# EDGAR Filing Document

**Accession Number:** 0001816389
**File Stem:** 0001752724-23-040649
**Filing Date:** 2023-2
**Character Count:** 129176
**Document Hash:** 0d013197cdc55a8ac7d6bb80383106bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-040649.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-040649

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Private Investments Fund
- **CENTRAL INDEX KEY:** 0001816389
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23584
- **FILM NUMBER:** 23668328

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLVIEW PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Nport-Ex

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares/<br>Par (000)* | *Value* |
|  **Private Equity Investments** |  |  |
|  **Direct Investments — 33.6%<sup>(a)(b)(c)</sup>**  |  |  |
|  **Aerospace & Defense — 4.8%** |  |  |
|  Sierra Space Corp., Preferred A Shares (Acquired 12/01/21, Cost: $1,579,640) | &nbsp;&nbsp;&nbsp;&nbsp;157964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579640 |
|  Yellowstone Ultimate Holdings LP (Acquired 11/08/22, Cost: $5,095,482) | — <sup>(d)</sup> | 5095482 |
|  |  | 6675122 |
| **Biotechnology — 2.0%** |  |  |
|  Lotus Co-Invest LP (Acquired 10/31/22, Cost: $2,659,796) | — <sup>(d)</sup> | 2843737 |
| **Capital Markets — 0.0%** |  |  |
|  FTX Trading Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; B-1 Shares (Acquired 10/20/21, Cost: $224,692) | 6171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Acquired 10/20/21, Cost: $583,990). | 24685 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C Preferred Shares (Acquired 02/08/22, Cost: $212,801) | 4591 |  |
|  West Realm Shires Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Acquired 11/05/21, Cost: $20,147) | 132000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Shares (Acquired 02/08/22, Cost: $212,795) | 93127 |  |
| **Commercial Services & Supplies — 2.5%** |  |  |
|  Horizon Co-Investment, LP (Acquired 06/10/22, Cost: $1,760,000)<sup>(e)</sup>  | — <sup>(d)</sup> | 1824884 |
|  NP Salon Co-Investment LP I (Acquired 04/08/21, Cost: $2,000,000) | — <sup>(d)</sup> | 1694972 |
|  |  | 3519856 |
| **Entertainment — 6.0%** |  |  |
|  Aleph Infinity Investors 2 LP (Acquired 04/28/22, Cost: $4,792,321) | — <sup>(d)</sup> | 4782123 |
|  RB Rouge Co-Invest B LP (Acquired 03/30/21, Cost: $2,995,397) | — <sup>(d)</sup> | 3503332 |
|  |  | 8285455 |
| **Health Care Equipment & Supplies — 1.2%** |  |  |
|  Chiaro Technology Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Ordinary Shares (Acquired 07/28/21, Cost: $2,033,660) | 295449 | 1469816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class CC Ordinary Shares (Acquired 10/25/22, Cost: $225,900) | 39792 | 247752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717568 |
| **Health Care Providers & Services — 5.0%** |  |  |
|  Atlas Co-Investment Fund 2 LP (Acquired 06/30/21, Cost: $946,674) | — <sup>(d)</sup> | 879058 |
|  C-Bridge Investment Yaneng Ltd. (Acquired 12/16/21, Cost: $3,162,993) | — <sup>(d)</sup> | 3322860 |
|  Pacific Avenue Emerald Continuation Fund (A) LP (Acquired 07/30/21, Cost: $1,906,764) | — <sup>(d)</sup> | 2815694 |
|  |  | 7017612 |
| **Health Care Technology — 1.6%** |  |  |
|  Thirty Madison, Inc., (Promissory Note<sup>(f)</sup> , 2.37%, 07/15/24 & Warrant, expires 07/15/24, Strike Price USD 0.01) (Acquired 08/12/22, Cost: $2,037,966) | 2038 | 2230055 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares/<br>Par (000)* |  | *Value* |
|  **Household Durables — 1.7%** |  |  |  |
|  SL Riviera Investors 2021 LP (Acquired 04/14/21, Cost: $2,078,007) |  | <sup>(d)</sup> $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332863 |
| **Internet & Direct Marketing Retail — 3.1%** |  |  |  |
|  Attentive Mobile, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Acquired 04/16/21, Cost: $2,181,218) | 74536 |  | 3637357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred A1 Shares (Acquired 04/16/21, Cost: $595,026) | 13033 |  | 636011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred B Shares (Acquired 04/16/21, Cost: $94,643) | 2073 |  | 101162 |
|  |  |  | 4374530 |
| **IT Services — 1.4%** |  |  |  |
|  OwnBackup Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Shares (Acquired 07/23/21, Cost: $1,022,514) | 91427 |  | 987733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred A Shares (Acquired 07/23/21, Cost: $816,170) | 72977 |  | 788408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred A1 Shares (Acquired 07/23/21, Cost: $19,896) | 1779 |  | 19220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred B1 Shares (Acquired 07/23/21, Cost: $75,424) | 6744 |  | 72859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred C Shares (Acquired 07/23/21, Cost: $48,192) | 4309 |  | 46552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred C1 Shares (Acquired 07/23/21, Cost: $17,805) | 1592 |  | 17199 |
|  |  |  | 1931971 |
| **Software — 4.3%** |  |  |  |
|  Acronis AG, Preferred E Shares (Acquired 04/06/22, Cost: $1,681,862) | 20378 |  | 1776189 |
|  Ecovadis S.A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary Shares (Acquired 10/04/22, Cost: $1,517,650) | 635 |  | 1628955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Shares (Acquired 10/04/22, Cost: $568,820) | 238 |  | 610538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Shares (Acquired 10/04/22, Cost: $186,420) | 78 |  | 200092 |
|  Flexe, Inc., Series D Preferred Shares (Acquired 06/14/22, Cost: $1,714,289) | 84056 |  | 1714289 |
|  |  |  | 5930063 |
| **Total Direct Investments — 33.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46858832 |
|  | *Shares* |  |  |
| **Primary Investments — 0.1%** |  |  |  |
| **Diversified — 0.1%** |  |  |  |
|  Grotech Ventures IV, LP (Acquired 10/11/22, Cost: $97,146)<sup>(a)(b)(c)</sup>  |  | <sup>(d)</sup> | 97146 |
|  **Secondary Investments — 25.5%<sup>(a)(c)</sup>**  |  |  |  |
|  **Commercial Services & Supplies — 1.2%** |  |  |  |
|  Amberjack Capital Feeder Fund B LP (Acquired 12/01/21, Cost: $300,051) |  | <sup>(d)</sup> | 327160 |
|  Platinum Equity Continuation Fund LP (Acquired 12/16/21, Cost: $1,717,529)<sup>(b)</sup>  |  | <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1384717 |
|  |  |  | 1711877 |

---

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *<br>Shares* |  | *Value* |
| **Diversified<sup>(b)</sup> — 8.4%** |  |  |  |
|  GA Atlas, LP (Acquired 03/22/22, Cost: $2,893,372) |  | <sup>(d)</sup> $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368208 |
|  Grotech Ventures III, LP (Acquired 09/30/22, Cost: $1,458,717) |  | <sup>(d)</sup> | 1492768 |
|  Inovia Continuity Fund I, LP (Acquired 09/17/21, Cost: $1,893,420) |  | <sup>(d)</sup> | 1793568 |
|  Roark Capital Partners CF LP (Acquired 08/26/22, Cost: $2,884,526) |  | <sup>(d)</sup> | 3254291 |
|  STG Alternative Investments SCA SICAV RAIF Sub Fund E (Acquired 10/01/21, Cost: $1,805,183) |  | <sup>(d)</sup> | 2835135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11743970 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Behrman Capital Micross CF LP (Acquired 02/24/22, Cost: $2,328,316)<sup>(b)</sup>  |  | <sup>(d)</sup> | 2674057 |
| **Energy Equipment & Services — 3.0%** |  |  |  |
|  Amberjack Capital Feeder Fund Cayman LP (Acquired 12/01/21, Cost: $2,216,972) |  | <sup>(d)</sup> | 4139759 |
| **Food Products<sup>(b)</sup> — 5.2%** |  |  |  |
|  CREO Capital Partners V-A LP (Acquired 09/20/21, Cost: $2,812,395) |  | <sup>(d)</sup> | 3598509 |
|  Kohlberg TE Investors VII CV LP (Acquired 07/13/21, Cost: $3,013,310) |  | <sup>(d)</sup> | 3687885 |
|  |  |  | 7286394 |
| **Health Care Providers & Services — 3.4%** |  |  |  |
|  Zenyth Partners Continuation Fund, LP (Acquired 09/29/22, Cost: $4,330,263)<sup>(b)</sup>  |  | <sup>(d)</sup> | 4720536 |
| **Trading Companies & Distributors — 2.4%** |  |  |  |
|  Bain Capital Empire Holdings, LP (Acquired 10/27/22, Cost: $3,326,044)<sup>(b)</sup>  |  | <sup>(d)</sup> | 3337795 |
| **Total Secondary Investments — 25.5%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35614388 |
|  **Total Private Equity Investments — 59.2%<br>(Cost: $76,146,198)** |  |  | 82570366 |
|  | *Par<br>(000)* |  |  |
|  **Asset-Backed Securities** |  |  |  |
|  Battalion CLO XIX Ltd., Series 2021-19A, Class B, (3 mo. LIBOR US + 1.60%), 5.68%, 04/15/34<sup>(g)(h)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |  | 945311 |
|  Dryden 58 CLO Ltd., Series 2018-58A, Class B, (3 mo. LIBOR US + 1.50%), 5.58%, 07/17/31<sup>(g)(h)</sup>  | 750 |  | 722956 |
|  Galaxy XXVII CLO Ltd., Series 2018-27A, Class C, (3 mo. LIBOR US + 1.80%), 6.44%, 05/16/31<sup>(g)(h)</sup>  | 700 |  | 658674 |
|  Palmer Square CLO Ltd.<sup>(g)(h)</sup> Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 5.64%, 04/18/31 | 1000 |  | 968534 |
|  Series 2022-1A, Class B, (3 mo. SOFR + 1.80%), 5.76%, 04/20/35 | 1000 |  | 952794 |
|  Signal Peak CLO 8 Ltd., Series 2018-8A, Class C, (3 mo. LIBOR US + 2.00%), 6.24%, 04/20/33<sup>(g)(h)</sup>  | 750 |  | 705886 |
|  **Total Asset-Backed Securities — 3.6%<br>(Cost: $5,192,180)** |  |  | 4954155 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Corporate Bonds** |  |  |  |  |
|  **Automobiles — 0.9%** |  |  |  |  |
|  Mercedes-Benz Finance North America LLC, 5.50%, 11/27/24<sup>(h)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191698 |
|  **Banks<sup>(g)</sup> — 3.4%** |  |  |  |  |
|  Citizens Bank NA/Providence RI, (1 day SOFR + 1.40%), 4.12%, 05/23/25 |  | 2500 |  | 2446296 |
|  Wells Fargo & Co., (1 day SOFR + 1.56%), 4.54%, 08/15/26 |  | 2305 |  | 2258806 |
|  |  |  |  | 4705102 |
|  **Building Materials — 0.2%** |  |  |  |  |
|  Standard Industries, Inc., 4.75%, 01/15/28<sup>(h)</sup>  |  | 324 |  | 291564 |
|  **Building Products — 0.1%** |  |  |  |  |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/27<sup>(h)</sup>  |  | 215 |  | 200549 |
|  **Chemicals — 0.2%** |  |  |  |  |
|  WESCO Distribution, Inc., 7.13%, 06/15/25<sup>(h)</sup>  |  | 240 |  | 243003 |
|  **Consumer Finance — 2.6%** |  |  |  |  |
|  S&P Global, Inc., 2.45%, 03/01/27<sup>(h)</sup>  |  | 4000 |  | 3653164 |
|  **Diversified Financial Services — 6.5%** |  |  |  |  |
|  Bank of America Corp., (1 day SOFR + 1.11%), 3.84%, 04/25/25<sup>(g)</sup>  |  | 4000 |  | 3905298 |
|  Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27 |  | 1000 |  | 1007487 |
|  Morgan Stanley, (1 day SOFR + 0.51%), 0.79%, 01/22/25<sup>(g)</sup>  |  | 3000 |  | 2838148 |
|  UBS Group AG, (1 year CMT + 1.55%), 4.49%, 05/12/26<sup>(g)(h)</sup>  |  | 1380 |  | 1348762 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9099695 |
| **Diversified Telecommunication Services — 0.2%** |  |  |  |  |
|  Level 3 Financing, Inc., 4.63%, 09/15/27<sup>(h)</sup>  |  | 330 |  | 274725 |
|  **Electric Utilities — 1.4%** |  |  |  |  |
|  Edison International, 4.70%, 08/15/25 |  | 2000 |  | 1956908 |
|  **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** | **Environmental, Maintenance & Security Service — 0.2%** |
|  GFL Environmental, Inc., 5.13%, 12/15/26<sup>(h)</sup>  |  | 273 |  | 261072 |
|  **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** |
|  MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 |  | 331 |  | 278215 |
|  **Food & Staples Retailing — 0.2%** |  |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28<sup>(h)</sup>  |  | 243 |  | 231015 |
| **Health Care Equipment & Supplies<sup>(h)</sup> — 1.0%** |  |  |  |  |
|  Avantor Funding, Inc., 4.63%, 07/15/28 |  | 163 |  | 148108 |
|  GE HealthCare Technologies, Inc., 5.55%, 11/15/24 |  | 1265 |  | 1269555 |
|  |  |  |  | 1417663 |
| **Health Care Providers & Services — 0.1%** |  |  |  |  |
|  Tenet Healthcare Corp., 4.63%, 09/01/24<sup>(h)</sup>  |  | 127 |  | 123350 |
| **Health Care Technology — 0.1%** |  |  |  |  |
|  IQVIA, Inc., 5.00%, 10/15/26<sup>(h)</sup>  |  | 208 |  | 198609 |
|  **Hotels, Restaurants & Leisure<sup>(h)</sup> — 0.3%** |  |  |  |  |
|  Burger King (Restaurant Brands Int)/New Red Finance, Inc., 3.88%, 01/15/28 |  | 104 |  | 93033 |
|  Hilton Domestic Operating Co., Inc., 5.75%, 05/01/28 |  | 282 |  | 273540 |
|  |  |  |  | 366573 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 2

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
|  Clearway Energy Operating LLC, 4.75%, 03/15/28<sup>(h)</sup>  | $347 | $320262 |
| **Internet & Direct Marketing Retail — 2.7%** |  |  |
|  Meta Platforms, Inc., 3.50%, 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3728001 |
| **Internet Software & Services<sup>(h)</sup> — 0.3%** |  |  |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27 | 118 | 111682 |
|  Match Group Holdings II LLC, 4.63%, 06/01/28 | 333 | 296856 |
|  |  | 408538 |
| **IT Services — 0.1%** |  |  |
|  Gartner, Inc., 4.50%, 07/01/28<sup>(h)</sup>  | 161 | 150105 |
| **Media<sup>(h)</sup> — 0.5%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 | 291 | 264225 |
|  Sirius XM Radio, Inc., 5.00%, 08/01/27 | 243 | 224620 |
|  Videotron Ltd., 5.38%, 06/15/24 | 192 | 189600 |
|  |  | 678445 |
| **Metals & Mining<sup>(h)</sup> — 0.2%** |  |  |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 | 101 | 99293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 | 138 | 129480 |
|  |  | 228773 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |  |
|  Broadcom, Inc., 3.15%, 11/15/25 | 3000 | 2841698 |
|  Sensata Technologies BV<sup>(h)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24 | 187 | 185201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 277 | 270521 |
|  |  | 3297420 |
| **Software — 0.2%** |  |  |
|  Open Text Corp., 6.90%, 12/01/27 | 201 | 201000 |
|  PTC, Inc., 3.63%, 02/15/25<sup>(h)</sup>  | 140 | 133340 |
|  |  | 334340 |
| **Textiles, Apparel & Luxury Goods<sup>(h)</sup> — 0.2%** |  |  |
|  Hanesbrands, Inc., 4.88%, 05/15/26 | 119 | 106335 |
|  William Carter Co., 5.63%, 03/15/27 | 142 | 136209 |
|  |  | 242544 |
| **Thrifts & Mortgage Finance — 0.1%** |  |  |
|  Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26<sup>(h)</sup>  | 233 | 199719 |
| **Utilities — 0.1%** |  |  |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28<sup>(h)</sup>  | 163 | 146151 |
| **Wireless Telecommunication Services — 1.6%** |  |  |
|  Sprint LLC, 7.63%, 03/01/26 | 250 | 263077 |
|  VICI Properties LP/VICI Note Co., Inc., 5.63%, 05/01/24<sup>(h)</sup>  | 2000 | 1980520 |
|  |  | 2243597 |
|  **Total Corporate Bonds — 26.2%<br>(Cost: $37,320,815)** | **Total Corporate Bonds — 26.2%<br>(Cost: $37,320,815)** | 36470800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Floating Rate Loan Interests<sup>(g)</sup>** |  |  |
| **Air Freight & Logistics — 0.1%** |  |  |
|  XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 5.93%, 02/24/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128294 |
| **Airlines — 0.3%** |  |  |
|  AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 | 43 | 42765 |
|  Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 | 159 | 156717 |
|  United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 | 159 | 156599 |
|  |  | 356081 |
| **Building Materials — 0.1%** |  |  |
|  GYP Holdings III Corp., 2021 Term Loan B, 06/01/25<sup>(i)</sup>  | 100 | 99675 |
|  Summit Materials LLC, Term Loan B, (3 mo. SOFR CME + 3.00%), 7.61%, 12/14/27<sup>(a)</sup>  | 3 | 2996 |
|  |  | 102671 |
| **Building Products — 0.2%** |  |  |
|  Advanced Drainage Systems, Inc., Term Loan B, (1 mo. SOFR CME + 2.25%), 6.47%, 07/31/26 | 36 | 35756 |
|  CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 04/28/29 | 46 | 44508 |
|  Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 07/28/28 | 131 | 122116 |
|  Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 6.43%, 09/22/28 | 60 | 59705 |
|  |  | 262085 |
| **Capital Markets — 0.2%** |  |  |
|  Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 04/09/27<sup>(i)</sup>  | 25 | 23305 |
|  Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 06/30/28 | 117 | 114585 |
|  Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/12/24 | 178 | 172801 |
|  |  | 310691 |
| **Chemicals — 0.2%** |  |  |
|  Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.00%, 0.50% Floor), 7.51%, 12/20/29 | 42 | 42000 |
|  Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 6.32%, 01/31/26 | 68 | 68132 |
|  INEOS U.S. Finance LLC, 2021 USD Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 11/08/28 | 99 | 95487 |
|  Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 7.23%, 03/02/26 | 82 | 80666 |
|  PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 6.91%, 06/09/28 | 59 | 57497 |
|  |  | 343782 |
| **Commercial Services & Supplies — 0.3%** |  |  |
|  Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 6.13%, 03/11/25 | 174 | 172641 |
|  Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 10/08/28 | 74 | 73303 |

---

3.0 ---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |  |
|  Covanta Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan C, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 | $| 5 | $5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |  | 76 | 75130 |
|  GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.41%, 05/30/25 |  | 45 | 44713 |
|  Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 6.50%, 09/23/26 |  | 55 | 54534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425991 |
| **Construction & Engineering — 0.0%** |  |  |  |
|  Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |  | 2 | 1371 |
| **Consumer Discretionary — 0.1%** |  |  |  |
|  APi Group DE, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 01/03/29 |  | 92 | 90659 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.69%, 11/24/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 133888 |
|  FrontDoor, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 06/17/28 |  | 30 | 30299 |
|  |  |  | 164187 |
| **Diversified Financial Services — 0.2%** |  |  |  |
|  Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.52%, 10/22/26 |  | 59 | 58042 |
|  Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 09/01/28 |  | 119 | 115506 |
|  Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 6.73%, 11/05/28 |  | 139 | 138096 |
|  |  |  | 311644 |
| **Diversified Telecommunication Services — 0.1%** |  |  |  |
|  Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.92%, 11/04/26 |  | 104 | 102293 |
|  Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 03/01/27 |  | 88 | 84480 |
|  |  |  | 186773 |
| **Electrical Equipment — 0.0%** |  |  |  |
|  Generac Power Systems, Inc., 2019 Term Loan B, (1 mo. SOFR CME + 1.75%), 5.97%, 12/13/26 |  | 33 | 32296 |
| **Entertainment — 0.0%** |  |  |  |
|  Delta 2 Lux SARL, Term Loan B, 01/15/30<sup>(i)</sup>  |  | 65 | 64727 |
| **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** | **Environmental, Maintenance & Security Service — 0.1%** |  |
|  Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 09/07/27 |  | 162 | 162137 |
| **Food & Staples Retailing — 0.2%** |  |  |  |
|  BJ's Wholesale Club, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 6.27%, 02/03/24 |  | 98 | 97600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Food & Staples Retailing (continued)** |  |  |
|  Nomad Foods U.S. LLC, 2022 Term Loan B, 02/01/230.00%, 11/12/29 | $48 | $48194 |
|  U.S. Foods, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 09/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | 118168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263962 |
| **Food Products — 0.0%** |  |  |
|  B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 10/10/26 | 13 | 12241 |
|  Hostess Brands LLC, 2019 Term Loan, (3 mo. LIBOR + 2.25%, 0.75% Floor), 6.65%, 08/03/25 | 50 | 53483 |
|  |  | 65724 |
| **Health Care Technology — 0.1%** |  |  |
|  IQVIA, Inc., 2018 USD Term Loan B3, (3 mo. LIBOR + 1.75%), 6.48%, 06/11/25 | 109 | 108131 |
| **Hotels, Restaurants & Leisure — 0.8%** |  |  |
|  Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 6.93%, 05/24/29 | 23 | 22451 |
|  Bally's Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 | 72 | 66687 |
|  Burger King (Restaurant Brands Int), Term Loan B4, (3 mo. LIBOR + 1.75%), 6.14%, 11/19/26 | 193 | 189778 |
|  Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 6.39%, 03/17/28 | 75 | 74028 |
|  Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 8.09%, 07/22/28 | 21 | 20828 |
|  Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 11/30/29 | 27 | 26990 |
|  Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 6.17%, 06/22/26 | 177 | 176296 |
|  Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 7.17%, 05/03/29 | 68 | 66918 |
|  Playtika Holding Corp., 2021 Term Loan, 03/13/28<sup>(i)</sup>  | 74 | 70381 |
|  Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 7.42%, 04/14/29 | 106 | 104615 |
|  Station Casinos LLC, 2020 Term Loan B, 02/08/27<sup>(i)</sup>  | 73 | 71477 |
|  Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 05/30/25 | 165 | 164670 |
|  |  | 1055119 |
| **Household Products — 0.0%** |  |  |
|  Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.60%, 03/03/28 | 36 | 35469 |
| **Interactive Media & Services — 0.2%** |  |  |
|  Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.48%, 06/26/28 | 182 | 179700 |
|  Go Daddy Operating Co. LLC, 02/01/230.00%, 02/01/23 . | 101 | 100208 |
|  |  | 279908 |
| **IT Services — 0.4%** |  |  |
|  Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 04/28/28 | 185 | 183256 |
|  Maximus, Inc., Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.42%, 05/28/28 | 75 | 74114 |
|  Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 11/16/26 | 185 | 181699 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 4

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **IT Services (continued)** |  |  |  |
|  WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 03/31/28 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117994 |
|  ZoomInfo LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.48%, 02/02/26 |  | 21 | 20901 |
|  |  |  | 577964 |
| **Life Sciences Tools & Services — 0.3%** |  |  |  |
|  Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 11/08/27 |  | 144 | 143612 |
|  ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | 162 | 161039 |
|  PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | 40 | 40123 |
|  |  |  | 344774 |
| **Machinery — 0.1%** |  |  |  |
|  Allison Transmission, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 03/29/26 |  | 49 | 48864 |
|  Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 7.18%, 04/20/29 |  | 18 | 17591 |
|  Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 10/04/28 |  | 32 | 32548 |
|  |  |  | 99003 |
| **Media — 0.5%** |  |  |  |
|  Cogeco Communications USA II LP, Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 01/03/25 |  | 37 | 36573 |
|  CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 6.82%, 04/15/27 |  | 19 | 16728 |
|  E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 7.13%, 01/07/28 |  | 8 | 7958 |
|  Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 03/24/25 |  | 188 | 178965 |
|  Midcontinent Communications, 2019 Term Loan B, (1 mo. SOFR CME + 1.75%), 6.07%, 08/15/26<sup>(a)</sup>  |  | 98 | 97196 |
|  Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 09/18/26 |  | 54 | 53818 |
|  UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.93%), 7.24%, 01/31/29 |  | 16 | 15600 |
|  Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 7.57%, 01/31/29 |  | 111 | 110007 |
|  WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.13%), 6.51%, 01/20/28 |  | 184 | 181623 |
|  |  |  | 698468 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |  |
|  Starwood Property Trust, Inc., 2021 Term Loan B2, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 07/26/26<sup>(a)</sup>  |  | 148 | 145903 |
| **Oil, Gas & Consumable Fuels — 0.0%** |  |  |  |
|  Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 5.93%, 01/31/28 |  | 35 | 35365 |
| **Personal Products — 0.0%** |  |  |  |
|  Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 07/03/28 |  | 33 | 32642 |
| **Pharmaceuticals — 0.4%** |  |  |  |
|  Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 02/22/28 |  | 36 | 35195 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 5.87%, 08/01/27 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171727 |
|  Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 11/15/27 |  | 94 | 90351 |
|  Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 05/05/28 |  | 134 | 132877 |
|  Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 10/27/28 |  | 54 | 53449 |
|  Perrigo Investments LLC, Term Loan B, (1 mo. SOFR CME + 2.5%, 0.50% Floor), 6.92%, 04/20/29<sup>(a)</sup>  |  | 45 | 45241 |
|  |  |  | 528840 |
| **Real Estate Management & Development — 0.1%** |  |  |  |
|  Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 08/21/25 |  | 112 | 108846 |
| **Road & Rail — 0.3%** |  |  |  |
|  Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 08/06/27 |  | 191 | 184137 |
|  Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 6.73%, 12/30/26 |  | 183 | 182267 |
|  |  |  | 366404 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |  |
|  ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.42%, 09/19/26 |  | 89 | 88669 |
|  Synaptics, Inc., Term Loan B, (6 mo. LIBOR + 2.25%, 0.50% Floor), 7.40%, 12/02/28 |  | 70 | 68535 |
|  |  |  | 157204 |
| **Software — 0.5%** |  |  |  |
|  Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 7.19%, 10/27/28 |  | 139 | 136032 |
|  NortonLifeLock, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.00%, 0.50% Floor), 6.42%, 09/12/29 |  | 186 | 183027 |
|  Restoration Hardware, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 10/20/28 |  | 53 | 48260 |
|  SS&C Technologies, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 04/16/25 |  | 150 | 147417 |
|  Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.32%, 08/31/28 |  | 148 | 147536 |
|  |  |  | 662272 |
| **Specialty Retail — 0.2%** |  |  |  |
|  Belron Finance U.S. LLC 2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 6.69%, 10/30/26 |  | 64 | 63500 |
|  2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 7.06%, 04/13/28 |  | 28 | 28163 |
|  Leslie's Poolmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 7.23%, 03/09/28 |  | 93 | 91237 |
|  PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |  | 62 | 60090 |
|  |  |  | 242990 |
| **Textiles, Apparel & Luxury Goods — 0.0%** |  |  |  |
|  Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |  | 59 | 57301 |
| **Trading Companies & Distributors — 0.1%** |  |  |  |
|  Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 05/19/28 |  | 156 | 154309 |

---

5.0 ---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 04/11/25 | $136 | $135823 |
|  **Total Floating Rate Loan Interests — 6.5%<br>(Cost: $9,200,762)** | **Total Floating Rate Loan Interests — 6.5%<br>(Cost: $9,200,762)** | 9099810 |
|  **Total Long-Term Investments — 95.5%<br>(Cost: $127,859,955)** | **Total Long-Term Investments — 95.5%<br>(Cost: $127,859,955)** | 133095131 |
|  | *Shares* |  |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 4.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(j)(k)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;6642979 | 6642979 |
|  **Total Short-Term Securities — 4.8%<br>(Cost: $6,642,979)** | **Total Short-Term Securities — 4.8%<br>(Cost: $6,642,979)** | 6642979 |
|  **Total Investments — 100.3%<br>(Cost: $134,502,934)** | **Total Investments — 100.3%<br>(Cost: $134,502,934)** | 139738110 |
|  **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (374748) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;139363362 |

---

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $82,570,366, representing 59.3% of its net assets as of period end, and an original cost of $76,146,198. 

<sup>(d)</sup> Investment does not issue shares.

<sup>(e)</sup> Investment is held by a wholly-owned subsidiary.

<sup>(f)</sup> Convertible security.

<sup>(g)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(h)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(i)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

<sup>(j)</sup> Affiliate of the Fund.

<sup>(k)</sup> Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>03/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $5164845 | $1478134 <sup>(a)</sup> | $– $– $– $| &nbsp;&nbsp;&nbsp;&nbsp;6642979 | 6642979 | $&nbsp;&nbsp;&nbsp;&nbsp;100269 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 6

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br>|

---

**Fair Value Hierarchy as of Period End (continued)** 

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Equity Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Investments | $— | $— | $46858832 | $46858832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary Investments |  |  | 35614388 | 35614388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Investments |  |  | 97146 | 97146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4954155 |  | 4954155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 36470800 |  | 36470800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 8808474 | 291336 | 9099810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6642979 |  |  | 6642979 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642979 | $&nbsp;&nbsp;&nbsp;&nbsp;50233429 | $&nbsp;&nbsp;&nbsp;&nbsp;82861702 | $&nbsp;&nbsp;&nbsp;&nbsp;139738110 |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Direct<br>Investment* | *Secondary<br>Investments* | *Primary*<br> *Investments* | *Floating*<br> *Rate Loan<br>Interests* | *Total* |
|  **Assets** |  |  |  |  |  |
|  Opening balance, as of March 31, 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;23746393 | $&nbsp;&nbsp;&nbsp;&nbsp;18738636 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;1269009 | $&nbsp;&nbsp;&nbsp;&nbsp;43754038 |
|  Transfers into Level 3 |  |  |  | 298191 | 298191 |
|  Transfers out of Level 3 |  |  |  | (1120505) | (1120505) |
|  Accrued discounts/premiums |  |  |  | 95 | 95 |
|  Net realized gain (loss) |  |  |  | (4429) | (4429) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)</sup>  | (943226) | 4371739 |  | (712) | 3427801 |
|  Purchases | 24060335 | 12773357 | 97146 | 173308 | 37104146 |
|  Sales | (4670) | (269344) |  | (323621) | (597635) |
|  Closing balance, as of December 31, 2022 | $46858832 | $35614388 | $97146 | $291336 | $82861702 |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(a)</sup>  | $(943226) | $4371739 | $— | $(712) | $3427801 |

---

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the "Valuation Committee") to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $291,336. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Value* | | *Valuation<br>Approach* | *Unobservable*<br> *Inputs* | <br>| *Range of<br>Unobservable<br>Inputs* *Utilized* | *<br>* <br> *<sup>(a)</sup>*  | *Weighted<br>Average of<br>Unobservable<br>Inputs Based<br>on Fair Value* |
|  **Assets** |  |  |  |  |  |  |  |  |
|  Direct Investments<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;46858832 |  | Market | EBITDA Multiple |  | 5.00x - 19.50x |  | 11.81x |
|  |  |  |  | EBIT Multiple |  | 10.75x |  |  |
|  |  |  |  | Revenue Multiple |  | 1.52x - 25.75x |  | 10.20x |

---

7.0 ---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Private Investments Fund**<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Value* | | *Valuation<br>Approach* | *Unobservable*<br> *Inputs* | *Range of<br>Unobservable<br>Inputs<br>Utilized* | *<br><sup>(a)</sup>* | *Weighted<br>Average of<br>Unobservable<br>Inputs Based<br>on Fair Value* |
|  Secondary Investments<sup>(b)</sup>  | $35614388 |  | Market | Market Adjustment Factor | 0.99x - 1.05x |  | 1.02x |
|  Primary Investments<sup>(b)</sup>  | 97146 |  | Market |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;82570366 |  |  |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

<sup>(b)</sup> The fund valued certain of its Level 3 Direct, Primary and Secondary Investments using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $11,374,161 as of December 31, 2022. 

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| S&P | Standard & Poor's |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate |
| SOFR CME | Secured Overnight Financing Rate Chicago Mercantile<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange |
| SOFRTE | Term Secured Overnight Financing Rate |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 8

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Private Investments Fund

- **b. Investment Company Act file number:** 811-23584

- **c. CIK number of Registrant:** 0001816389

- **d. LEI of Registrant:** 549300Y64WQH7MUK7169

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

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

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

- **a. Name of Series:** BlackRock Private Investments Fund

- **c. LEI of Series:** 549300Y64WQH7MUK7169

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $141232057.22

**Total Liabilities:** $1868695.17

**Net Assets:** $139363362.05

**Amount of Assets Invested in Other Investment Companies:** $1824884.16

**Delayed Delivery Securities:** $369541.21

**Cash Not Reported:** $81167.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2465.22000000 | **1-Year:** 2699.18000000 | **5-Year:** 3876.63000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 2315.11000000 | **1-Year:** 222.16000000 | **5-Year:** 3327.03000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 2.42%                |
| Class ID N/A | 0.00%                | 0.00%                | 2.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $-2329831.50             | $3799505.86                                |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Penn National Gaming, Inc.                            | Penn National Gaming, Inc. 2022 Term Loan B                           | CUSIP: 70757DAZ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     67699 | PA      | $66917.95     | 0.05%             | 2029-05-03      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| SIERRA SPACE CORPORATION                              | SIERRA SPACE CORPORATION                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    157964 | NS      | $1579640.00   | 1.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                              | Hilton Domestic Operating Co Inc                                      | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    282000 | PA      | $273540.00    | 0.20%             | 2028-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Covanta Holding Corporation                           | Covanta Holding Corporation 2021 Term Loan C                          | CUSIP: 000000000<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |      5718 | PA      | $5670.26      | 0.00%             | 2028-11-30      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Beacon Roofing Supply, Inc.                           | Beacon Roofing Supply, Inc. 2021 Term Loan B                          | CUSIP: 07368RAF8<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |    155893 | PA      | $154308.95    | 0.11%             | 2028-05-19      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Informatica LLC                                       | Informatica LLC 2021 USD Term Loan B                                  | CUSIP: 45673YAH9<br>LEI: 5493007SV33RZV7RPS40 | Long             | LON              | CORP              | US        |    138950 | PA      | $136032.05    | 0.10%             | 2028-10-27      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| NP Salon Co-Investment LP I                           | NP Salon Co-Investment LP I                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2000000 | NS      | $1694972.00   | 1.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Belron Finance US LLC                                 | Belron Finance US LLC 2021 USD Term Loan B                            | CUSIP: 08078UAF0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     28492 | PA      | $28163.13     | 0.02%             | 2028-04-13      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                 | Belron Finance US LLC 2019 USD Term Loan B3                           | CUSIP: 08078UAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     63899 | PA      | $63499.54     | 0.05%             | 2026-10-30      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Generac Power Systems, Inc.                           | Generac Power Systems, Inc. 2019 Term Loan B                          | CUSIP: 36874VAM0<br>LEI: 549300JQWLGGW8KC1X38 | Long             | LON              | CORP              | US        |     33262 | PA      | $32295.51     | 0.02%             | 2026-12-13      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| CHIARO TECHNOLOGY LIMITED                             | CHIARO TECHNOLOGY LIMITED                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |     39792 | NS      | $247752.16    | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WEST REALM SHIRES SERVICES INC                        | WEST REALM SHIRES SERVICES INC                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     93127 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMBERJACK CAPITAL FUND, L.P.                          | AMBERJACK CAPITAL FUND, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2216972 | NS      | $4139758.47   | 2.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUMMIT MATERIALS LLC                                  | Summit Materials LLC Term Loan B                                      | CUSIP: 86614DAJ7<br>LEI: 549300C97P3BW8QROE16 | Long             | LON              | CORP              | US        |      3000 | PA      | $2996.25      | 0.00%             | 2027-12-14      | Variable      | 7.61%                 | No            |                  3 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    243000 | PA      | $231015.24    | 0.17%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                | GE HealthCare Technologies Inc                                        | CUSIP: 36267VAA1<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1269554.33   | 0.91%             | 2024-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                              | Blackstone Holdings Finance Co LLC                                    | CUSIP: 09261BAJ9<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007487.39   | 0.72%             | 2027-11-03      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BEHRMAN CAPITAL MICROSS CF LP                         | BEHRMAN CAPITAL MICROSS CF LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2328316 | NS      | $2674056.96   | 1.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cogeco Communications Finance (USA), LP               | Cogeco Communications Finance (USA), LP Term Loan B                   | CUSIP: 19239PAB3<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |     37162 | PA      | $36573.42     | 0.03%             | 2025-01-03      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    291000 | PA      | $264225.09    | 0.19%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fleetcor Technologies Operating Company, LLC          | Fleetcor Technologies Operating Company, LLC 2021 Term Loan B4        | CUSIP: 33903RAY5<br>LEI: 549300FKKKZCXLK48427 | Long             | LON              | CORP              | US        |    185400 | PA      | $183256.34    | 0.13%             | 2028-04-28      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                   | Avantor Funding Inc                                                   | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    163000 | PA      | $148108.32    | 0.11%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower, LLC                | Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B               | CUSIP: 23340DAP7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    111595 | PA      | $108845.55    | 0.08%             | 2025-08-21      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| ICON LUXEMBOURG SARL                                  | ICON LUXEMBOURG SARL                                                  | CUSIP: 000000000<br>LEI: 549300R1HR1VWWHIAK47 | Long             | LON              | CORP              | LU        |     40279 | PA      | $40122.97     | 0.03%             | 2028-07-03      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| STG ALTERNATIVE INVESTMENTS SCA SICAV RAIF SUB FUND E | STG ALTERNATIVE INVESTMENTS SCA SICAV RAIF SUB FUND E                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1559600 | NS      | $2835135.33   | 2.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THIRTY MADISON INC CONVER NOTE                        | THIRTY MADISON INC CONVER NOTE                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     14292 | NS      | $1448855.84   | 1.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hostess Brands, LLC                                   | Hostess Brands, LLC 2019 Term Loan                                    | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |     53707 | PA      | $53483.33     | 0.04%             | 2025-08-03      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Brand Energy & Infrastructure Services, Inc.          | Brand Energy & Infrastructure Services, Inc. 2017 Term Loan           | CUSIP: 10524MAN7<br>LEI: 549300B658W2BPDQMW42 | Long             | LON              | CORP              | US        |      1537 | PA      | $1371.34      | 0.00%             | 2024-06-21      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                | GFL Environmental Inc. 2020 Term Loan                                 | CUSIP: 000000000<br>LEI: 549300FYK4MBXWIVZU26 | Long             | LON              | CORP              | CA        |     44725 | PA      | $44712.57     | 0.03%             | 2025-05-30      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                             | BlackRock Liquidity Funds: T-Fund, Institutional Shares               | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   6642979 | NS      | $6642978.86   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KOHLBERG TE INVESTORS VII CV L.P.                     | KOHLBERG TE INVESTORS VII CV L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3013310 | NS      | $3687884.64   | 2.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATTENTIVE MOBILE INC COMMON                           | ATTENTIVE MOBILE INC COMMON                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     74536 | NS      | $3637356.80   | 2.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STARS GROUP HOLDINGS B.V.                             | STARS GROUP HOLDINGS B.V.                                             | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |     20948 | PA      | $20828.31     | 0.01%             | 2028-07-22      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                           | STARWOOD PROPERTY TRUST INC                                           | CUSIP: 85570DAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148125 | PA      | $145903.13    | 0.10%             | 2026-07-26      | Floating      | 7.63%                 | No            |                  3 | On Loan: No      |
| Perrigo Investments, LLC                              | Perrigo Investments, LLC Term Loan B                                  | CUSIP: 71429TAC4<br>LEI: 549300POZGC78VHAAJ73 | Long             | LON              | CORP              | US        |     45583 | PA      | $45241.38     | 0.03%             | 2029-04-20      | Variable      | 6.92%                 | No            |                  3 | On Loan: No      |
| ACRONIS AG                                            | ACRONIS AG                                                            | CUSIP: 000000000<br>LEI: 254900MQ3BQV7LQ86S65 | Long             |  | PF                | US        |     20378 | NS      | $1776188.76   | 1.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPRINT LLC                                            | Sprint LLC                                                            | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263076.50    | 0.19%             | 2026-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance, LLC                         | Hilton Worldwide Finance, LLC 2019 Term Loan B2                       | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |    177000 | PA      | $176295.54    | 0.13%             | 2026-06-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| PACIFIC AVENUE EMERALD CONTINUATION FUND (A) LP       | PACIFIC AVENUE EMERALD CONTINUATION FUND (A) LP                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1906764 | NS      | $2815693.67   | 2.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                  | Mercedes-Benz Finance North America LLC                               | CUSIP: 58769JAA5<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1191697.88   | 0.86%             | 2024-11-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Incorporated                     | Elanco Animal Health Incorporated Term Loan B                         | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |    179145 | PA      | $171727.06    | 0.12%             | 2027-08-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| AMBERJACK CAPITAL FUND,LP                             | AMBERJACK CAPITAL FUND,LP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    300051 | NS      | $327160.01    | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JBS USA Lux S.A.                                      | JBS USA Lux S.A. 2019 Term Loan B                                     | CUSIP: 46611VAU9<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | LON              | CORP              | LU        |         0 | PA      | $0.08         | 0.00%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc.                                            | IQVIA Inc. 2018 USD Term Loan B3                                      | CUSIP: 44969CBJ8<br>LEI: 549300PLWY28YB00C717 | Long             | LON              | CORP              | US        |    108742 | PA      | $108130.74    | 0.08%             | 2025-06-11      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                                          | Arconic Corp                                                          | CUSIP: 03966VAA5<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |    138000 | PA      | $129480.58    | 0.09%             | 2028-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| OWNBACKUP LTD PFD C                                   | OWNBACKUP LTD PFD C                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      4309 | NS      | $46552.35     | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OWNBACKUP LTD PFD B1                                  | OWNBACKUP LTD PFD B1                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      6744 | NS      | $72858.91     | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avantor Funding, Inc.                                 | Avantor Funding, Inc. 2021 Term Loan B5                               | CUSIP: 05350NAL8<br>LEI: 5493003VM0XB4U8YD238 | Long             | LON              | CORP              | US        |    144495 | PA      | $143611.92    | 0.10%             | 2027-11-08      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| OWNBACKUP LTD                                         | OWNBACKUP LTD                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     91427 | NS      | $987733.06    | 0.71%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Axalta Coating Systems Dutch Holding B B.V            | Axalta Coating Systems Dutch Holding B B.V 2022 USD Term Loan B       | CUSIP: 90347BAJ7<br>LEI: 549300NZ43V4QV4UGN28 | Long             | LON              | CORP              | US        |     42000 | PA      | $42000.00     | 0.03%             | 2029-12-20      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                   | Station Casinos LLC 2020 Term Loan B                                  | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |     73349 | PA      | $71477.13     | 0.05%             | 2027-02-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA, Inc.                | Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B           | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     93587 | PA      | $90350.68     | 0.06%             | 2027-11-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CHIARO TECHNOLOGY LIMITED                             | CHIARO TECHNOLOGY LIMITED                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |    295449 | NS      | $1469815.59   | 1.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REXNORD LLC                                           | REXNORD LLC 2021 TERM LOAN B                                          | CUSIP: 76168JAS5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32670 | PA      | $32547.49     | 0.02%             | 2028-10-04      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware, Inc.                            | Restoration Hardware, Inc. Term Loan B                                | CUSIP: 76133MAB7<br>LEI: 5493008MTS3OGGMHGK69 | Long             | LON              | CORP              | US        |     52585 | PA      | $48259.75     | 0.03%             | 2028-10-20      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                | VICI Properties LP / VICI Note Co Inc                                 | CUSIP: 92564RAF2<br>LEI: N/A                  | Long             | DBT              |  | US        |   2000000 | PA      | $1980520.00   | 1.42%             | 2024-05-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting, Inc.                            | Nexstar Broadcasting, Inc. 2019 Term Loan B4                          | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |     54320 | PA      | $53817.71     | 0.04%             | 2026-09-18      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux S.a.r.l.                           | Jazz Financing Lux S.a.r.l. USD Term Loan                             | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    134241 | PA      | $132876.79    | 0.10%             | 2028-05-05      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                               | Sensata Technologies BV                                               | CUSIP: 81725WAH6<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    187000 | PA      | $185201.06    | 0.13%             | 2024-11-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Option Care Health, Inc.                              | Option Care Health, Inc. 2021 Term Loan B                             | CUSIP: 68404YAB0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | LON              | CORP              | US        |     53907 | PA      | $53448.40     | 0.04%             | 2028-10-27      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS, INC.                                 | PRESTIGE BRANDS, INC.                                                 | CUSIP: 74112CAW3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32817 | PA      | $32642.40     | 0.02%             | 2028-07-03      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                              | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                   | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $199718.83    | 0.14%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Maximus, Inc.                                         | Maximus, Inc. Term Loan B                                             | CUSIP: 57779FAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74862 | PA      | $74113.75     | 0.05%             | 2028-05-28      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| FLEXE, INC.                                           | FLEXE, INC.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     84056 | NS      | $1714289.34   | 1.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS, LLC                         | FOCUS FINANCIAL PARTNERS, LLC                                         | CUSIP: 34416DAU2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    117052 | PA      | $114585.72    | 0.08%             | 2028-06-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                    | Meta Platforms Inc                                                    | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3728000.48   | 2.68%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RB Rouge Co-Invest B LP                               | RB Rouge Co-Invest B LP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2995397 | NS      | $3503332.46   | 2.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genesee & Wyoming Inc. (New)                          | Genesee & Wyoming Inc. (New) Term Loan                                | CUSIP: 55316HAB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    183460 | PA      | $182267.31    | 0.13%             | 2026-12-30      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| ICON LUXEMBOURG SARL                                  | ICON LUXEMBOURG SARL                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    161665 | PA      | $161038.93    | 0.12%             | 2028-07-03      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corporation                          | ON Semiconductor Corporation 2019 Term Loan B                         | CUSIP: 68218EAH7<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | LON              | CORP              | US        |     88872 | PA      | $88668.62     | 0.06%             | 2026-09-19      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                              | 1011778 BC ULC / New Red Finance Inc                                  | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    104000 | PA      | $93032.73     | 0.07%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ineos US Finance LLC                                  | Ineos US Finance LLC 2021 USD Term Loan B                             | CUSIP: 45672JAL4<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     99250 | PA      | $95486.44     | 0.07%             | 2028-11-08      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                  | Signal Peak CLO 8 Ltd                                                 | CUSIP: 56845NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $705886.43    | 0.51%             | 2033-04-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Greenhill & Co., Inc.                                 | Greenhill & Co., Inc. Term Loan B                                     | CUSIP: 39525YAE9<br>LEI: 529900VEOQHHHSPI9C69 | Long             | LON              | CORP              | US        |    177916 | PA      | $172801.04    | 0.12%             | 2024-04-12      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| NortonLifeLock Inc.                                   | NORTONLIFELOCK INC.                                                   | CUSIP: 66877AAD0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | LON              | CORP              | US        |    186485 | PA      | $183027.57    | 0.13%             | 2029-09-12      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                              | Advanced Drainage Systems Inc                                         | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    215000 | PA      | $200487.50    | 0.14%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| B&G Foods, Inc.                                       | B&G Foods, Inc. 2019 Term Loan B4                                     | CUSIP: 05508TAU6<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | LON              | CORP              | US        |     13000 | PA      | $12240.93     | 0.01%             | 2026-10-10      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| OWNBACKUP LTD PFD C1                                  | OWNBACKUP LTD PFD C1                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1592 | NS      | $17199.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                              | VIRGIN MEDIA BRISTOL LLC 2020 USD TERM LOAN Q                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    111202 | PA      | $110006.58    | 0.08%             | 2029-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| WEX Inc.                                              | WEX Inc. 2021 Term Loan                                               | CUSIP: 96208UAT8<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |    118869 | PA      | $117993.97    | 0.08%             | 2028-03-31      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company (The)                            | E.W. Scripps Company (The) 2020 Term Loan B3                          | CUSIP: 26928BAM1<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |      8199 | PA      | $7957.50      | 0.01%             | 2028-01-07      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                           | Gartner Inc                                                           | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    161000 | PA      | $150105.13    | 0.11%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP LTD                             | American Airlines, Inc. 2021 Term Loan                                | CUSIP: 02376CBJ3<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | KY        |     43000 | PA      | $42764.79     | 0.03%             | 2028-04-20      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| Grotech Ventures III, L.P.                            | Grotech Ventures III, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1458717 | NS      | $1492767.83   | 1.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                               | MPT Operating Partnership LP / MPT Finance Corp                       | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    331000 | PA      | $278215.43    | 0.20%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding, LLC                         | Deerfield Dakota Holding, LLC 2020 USD Term Loan B                    | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     25000 | PA      | $23304.75     | 0.02%             | 2027-04-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                     | CSC Holdings, LLC 2019 Term Loan B5                                   | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |     18796 | PA      | $16728.50     | 0.01%             | 2027-04-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                        | S&P Global Inc                                                        | CUSIP: 78409VBA1<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3653164.16   | 2.62%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC.                              | STANDARD INDUSTRIES INC. 2021 TERM LOAN B                             | CUSIP: 85350EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60504 | PA      | $59704.74     | 0.04%             | 2028-09-22      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| PQ Corporation                                        | PQ Corporation 2021 Term Loan B                                       | CUSIP: 27922JAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58496 | PA      | $57497.17     | 0.04%             | 2028-06-09      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                 | Prime Security Services Borrower, LLC 2021 Term Loan                  | CUSIP: 03765VAK6<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |     55080 | PA      | $54534.26     | 0.04%             | 2026-09-23      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| BJ's Wholesale Club, Inc.                             | BJ's Wholesale Club, Inc. 2017 1st Lien Term Loan                     | CUSIP: 09179FAU6<br>LEI: 549300H2XDOGOSR9L398 | Long             | LON              | CORP              | US        |     97636 | PA      | $97599.96     | 0.07%             | 2024-02-03      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                 | Level 3 Financing Inc                                                 | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $274725.00    | 0.20%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UPC Financing Partnership                             | UPC Financing Partnership 2021 USD Term Loan AX                       | CUSIP: 000000000<br>LEI: 213800DXWIS9KORQ3X94 | Long             | LON              | CORP              | US        |     16000 | PA      | $15600.00     | 0.01%             | 2029-01-31      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| GA ATLAS, L.P.                                        | GA ATLAS, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2893372 | NS      | $2368207.76   | 1.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wyndham Hotels & Resorts, Inc.                        | Wyndham Hotels & Resorts, Inc. Term Loan B                            | CUSIP: 98310CAC6<br>LEI: 549300FE3MQ4RVXXC673 | Long             | LON              | CORP              | US        |    165000 | PA      | $164670.00    | 0.12%             | 2025-05-30      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                               | Standard Industries Inc/NJ                                            | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    324000 | PA      | $291564.36    | 0.21%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hanesbrands Inc                                       | Hanesbrands Inc                                                       | CUSIP: 410345AL6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    119000 | PA      | $106334.94    | 0.08%             | 2026-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LOTUS CO INVEST L.P.                                  | LOTUS CO INVEST L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | GB        |   2664547 | NS      | $2843737.57   | 2.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INOVIA CONTINUITY FUND I, L.P.                        | INOVIA CONTINUITY FUND I, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1893420 | NS      | $1793568.25   | 1.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Videotron Ltd                                         | Videotron Ltd                                                         | CUSIP: 92660FAG9<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    192000 | PA      | $189600.00    | 0.14%             | 2024-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                        | Open Text Corp                                                        | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    201000 | PA      | $201000.00    | 0.14%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                  | Bank of America Corp                                                  | CUSIP: 06051GKS7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3905297.44   | 2.80%             | 2025-04-25      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                 | United Airlines, Inc. 2021 Term Loan B                                | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    158894 | PA      | $156599.64    | 0.11%             | 2028-04-21      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |       238 | NS      | $610537.52    | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PetSmart, Inc.                                        | PetSmart, Inc. 2021 Term Loan B                                       | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     61533 | PA      | $60090.33     | 0.04%             | 2028-02-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| ROARK CAPITAL PARTNERS CF LP                          | ROARK CAPITAL PARTNERS CF LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2884527 | NS      | $3254291.19   | 2.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Level 3 Financing Inc.                                | Level 3 Financing Inc. 2019 Term Loan B                               | CUSIP: 52729KAP1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     88345 | PA      | $84479.87     | 0.06%             | 2027-03-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| PLATINUM EQUITY CONTINUATION FUND LP                  | PLATINUM EQUITY CONTINUATION FUND LP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   1717529 | NS      | $1384716.54   | 0.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palmer Square CLO Ltd                                 | Palmer Square CLO 2018-1 Ltd                                          | CUSIP: 69703PAC3<br>LEI: 549300A8L0VCZ9626397 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $968533.50    | 0.69%             | 2031-04-18      | Floating      | 1.69%                 | No            |                  2 | On Loan: No      |
| FTX TRADING LTD                                       | FTX TRADING LTD                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      4591 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company              | 1011778 B.C. Unlimited Liability Company Term Loan B4                 | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    193404 | PA      | $189777.83    | 0.14%             | 2026-11-19      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                                          | Arconic Corp                                                          | CUSIP: 03966VAB3<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |    101000 | PA      | $99292.75     | 0.07%             | 2025-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Messer Industries GmbH                                | Messer Industries GmbH 2018 USD Term Loan                             | CUSIP: 000000000<br>LEI: 391200LNSZAK9YZ7XO65 | Long             | LON              | CORP              | US        |     81481 | PA      | $80666.12     | 0.06%             | 2026-03-02      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                 | Tenet Healthcare Corp                                                 | CUSIP: 88033GDC1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    127000 | PA      | $123349.65    | 0.09%             | 2024-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                            | Air Canada 2021 Term Loan B                                           | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    158902 | PA      | $156716.93    | 0.11%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                        | Morgan Stanley                                                        | CUSIP: 61747YEB7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2838148.08   | 2.04%             | 2025-01-22      | Fixed         | 0.79%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                                | Clearway Energy Operating LLC                                         | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    347000 | PA      | $320262.15    | 0.23%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                        | Galaxy XXVII CLO Ltd                                                  | CUSIP: 36320UAG5<br>LEI: 549300GJYHKO4BDEN716 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $658674.17    | 0.47%             | 2031-05-16      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Aramark Services, Inc.                                | Aramark Services, Inc. 2018 Term Loan B3                              | CUSIP: 03852JAL5<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    174000 | PA      | $172641.06    | 0.12%             | 2025-03-11      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| API GROUP DE, INC.                                    | API GROUP DE, INC.                                                    | CUSIP: 00186XAJ2<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |     91529 | PA      | $90659.37     | 0.07%             | 2029-01-03      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc.                                | SS&C Technologies Inc. 2018 Term Loan B5                              | CUSIP: 78466DBF0<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    150234 | PA      | $147416.88    | 0.11%             | 2025-04-16      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP.                                | Playtika Holding Corp 2021 Term Loan                                  | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |     73882 | PA      | $70380.73     | 0.05%             | 2028-03-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Element Solutions Inc.                                | Element Solutions Inc. 2019 Term Loan B1                              | CUSIP: 72766TAD1<br>LEI: 549300FLGN6P5CU20J91 | Long             | LON              | CORP              | US        |     68331 | PA      | $68131.96     | 0.05%             | 2026-01-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| ATTENTIVE MOBILE INC-PREFERRED A1                     | ATTENTIVE MOBILE INC-PREFERRED A1                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     13033 | NS      | $636010.40    | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MATCH GROUP HLD II LLC                                | Match Group Holdings II LLC                                           | CUSIP: 57665RAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    333000 | PA      | $296856.18    | 0.21%             | 2028-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| OWNBACKUP LTD PFD A                                   | OWNBACKUP LTD PFD A                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     72977 | NS      | $788408.19    | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GYP Holdings III Corp.                                | GYP Holdings III Corp. 2021 Term Loan B                               | CUSIP: 36249VAH9<br>LEI: 549300055I1KJWZH9690 | Long             | LON              | CORP              | US        |     99966 | PA      | $99674.28     | 0.07%             | 2025-06-01      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.                  | Scientific Games International, Inc. 2022 USD Term Loan               | CUSIP: 80875AAT8<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    106324 | PA      | $104615.23    | 0.08%             | 2029-04-14      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications                           | Midcontinent Communications 2019 Term Loan B                          | CUSIP: 59565TAH2<br>LEI: 549300ZI9GDQBS28C408 | Long             | LON              | CORP              | US        |     97931 | PA      | $97196.10     | 0.07%             | 2026-08-15      | Variable      | 6.07%                 | No            |                  3 | On Loan: No      |
| Leslie's Poolmart, Inc.                               | Leslie's Poolmart, Inc. 2021 Term Loan B                              | CUSIP: 52706YAJ2<br>LEI: 549300MZRH1GJYUMRM83 | Long             | LON              | CORP              | US        |     93417 | PA      | $91237.48     | 0.07%             | 2028-03-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert, LLC                             | Asplundh Tree Expert, LLC 2021 Term Loan B                            | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    162408 | PA      | $162136.84    | 0.12%             | 2027-09-07      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| GROTECH VENTURES IV LP                                | GROTECH VENTURES IV LP                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     97146 | NS      | $97146.00     | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZoomInfo LLC                                          | ZoomInfo LLC 2021 Term Loan B                                         | CUSIP: 25471YAK8<br>LEI: 549300XF0FRWD2286I33 | Long             | LON              | CORP              | US        |     21000 | PA      | $20901.51     | 0.01%             | 2026-02-02      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                             | IQVIA Inc                                                             | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    208000 | PA      | $198608.58    | 0.14%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST REALMSHIRES SERVICES INC                         | WEST REALMSHIRES SERVICES INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |       132 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aristocrat Technologies, Inc.                         | Aristocrat Technologies, Inc. 2022 Term Loan B                        | CUSIP: 000000000<br>LEI: 549300I5142EOXMKHL78 | Long             | LON              | CORP              | US        |     22500 | PA      | $22450.73     | 0.02%             | 2029-05-24      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| FRONTDOOR INC                                         | FRONTDOOR INC                                                         | CUSIP: 35905CAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30451 | PA      | $30298.98     | 0.02%             | 2028-06-17      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                | WESCO Distribution Inc                                                | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243002.91    | 0.17%             | 2025-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS HOLDINGS, INC.                        | Spectrum Brands Inc 2021 Term Loan                                    | CUSIP: 84762NBP5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36192 | PA      | $35468.53     | 0.03%             | 2028-03-03      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |        78 | NS      | $200092.10    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Adevinta ASA                                          | ADEVINTA ASA USD TERM LOAN B                                          | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | LON              | CORP              | NO        |    182113 | PA      | $179700.34    | 0.13%             | 2028-06-26      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                  | Edison International                                                  | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1956907.92   | 1.40%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL EMPIRE HOLDING LP                        | BAIN CAPITAL EMPIRE HOLDING LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3326044 | NS      | $3337794.96   | 2.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Formula One Holdings Limited.                         | Formula One Holdings Limited. Term Loan B                             | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |     64808 | PA      | $64726.99     | 0.05%             | 2030-01-15      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Iridium Satellite LLC                                 | Iridium Satellite LLC 2021 Term Loan B2                               | CUSIP: 46269KAL8<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |    103383 | PA      | $102293.56    | 0.07%             | 2026-11-04      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                            | Allison Transmission Inc 2019 Term Loan B                             | CUSIP: 01973KAE6<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | LON              | CORP              | US        |     48987 | PA      | $48864.24     | 0.04%             | 2026-03-29      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Cogeco Financing 2 LP                                 | Cogeco Financing 2 LP 2021 Incremental Term Loan B                    | CUSIP: 19239PAD9<br>LEI: 5493002JZGWJIUQ60C59 | Long             | LON              | CORP              | US        |    119100 | PA      | $115505.56    | 0.08%             | 2028-09-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Incorporated                          | Churchill Downs Inc 2021 Incremental Term Loan B1                     | CUSIP: 17148PAF8<br>LEI: 529900FODTBQC8MIS994 | Long             | LON              | CORP              | US        |     74839 | PA      | $74028.21     | 0.05%             | 2028-03-17      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| ATLAS CO INVESTMENT FUND 2 LP                         | ATLAS CO INVESTMENT FUND 2 LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    796669 | NS      | $879058.30    | 0.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clark Equipment Company                               | Clark Equipment Company 2022 Term Loan B                              | CUSIP: 18143EAK5<br>LEI: 549300X1FKNY520VPF71 | Long             | LON              | CORP              | US        |     17865 | PA      | $17591.49     | 0.01%             | 2029-04-20      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| PTC Inc                                               | PTC Inc                                                               | CUSIP: 69370CAB6<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |    140000 | PA      | $133340.30    | 0.10%             | 2025-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| THIRTY MADISON INC.                                   | THIRTY MADISON INC.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |    608807 | NS      | $781198.86    | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bright Horizons Family Solutions, LLC                 | Bright Horizons Family Solutions, LLC 2021 Term Loan B                | CUSIP: 10919RAN9<br>LEI: 254900BHOU40CFNXWQ75 | Long             | LON              | CORP              | US        |    136620 | PA      | $133887.60    | 0.10%             | 2028-11-24      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| CPG International Inc.                                | CPG International Inc. 2022 Term Loan B                               | CUSIP: 12594VAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     45885 | PA      | $44508.45     | 0.03%             | 2029-04-28      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| YELLOWSTONE ULTIM HOLDINGS LP                         | YELLOWSTONE ULTIM HOLDINGS LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   5095482 | NS      | $5095482.00   | 3.66%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OWNBACKUP LTD PFD A1                                  | OWNBACKUP LTD PFD A1                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      1779 | NS      | $19219.45     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sensata Technologies BV                               | Sensata Technologies BV                                               | CUSIP: 81725WAJ2<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    277000 | PA      | $270521.23    | 0.19%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jeld-Wen Inc.                                         | Jeld-Wen Inc. 2021 Term Loan B                                        | CUSIP: 47579SAU4<br>LEI: 549300XWE6NM0N1HFW16 | Long             | LON              | CORP              | US        |    131231 | PA      | $122115.50    | 0.09%             | 2028-07-28      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                          | UBS Group AG                                                          | CUSIP: 902613AM0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1380000 | PA      | $1348761.71   | 0.97%             | 2026-05-12      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                                   | Go Daddy Operating Co LLC / GD Finance Co Inc                         | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $111682.29    | 0.08%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TWIN RIVER WORLDWIDE HLDGS INC                        | TWIN RIVER WORLDWIDE HLDGS INC                                        | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |     72270 | PA      | $66687.14     | 0.05%             | 2028-10-02      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                               | Dryden 58 Clo Ltd                                                     | CUSIP: 26245RAE0<br>LEI: 549300YIDGL7GPSLZ840 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $722956.28    | 0.52%             | 2031-07-17      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| Murphy USA Inc                                        | Murphy USA Inc Term Loan B                                            | CUSIP: 62675KAB5<br>LEI: 549300Y081F8XIKQIO72 | Long             | LON              | CORP              | US        |     35321 | PA      | $35364.85     | 0.03%             | 2028-01-31      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| XPO Logistics, Inc.                                   | XPO Logistics, Inc. 2018 Term Loan B                                  | CUSIP: 98379EAE6<br>LEI: 54930096DB9LCLPN7H13 | Long             | LON              | CORP              | US        |    129000 | PA      | $128294.37    | 0.09%             | 2025-02-24      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental, LLC                           | Avis Budget Car Rental, LLC 2020 Term Loan B                          | CUSIP: 05377JAR3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |    190527 | PA      | $184136.58    | 0.13%             | 2027-08-06      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Lions Gate Capital Holdings LLC                       | Lions Gate Capital Holdings LLC 2018 Term Loan B                      | CUSIP: 53627MAB9<br>LEI: 549300MWJHNLR35C0837 | Long             | LON              | CORP              | US        |    187890 | PA      | $178965.15    | 0.13%             | 2025-03-24      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Zenyth Partners Continuation Fund, LP                 | Zenyth Partners Continuation Fund, LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   4330263 | NS      | $4720536.34   | 3.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| C BRIDGE INVESTMENT YANENG LTD                        | C BRIDGE INVESTMENT YANENG LTD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   3162993 | NS      | $3322860.16   | 2.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Advanced Drainage Systems Inc                         | Advanced Drainage Systems Inc Term Loan B                             | CUSIP: 00769QAG8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | LON              | CORP              | US        |     35734 | PA      | $35756.47     | 0.03%             | 2026-07-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| FTX Trading ltd.                                      | FTX Trading ltd.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      6171 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL RIVIERA INVESTORS 2021 LP                          | SL RIVIERA INVESTORS 2021 LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2078007 | NS      | $2332862.64   | 1.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WILLIAM CARTER                                        | William Carter Co/The                                                 | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    142000 | PA      | $136209.12    | 0.10%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio Inc                                   | Sirius XM Radio Inc                                                   | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    243000 | PA      | $224619.75    | 0.16%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                             | SBA Senior Finance II LLC 2018 Term Loan B                            | CUSIP: 78404XAH8<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |    136429 | PA      | $135822.84    | 0.10%             | 2025-04-11      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| ALEPH INFINITY INVESTORS 2 LP                         | ALEPH INFINITY INVESTORS 2 LP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   4792321 | NS      | $4782122.82   | 3.43%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WMG Acquisition Corp.                                 | WMG Acquisition Corp. 2021 Term Loan G                                | CUSIP: 92929LAV0<br>LEI: 549300NAS11NXI33CP80 | Long             | LON              | CORP              | US        |    184000 | PA      | $181622.72    | 0.13%             | 2028-01-20      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Covanta Holding Corporation                           | Covanta Holding Corporation 2021 Term Loan B                          | CUSIP: 000000000<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     75766 | PA      | $75130.22     | 0.05%             | 2028-11-30      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| ECOVADIS S.A.S.                                       | ECOVADIS S.A.S.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | FR        |       635 | NS      | $1628955.12   | 1.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FOUR SEASONS HOTELS LIMITED                           | Four Seasons Hotels Limited 2022 Term Loan B                          | CUSIP: 35100DAS5<br>LEI: 5493009FUVX8LHYY2202 | Long             | LON              | CORP              | CA        |     27000 | PA      | $26989.90     | 0.02%             | 2029-11-30      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| Synaptics Incorporated                                | Synaptics Incorporated Term Loan B                                    | CUSIP: 87159JAH7<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | LON              | CORP              | US        |     70112 | PA      | $68534.97     | 0.05%             | 2028-12-02      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing Designated Activity Company  | Setanta Aircraft Leasing Designated Activity Company Term Loan B      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    139000 | PA      | $138096.50    | 0.10%             | 2028-11-05      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Clean Harbors Inc.                                    | Clean Harbors Inc. 2021 Incremental Term Loan B                       | CUSIP: 18449EAF7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | LON              | CORP              | US        |     73754 | PA      | $73303.11     | 0.05%             | 2028-10-08      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Castlelake Aviation Limited                           | Castlelake Aviation Limited Term Loan B                               | CUSIP: 14855NAB2<br>LEI: 2138003EQK2PETKID103 | Long             | LON              | CORP              | IE        |     58639 | PA      | $58041.66     | 0.04%             | 2026-10-22      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                 | GFL Environmental Inc                                                 | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    273000 | PA      | $261071.96    | 0.19%             | 2026-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Catalent Pharma Solutions Inc.                        | Catalent Pharma Solutions Inc 2021 Term Loan B3                       | CUSIP: 14880BAH4<br>LEI: 549300HALRZ339MSTH85 | Long             | LON              | CORP              | US        |     35834 | PA      | $35195.39     | 0.03%             | 2028-02-22      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Trans Union, LLC                                      | Trans Union, LLC 2019 Term Loan B5                                    | CUSIP: 89334GAX2<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    184499 | PA      | $181698.57    | 0.13%             | 2026-11-16      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| ATTENTIVE MOBILE INC - PREFERRED B                    | ATTENTIVE MOBILE INC - PREFERRED B                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |      2073 | NS      | $101162.40    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CREO CAPITAL PARTNERS V A LP                          | CREO CAPITAL PARTNERS V A LP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |   2812395 | NS      | $3598509.51   | 2.58%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Battalion CLO LTD                                     | Battalion Clo XIX Ltd                                                 | CUSIP: 07133VAC0<br>LEI: 549300RYHI0ZPOOD3O84 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $945310.80    | 0.68%             | 2034-04-15      | Floating      | 1.84%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                          | Broadcom Inc                                                          | CUSIP: 11135FBB6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2841697.92   | 2.04%             | 2025-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Tempo Acquisition LLC                                 | Tempo Acquisition LLC 2022 Term Loan B                                | CUSIP: 88023HAF7<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |    148129 | PA      | $147536.14    | 0.11%             | 2028-08-31      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                 | Wells Fargo & Co                                                      | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2305000 | PA      | $2258806.19   | 1.62%             | 2026-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CROCS, INC.                                           | CROCS, INC.                                                           | CUSIP: 22704NAD4<br>LEI: 549300B0J6YCXD63OG72 | Long             | LON              | CORP              | US        |     58546 | PA      | $57301.48     | 0.04%             | 2029-02-20      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| CITIZENS BANK NA/RI                                   | Citizens Bank NA/Providence RI                                        | CUSIP: 75524KNQ3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2446295.63   | 1.76%             | 2025-05-23      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                        | US Foods, Inc. 2019 Term Loan B                                       | CUSIP: 90351HAD0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |    119527 | PA      | $118167.68    | 0.08%             | 2026-09-13      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| FTX Trading ltd.                                      | FTX Trading ltd.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     24685 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                              | Pattern Energy Operations LP / Pattern Energy Operations Inc          | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163000 | PA      | $146151.42    | 0.10%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                 | Palmer Square CLO 2022-1 Ltd                                          | CUSIP: 69689QAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $952794.20    | 0.68%             | 2035-04-20      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** BlackRock Private Investments Fund

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer