# EDGAR Filing Document

**Accession Number:** 0002015849
**File Stem:** 0001193125-25-297300
**Filing Date:** 2025-11
**Character Count:** 16426
**Document Hash:** 5a214ebcdd25b19873f2683a8ec7858b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-297300.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-297300

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MA Specialty Credit Income Fund
- **CENTRAL INDEX KEY:** 0002015849

**ORGANIZATION NAME:**
- **EIN:** 996194853
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23978
- **FILM NUMBER:** 251521663

**BUSINESS ADDRESS:**
- **STREET 1:** 3 W. MAIN STREET, SUITE 301
- **CITY:** IRVINGTON
- **STATE:** NY
- **ZIP:** 10533
- **BUSINESS PHONE:** 914.670.8996

**MAIL ADDRESS:**
- **STREET 1:** 3 W. MAIN STREET, SUITE 301
- **CITY:** IRVINGTON
- **STATE:** NY
- **ZIP:** 10533

## Nport-Ex

**MA Specialty Credit Income Fund**

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** | **Maturity Date** | **Shares/<br> Principal** | **Cost** | **Value** |
| **Collateralized Loan Obligations (6.93%)** |  | | | | |
| &nbsp;&nbsp;&nbsp;ABPCI Direct 2024-17<sup>(a)(b)</sup> | 12.30% (3-Month SOFR +8.00%) | 8/1/2036 | $1500000 | $1498125 | $1539679 |
| &nbsp;&nbsp;&nbsp;BCRED CLO 2025-1<sup>(a)(b)</sup> | 5.68% (3-Month SOFR +1.38%) | 4/20/2037 | 1850000 | 1848150 | 1851850 |
| &nbsp;&nbsp;&nbsp;HPS Private Credit CLO 2025-3<sup>(a)(b)</sup> | 11.71% (3-Month SOFR +7.45%) | 7/20/2037 | 2000000 | 2035314 | 2025187 |
| &nbsp;&nbsp;&nbsp;JCP Direct Lending CLO 2023-1<sup>(a)(b)</sup> | 7.83% (3-Month SOFR + 3.50%) | 7/20/2037 | 1227500 | 1229021 | 1226011 |
| &nbsp;&nbsp;&nbsp;MCF CLO VIII<sup>(a)(b)</sup> | 12.33% (3-Month SOFR + 8.00%) | 4/18/2036 | 2500000 | 2562116 | 2548750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations (Cost $9,172,726) (6.93%)** |  |  |  | 9172726 | 9191477 |
| **Private Investment Vehicles (15.16%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSM SLPP ONSHORE LP<sup>(c)(d)</sup> |  |  | 20000000 | 20000000 | 20124600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Investment Vehicles (Cost $20,000,000) (15.16%)** |  |  |  | 20000000 | 20124600 |
| **Private Loans (68.24%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ABL REVOLVER IHC<sup>(a)(e)</sup> | 13.63% (1-Month SOFR + 9.50%) | 6/30/2027 | 2240805 | 2240805 | 2270267 |
| &nbsp;&nbsp;&nbsp;ABL REVOLVER RF<sup>(a)(e)(f)</sup> | 13.38% (1-Month SOFR + 9.25%) | 4/15/2026 | 9477606 | 9477606 | 9623827 |
| &nbsp;&nbsp;&nbsp;ABL TERM PCG<sup>(e)(f)</sup> | 12.00% | 6/28/2027 | 2044220 | 2044220 | 2048077 |
| &nbsp;&nbsp;&nbsp;ABL TERM GP<sup>(a)(e)</sup> | 11.18% (Daily SOFR + 7.00%) | 9/27/2028 | 25000000 | 25000000 | 25219575 |
| &nbsp;&nbsp;&nbsp;ABL TERM VI<sup>(e)</sup> | 13.50% | 11/20/2027 | 15000000 | 15000000 | 15109005 |
| &nbsp;&nbsp;&nbsp;ABL TERM HFD<sup>(e)</sup> | 15.00% | 4/30/2027 | 30000000 | 30000000 | 30011760 |
| &nbsp;&nbsp;&nbsp;BE OLD I LLC ELC<sup>(d)(e)(f)(g)</sup> | 11.00% | 9/30/2028 | 7870537 | 6943463 | 5608146 |
| &nbsp;&nbsp;&nbsp;BE OLD I LLC 2ALC<sup>(d)(e)(f)(g)</sup> | 12.00% | 2/29/2028 | 838784 | 829144 | 671504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Loans (Cost $91,535,238) (68.24%)** |  |  |  | 91535238 | 90562161 |
| **Private Real Estate Debt (3.13%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;XCAL 2023-MSN10 B1<sup>(a)(b)(e)(f)</sup> | 10.79% (1-Month SOFR + 6.50%) | 11/15/2025 | 1323087 | 1323087 | 1319779 |
| &nbsp;&nbsp;&nbsp;XCAL 2023-MSN10 B2<sup>(a)(b)(e)(f)</sup> | 20.91% (1-Month SOFR + 16.58%) | 11/15/2025 | 541667 | 541667 | 216667 |
| &nbsp;&nbsp;&nbsp;XCF 2024-OSL A<sup>(a)(b)(e)(f)</sup> | 8.28% (1-Month SOFR + 4.00%) | 2/15/2026 | 2000000 | 2000000 | 2061874 |
| &nbsp;&nbsp;&nbsp;XCF 2024-OSL B2<sup>(a)(b)(e)(f)</sup> | 28.96% (1-Month SOFR + 24.21%) | 2/15/2026 | 550000 | 550000 | 566384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Private Real Estate Debt (Cost $4,414,754) (3.13%)** |  |  |  | 4414754 | 4164704 |
| **Short-Term Investments** |  |  |  |  |  |
| **Money Market Fund (4.86%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class I | 4.01%<sup>(h)</sup> |  | 6447127 | 6447127 | 6447127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $6,447,127) (4.86%)** |  |  |  | 6447127 | 6447127 |
| **Total Investments (Cost $131,569,845) (98.32%)** |  |  |  | $**131569845** | $**130490069** |
| Assets in excess of other liabilities (1.68%) |  |  |  |  | 2220265 |
| **Net Assets - 100.00%** |  |  |  |  | $**132710334** |

---

<sup>a</sup> Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of September 30, 2025.

<sup>b</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. This security is restricted to resale to qualified buyers.

<sup>c</sup> Valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>d</sup> Security restricted as to resale.

<sup>e</sup> Fair valued using significant unobservable inputs. The total of all such investments represents 71.36% of net assets.

<sup>f</sup> Investment was acquired in-kind from private funds managed by the Adviser between May 28, 2024 and June 30, 2024 in exchange for cash and shares.

<sup>g</sup> This investment is made through the majority owned subsidiary BE OLD I, LLC.

<sup>h</sup> The rate is the annualized seven-day yield at period end.

**Additional information on restricted securities is as follows:**

---

| | | |
|:---|:---|:---|
| Investment | Initial Acquisition Date | Cost |
| ABPCI Direct 2024-17 | 4/11/2025 | $1498125 |
| BCRED CLO 2025-1 | 8/1/2025 | 1848150 |
| BE OLD I LLC ELC | 6/1/2024 | 6943463 |
| BE OLD I LLC 2ALC | 6/1/2024 | 829144 |
| HPS Private Credit CLO 2025-3 | 8/13/2025 | 2035314 |
| JCP Direct Lending CLO 2023-1 | 8/1/2025 | 1229021 |
| MCF CLO VIII | 8/13/2025 | 2562116 |
| MSM SLPP ONSHORE LP | 4/18/2025 | 20000000 |
| XCAL 2023-MSN10 B1 | 6/1/2024 | 1323087 |
| XCAL 2023-MSN10 B2 | 6/1/2024 | 541667 |
| XCF 2024-OSL A | 6/10/2024 | 2000000 |
| XCF 2024-OSL B2 | 6/10/2024 | 550000 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MA Specialty Credit Income Fund

- **b. Investment Company Act file number:** 811-23978

- **c. CIK number of Registrant:** 0002015849

- **d. LEI of Registrant:** 529900PP6XZOUXA5N533

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

  - **Street Address 1:** 3 W. Main Street

  - **City:** Irvington

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10533

  - **Telephone number:** 914-670-8996

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

- **a. Name of Series:** MA Specialty Credit Income Fund

- **c. LEI of Series:** 529900PP6XZOUXA5N533

**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:** $139236327.15

**Total Liabilities:** $6550752.18

**Net Assets:** $132685574.97

**Cash Not Reported:** $28477.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** -1309.784682916986 | **30-Year:** -119.489819246513

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

- **3-Month:** -379.876784973578 | **1-Year:** -9100.262248166919 | **5-Year:** -4534.443735630504 | **10-Year:** -2771.484273876590 | **30-Year:** -159.993243259410

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.75%                | 0.75%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $307295.41                                 |
| Month 2  | $-14739.06               | $-153626.65                                |
| Month 3  | $0.00                    | $82478.71                                  |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ABPCI Direct Lending Fund CLO             | ABPCI Direct Lending Fund CLO XVII LLC    | CUSIP: 00112AAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1539678.60   | 1.16%             | 2036-08-01      | Floating      | 12.30%                | Yes           | 2                  | On Loan: No      |
| BCRED CLO LLC                             | BCRED CLO 2025-1 LLC                      | CUSIP: 05556FAA1<br>LEI: 2549001W2Y6F50VEZG93 | Long             | ABS-CBDO         | CORP              | KY        |   1850000 | PA      | $1851850.00   | 1.40%             | 2037-04-20      | Floating      | 5.68%                 | Yes           | 2                  | On Loan: No      |
| HPS Private Credit CLO                    | HPS Private Credit CLO 2025-3 LLC         | CUSIP: 40445YAJ3<br>LEI: 254900WC9JHPFFXUKB77 | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $2025186.60   | 1.53%             | 2037-07-20      | Floating      | 11.71%                | Yes           | 2                  | On Loan: No      |
| JCP Direct Lending CLO LLC                | JCP Direct Lending CLO 2023-1 LLC         | CUSIP: 46656TBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1227500 | PA      | $1226010.55   | 0.92%             | 2037-07-20      | Floating      | 7.83%                 | Yes           | 2                  | On Loan: No      |
| MCF CLO LLC                               | MCF CLO VIII Ltd.                         | CUSIP: 55281QAG1<br>LEI: 254900KF5QOK0T8H4C54 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2548750.00   | 1.92%             | 2036-04-18      | Floating      | 12.33%                | Yes           | 2                  | On Loan: No      |
| X-Caliber Funding LLC                     | X-Caliber Funding LLC                     | CUSIP: 98373XBE9<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-MBS          | CORP              | US        |   1323087 | PA      | $1319779.49   | 0.99%             | 2025-11-15      | Floating      | 10.84%                | Yes           | 3                  | On Loan: No      |
| X-Caliber Funding LLC                     | X-Caliber Funding LLC                     | CUSIP: 98373XBF6<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-MBS          | CORP              | US        |    541667 | PA      | $216666.76    | 0.16%             | 2025-11-15      | Fixed         | 20.92%                | Yes           | 3                  | On Loan: No      |
| X-Caliber Funding LLC                     | X-Caliber Funding LLC                     | CUSIP: 98373XBS8<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2061874.00   | 1.55%             | 2026-02-15      | Floating      | 8.75%                 | Yes           | 3                  | On Loan: No      |
| X-Caliber Funding LLC                     | X-Caliber Funding LLC                     | CUSIP: 98373XBU3<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $566383.95    | 0.43%             | 2026-02-15      | Fixed         | 28.96%                | Yes           | 3                  | On Loan: No      |
| Fidelity Treasury Portfolio               | Fidelity Treasury Portfolio - Class I     | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   7365164 | PA      | $7365163.92   | 5.55%             |  |  |  | No            | 1                  | On Loan: No      |
| ABL TERM GRP 9/27/28    /                 | ABL TERM GRP 9/27/28    /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  25000000 | PA      | $25219575.00  | 19.01%            | 2028-09-27      | Floating      | 11.18%                | No            | 3                  | On Loan: No      |
| ABL TERM PCG 6/28/27    /                 | ABL TERM PCG 6/28/27    /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2044220 | PA      | $2048077.40   | 1.54%             | 2027-06-28      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| ABL REV RF F 4/15/26 REVOLVER 5/28/24   / | ABL REV RF F 4/15/26 REVOLVER 5/28/24   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9477606 | PA      | $9623826.87   | 7.25%             | 2026-04-15      | Floating      | 13.38%                | No            | 3                  | On Loan: No      |
| TRISTATE BANK MA   /                      | TRISTATE BANK MA   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1033345 | PA      | $1033345.23   | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| ABL TERM VI 11/20/27    /                 | ABL TERM VI 11/20/27    /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  15000000 | PA      | $15109005.00  | 11.39%            | 2027-11-20      | Fixed         | 13.50%                | No            | 3                  | On Loan: No      |
| HFD TL FUNDED 7/2/2025   /                | HFD TL FUNDED 7/2/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  30000000 | PA      | $30011760.00  | 22.62%            | 2027-04-30      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| ABL REV IHC F 63027 REVOLVER 06/30/27   / | ABL REV IHC F 63027 REVOLVER 06/30/27   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2240805 | PA      | $2270266.93   | 1.71%             | 2027-06-30      | Floating      | 13.63%                | No            | 3                  | On Loan: No      |
| MSM SLPP ONSHORE LP    /                  | MSM SLPP ONSHORE LP    /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  20000000 | OU      | $20124600.00  | 15.17%            |  |  |  | No            | N/A                | On Loan: No      |
| LOAN POOL OL OLD I LLC   /                | LOAN POOL OL OLD I LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | OU      | $6409259.69   | 4.83%             |  |  |  | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** MA Specialty Credit Income Fund

**Signature:** /s/ Paul Grady

**Name of Signer:** Paul Grady

**Title:** Principal Financial Officer