# EDGAR Filing Document

**Accession Number:** 0002029168
**File Stem:** 0001193125-25-298658
**Filing Date:** 2025-11
**Character Count:** 45747
**Document Hash:** 78032395f0b56438227e15ff805e91f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298658.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298658

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Callodine Specialty Income Fund
- **CENTRAL INDEX KEY:** 0002029168

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23984
- **FILM NUMBER:** 251525093

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES INC.
- **STREET 2:** 235 W. GALENA ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2000

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES INC.
- **STREET 2:** 235 W. GALENA ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**Callodine Specialty Income Fund**

**Schedule of Investments**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index and Spread** | **Coupon** | **Maturity Date** | **Shares/<br> Contracts/<br> Principal** | **Value** |
| **Bank Loans - 50.33%** |  |  | |  | | |
| **Commercial Services - 11.04%** |  |  | |  | | |
| Magnit Corporation Term Loan <sup>(1) (2) (3)</sup> | United States | 3-Month SOFR + 5.75% | 9.92% | 06/01/2029 | $5000000 | $4943863 |
| **Engineering/Construction - 9.48%** |  |  |  |  |  |  |
| Berry GP Term Loan <sup>(1) (2) (3) (4)</sup> | United States | 3-Month SOFR + 7.50% | 11.49% | 05/08/2028 | 5000000 | 4244343 |
| **Retail - 8.67%** |  |  |  |  |  |  |
| Blazing Star Parent Term Loan <sup>(1) (2) (3)</sup> | United States | 3-Month SOFR + 7.00% | 11.21% | 08/28/2030 | 2000000 | 1940121 |
| Vara Salon Suites Term Loan <sup>(1) (2) (4)</sup> | United States |  | 14.00% | 09/30/2030 | 3000000 | 1940023 |
|  |  |  |  |  |  | 3880144 |
| **Software - 10.08%** |  |  |  |  |  |  |
| DarioHealth Term Loan <sup>(1) (2) (3) (4)</sup> | United States | 3-Month SOFR + 7.75% | 11.74% | 04/30/2030 | 5000000 | 4511929 |
| **Transportation - 11.06%** |  |  |  |  |  |  |
| Columbia Helicopters Term Loan <sup>(1) (2) (3) (4)</sup> | United States | 3-Month SOFR + 6.75% | 11.05% | 05/09/2029 | 5500000 | 4953854 |
| **Total Bank Loans (Cost $22,534,133)** |  |  |  |  |  | 22534133 |
| **Common Stocks - 4.25%** |  |  |  |  |  |  |
| **Agriculture - 0.90%** |  |  |  |  |  |  |
| Altria Group, Inc. | United States |  |  |  | 6088 | 402173 |
| **Diversified Financial Services - 1.13%** |  |  |  |  |  |  |
| Blue Owl Capital, Inc. | United States |  |  |  | 30000 | 507900 |
| **Electric - 0.36%** |  |  |  |  |  |  |
| Algonquin Power & Utilities Corp. | Canada |  |  |  | 30000 | 161100 |
| **Gas - 1.86%** |  |  |  |  |  |  |
| UGI Corp. | United States |  |  |  | 25000 | 831500 |
| **Total Common Stocks (Cost $1,973,341)** |  |  |  |  |  | 1902673 |
| **Corporate Bonds - 19.76%** |  |  |  |  |  |  |
| **Airlines - 0.39%** |  |  |  |  |  |  |
| American Airlines, Inc. <sup>(5)</sup> | United States |  | 5.75% | 04/20/2029 | 175000 | 175667 |
| **Auto Parts & Equipment - 0.62%** |  |  |  |  |  |  |
| American Axle & Manufacturing, Inc. <sup>(5)</sup> | United States |  | 6.38% | 10/15/2032 | 280000 | 279401 |
| **Banks - 0.35%** |  |  |  |  |  |  |
| Bancorp, Inc. | United States |  | 7.38% | 09/01/2030 | 150000 | 156565 |
| **Chemicals - 0.47%** |  |  |  |  |  |  |
| Cerdia Finanz GmbH <sup>(5)</sup> | Germany |  | 9.38% | 10/03/2031 | 200000 | 211750 |
| **Commercial Services - 0.39%** |  |  |  |  |  |  |
| CoreCivic, Inc. | United States |  | 4.75% | 10/15/2027 | 175000 | 172507 |
| **Diversified Financial Services - 3.11%** |  |  |  |  |  |  |
| BGC Group, Inc. | United States |  | 6.60% | 06/10/2029 | 150000 | 156031 |
| Burford Capital Global Finance, LLC <sup>(5)</sup> | United States |  | 7.50% | 07/15/2033 | 200000 | 203520 |
| Jane Street Group <sup>(5)</sup> | United States |  | 6.75% | 05/01/2033 | 150000 | 155570 |
| Jefferson Capital Holdings LLC <sup>(5)</sup> | United States |  | 8.25% | 05/15/2030 | 150000 | 156956 |
| Navient Corp. | United States |  | 7.88% | 06/15/2032 | 50000 | 52621 |
| PRA Group, Inc. <sup>(5)</sup> | United States |  | 8.88% | 01/31/2030 | 100000 | 103199 |
| SLM Corp. | United States |  | 6.50% | 01/31/2030 | 150000 | 156359 |
| Stonex Escrow Issuer LLC <sup>(5)</sup> | United States |  | 6.88% | 07/15/2032 | 150000 | 154414 |
| UWM Holdings, LLC <sup>(5)</sup> | United States |  | 6.63% | 02/01/2030 | 250000 | 254580 |
|  |  |  |  |  |  | 1393250 |
| **Electric - 0.44%** |  |  |  |  |  |  |
| Atlantica Sustainable Infrastructure, Ltd. <sup>(5)</sup> | United Kingdom |  | 4.13% | 06/15/2028 | 200000 | 195598 |
| **Electronics - 0.42%** |  |  |  |  |  |  |
| Atkore, Inc. <sup>(5)</sup> | United States |  | 4.25% | 06/01/2031 | 200000 | 186402 |
| **Energy-Alternate Sources - 0.46%** |  |  |  |  |  |  |
| TerraForm Power Operating LLC <sup>(5)</sup> | United States |  | 4.75% | 01/15/2030 | 215000 | 207803 |
| **Food - 0.51%** |  |  |  |  |  |  |
| C&S Group Enterprises LLC <sup>(5)</sup> | United States |  | 5.00% | 12/15/2028 | 250000 | 226123 |
| **Forest Products & Paper - 0.16%** |  |  |  |  |  |  |
| Magnera Corp. <sup>(5)</sup> | United States |  | 7.25% | 11/15/2031 | 75000 | 70574 |
| **Healthcare Services - 1.22%** |  |  |  |  |  |  |
| Prime Healthcare Services, Inc. <sup>(5)</sup> | United States |  | 9.38% | 09/01/2029 | 175000 | 182000 |
| Radiology Partners, Inc. <sup>(5)</sup> | United States |  | 8.50% | 07/15/2032 | 175000 | 181059 |
| Star Parent, Inc. <sup>(5)</sup> | United States |  | 9.00% | 10/01/2030 | 175000 | 184987 |
|  |  |  |  |  |  | 548046 |
| **Home Builders - 0.63%** |  |  |  |  |  |  |
| Adams Homes, Inc. <sup>(5)</sup> | United States |  | 9.25% | 10/15/2028 | 50000 | 52165 |
| LGI Homes, Inc. <sup>(5)</sup> | United States |  | 4.00% | 07/15/2029 | 250000 | 228103 |
|  |  |  |  |  |  | 280268 |
| **Insurance - 1.58%** |  |  |  |  |  |  |
| APH/APH2/APH3 Somerset Investor 2 LLC <sup>(5)</sup> | United States |  | 7.88% | 11/01/2029 | 250000 | 260905 |
| F&G Annuities & Life, Inc. | United States |  | 6.50% | 06/04/2029 | 175000 | 182492 |
| SiriusPoint Ltd. | Bermuda |  | 7.00% | 04/05/2029 | 250000 | 264284 |
|  |  |  |  |  |  | 707681 |
| **Internet - 0.63%** |  |  |  |  |  |  |
| Ziff Davis, Inc. <sup>(5)</sup> | United States |  | 4.63% | 10/15/2030 | 300000 | 282774 |
| **Investment Companies - 0.65%** |  |  |  |  |  |  |
| Drawbridge Special Opportunities Fund, L.P. <sup>(5)</sup> | United States |  | 5.95% | 09/17/2030 | 250000 | 244127 |
| Icahn Enterprises, L.P. | United States |  | 9.00% | 06/15/2030 | 50000 | 48233 |
|  |  |  |  |  |  | 292360 |
| **Media - 0.65%** |  |  |  |  |  |  |
| Cable One, Inc. <sup>(5)</sup> | United States |  | 4.00% | 11/15/2030 | 75000 | 63542 |
| Sirius XM Radio LLC <sup>(5)</sup> | United States |  | 3.88% | 09/01/2031 | 250000 | 226567 |
|  |  |  |  |  |  | 290109 |
| **Mining - 0.57%** |  |  |  |  |  |  |
| Nickel Industries, Ltd. <sup>(5)</sup> | Australia |  | 9.00% | 09/30/2030 | 250000 | 253936 |
| **Packaging & Containers - 0.64%** |  |  |  |  |  |  |
| Graphic Packaging International, LLC <sup>(5)</sup> | United States |  | 3.50% | 03/15/2028 | 50000 | 48230 |
| OI European Group BV <sup>(5)</sup> | Netherlands |  | 4.75% | 02/15/2030 | 250000 | 238636 |
|  |  |  |  |  |  | 286866 |
| **Pharmaceuticals - 0.85%** |  |  |  |  |  |  |
| AdaptHealth LLC <sup>(5)</sup> | United States |  | 4.63% | 08/01/2029 | 250000 | 236326 |
| Harrow, Inc. <sup>(5)</sup> | United States |  | 8.63% | 09/15/2030 | 100000 | 104000 |
| Owens & Minor, Inc. <sup>(5)</sup> | United States |  | 6.63% | 04/01/2030 | 50000 | 41250 |
|  |  |  |  |  |  | 381576 |
| **Pipelines - 2.85%** |  |  |  |  |  |  |
| CNX Midstream Partners, L.P. <sup>(5)</sup> | United States |  | 4.75% | 04/15/2030 | 250000 | 239731 |
| NGL Energy Operating, LLC <sup>(5)</sup> | United States |  | 8.38% | 02/15/2032 | 250000 | 256159 |
| NuStar Logistics, L.P. | United States |  | 5.63% | 04/28/2027 | 250000 | 251440 |
| Summit Midstream Holdings LLC <sup>(5)</sup> | United States |  | 8.63% | 10/31/2029 | 250000 | 251234 |
| Venture Global LNG, Inc. <sup>(5)</sup> | United States |  | 9.50% | 02/01/2029 | 250000 | 275423 |
|  |  |  |  |  |  | 1273987 |
| **Real Estate - 0.45%** |  |  |  |  |  |  |
| Five Point Operating Co., L.P. <sup>(5)</sup> | United States |  | 8.00% | 10/01/2030 | 200000 | 202940 |
| **Real Estate Investment Trusts - 1.08%** |  |  |  |  |  |  |
| Arbor Realty SR, Inc. <sup>(5)</sup> | United States |  | 7.88% | 07/15/2030 | 225000 | 236571 |
| Ladder Capital Finance Holdings, LLLP <sup>(5)</sup> | United States |  | 4.25% | 02/01/2027 | 250000 | 247916 |
|  |  |  |  |  |  | 484487 |
| **Transportation - 0.64%** |  |  |  |  |  |  |
| Beacon Mobility Corp. <sup>(5)</sup> | United States |  | 7.25% | 08/01/2030 | 75000 | 77973 |
| Navios South American Logistics, Inc. <sup>(5)</sup> | Marshall Islands |  | 8.88% | 07/14/2030 | 200000 | 208050 |
|  |  |  |  |  |  | 286023 |
| **Total Corporate Bonds (Cost $8,851,289)** |  |  |  |  |  | 8846693 |
| **Partnership Shares - 1.34%** |  |  |  |  |  |  |
| **Pipelines - 1.34%** |  |  |  |  |  |  |
| Energy Transfer, L.P. | United States |  |  |  | 35000 | 600600 |
| **Total Partnership Shares (Cost $610,700)** |  |  |  |  |  | 600600 |
| **Preferred Stocks - 2.27%** |  |  |  |  |  |  |
| **Real Estate Investment Trusts - 2.27%** |  |  |  |  |  |  |
| Public Storage | United States |  |  |  | 59500 | 1015665 |
| **Total Preferred Stocks (Cost $1,012,904)** |  |  |  |  |  | 1015665 |
| **Real Estate Investment Trusts - 9.00%** |  |  |  |  |  |  |
| Agree Realty Corp. | United States |  |  |  | 10000 | 710400 |
| Extra Space Storage, Inc. | United States |  |  |  | 4000 | 563760 |
| Four Corners Property Trust, Inc. | United States |  |  |  | 35000 | 854000 |
| Realty Income Corp. | United States |  |  |  | 12581 | 764799 |
| Starwood Property Trust, Inc. | United States |  |  |  | 39360 | 762403 |
| UDR, Inc. | United States |  |  |  | 10000 | 372600 |
| **Total Real Estate Investment Trusts (Cost $4,108,380)** |  |  |  |  |  | 4027962 |
| **Warrants - 0.41%** |  |  |  |  |  |  |
| **Software - 0.41%** |  |  |  |  |  |  |
| DarioHealth, Exercise Price: $16.566 <sup>(1) (2) (6)</sup> | United States |  |  | 04/30/2032 | 15101 | 183057 |
| **Total Warrants (Cost $95,809)** |  |  |  |  |  | 183057 |
| **Short-Term Investments - 10.29%** |  |  |  |  |  |  |
| **Money Market Funds - 10.29%** |  |  |  |  |  |  |
| Fidelity US Government Fund, Class I | United States |  | 4.04%<sup>(7)</sup> |  | 4607341 | 4607341 |
| **Total Short-Term Investments (Cost $4,607,341)** |  |  |  |  |  | 4607341 |
| **Total Investments (Cost $43,793,897) - 97.65%** |  |  |  |  |  | $43718124 |
| **Other assets in excess of liabilites (2.35%)** |  |  |  |  |  | 1053159 |
| **Total Net Assets - 100.00%** |  |  |  |  |  | $44771283 |

---

<sup>(1)</sup> Fair valued using significant unobservable inputs.

<sup>(2)</sup> Restricted investment as to resale.

<sup>(3)</sup> Floating rate security.

<sup>(4)</sup> Position or portion thereof is an unfunded commitment, which may be subject to an unused commitment fee.

<sup>(5)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the "1933 Act"). These securities are restricted and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the total value of these securities is $7,406,161, representing 16.54% of net assets.

<sup>(6)</sup> Non-income producing.

<sup>(7)</sup> The rate is the annualized seven-day yield as of September 30, 2025.

SOFR - Secured Overnight Financing Rate

**Investments in Restricted Securities -** Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. Callodine Specialty Income Fund (the "Fund") may invest in restricted securities that are consistent with the Fund's investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Additional information on each restricted security held by the Fund on September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Cost** | **Fair Value** | **% of Net<br> Assets** |
| Berry GP Term Loan | 8/18/2025 | $4244343 | $4244343 | 9.48% |
| Blazing Star Parent Term Loan | 8/18/2025 | 1940121 | 1940121 | 4.34% |
| Columbia Helicopters Term Loan | 9/30/2025 | 4953854 | 4953854 | 11.06% |
| DarioHealth Term Loan | 8/18/2025 | 4511929 | 4511929 | 10.08% |
| DarioHealth Warrant | 8/18/2025 | 95809 | 183057 | 0.41% |
| Magnit Corporation Term Loan | 8/18/2025 | 4943863 | 4943863 | 11.04% |
| Vara Salon Suites Term Loan | 9/30/2025 | 1940023 | 1940023 | 4.33% |
|  |  | $22629942 | $22717190 |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Callodine Specialty Income Fund

- **b. Investment Company Act file number:** 811-23984

- **c. CIK number of Registrant:** 0002029168

- **d. LEI of Registrant:** 529900HGFIR0OB3ZDI94

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992217

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

- **a. Name of Series:** Callodine Specialty Income Fund

- **c. LEI of Series:** 529900HGFIR0OB3ZDI94

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $48273206.48

**Total Liabilities:** $3501923.95

**Net Assets:** $44771282.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 90.633869531475 | **5-Year:** 224.099222678525 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 1916.815831169085 | **5-Year:** 6209.386904012738 | **10-Year:** 264.949449531368 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A |  | 0.30%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $-10205.50                                 |
| Month 3  | $491.95                  | $-152815.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAPHIC PACKAGING INTERN                | Graphic Packaging International LLC                                              | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48230.20     | 0.11%             | 2028-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| HARROW INC                              | Harrow, Inc.                                                                     | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104000.00    | 0.23%             | 2030-09-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp.                           | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48233.20     | 0.11%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                 | Jane Street Group / JSG Finance, Inc.                                            | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155570.10    | 0.35%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154414.05    | 0.34%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251234.25    | 0.56%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                | TerraForm Power Operating LLC                                                    | CUSIP: 88104LAG8<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    215000 | PA      | $207802.66    | 0.46%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                        | UWM Holdings LLC                                                                 | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254579.50    | 0.57%             | 2030-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                 | Five Point Operating Co. LP                                                      | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202940.20    | 0.45%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                | Jefferson Capital Holdings LLC                                                   | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156956.10    | 0.35%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ZIFF DAVIS INC                          | Ziff Davis, Inc.                                                                 | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282774.30    | 0.63%             | 2030-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LGI HOMES INC                           | LGI Homes, Inc.                                                                  | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    250000 | PA      | $228102.50    | 0.51%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.              | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $247916.25    | 0.55%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MAGNERA CORP                            | Magnera Corp.                                                                    | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70573.50     | 0.16%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                   | NGL Energy Operating LLC / NGL Energy Finance Corp.                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $256159.25    | 0.57%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP                            | Navient Corp.                                                                    | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52620.65     | 0.12%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NICKEL INDUSTRIES LTD                   | Nickel Industries, Ltd.                                                          | CUSIP: 653890AB9<br>LEI: 54930007K0WX53TSIK16 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $253935.50    | 0.57%             | 2030-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                     | NuStar Logistics LP                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251440.25    | 0.56%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                    | OI European Group BV                                                             | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $238635.75    | 0.53%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OWENS & MINOR INC                       | Owens & Minor, Inc.                                                              | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41250.00     | 0.09%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP INC                           | PRA Group, Inc.                                                                  | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103198.90    | 0.23%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                | Prime Healthcare Services, Inc.                                                  | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $182000.00    | 0.41%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC STORAGE                          | Public Storage                                                                   | CUSIP: 74460W420<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     59500 | NS      | $1015665.00   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIOLOGY PARTNERS INC                  | Radiology Partners, Inc.                                                         | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181058.68    | 0.40%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SLM CORP                                | SLM Corp.                                                                        | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156358.80    | 0.35%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                     | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226567.25    | 0.51%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SIRIUSPOINT LTD                         | SiriusPoint, Ltd.                                                                | CUSIP: 82969BAA0<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $264283.50    | 0.59%             | 2029-04-05      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                         | Star Parent, Inc.                                                                | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184987.25    | 0.41%             | 2030-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                  | Venture Global LNG, Inc.                                                         | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $275423.25    | 0.62%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Agree Realty Corp                       | Agree Realty Corp., REIT                                                         | CUSIP: 008492100<br>LEI: N/A                  | Long             |  | CORP              | US        |     10000 | NS      | $710400.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Algonquin Power & Utilities Co          | Algonquin Power & Utilities Corp.                                                | CUSIP: 015857105<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EC               | CORP              | CA        |     30000 | NS      | $161100.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BERRY GP TL TERM LOAN   /               | BERRY GP TL TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4285714 | PA      | $4250214.76   | 9.49%             | 2028-05-08      | Variable      | 11.49%                | Yes           |                  3 | On Loan: No      |
| BERRY GP DDTL DELAYED DRAW   /          | BERRY GP DDTL DELAYED DRAW   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    714286 | PA      | $708414.14    | 1.58%             | 2028-05-08      | Fixed         | 3.75%                 | Yes           |                  3 | On Loan: No      |
| BLAZING STAR PARENT TERM LOAN   /       | BLAZING STAR PARENT TERM LOAN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1940121.20   | 4.33%             | 2030-08-28      | Variable      | 11.20%                | Yes           |                  3 | On Loan: No      |
| NAVIOS SOUTH AMERICAN L                 | Navios South American Logistics, Inc.                                            | CUSIP: 999999999<br>LEI: 89450079LEE5QGJRM678 | Long             | DBT              | CORP              | MH        |    200000 | PA      | $208050.42    | 0.46%             | 2030-07-14      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA HELICOPTERS TERM LOAN   /      | COLUMBIA HELICOPTERS TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $4958023.28   | 11.07%            | 2029-05-09      | Variable      | 11.05%                | Yes           |                  3 | On Loan: No      |
| COLUMBIA HELICOPTERS DELAYED DRAW   /   | COLUMBIA HELICOPTERS DELAYED DRAW   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $495830.91    | 1.11%             | 2029-05-09      | Fixed         | 3.38%                 | Yes           |                  3 | On Loan: No      |
| DARIOHEALTH Corp. TL TERM LOAN   /      | DARIOHEALTH Corp. TL TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4642857 | PA      | $4516858.63   | 10.09%            | 2030-04-30      | Variable      | 11.74%                | Yes           |                  3 | On Loan: No      |
| DARIOHEALTH WARRANT $16.566 4/30/32   / | DARIOHEALTH WARRANT $16.566 4/30/32   /                                          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     15101 | NC      | $183057.37    | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DARIOHEALTH Corp. DDT DELAYED DRAW   /  | DARIOHEALTH Corp. DDT DELAYED DRAW   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    357143 | PA      | $346855.69    | 0.77%             | 2030-04-30      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Energy Transfer LP                      | Energy Transfer LP                                                               | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             |  | CORP              | US        |     35000 | NS      | $600600.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                 | Extra Space Storage, Inc., REIT                                                  | CUSIP: 30225T102<br>LEI: N/A                  | Long             |  | CORP              | US        |      4000 | NS      | $563760.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VARA SALON SUITES HQ DELAYED DRAW   /   | VARA SALON SUITES HQ DELAYED DRAW   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 2.23%             | 2030-09-30      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| VARA SALON SUITES HQ TERM LOAN   /      | VARA SALON SUITES HQ TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1940023.37   | 4.33%             | 2030-09-30      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $260905.00    | 0.58%             | 2029-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                | American Airlines, Inc./AAdvantage Loyalty IP, Ltd.                              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    175000 | PA      | $175667.28    | 0.39%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES INC                         | Adams Homes, Inc.                                                                | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52164.75     | 0.12%             | 2028-10-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                         | AdaptHealth LLC                                                                  | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236326.00    | 0.53%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                 | American Axle & Manufacturing, Inc.                                              | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    280000 | PA      | $279400.52    | 0.62%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                     | Arbor Realty Sr., Inc.                                                           | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    225000 | PA      | $236570.63    | 0.53%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ATKORE INC                              | Atkore, Inc.                                                                     | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186401.60    | 0.42%             | 2031-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                 | Atlantica Sustainable Infrastructure, Ltd.                                       | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195598.00    | 0.44%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BGC GROUP INC                           | BGC Group, Inc.                                                                  | CUSIP: 05555LAB7<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156030.90    | 0.35%             | 2029-06-10      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| THE BANCORP INC                         | Bancorp, Inc.                                                                    | CUSIP: 05969AAB1<br>LEI: 894500FP2ICT1B019Y71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156565.05    | 0.35%             | 2030-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP                    | Beacon Mobility Corp.                                                            | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77972.55     | 0.17%             | 2030-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203520.00    | 0.45%             | 2033-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL                | C&S Group Enterprises LLC                                                        | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $226123.25    | 0.51%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                   | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $239731.00    | 0.54%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CABLE ONE INC                           | Cable One, Inc.                                                                  | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     75000 | PA      | $63542.33     | 0.14%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                      | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $211750.00    | 0.47%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CORECIVIC INC                           | CoreCivic, Inc.                                                                  | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172507.48    | 0.39%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin  | CUSIP: 26150TAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $244127.00    | 0.55%             | 2030-09-17      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                | F&G Annuities & Life, Inc.                                                       | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $182492.45    | 0.41%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Four Corners Property Trust In          | Four Corners Property Trust, Inc., REIT                                          | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             |  | CORP              | US        |     35000 | NS      | $854000.00    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio           | Fidelity Government Portfolio, Class Institutional                               | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   6323961 | PA      | $6323961.27   | 14.13%            |  |  |  | No            |                  1 | On Loan: No      |
| MAGNIT Corp. T TERM LOAN   /            | MAGNIT Corp. T TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $4943863.47   | 11.04%            | 2029-06-01      | Variable      | 9.92%                 | Yes           |                  3 | On Loan: No      |
| Altria Group Inc                        | Altria Group, Inc.                                                               | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      6088 | NS      | $402173.28    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                      | Realty Income Corp., REIT                                                        | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             |  | CORP              | US        |     12581 | NS      | $764798.99    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                    | Blue Owl Capital, Inc.                                                           | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $507900.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc             | Starwood Property Trust, Inc., REIT                                              | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             |  | CORP              | US        |     39360 | NS      | $762403.20    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                 | UDR, Inc., REIT                                                                  | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             |  | CORP              | US        |     10000 | NS      | $372600.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                | UGI Corp.                                                                        | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     25000 | NS      | $831500.00    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-02

**Name of Applicant:** Callodine Specialty Income Fund

**Signature:** /S/ Madeline Arment

**Name of Signer:** Madeline Arment

**Title:** Principal Financial Officer