCC3JWDF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   4022973 | PA      | $4726246.88   | 1.13%             | 2036-10-30      | Variable      | 9.63%                 | No            | 2                  | On Loan: No      |
| GBP SPOT FORWARD CONTRACT   /                   | GBP SPOT FORWARD CONTRACT   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | GB        |    160000 | OU      | $219629.38    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| GBP SPOT FORWARD CONTRACT   /                   | GBP SPOT FORWARD CONTRACT   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |   -160000 | OU      | $-219629.38   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2025-1 DAC                               | CUSIP: 999999999<br>LEI: 2549005G74H3SLK9WL32 | Long             | ABS-CBDO         | CORP              | IE        |   1250000 | PA      | $1269201.32   | 0.30%             | 2039-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| GRANVILLE USD Ltd. VAR RT 02/15/2030   /        | GRANVILLE USD Ltd. VAR RT 02/15/2030   /                            | CUSIP: BCC3KJ828<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.19%             | 2030-02-15      | Variable      | 10.89%                | No            | 2                  | On Loan: No      |
| H.W LOCHNER LLC TERM LOAN   /                   | H.W LOCHNER LLC TERM LOAN   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    262355 | PA      | $262355.31    | 0.06%             | 2027-07-02      | Variable      | 10.53%                | No            | 3                  | On Loan: No      |
| H.W LOCHNER LLC TERM LOAN   /                   | H.W LOCHNER LLC TERM LOAN   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2426205 | PA      | $2426204.59   | 0.58%             | 2027-07-02      | Variable      | 10.68%                | No            | 3                  | On Loan: No      |
| IDC INFUSION DDTL 7/7/28  DDTERM LOAN   /       | IDC INFUSION DDTL 7/7/28  DDTERM LOAN   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    530130 | PA      | $532303.39    | 0.13%             | 2028-07-07      | None          | 11.89%                | No            | 3                  | On Loan: No      |
| IDC INFUSION TL 7/7/28 TERM LOAN   /            | IDC INFUSION TL 7/7/28 TERM LOAN   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1441851 | PA      | $1447762.25   | 0.35%             | 2028-07-07      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| IDC INFUSION TL 2 7/7/28 TERM LOAN   /          | IDC INFUSION TL 2 7/7/28 TERM LOAN   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3473750 | PA      | $3447349.50   | 0.82%             | 2028-07-07      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| IRRADIANT_FRG_SPV FUNDED   /                    | IRRADIANT_FRG_SPV FUNDED   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2818223 | NS      | $163031.66    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| IvantiNewCoTL_6/1/29 TL_06/01/29   /            | IvantiNewCoTL_6/1/29 TL_06/01/29   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79571 | PA      | $82058.01     | 0.02%             | 2029-06-01      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| IVYFERT_INCR DDTL_01/03/29   /                  | IVYFERT_INCR DDTL_01/03/29   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1592769 | PA      | $1592769.07   | 0.38%             | 2029-01-03      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| IVYFERT_INCR TL_01/03/29   /                    | IVYFERT_INCR TL_01/03/29   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1325292 | PA      | $1325291.63   | 0.32%             | 2029-01-03      | Variable      | 10.12%                | No            | 3                  | On Loan: No      |
| KOHLBERG CLO    /                               | KOHLBERG CLO    /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1569394.11   | 0.37%             | 2033-12-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Monroe_2nd_DDTL 12/20/28 DD TL   /              | Monroe_2nd_DDTL 12/20/28 DD TL   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    491938 | PA      | $491937.50    | 0.12%             | 2028-12-20      | None          | 1.00%                 | No            | 3                  | On Loan: No      |
| Monroe 2nd TL 12/20/28 TERM LOAN   /            | Monroe 2nd TL 12/20/28 TERM LOAN   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    490000 | PA      | $490000.00    | 0.12%             | 2028-12-20      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| MSILF Government Portfolio                      | MSILF Government Portfolio - Class Institutional                    | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3890000 | PA      | $3890000.00   | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 62   /       | NEUBERGER BERMAN LOAN ADVISERS CLO 62   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $480000.00    | 0.11%             | 2028-06-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| NXT CAPITAL CLO 2026-1 CLO EQUITY   /           | NXT CAPITAL CLO 2026-1 CLO EQUITY   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3074701 | PA      | $3083261.41   | 0.74%             | 2028-06-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| OLD ORCHARD CRDIT FUND LP FTPCF   /             | OLD ORCHARD CRDIT FUND LP FTPCF   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $6798401.51   | 1.62%             |  |  |  | No            | 3                  | On Loan: No      |
| OTHERO NEBRASKA TL 7/31/28 TL   /               | OTHERO NEBRASKA TL 7/31/28 TL   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1547660 | PA      | $1559267.00   | 0.37%             | 2028-07-31      | Variable      | 10.90%                | No            | 3                  | On Loan: No      |
| PHYNET DERMATOLOGY 8TH DDTL 10/20/2029   /      | PHYNET DERMATOLOGY 8TH DDTL 10/20/2029   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1015124 | PA      | $1004972.56   | 0.24%             | 2029-10-20      | None          | 11.49%                | No            | 3                  | On Loan: No      |
| PHYNET DERMATOLOGY 8TH TL 10/20/2029   /        | PHYNET DERMATOLOGY 8TH TL 10/20/2029   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    481241 | PA      | $476429.01    | 0.11%             | 2029-10-20      | Variable      | 10.77%                | No            | 3                  | On Loan: No      |
| PHYNET DERMATOLOGY DDTL 8/16/24   /             | PHYNET DERMATOLOGY DDTL 8/16/24   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    517241 | PA      | $512068.97    | 0.12%             | 2029-10-20      | None          | 11.49%                | No            | 3                  | On Loan: No      |
| PHYNET DERMATOLOGY TL 8/16/24   /               | PHYNET DERMATOLOGY TL 8/16/24   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    968048 | PA      | $958367.48    | 0.23%             | 2029-10-20      | Variable      | 10.77%                | No            | 3                  | On Loan: No      |
| PMA - PROJECT PINNAC TERM LOAN 1/31/31   /      | PMA - PROJECT PINNAC TERM LOAN 1/31/31   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4671053 | PA      | $4612197.37   | 1.10%             | 2031-01-31      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| PMA - PROJECT PINNAC REVOLVER 01/31/2031   /    | PMA - PROJECT PINNAC REVOLVER 01/31/2031   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    328947 | PA      | $324802.63    | 0.08%             | 2031-01-31      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| PROJECT LEOPARD HOLDINGS                        | Project Leopard Holdings, Inc.                                      | CUSIP: 74338UAG6<br>LEI: 254900QOZVLO3PEJYN33 | Long             | LON              | CORP              | US        |   2774278 | PA      | $2528060.78   | 0.60%             | 2029-07-20      | Floating      | 9.63%                 | No            | 2                  | On Loan: No      |
| Palmer Square Capital BDC Inc                   | Palmer Square Capital BDC, Inc.                                     | CUSIP: 69702V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162668 | NS      | $2270845.28   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| RHF VI FUNDING LLC ROCKBRIDGE FM   /            | RHF VI FUNDING LLC ROCKBRIDGE FM   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.19%             | 2025-08-19      | None          | 12.09%                | No            | 3                  | On Loan: No      |
| RISKONNECT DDTL 12/07/28   /                    | RISKONNECT DDTL 12/07/28   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4000000 | PA      | $3970000.00   | 0.95%             | 2028-12-07      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| RISKONNECT TL 12/07/28   /                      | RISKONNECT TL 12/07/28   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    970299 | PA      | $967873.63    | 0.23%             | 2028-12-07      | Variable      | 8.92%                 | No            | 2                  | On Loan: No      |
| Royal Palm I 1L DDTL 10/24/33 MATURITY   /      | Royal Palm I 1L DDTL 10/24/33 MATURITY   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    426008 | PA      | $424091.33    | 0.10%             | 2033-10-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| RoyalPalmI TL2 MATURITY 10/24/2033   /          | RoyalPalmI TL2 MATURITY 10/24/2033   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85608 | PA      | $85222.48     | 0.02%             | 2033-10-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| RoyalPalmI_TL 1 MATURITY 10/24/2033   /         | RoyalPalmI_TL 1 MATURITY 10/24/2033   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    691220 | PA      | $688109.34    | 0.16%             | 2033-10-24      | Variable      | 11.28%                | No            | 3                  | On Loan: No      |
| RoyalPalm II_TL_ MATURITY 10/24/2028   /        | RoyalPalm II_TL_ MATURITY 10/24/2028   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     51270 | PA      | $50977.57     | 0.01%             | 2028-10-24      | Variable      | 12.28%                | No            | 3                  | On Loan: No      |
| BCP SPECIAL OPP LP OFFSHORE FEEDER III   /      | BCP SPECIAL OPP LP OFFSHORE FEEDER III   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $319675.04    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| CARDINAL PARENT INC                             | Cardinal Parent, Inc.                                               | CUSIP: 14153EAC9<br>LEI: 5493009YXQNPN3HQQH84 | Long             | LON              | CORP              | US        |   1971762 | PA      | $1925957.87   | 0.46%             | 2027-11-12      | Floating      | 8.95%                 | No            | 2                  | On Loan: No      |
| HS PURCHASER LLC                                | HS Purchaser LLC                                                    | CUSIP: 42351EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1484375 | PA      | $1418001.17   | 0.34%             | 2026-11-30      | Floating      | 8.28%                 | No            | 2                  | On Loan: No      |
| FLORIDA FOODS PRODUCTS                          | Florida Food Products LLC                                           | CUSIP: 34068GAD4<br>LEI: 254900J6FNIX7DTKUV52 | Long             | LON              | CORP              | US        |    491139 | PA      | $333974.68    | 0.08%             | 2028-10-18      | Floating      | 9.59%                 | No            | 2                  | On Loan: No      |
| IVANTI SOFTWARE INC                             | Ivanti Software, Inc.                                               | CUSIP: 46583DAG4<br>LEI: 254900GHAXAYKWDX9F60 | Long             | LON              | CORP              | US        |   1104634 | PA      | $919607.97    | 0.22%             | 2027-12-01      | Floating      | 8.79%                 | No            | 2                  | On Loan: No      |
| FORTNA GROUP INC                                | Fortna Group, Inc.                                                  | CUSIP: 74339YAB8<br>LEI: 254900DCEJ6U69AEM264 | Long             | LON              | CORP              | US        |    536980 | PA      | $425938.22    | 0.10%             | 2029-06-01      | Floating      | 10.08%                | No            | 2                  | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US, Inc.                                              | CUSIP: 64069JAF9<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   1977311 | PA      | $1867500.84   | 0.45%             | 2028-10-11      | Floating      | 9.08%                 | No            | 2                  | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US, Inc.                                              | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   1964925 | PA      | $1863514.88   | 0.44%             | 2029-04-11      | Floating      | 9.33%                 | No            | 2                  | On Loan: No      |
| RESOLUTE INVESMENT MANA                         | Resolute Investment Managers, Inc.                                  | CUSIP: 04635WAL8<br>LEI: 5493000DRVCSZDWGPC49 | Long             | LON              | CORP              | US        |   4972374 | PA      | $4938213.91   | 1.18%             | 2027-04-30      | Floating      | 11.06%                | No            | 2                  | On Loan: No      |
| RUSSELL INVESTMENTS US                          | Russell Investments U.S. Institutional Holdco, Inc.                 | CUSIP: 78249LAE0<br>LEI: 5493008YG7V0FQCJQI74 | Long             | LON              | CORP              | US        |   5634117 | PA      | $5342551.24   | 1.28%             | 2027-05-28      | Floating      | 9.28%                 | No            | 2                  | On Loan: No      |
| CB_Buyer_DDTL_7/1/31 DELAYED DRAW   /           | CB_Buyer_DDTL_7/1/31 DELAYED DRAW   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    792086 | PA      | $791135.12    | 0.19%             | 2031-07-01      | None          | 1.00%                 | No            | 3                  | On Loan: No      |
| CB_Buyer_RCF_7/1/31 REVOLVER   /                | CB_Buyer_RCF_7/1/31 REVOLVER   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    394750 | PA      | $394276.30    | 0.09%             | 2031-07-01      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| CB_Buyer_TL_7/1/31 TERM LOAN   /                | CB_Buyer_TL_7/1/31 TERM LOAN   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3785666 | PA      | $3781123.60   | 0.90%             | 2031-07-01      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| CIRE ALTO OpCo LLC TL 11/29/2024   /            | CIRE ALTO OpCo LLC TL 11/29/2024   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    363280 | PA      | $363279.50    | 0.09%             | 2025-08-29      | Variable      | 24.09%                | No            | 3                  | On Loan: No      |
| Wynwood BN LLC    /                             | Wynwood BN LLC    /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $301374.42    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| CPC CIRTEC HOLDINGS TL 1/30/29   /              | CPC CIRTEC HOLDINGS TL 1/30/29   /                                  | CUSIP: 12652MAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    980000 | PA      | $968240.00    | 0.23%             | 2029-01-30      | Variable      | 9.08%                 | No            | 3                  | On Loan: No      |
| EUR FORWARD FTPC CONTRACT 7/22/2025   /         | EUR FORWARD FTPC CONTRACT 7/22/2025   /                             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -70000 | OU      | $-82589.50    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| LINDEN INVESTORS LP    /                        | LINDEN INVESTORS LP    /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8493529.79   | 2.03%             |  |  |  | No            | 3                  | On Loan: No      |
| LEONARD VALVE TERM LOAN 09/30/2027   /          | LEONARD VALVE TERM LOAN 09/30/2027   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1995000 | PA      | $1995000.00   | 0.48%             | 2027-09-30      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| NEPTUNE BIDCO US, Inc. Nielsen_2L_TL_10/11/   / | NEPTUNE BIDCO US, Inc. Nielsen_2L_TL_10/11/   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3575814 | PA      | $3522176.74   | 0.84%             | 2029-10-11      | Variable      | 14.08%                | No            | 2                  | On Loan: No      |
| APOGEM MCF CLO 12 CLO   /                       | APOGEM MCF CLO 12 CLO   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3101296 | PA      | $3034054.68   | 0.72%             | 2028-02-24      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2025-1 DAC                      | CUSIP: BCC3KWHS2<br>LEI: 254900YQGLL0XDHT7334 | Long             | ABS-CBDO         | CORP              | IE        |   1000000 | PA      | $1180164.80   | 0.28%             | 2034-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| GREGORY SPV SRL VAR RT12/30/2045   /            | GREGORY SPV SRL VAR RT12/30/2045   /                                | CUSIP: BCC3LJFB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |  10000000 | PA      | $11779950.52  | 2.81%             | 2045-12-30      | Variable      | 9.72%                 | No            | 2                  | On Loan: No      |
| Deutsche Bank AG                                | Deutsche Bank A.G./GATE 2025-1                                      | CUSIP: BCC3LQKC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |   2000000 | PA      | $2355990.10   | 0.56%             | 2035-10-25      | Floating      | 11.79%                | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2025-2 DAC                      | CUSIP: BCC3M6M36<br>LEI: 254900595EZPT26ANZ17 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2355990.10   | 0.56%             | 2035-02-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Magdalena                                       | PYMES Magdalena                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |   5200000 | PA      | $6125574.27   | 1.46%             | 2039-12-31      | Floating      | 9.04%                 | No            | 2                  | On Loan: No      |
| LEGO 2023-1 B VAR RT 6/25/2035   /              | LEGO 2023-1 B VAR RT 6/25/2035   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | DK        |  33128000 | PA      | $5230351.45   | 1.25%             | 2035-06-25      | Variable      | 8.66%                 | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2025-2 DAC                               | CUSIP: 999999999<br>LEI: 254900W87JZZIIW4U960 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1678642.95   | 0.40%             | 2038-07-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Newark BSL CLO 2 Ltd.                           | Newark BSL CLO 2 Ltd.                                               | CUSIP: 65023QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501924.60    | 0.12%             | 2030-07-25      | Floating      | 10.84%                | Yes           | 2                  | On Loan: No      |
| OHA Credit Partners Ltd                         | OHA Credit Partners XII Ltd.                                        | CUSIP: 67110BAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $507510.30    | 0.12%             | 2037-04-23      | Floating      | 10.53%                | Yes           | 2                  | On Loan: No      |
| OZLM Ltd                                        | OZLM XXII Ltd.                                                      | CUSIP: 67111VAJ5<br>LEI: 549300SDDOLWC85Q9Q65 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502021.40    | 0.12%             | 2031-01-17      | Floating      | 7.19%                 | Yes           | 2                  | On Loan: No      |
| OZLM Ltd                                        | OZLM XX Ltd.                                                        | CUSIP: 67112MAG0<br>LEI: 549300ROA1URR67W0G46 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501425.00    | 0.12%             | 2031-04-20      | Floating      | 7.48%                 | Yes           | 2                  | On Loan: No      |
| Oaktree CLO Ltd                                 | Oaktree CLO 2022-1 Ltd.                                             | CUSIP: 67402NAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.12%             | 2038-07-15      | Floating      | 10.34%                | Yes           | 2                  | On Loan: No      |
| Octagon Investment Partners XV                  | Octagon Investment Partners XVII Ltd.                               | CUSIP: 67590GBQ1<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501948.35    | 0.12%             | 2031-01-25      | Floating      | 7.04%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-3 Ltd.                                       | CUSIP: 69688HAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1864106.60   | 0.44%             | 2037-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-3 Ltd.                              | CUSIP: 69690RAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2370008.70   | 0.57%             | 2032-08-08      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-4 Ltd.                                       | CUSIP: 696925AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1207704.50   | 0.29%             | 2037-10-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-3 Ltd.                                       | CUSIP: 696927AC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $490938.40    | 0.12%             | 2037-01-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-4 Ltd.                              | CUSIP: 69702XAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $360702.27    | 0.09%             | 2031-07-24      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-2 Ltd.                                       | CUSIP: 69703CAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $444121.40    | 0.11%             | 2038-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2023-1 Ltd.                              | CUSIP: 69703EAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    825000 | PA      | $0.00         | 0.00%             | 2031-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2023-2 Ltd.                              | CUSIP: 69703GAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $417716.00    | 0.10%             | 2032-01-25      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-2 Ltd.                              | CUSIP: 69703HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2517948.00   | 0.60%             | 2033-01-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-1 Ltd.                                       | CUSIP: 69703KAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1540000 | PA      | $1454850.01   | 0.35%             | 2037-04-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-2 Ltd.                                       | CUSIP: 69703MAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2465431.20   | 0.59%             | 2037-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-1 Ltd.                              | CUSIP: 69703QAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $241520.40    | 0.06%             | 2032-10-15      | Floating      | 10.83%                | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-1 Ltd.                              | CUSIP: 69703QAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2510000 | PA      | $1985419.29   | 0.47%             | 2032-10-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| ABPCI Direct Lending Fund CLO                   | ABPCI Direct Lending Fund CLO II LLC                                | CUSIP: 000840AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1274070.88   | 0.30%             | 2037-07-20      | Floating      | 11.77%                | Yes           | 2                  | On Loan: No      |
| Aimco                                           | AIMCO CLO 10 Ltd.                                                   | CUSIP: 00900UAG9<br>LEI: 5493004I93856WYBB035 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $253238.45    | 0.06%             | 2037-07-22      | Floating      | 9.92%                 | Yes           | 2                  | On Loan: No      |
| Alinea CLO LTD                                  | Alinea CLO 2018-1 Ltd.                                              | CUSIP: 016269AL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502501.55    | 0.12%             | 2031-07-20      | Floating      | 6.52%                 | Yes           | 2                  | On Loan: No      |
| ANTARES LOAN FUNDING CLO EQUITY   /             | ANTARES LOAN FUNDING CLO EQUITY   /                                 | CUSIP: 03690BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $579880.82    | 0.14%             | 2032-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XXIII                                                    | CUSIP: 03765YBN3<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $989245.40    | 0.24%             | 2033-04-15      | Floating      | 6.86%                 | Yes           | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XXVIII                                                   | CUSIP: 03767CAE0<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501844.55    | 0.12%             | 2031-01-20      | Floating      | 7.03%                 | Yes           | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XLII Ltd.                                                | CUSIP: 03770GAU0<br>LEI: 213800XUV3WLXWBKOJ53 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $498249.95    | 0.12%             | 2038-04-20      | Floating      | 6.72%                 | Yes           | 2                  | On Loan: No      |
| Arini US CLO Limited                            | Arini U.S. CLO I Ltd.                                               | CUSIP: 04039AAG9<br>LEI: 2549005XY5NLS2UWEM64 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $404199.48    | 0.10%             | 2038-04-15      | Floating      | 8.33%                 | Yes           | 2                  | On Loan: No      |
| Bain Capital Credit CLO, Limit                  | Bain Capital Credit CLO 2018-2                                      | CUSIP: 05682VAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752502.83    | 0.18%             | 2031-07-19      | Floating      | 7.22%                 | Yes           | 2                  | On Loan: No      |
| Bain Capital Credit CLO, Limit                  | Bain Capital Credit CLO 2023-1 Ltd.                                 | CUSIP: 05685NAN0<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003167.70   | 0.24%             | 2038-07-16      | Floating      | 5.73%                 | Yes           | 2                  | On Loan: No      |
| Babson CLO Ltd                                  | Barings CLO Ltd. 2018-IV                                            | CUSIP: 06760XAJ3<br>LEI: 549300JWUNSCHZHF6H67 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501568.05    | 0.12%             | 2030-10-15      | Floating      | 7.42%                 | Yes           | 2                  | On Loan: No      |
| Battalion CLO LTD                               | Battalion Clo XV Ltd.                                               | CUSIP: 07131AAR5<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499750.00    | 0.12%             | 2033-01-17      | Floating      | 5.78%                 | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO VIII Ltd.                               | CUSIP: 08180YAE0<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $245327.80    | 0.06%             | 2031-01-20      | Floating      | 10.13%                | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO XX Ltd.                                 | CUSIP: 08182FAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500725.80    | 0.12%             | 2034-07-15      | Floating      | 7.72%                 | Yes           | 2                  | On Loan: No      |
| Bluemountain CLO Ltd                            | BlueMountain CLO XXX Ltd.                                           | CUSIP: 09630QAS0<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500627.50    | 0.12%             | 2035-04-15      | Floating      | 7.56%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARD FTPC CONTRACT  7/22/2026   /       | EURO FORWARD FTPC CONTRACT  7/22/2026   /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -50000 | OU      | $-59980.22    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -30000 | OU      | $-35466.81    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Invesco CLO LTD                                 | Invesco U.S. CLO 2023-3 Ltd.                                        | CUSIP: 46091TAA7<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $504255.80    | 0.12%             | 2036-07-15      | Floating      | 12.42%                | Yes           | 2                  | On Loan: No      |
| Invesco CLO LTD                                 | Invesco U.S. CLO 2023-2 Ltd.                                        | CUSIP: 46147LAE0<br>LEI: 2549000VWIHWVWECHQ22 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $255298.13    | 0.06%             | 2038-04-21      | Floating      | 12.20%                | Yes           | 2                  | On Loan: No      |
| Invesco CLO LTD                                 | INVESCO U.S. CLO 2025-1 Ltd.                                        | CUSIP: 46151PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.06%             | 2038-07-15      | Variable      | 10.28%                | Yes           | 2                  | On Loan: No      |
| Long Point Park CLO Ltd                         | Long Point Park CLO Ltd.                                            | CUSIP: 542798AJ2<br>LEI: 549300639DPKTBUSCC77 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501716.65    | 0.12%             | 2030-01-17      | Floating      | 6.94%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers CLO 36 Ltd.                          | CUSIP: 64133JAQ7<br>LEI: 549300MZGBBYK103F794 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502143.80    | 0.12%             | 2033-04-20      | Floating      | 11.57%                | Yes           | 2                  | On Loan: No      |
| New Mountain CLO 1 Ltd                          | New Mountain CLO 1 Ltd.                                             | CUSIP: 64755RBJ1<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501438.35    | 0.12%             | 2038-01-15      | Floating      | 7.11%                 | Yes           | 2                  | On Loan: No      |
| New Mountain CLO Ltd                            | New Mountain CLO 6 Ltd.                                             | CUSIP: 647908AG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004425.00   | 0.24%             | 2037-10-15      | Floating      | 7.36%                 | Yes           | 2                  | On Loan: No      |
| Newark BSL CLO 2 Ltd.                           | Newark BSL CLO 2 Ltd.                                               | CUSIP: 65023PAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499001.90    | 0.12%             | 2030-07-25      | Floating      | 7.69%                 | Yes           | 2                  | On Loan: No      |
| Post CLO LTD                                    | Post CLO 2024-1 Ltd.                                                | CUSIP: 73743FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $507453.70    | 0.12%             | 2037-04-20      | Floating      | 11.07%                | Yes           | 2                  | On Loan: No      |
| Rad CLO Ltd                                     | Rad CLO 15 Ltd.                                                     | CUSIP: 750103AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.24%             | 2040-07-20      | Floating      | 5.70%                 | Yes           | 2                  | On Loan: No      |
| Regatta VII Funding Ltd                         | Regatta VII Funding Ltd.                                            | CUSIP: 75888ABE5<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500961.40    | 0.12%             | 2034-06-20      | Floating      | 5.73%                 | Yes           | 2                  | On Loan: No      |
| Regatta XIII Funding LLC                        | Regatta XIII Funding Ltd.                                           | CUSIP: 75888FAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005711.90   | 0.24%             | 2031-07-15      | Floating      | 6.96%                 | Yes           | 2                  | On Loan: No      |
| Regatta XIV Funding Ltd                         | Regatta XIV Funding Ltd.                                            | CUSIP: 75888NAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750919.05    | 0.18%             | 2031-10-25      | Floating      | 10.49%                | Yes           | 2                  | On Loan: No      |
| Regatta XXI Funding Ltd                         | Regatta XXI Funding Ltd.                                            | CUSIP: 75889JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502584.55    | 0.12%             | 2037-10-15      | Floating      | 7.36%                 | Yes           | 2                  | On Loan: No      |
| Rockford Tower CLO Ltd                          | Rockford Tower CLO 2017-2 Ltd.                                      | CUSIP: 77340HAE9<br>LEI: 549300G18KVCW7VUKI86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $495134.65    | 0.12%             | 2029-10-15      | Floating      | 10.77%                | Yes           | 2                  | On Loan: No      |
| Silver Point CLO, Ltd                           | Silver Point CLO 9 Ltd.                                             | CUSIP: 82809VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004480.50   | 0.24%             | 2038-03-31      | Variable      | 5.81%                 | Yes           | 2                  | On Loan: No      |
| STEWART PARK CLO LTD                            | Stewart Park CLO Ltd.                                               | CUSIP: 860443AE0<br>LEI: 549300FC1IHOM4H6GL63 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500510.85    | 0.12%             | 2030-01-15      | Floating      | 9.80%                 | Yes           | 2                  | On Loan: No      |
| Symphony CLO Ltd                                | Symphony CLO XXI Ltd.                                               | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |    493621 | PA      | $492594.14    | 0.12%             | 2032-07-15      | Floating      | 5.16%                 | Yes           | 2                  | On Loan: No      |
| Symphony CLO Ltd                                | Symphony CLO 34-PS Ltd.                                             | CUSIP: 87170AAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    250000 | PA      | $251105.78    | 0.06%             | 2036-07-24      | Floating      | 9.53%                 | Yes           | 2                  | On Loan: No      |
| TCI-Flatiron CLO Ltd                            | TCI-Flatiron Clo 2018-1 Ltd.                                        | CUSIP: 87232TAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    375000 | PA      | $377320.99    | 0.09%             | 2032-01-29      | Floating      | 10.69%                | Yes           | 2                  | On Loan: No      |
| Trestles CLO LTD                                | Trestles CLO VI Ltd.                                                | CUSIP: 894940AQ8<br>LEI: 254900837GHK5VH7YU15 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $749150.78    | 0.18%             | 2038-04-25      | Floating      | 5.45%                 | Yes           | 2                  | On Loan: No      |
| Trinitas CLO Ltd                                | Trinitas CLO XXXIV Ltd.                                             | CUSIP: 89643KAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1014096.00   | 0.24%             | 2038-04-22      | Floating      | 8.33%                 | Yes           | 2                  | On Loan: No      |
| Trinitas CLO Ltd                                | Trinitas CLO XXXIV Ltd.                                             | CUSIP: 89643LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $514992.65    | 0.12%             | 2038-04-22      | Floating      | 11.49%                | Yes           | 2                  | On Loan: No      |
| U.S. Bank National Association                  | U.S. Bank N.A.                                                      | CUSIP: 90357PBJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2190754 | PA      | $2173447.22   | 0.52%             | 2032-02-25      | Floating      | 11.81%                | Yes           | 2                  | On Loan: No      |
| Venture CDO Ltd                                 | Venture 38 CLO Ltd.                                                 | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    440800 | PA      | $439843.40    | 0.10%             | 2032-07-30      | Floating      | 5.28%                 | Yes           | 2                  | On Loan: No      |
| Verdelite Static CLO Ltd                        | Verdelite Static CLO 2024-1 Ltd.                                    | CUSIP: 92338VAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $498952.85    | 0.12%             | 2032-07-20      | Floating      | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2015-3 Ltd.                                                | CUSIP: 92913UAW6<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500078.70    | 0.12%             | 2031-10-20      | Floating      | 7.68%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2016-3 Ltd.                                                | CUSIP: 92915HAU7<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497595.10    | 0.12%             | 2031-10-18      | Floating      | 7.78%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2014-1 Ltd.                                                | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004786.50   | 0.24%             | 2031-04-18      | Floating      | 7.33%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2017-3 Ltd.                                                | CUSIP: 92915QBN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004771.00   | 0.24%             | 2034-04-20      | Floating      | 7.37%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2017-1 Ltd.                                                | CUSIP: 92916MAD3<br>LEI: 54930054YW6PM1FPVU95 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501848.05    | 0.12%             | 2030-04-17      | Floating      | 7.87%                 | Yes           | 2                  | On Loan: No      |
| ARES CAPITAL 2023-1 SUBORDINATED NOTE   /       | ARES CAPITAL 2023-1 SUBORDINATED NOTE   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    739721 | PA      | $773659.66    | 0.18%             | 2033-07-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTS SPV SRL VAR RT11/30/2041   /               | ARTS SPV SRL VAR RT11/30/2041   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   5000000 | PA      | $5889975.26   | 1.41%             | 2041-11-30      | Variable      | 10.55%                | No            | 2                  | On Loan: No      |
| Audax Private Credit FTPC   /                   | Audax Private Credit FTPC   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $8955350.89   | 2.14%             |  |  |  | No            | 3                  | On Loan: No      |
| Deutsche Bank AG                                | Deutsche Bank A.G./CRAFT                                            | CUSIP: BCC32J802<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |   2845260 | PA      | $2858063.96   | 0.68%             | 2029-02-21      | Floating      | 13.08%                | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 03/13/28   /              | EURO FORWARD CONTRACT 03/13/28   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1016000 | OU      | $-1254476.18  | -0.30%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 4/22/2026   /                  | EUR FWD CONTRACT 4/22/2026   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -210000 | OU      | $-251572.70   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 4/22/2027   /                  | EUR FWD CONTRACT 4/22/2027   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -220000 | OU      | $-267385.75   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 05/21/2027   /            | EURO FORWARD CONTRACT 05/21/2027   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -60000 | OU      | $-73025.09    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 05/22/2026   /            | EURO FORWARD CONTRACT 05/22/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2134000 | OU      | $-2560857.81  | -0.61%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 05/24/27   /              | EURO FORWARD CONTRACT 05/24/27   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -90000 | OU      | $-109553.44   | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 06/04/27   /                   | EUR FWD CONTRACT 06/04/27   /                                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1976000 | OU      | $-2406579.93  | -0.57%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 06/18/26   /              | EURO FORWARD CONTRACT 06/18/26   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    144000 | OU      | $173071.99    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 07/17/2025   /                 | EUR FWD CONTRACT 07/17/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1425000 | OU      | $-1680684.82  | -0.40%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 07/22/2025   /                 | EUR FWD CONTRACT 07/22/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -110000 | OU      | $-129783.51   | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 7/22/2026   /                  | EUR FWD CONTRACT 7/22/2026   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -240000 | OU      | $-287905.06   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 7/22/2027   /                  | EUR FWD CONTRACT 7/22/2027   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -832000 | OU      | $-1015642.91  | -0.24%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 7/30/2027   /                  | EUR FWD CONTRACT 7/30/2027   /                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -2584000 | OU      | $-3155570.18  | -0.75%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FWD CONTRACT 08/14/2025   /                | EURO FWD CONTRACT 08/14/2025   /                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        | -30016000 | OU      | $-35466490.22 | -8.47%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 08/20/2027   /            | EURO FORWARD CONTRACT 08/20/2027   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1480000 | OU      | $-1809203.25  | -0.43%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 08/21/2026   /            | EURO FORWARD CONTRACT 08/21/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -360000 | OU      | $-432472.58   | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 08/22/2025   /            | EURO FORWARD CONTRACT 08/22/2025   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -670000 | OU      | $-792092.01   | -0.19%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 08/24/2026   /            | EURO FORWARD CONTRACT 08/24/2026   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -70000 | OU      | $-84103.87    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 09/15/2025   /            | EURO FORWARD CONTRACT 09/15/2025   /                                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        | -10100000 | OU      | $-11959099.09 | -2.85%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 10/22/2025   /                 | EUR FWD CONTRACT 10/22/2025   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -270000 | OU      | $-320403.66   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 10/22/2026   /                 | EUR FWD CONTRACT 10/22/2026   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -210000 | OU      | $-253020.33   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 10/22/2027   /                 | EUR FWD CONTRACT 10/22/2027   /                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -50000 | OU      | $-61308.30    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 11/06/26   /              | EURO FORWARD CONTRACT 11/06/26   /                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    368000 | OU      | $443704.86    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| TCW ACCURAY, Inc. TL   /                        | TCW ACCURAY, Inc. TL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2886875.10   | 0.69%             | 2030-06-05      | Variable      | 12.81%                | No            | 3                  | On Loan: No      |
| TCW Co.-Invest TL CONNECT AMERICA   /           | TCW Co.-Invest TL CONNECT AMERICA   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3985000 | PA      | $3905300.00   | 0.93%             | 2028-12-31      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| TCW FROST BUYER DDTL LLC   /                    | TCW FROST BUYER DDTL LLC   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84082 | PA      | $82248.80     | 0.02%             | 2031-05-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| TCW FROST BUYER T/L LLC   /                     | TCW FROST BUYER T/L LLC   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2871795 | PA      | $2809174.64   | 0.67%             | 2031-05-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  10/22/2025   /   | EURO FORWARDVIREMAIN CONTRACT  10/22/2025   /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -20000 | OU      | $-23733.60    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD FTPC CONTRACT  10/22/2026   /      | EURO FORWARD FTPC CONTRACT  10/22/2026   /                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -50000 | OU      | $-60242.93    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -30000 | OU      | $-35669.61    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD FTPC CONTRACT  11/6/2026   /       | EURO FORWARD FTPC CONTRACT  11/6/2026   /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -1408000 | OU      | $-1697653.38  | -0.41%            |  |  |  | No            | 2                  | On Loan: No      |
| Crestline Denali CLO XVII, LLC                  | Crestline Denali CLO XVII Ltd.                                      | CUSIP: 22616TAG1<br>LEI: 254900BNO2GIP36AKL73 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249268.23    | 0.06%             | 2031-10-15      | Floating      | 7.77%                 | Yes           | 2                  | On Loan: No      |
| Deerpath Capital CLO LTD                        | Deerpath Capital CLO 2020-1 Ltd.                                    | CUSIP: 24460RBE2<br>LEI: 9845003DAB58C69E1D91 | Long             | ABS-CBDO         | CORP              | JE        |   5500000 | PA      | $5553141.00   | 1.33%             | 2034-04-17      | Floating      | 10.67%                | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 45 Senior Loan Fund                                          | CUSIP: 26244MBE1<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497625.85    | 0.12%             | 2030-10-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 54 Senior Loan Fund                                          | CUSIP: 26244RAD3<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750082.20    | 0.18%             | 2029-10-19      | Floating      | 7.63%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 55 CLO Ltd.                                                  | CUSIP: 26245MAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $986219.80    | 0.24%             | 2031-04-15      | Floating      | 7.37%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 30 Senior Loan Fund                                          | CUSIP: 26249BAW1<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501280.70    | 0.12%             | 2028-11-15      | Floating      | 7.19%                 | Yes           | 2                  | On Loan: No      |
| Eaton Vance CDO Ltd                             | Eaton Vance Clo 2015-1 Ltd.                                         | CUSIP: 27830KBA1<br>LEI: 5493008YP5U5LTXAO749 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501381.05    | 0.12%             | 2030-01-20      | Floating      | 7.03%                 | Yes           | 2                  | On Loan: No      |
| Elevation CLO Ltd                               | Elevation CLO 2018-10 Ltd.                                          | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |    326693 | PA      | $326593.59    | 0.08%             | 2031-10-20      | Floating      | 5.19%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO X Ltd                               | Elmwood CLO X Ltd.                                                  | CUSIP: 29002VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.12%             | 2038-07-20      | Floating      | 5.56%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO 14 Ltd                              | Elmwood CLO 14 Ltd.                                                 | CUSIP: 29003XAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501331.10    | 0.12%             | 2035-04-20      | Floating      | 10.62%                | Yes           | 2                  | On Loan: No      |
| Empower CLO Ltd.                                | Empower CLO 2025-1 Ltd.                                             | CUSIP: 29249DAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002289.30   | 0.24%             | 2038-07-20      | Floating      | 7.28%                 | Yes           | 2                  | On Loan: No      |
| Fortress Credit Opportunities                   | Fortress Credit Opportunities XIX CLO LLC                           | CUSIP: 34964RAY9<br>LEI: 254900TCFL84ON4RYM29 | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $1026310.10   | 0.24%             | 2036-10-15      | Floating      | 12.26%                | Yes           | 2                  | On Loan: No      |
| Galaxy CLO Ltd                                  | Galaxy Xxiv Clo Ltd.                                                | CUSIP: 36321BAG6<br>LEI: 6354006LLTU5DRVJLQ86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501509.80    | 0.12%             | 2037-04-15      | Floating      | 5.80%                 | Yes           | 2                  | On Loan: No      |
| Galaxy CLO Ltd                                  | Galaxy XXVI CLO Ltd.                                                | CUSIP: 36321MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $504413.20    | 0.12%             | 2031-11-22      | Floating      | 10.44%                | Yes           | 2                  | On Loan: No      |
| Generate CLO Ltd.                               | Generate CLO 12 Ltd.                                                | CUSIP: 37147WAA3<br>LEI: 549300OPJWALMOKFT505 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $504304.80    | 0.12%             | 2036-07-20      | Floating      | 12.67%                | Yes           | 2                  | On Loan: No      |
| GoldenTree Loan Management US                   | Goldentree Loan Management U.S. CLO 5 Ltd.                          | CUSIP: 38138DBE5<br>LEI: 549300O473GD3F35WC55 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502486.00    | 0.12%             | 2032-10-20      | Floating      | 7.07%                 | Yes           | 2                  | On Loan: No      |
| MCF CLO LLC                                     | MCF CLO VIII Ltd.                                                   | CUSIP: 55281QAC0<br>LEI: 254900KF5QOK0T8H4C54 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1936134.90   | 0.46%             | 2036-04-18      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| MCF CLO LLC                                     | MCF CLO VIII Ltd.                                                   | CUSIP: 55281QAG1<br>LEI: 254900KF5QOK0T8H4C54 | Long             | ABS-CBDO         | CORP              | KY        |   2175000 | PA      | $2204906.25   | 0.53%             | 2036-04-18      | Floating      | 12.27%                | Yes           | 2                  | On Loan: No      |
| Magnetite CLO Ltd                               | Magnetite XXVI Ltd.                                                 | CUSIP: 55954YBC8<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $996571.30    | 0.24%             | 2038-01-25      | Floating      | 6.77%                 | Yes           | 2                  | On Loan: No      |
| Magnetite CLO Ltd                               | Magnetite XX Ltd.                                                   | CUSIP: 55955BAA2<br>LEI: 5493001WZ3LKC11Q9C47 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502895.95    | 0.12%             | 2031-04-20      | Floating      | 9.88%                 | Yes           | 2                  | On Loan: No      |
| Maranon Loan Funding Ltd                        | Maranon Loan Funding 2021-3 Ltd.                                    | CUSIP: 56577NBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1273912.00   | 0.30%             | 2036-10-15      | Floating      | 12.08%                | Yes           | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2022-18 Ltd.                         | CUSIP: 617924AU9<br>LEI: 549300O0I1STG733YG49 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500024.60    | 0.12%             | 2037-10-20      | Floating      | 7.37%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.                         | CUSIP: 617934AU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500781.95    | 0.12%             | 2038-07-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.                         | CUSIP: 617934AW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500833.50    | 0.12%             | 2038-07-15      | Floating      | 8.81%                 | Yes           | 2                  | On Loan: No      |
| Mount Logan Funding LP                          | Mount Logan Funding 2018-1 LP                                       | CUSIP: 62188AAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1926983 | PA      | $898607.67    | 0.21%             | 2033-01-22      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers CLO 60 Ltd.                          | CUSIP: 640974AC5<br>LEI: 254900LV0LNHKC2KQJ62 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1771738.00   | 0.42%             | 2039-04-22      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers Clo 61 Ltd.                          | CUSIP: 640985AE7<br>LEI: 2549006I8TDEPS26X974 | Long             | ABS-CBDO         | CORP              | KY        |   3900000 | PA      | $3450630.30   | 0.82%             | 2039-07-17      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers CLO 28 Ltd.                          | CUSIP: 64130PAU7<br>LEI: 5493008C5LSWKG3UQ392 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499256.40    | 0.12%             | 2038-10-20      | Floating      | 7.47%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman CLO XXII Ltd.                                      | CUSIP: 64131CAG6<br>LEI: 549300FFV1EYI8ON7P41 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $509942.90    | 0.12%             | 2038-04-15      | Floating      | 11.11%                | Yes           | 2                  | On Loan: No      |
| Bryant Park Funding Ltd                         | Bryant Park Funding 2023-20 Ltd.                                    | CUSIP: 117919AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502376.90    | 0.12%             | 2038-04-15      | Floating      | 7.73%                 | Yes           | 2                  | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2017-IV Ltd.                                           | CUSIP: 12551KAA1<br>LEI: 254900JEH56UBUEZJW15 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500874.70    | 0.12%             | 2030-10-24      | Floating      | 10.64%                | Yes           | 2                  | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2013-III-R Ltd.                                        | CUSIP: 12552NAA4<br>LEI: 549300JZARV9CBLL1S14 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $494612.40    | 0.12%             | 2031-04-24      | Floating      | 10.44%                | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-1 Ltd.                    | CUSIP: 14310MBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250056.88    | 0.06%             | 2031-04-17      | Floating      | 7.14%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-2R Ltd.                   | CUSIP: 14314LAL9<br>LEI: 549300K65HYRGER5BW54 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004278.00   | 0.24%             | 2031-05-15      | Floating      | 7.39%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-3-R Ltd.                  | CUSIP: 14315LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $627691.38    | 0.15%             | 2031-07-27      | Floating      | 7.49%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-4-R Ltd.                  | CUSIP: 14316CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752902.28    | 0.18%             | 2030-07-15      | Floating      | 7.42%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle U.S. CLO 2021-9 Ltd.                                        | CUSIP: 14317KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499763.20    | 0.12%             | 2034-10-20      | Floating      | 11.16%                | Yes           | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding IV CLO Ltd.                                           | CUSIP: 150323BL6<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502034.00    | 0.12%             | 2038-01-23      | Floating      | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding IV CLO Ltd.                                           | CUSIP: 150323BS1<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501626.75    | 0.12%             | 2038-01-23      | Floating      | 7.58%                 | Yes           | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding VI CLO Ltd.                                           | CUSIP: 15032DAX9<br>LEI: 549300PQ60B57EBTK013 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500122.70    | 0.12%             | 2034-04-20      | Floating      | 7.84%                 | Yes           | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding XVII CLO Ltd.                                         | CUSIP: 15033QAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $506464.95    | 0.12%             | 2036-07-20      | Floating      | 12.43%                | Yes           | 2                  | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2018-II Ltd.                                           | CUSIP: 17180WAS4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500003.90    | 0.12%             | 2037-10-20      | Floating      | 7.32%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  01/22/2026   /   | EURO FORWARDVIREMAIN CONTRACT  01/22/2026   /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -80000 | OU      | $-95345.76    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -680000 | OU      | $-811780.30   | -0.19%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  04/22/2026   /   | EURO FORWARDVIREMAIN CONTRACT  04/22/2026   /                       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -50000 | OU      | $-59898.26    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /    | EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -944000 | OU      | $-1134583.07  | -0.27%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -20000 | OU      | $-23597.00    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman CLO XVI-S Ltd.                                     | CUSIP: 64131TBG8<br>LEI: 549300UHUHCR3388B324 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004784.30   | 0.24%             | 2039-04-15      | Floating      | 7.01%                 | Yes           | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-11

**Name of Applicant:** First Trust Private Credit Fund

**Signature:** /s/ Michael D. Peck

**Name of Signer:** Michael D. Peck

**Title:** President