# EDGAR Filing Document

**Accession Number:** 0001678124
**File Stem:** 0001049169-25-000888
**Filing Date:** 2025-11
**Character Count:** 1572533
**Document Hash:** f87441c24800e08f1438e1cbabe45858
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000888.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001049169-25-000888

**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:** CION Ares Diversified Credit Fund
- **CENTRAL INDEX KEY:** 0001678124

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23165
- **FILM NUMBER:** 251530523

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-418-4700

**MAIL ADDRESS:**
- **STREET 1:** 100 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Nport-Ex

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **SENIOR LOANS(b)(c)(d)** | **SENIOR LOANS(b)(c)(d)** | | | | | | | | | | | |
| **Automobiles and Components** | **Automobiles and Components** | | | | | | | | | | | |
| Automotive Keys Group, LLC |  | 1st Lien Term Loan | 10.65% | SOFR (Q) | 6.50% |  | 08/2026 |  | $1683 | $1464 | (e)(f) |  |
| Clarios Global LP |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 05/2030 |  | 7759 | 7751 | (f) |  |
| Collision SP Subco, LLC |  | 1st Lien Revolving Loan | 8.95% | SOFR (Q) | 4.75% |  | 01/2030 |  | 13 | 13 | (e)(g) |  |
| Collision SP Subco, LLC |  | 1st Lien Term Loan | 9.04% | SOFR (Q) | 4.75% |  | 01/2030 |  | 918 | 918 | (e)(f) |  |
| Collision SP Subco, LLC |  | 1st Lien Delay Draw Term Loan | 9.04% | SOFR (S) | 4.75% |  | 01/2030 |  | 476 | 476 | (e)(g) |  |
| Continental Acquisition Holdings, Inc. |  | 1st Lien Revolving Loan | 8.18% | SOFR (Y) | 3.75% |  | 01/2028 |  | 1 | 1 | (e)(g) |  |
| Continental Acquisition Holdings, Inc. |  | 1st Lien Term Loan |  |  |  |  | 07/2028 |  | 6662 | 3731 | (e)(i) |  |
| Continental Acquisition Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2028 |  | 1648 | 923 | (e)(i) |  |
| Highline Aftermarket Acquisition, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2028 |  |  |  | (e)(g) |  |
| Highline Aftermarket Acquisition, LLC |  | 1st Lien Term Loan | 7.70% | SOFR (Q) | 3.50% |  | 02/2030 |  | 16542 | 16578 |  |  |
| New Churchill Holdco LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| New Churchill Holdco LLC |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 11/2029 |  | 1191 | 1191 | (e)(f) |  |
| New Churchill Holdco LLC |  | 1st Lien Delay Draw Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 11/2029 |  | 1785 | 1786 | (e)(g) |  |
| Sun Acquirer Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2027 |  |  |  | (e)(g) |  |
| Sun Acquirer Corp. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 09/2028 |  | 14813 | 14813 | (e)(f) |  |
| Sun Acquirer Corp. |  | 1st Lien Delay Draw Term Loan | 8.66% | SOFR (M) | 4.50% |  | 09/2028 |  | 10123 | 10123 | (e)(f)(g) |  |
| Telle Tire & Auto Service, LLC |  | 1st Lien Revolving Loan | 9.14% | SOFR (S) | 4.75% |  | 03/2031 |  | 48 | 48 | (e)(g) |  |
| Telle Tire & Auto Service, LLC |  | 1st Lien Term Loan | 8.79% | SOFR (S) | 4.75% |  | 03/2031 |  | 133 | 133 | (e)(f) |  |
| Telle Tire & Auto Service, LLC |  | 1st Lien Delay Draw Term Loan | 8.93% | SOFR (S) | 4.75% |  | 03/2031 |  | 402 | 402 | (e) |  |
| Telle Tire & Auto Service, LLC |  | 1st Lien Delay Draw Term Loan | 8.62% | SOFR (S) | 4.75% |  | 03/2031 |  | 76 | 76 | (e)(g) |  |
| Truck-Lite Co., LLC and Ecco Holdings Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2031 |  |  |  | (e)(g) |  |
| Truck-Lite Co., LLC and Ecco Holdings Corp. |  | 1st Lien Term Loan | 9.14% | SOFR (M) | 5.00% |  | 02/2032 |  | 13476 | 13475 | (e)(f) |  |
| Truck-Lite Co., LLC and Ecco Holdings Corp. |  | 1st Lien Delay Draw Term Loan | 9.14% | SOFR (M) | 5.00% |  | 02/2032 |  | 752 | 752 | (e)(g) |  |
| Wand Newco 3, Inc. |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 01/2031 |  | 22352 | 22264 | (f) |  |
|  |  |  |  |  |  |  |  |  |  | 96918 |  | 1.90% |
| **Capital Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| AeriTek Global US Acquisition Inc. |  | 1st Lien Revolving Loan | 10.70% | SOFR (S) | 6.50% |  | 08/2030 |  | 23 | 23 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| AeriTek Global US Acquisition Inc. |  | 1st Lien Term Loan | 10.70% | SOFR (Q) | 6.50% |  | 08/2030 |  | 641 | 632 | (e)(f) |  |
| AI Aqua Merger Sub, Inc. |  | 1st Lien Term Loan | 7.28% | SOFR (M) | 3.00% |  | 07/2028 |  | 31490 | 31547 | (f) |  |
| Airx Climate Solutions, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| Airx Climate Solutions, Inc. |  | 1st Lien Term Loan | 9.95% | SOFR (Q) | 5.75% |  | 11/2029 |  | 1487 | 1487 | (e)(f) |  |
| Airx Climate Solutions, Inc. |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 11/2029 |  | 2408 | 2384 | (e)(f)(g) |  |
| Airx Climate Solutions, Inc. |  | 1st Lien Delay Draw Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 11/2029 |  | 491 | 486 | (e)(f) |  |
| Align Precision Group, LLC |  | 1st Lien Term Loan | 10.75% PIK | SOFR (Q) | 6.75% |  | 07/2030 |  | 2950 | 2950 | (e) |  |
| Align Precision Group, LLC |  | 1st Lien Delay Draw Term Loan | 10.75% PIK | SOFR (Q) | 6.75% |  | 07/2030 |  | 364 | 365 | (e)(g) |  |
| AllClear Military Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
| AllClear Military Inc. |  | 1st Lien Term Loan | 9.76% | SOFR (M) | 5.50% |  | 05/2030 |  | 807 | 807 | (e) |  |
| AllClear Military Inc. |  | 1st Lien Term Loan | 10.92% (2.00% PIK) | SOFR (M) | 6.50% |  | 05/2030 |  | 131 | 31 | (e) |  |
| AllClear Military Inc. |  | 1st Lien Term Loan | 11.16% (6.00% PIK) | SOFR (M) | 7.00% |  | 05/2030 |  | 465 | 112 | (e) |  |
| AllClear Military Inc. |  | 1st Lien Delay Draw Term Loan | 9.76% | SOFR (M) | 5.50% |  | 05/2030 |  | 81 | 81 | (e)(g) |  |
| Artera Services, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 02/2031 |  | 6459 | 5754 | (f) |  |
| BCPE Empire Holdings, Inc. |  | 1st Lien Term Loan | 7.41% | SOFR (M) | 3.25% |  | 12/2030 |  | 2455 | 2450 |  |  |
| BGIF IV Fearless Utility Services, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| BGIF IV Fearless Utility Services, Inc. |  | 1st Lien Term Loan | 9.14% | SOFR (M) | 5.00% |  | 06/2031 |  | 2216 | 2216 | (e)(f) |  |
| BGIF IV Fearless Utility Services, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| Box Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.23% | EURIBOR (S) | 7.17% |  | 11/2028 |  | 878 | 1031 | (e)(f) |  |
| Box Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.19% | SOFR (S) | 5.50% |  | 11/2028 |  | 1691 | 1691 | (e)(f) |  |
| Box Bidco Limited | United Kingdom | 1st Lien Term Loan | 11.86% | SOFR (S) | 7.17% |  | 11/2028 |  | 536 | 536 | (e) |  |
| Burgess Point Purchaser Corporation |  | 1st Lien Term Loan | 9.51% | SOFR (M) | 5.25% |  | 07/2029 |  | 4073 | 3521 | (f) |  |
| Chillaton Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.52% | SONIA (S) | 6.50% |  | 05/2031 |  | £1491 | 2004 | (e) |  |
| Chillaton Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.52% | SONIA (S) | 6.50% |  | 05/2031 |  | £772 | 1038 | (e)(g) |  |
| CPIG Holdco Inc. |  | 1st Lien Revolving Loan | 9.14% | SOFR (Q) | 4.75% |  | 04/2028 |  | 1 | 1 | (e)(g) |  |
| CPIG Holdco Inc. |  | 1st Lien Term Loan | 11.39% | SOFR (Q) | 7.00% |  | 04/2028 |  | 3795 | 3795 | (e)(f) |  |
| Dynamic NC Aerospace Holdings, LLC |  | 1st Lien Revolving Loan | 10.63% | SOFR (Q) | 6.50% |  | 12/2027 |  | 536 | 536 | (e)(g) |  |
| Dynamic NC Aerospace Holdings, LLC |  | 1st Lien Term Loan | 10.63% | SOFR (Q) | 6.50% |  | 12/2027 |  | 3240 | 3240 | (e)(f) |  |
| EC Partners Spanish Bidco, S.L.U. | Spain | 1st Lien Term Loan | 7.85% | EURIBOR (S) | 5.75% |  | 01/2032 |  | 444 | 522 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| EC Partners Spanish Bidco, S.L.U. | Spain | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2032 |  | € |  |  | (e)(g) |  |
| Generator Buyer, Inc. | Canada | 1st Lien Revolving Loan | 7.70% | CORRA (Q) | 5.25% |  | 07/2030 |  | CAD | 47 | 34 | (e)(g) |  |
| Generator Buyer, Inc. | Canada | 1st Lien Term Loan | 7.70% | CORRA (Q) | 5.25% |  | 07/2030 |  | CAD | 2025 | 1455 | (e)(f) |  |
| Generator Buyer, Inc. | Canada | 1st Lien Delay Draw Term Loan | 7.70% | CORRA (Q) | 5.25% |  | 07/2030 |  | CAD | 365 | 262 | (e)(g) |  |
| Generator US Buyer, Inc. |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2030 |  |  | 407 | 407 | (e)(f) |  |
| GSV Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2030 |  |  |  |  | (e)(g) |  |
| GSV Purchaser, Inc. |  | 1st Lien Term Loan | 8.73% | SOFR (M) | 4.50% |  | 08/2031 |  |  | 3671 | 3671 | (e)(f) |  |
| GSV Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan | 8.73% | SOFR (M) | 4.50% |  | 08/2031 |  |  | 299 | 299 | (e)(g) |  |
| Harvey Tool Company, LLC |  | 1st Lien Term Loan | 6.91% | EURIBOR (M) | 5.00% |  | 08/2032 |  | € | 276 | 322 | (e)(f) |  |
| Helix Acquisition Holdings, Inc. |  | 1st Lien Term Loan | 11.26% | SOFR (M) | 7.00% |  | 03/2030 |  |  | 473 | 473 | (e) |  |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC) |  | 1st Lien Revolving Loan | 8.50% | SOFR (Q) | 4.50% |  | 03/2032 |  |  | 443 | 443 | (e)(g) |  |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC) |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 03/2032 |  |  | 5446 | 5446 | (e)(f) |  |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC) |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2032 |  |  |  |  | (e)(g) |  |
| JSG II, Inc. and Checkers USA, Inc. |  | 1st Lien Revolving Loan | 8.66% | SOFR (S) | 4.50% |  | 09/2032 |  |  | 2 | 2 | (e)(g) |  |
| JSG II, Inc. and Checkers USA, Inc. |  | 1st Lien Term Loan | 8.66% | SOFR (S) | 4.50% |  | 09/2032 |  |  | 179 | 178 | (e)(f) |  |
| JSG II, Inc. and Checkers USA, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  |  |  |  | (e)(g) |  |
| Kene Acquisition, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2031 |  |  |  |  | (e)(g) |  |
| Kene Acquisition, Inc. |  | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 02/2031 |  |  | 1774 | 1774 | (e)(f) |  |
| Kene Acquisition, Inc. |  | 1st Lien Delay Draw Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 02/2031 |  |  | 82 | 82 | (e)(g) |  |
| LBM Acquisition LLC |  | 1st Lien Term Loan | 7.99% | SOFR (M) | 3.75% |  | 06/2031 |  |  | 6491 | 6324 | (f) |  |
| Madison IAQ LLC |  | 1st Lien Term Loan | 6.70% | SOFR (S) | 2.50% |  | 06/2028 |  |  | 13527 | 13530 |  |  |
| Osmose Utilities Services, Inc. |  | 1st Lien Term Loan | 7.53% | SOFR (M) | 3.25% |  | 06/2028 |  |  | 1138 | 1076 |  |  |
| Osmose Utilities Services, Inc. |  | 2nd Lien Term Loan | 11.03% | SOFR (M) | 6.75% |  | 06/2029 |  |  | 8237 | 7990 | (e) |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. |  | 1st Lien Revolving Loan | 8.91% | SOFR (M) | 4.75% |  | 12/2031 |  |  | 54 | 53 | (e)(g) |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 12/2031 |  |  | 5844 | 5844 | (e)(f) |  |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2031 |  |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Patriot Container Corp. |  | 1st Lien Term Loan | 13.00% (7.00% PIK) |  |  |  | 09/2030 |  | 26579 | 26579 | (e) |  |
| Patriot Container Corp. |  | 1st Lien Delay Draw Term Loan | 13.00% (7.00% PIK) |  |  |  | 09/2030 |  | 376 | 376 | (e)(g) |  |
| Pave America Holding, LLC |  | 1st Lien Revolving Loan | 8.76% | SOFR (M) | 4.75% |  | 08/2032 |  | 59 | 59 | (e)(g) |  |
| Pave America Holding, LLC |  | 1st Lien Term Loan | 9.25% (2.88% PIK) | SOFR (Q) | 5.25% |  | 08/2032 |  | 411 | 406 | (e)(f) |  |
| Pave America Holding, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Project Castle, Inc. |  | 1st Lien Term Loan | 9.72% | SOFR (S) | 5.50% |  | 06/2029 |  | 8701 | 7198 |  |  |
| PumpTech, LLC |  | 1st Lien Revolving Loan | 8.89% | SOFR (M) | 4.75% |  | 01/2031 |  | 121 | 120 | (e)(g) |  |
| PumpTech, LLC |  | 1st Lien Term Loan | 8.90% | SOFR (M) | 4.75% |  | 01/2031 |  | 2028 | 2002 | (e)(f) |  |
| PumpTech, LLC |  | 1st Lien Delay Draw Term Loan | 8.90% | SOFR (Q) | 4.75% |  | 01/2031 |  | 146 | 145 | (e)(g) |  |
| Radius Aerospace Europe Limited | United Kingdom | 1st Lien Revolving Loan | 9.97% (0.25% PIK) | SONIA (M) | 6.00% |  | 03/2027 |  | £373 | 501 | (e)(g) |  |
| Radius Aerospace Europe Limited | United Kingdom | 1st Lien Term Loan | 10.15% (0.25% PIK) | SOFR (Q) | 6.00% |  | 03/2027 |  | 4092 | 4092 | (e)(f) |  |
| Radius Aerospace, Inc. |  | 1st Lien Revolving Loan | 10.29% (0.25% PIK) | SOFR (Q) | 6.00% |  | 03/2027 |  | 158 | 157 | (e)(g) |  |
| Radius Aerospace, Inc. |  | 1st Lien Revolving Loan | 10.29% (0.25% PIK) | SOFR (S) | 6.00% |  | 03/2027 |  | 1 | 1 | (e)(g) |  |
| Radius Aerospace, Inc. |  | 1st Lien Term Loan | 10.15% (0.25% PIK) | SOFR (Q) | 6.00% |  | 03/2027 |  | 4669 | 4669 | (e)(f) |  |
| Radius Aerospace, Inc. |  | 1st Lien Term Loan | 10.45% (0.25% PIK) | SOFR (Q) | 6.00% |  | 03/2027 |  | 9 | 9 | (e) |  |
| Sigma Electric Manufacturing Corporation |  | 1st Lien Revolving Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 52 | 52 | (e)(g) |  |
| Sigma Electric Manufacturing Corporation |  | 1st Lien Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 2723 | 2724 | (e)(f) |  |
| Spirit AeroSystems, Inc. |  | 1st Lien Term Loan | 9.28% |  |  |  | 09/2025 |  | 10349 | 10349 | (e) |  |
| Sunk Rock Foundry Partners LP |  | 1st Lien Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 216 | 216 | (e)(f) |  |
| Sunvair Aerospace Group, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2031 |  |  |  | (e)(g) |  |
| Sunvair Aerospace Group, Inc. |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 05/2031 |  | 1755 | 1755 | (e)(f) |  |
| Sunvair Aerospace Group, Inc. |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 05/2031 |  | 154 | 154 | (e)(g) |  |
| Titan BW Borrower L.P. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| Titan BW Borrower L.P. |  | 1st Lien Term Loan | 9.45% (2.88% PIK) | SOFR (Q) | 5.25% |  | 07/2032 |  | 29808 | 29510 | (e)(f) |  |
| Titan BW Borrower L.P. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| Two Six Labs, LLC |  | 1st Lien Revolving Loan | 9.25% | SOFR (Q) | 5.25% |  | 08/2027 |  | 1229 | 1229 | (e)(g) |  |
| Two Six Labs, LLC |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 08/2027 |  | 7168 | 7168 | (e)(f) |  |
| Two Six Labs, LLC |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 08/2027 |  | 1315 | 1315 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Two Six Labs, LLC |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 08/2027 |  | 2806 | 2806 | (e)(f)(g) |  |
| Victory Buyer LLC |  | 1st Lien Term Loan | 8.03% | SOFR (M) | 3.75% |  | 11/2028 |  | 8464 | 8464 |  |  |
| WEC US Holdings Ltd. |  | 1st Lien Term Loan | 6.53% | SOFR (M) | 2.25% |  | 01/2031 |  | 21651 | 21657 | (f) |  |
| Werner FinCo LP |  | 1st Lien Term Loan | 9.52% | SOFR (Q) | 5.50% |  | 06/2031 |  | 38910 | 38326 | (e)(f) |  |
|  |  |  |  |  |  |  |  |  |  | 290944 |  | 5.70% |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Accommodations Plus Technologies LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2032 |  |  |  | (e)(g) |  |
| Accommodations Plus Technologies LLC |  | 1st Lien Term Loan | 8.70% | SOFR (Q) | 4.50% |  | 05/2032 |  | 409 | 404 | (e)(f) |  |
| Aero Operating LLC |  | 1st Lien Term Loan | 13.44% (2.00% PIK) | SOFR (Q) | 9.00% |  | 02/2026 |  | 2941 | 2941 | (e)(f) |  |
| Aero Operating LLC |  | 1st Lien Delay Draw Term Loan | 13.44% (2.00% PIK) | SOFR (Q) | 9.00% |  | 02/2026 |  | 818 | 818 | (e)(f) |  |
| Aldinger Company |  | 1st Lien Revolving Loan | 9.36% | SOFR (Q) | 5.25% |  | 07/2027 |  | 122 | 122 | (e)(g) |  |
| Aldinger Company |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2027 |  | 1242 | 1242 | (e)(f) |  |
| Aldinger Company |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2027 |  | 715 | 715 | (e) |  |
| Aldinger Company |  | 1st Lien Delay Draw Term Loan | 9.41% | SOFR (Q) | 5.25% |  | 07/2027 |  | 587 | 587 | (e) |  |
| Aldinger Company |  | 1st Lien Delay Draw Term Loan | 9.45% | SOFR (Q) | 5.25% |  | 07/2027 |  | 174 | 173 | (e)(g) |  |
| Andwis Group Limited | United Kingdom | 1st Lien Term Loan | 10.77% | SONIA (S) | 6.75% |  | 11/2031 |  | £2074 | 2789 | (e) |  |
| Andwis Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.73% | SONIA (S) | 6.75% |  | 11/2031 |  | £1274 | 1714 | (e) |  |
| Andwis Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.76% | SONIA (Q) | 6.75% |  | 11/2031 |  | £1730 | 2327 | (e)(g) |  |
| Antea Group Holding B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 8.25% | EURIBOR (Q) | 6.25% |  | 03/2030 |  | 1250 | 1468 | (e)(g) |  |
| Armorica Lux S.a.r.l. | Luxembourg | 1st Lien Term Loan | 6.95% | EURIBOR (Q) | 4.93% |  | 07/2028 |  | 6500 | 7348 |  |  |
| Auxadi Midco S.L.U. | Spain | 1st Lien Term Loan | 6.75% | EURIBOR (Q) | 4.75% |  | 07/2028 |  | 473 | 555 | (e) |  |
| Bluejack Fire Acquisition, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 01/2031 |  |  |  | (e)(g) |  |
| Bluejack Fire Acquisition, Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 01/2031 |  | 987 | 987 | (e)(f) |  |
| Bluejack Fire Acquisition, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2031 |  |  |  | (e)(g) |  |
| Bobtail AcquisitionCo, LLC |  | 1st Lien Revolving Loan | 8.77% | SOFR (S) | 4.75% |  | 09/2031 |  | 9 | 9 | (e)(g) |  |
| Bobtail AcquisitionCo, LLC |  | 1st Lien Term Loan | 8.92% | SOFR (M) | 4.75% |  | 09/2031 |  | 1096 | 1085 | (e)(f) |  |
| Bobtail AcquisitionCo, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| Capstone Acquisition Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Capstone Acquisition Holdings, Inc. |  | 1st Lien Term Loan | 8.76% | SOFR (M) | 4.50% |  | 11/2029 |  | 17964 | 17964 | (e)(f) |  |
| Capstone Acquisition Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| Capstone Acquisition Holdings, Inc. |  | 2nd Lien Term Loan | 12.76% | SOFR (M) | 8.50% |  | 11/2030 |  | 9246 | 9247 | (e)(f) |  |
| Capstone Acquisition Holdings, Inc. |  | 2nd Lien Delay Draw Term Loan |  |  |  |  | 11/2030 |  |  |  | (e)(g) |  |
| Celnor Group Limited | United Kingdom | 1st Lien Term Loan | 9.64% | SONIA (Q) | 5.67% |  | 08/2031 |  | £879 | 1183 | (e) |  |
| Celnor Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.64% | SONIA (Q) | 5.67% |  | 08/2031 |  | £3667 | 4931 | (e) |  |
| Celnor Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.26% | SONIA (Q) | 5.29% |  | 08/2031 |  | £15 | 21 | (e)(g) |  |
| Compass Bidco Limited. | United Kingdom | 1st Lien Term Loan | 10.74% | SONIA (S) | 6.75% |  | 04/2031 |  | £12356 | 16618 | (e) |  |
| Compass Bidco Limited. | United Kingdom | 1st Lien Delay Draw Term Loan | 10.74% | SONIA (S) | 6.75% |  | 04/2031 |  | £5747 | 7729 | (e) |  |
| Compex Legal Services, Inc. |  | 1st Lien Revolving Loan | 9.78% | SOFR (Q) | 5.45% |  | 02/2026 |  | 630 | 617 | (e)(g) |  |
| Compex Legal Services, Inc. |  | 1st Lien Term Loan | 9.84% | SOFR (Q) | 5.45% |  | 02/2026 |  | 1251 | 1226 | (e)(f) |  |
| Denali Intermediate Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Denali Intermediate Holdings, Inc. |  | 1st Lien Term Loan | 9.67% | SOFR (M) | 5.50% |  | 08/2032 |  | 67795 | 67117 | (e)(f) |  |
| Divisions Holding Corporation |  | 1st Lien Revolving Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| Divisions Holding Corporation |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 04/2032 |  | 1395 | 1395 | (e)(f) |  |
| Dorado Bidco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| Dorado Bidco, Inc. |  | 1st Lien Term Loan | 8.41% | SOFR (M) | 4.25% |  | 09/2031 |  | 3069 | 3069 | (e)(f) |  |
| Dorado Bidco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| DP Flores Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2030 |  |  |  | (e)(g) |  |
| DP Flores Holdings, LLC |  | 1st Lien Term Loan | 10.66% (3.25% PIK) | SOFR (M) | 6.50% |  | 09/2030 |  | 3948 | 3948 | (e)(f) |  |
| DP Flores Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2030 |  |  |  | (e)(g) |  |
| Drogon Bidco Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Drogon Bidco Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 08/2031 |  | 1361 | 1361 | (e)(f) |  |
| Drogon Bidco Inc. |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 08/2031 |  | 430 | 430 | (e)(g) |  |
| DuraServ LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| DuraServ LLC |  | 1st Lien Term Loan | 8.89% | SOFR (M) | 4.75% |  | 06/2031 |  | 588 | 588 | (e)(f) |  |
| DuraServ LLC |  | 1st Lien Delay Draw Term Loan | 8.89% | SOFR (M) | 4.75% |  | 06/2031 |  | 241 | 241 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Eagle Parent Corp. |  | 1st Lien Term Loan | 8.25% | SOFR (Q) | 4.25% |  | 04/2029 |  |  | 10185 | 10164 | (f) |  |
| Elevation Services Parent Holdings, LLC |  | 1st Lien Revolving Loan | 10.90% | SOFR (Q) | 6.50% |  | 12/2028 |  |  | 505 | 469 | (e)(g) |  |
| Elevation Services Parent Holdings, LLC |  | 1st Lien Term Loan | 10.95% | SOFR (Q) | 6.50% |  | 12/2028 |  |  | 1286 | 1196 | (e)(f) |  |
| Elevation Services Parent Holdings, LLC |  | 1st Lien Term Loan | 10.92% | SOFR (Q) | 6.50% |  | 12/2028 |  |  | 614 | 571 | (e)(f) |  |
| Elevation Services Parent Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 10.95% | SOFR (Q) | 6.50% |  | 12/2028 |  |  | 1719 | 1599 | (e)(f) |  |
| Elevation Services Parent Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 10.92% | SOFR (Q) | 6.50% |  | 12/2028 |  |  | 368 | 342 | (e)(f) |  |
| Elliott Davis Advisory, LLC |  | 1st Lien Revolving Loan | 8.73% | SOFR (Q) | 4.75% |  | 07/2031 |  |  | 100 | 99 | (e)(g) |  |
| Elliott Davis Advisory, LLC |  | 1st Lien Term Loan | 8.87% | SOFR (S) | 4.75% |  | 07/2031 |  |  | 1232 | 1219 | (e)(f) |  |
| Elliott Davis Advisory, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2031 |  |  |  |  | (e)(g) |  |
| EMB Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 03/2032 |  |  |  |  | (e)(g) |  |
| EMB Purchaser, Inc. |  | 1st Lien Term Loan | 8.59% | SOFR (Q) | 4.50% |  | 03/2032 |  |  | 42642 | 42642 | (e)(f) |  |
| EMB Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan | 8.59% | SOFR (Q) | 4.50% |  | 03/2032 |  |  | 11522 | 11522 | (e)(g) |  |
| Erasmus Acquisition Holding B.V. | Netherlands | 1st Lien Term Loan | 7.66% | EURIBOR (S) | 5.63% |  | 03/2030 |  | € | 3323 | 3902 | (e) |  |
| Erasmus Acquisition Holding B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 7.66% | EURIBOR (S) | 5.63% |  | 03/2030 |  | € | 1290 | 1514 | (e)(g) |  |
| Firebird Acquisition Corp, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2032 |  |  |  |  | (e)(g) |  |
| Firebird Acquisition Corp, Inc. |  | 1st Lien Term Loan | 9.31% (2.75% PIK) | SOFR (Q) | 5.00% |  | 02/2032 |  |  | 2758 | 2758 | (e)(f) |  |
| Firebird Acquisition Corp, Inc. |  | 1st Lien Delay Draw Term Loan | 8.71% | SOFR (M) | 4.50% |  | 02/2032 |  |  | 234 | 234 | (e)(g) |  |
| Flywheel Acquireco, Inc. |  | 1st Lien Revolving Loan | 10.66% | SOFR (M) | 6.50% |  | 05/2028 |  |  | 444 | 444 | (e)(g) |  |
| Flywheel Acquireco, Inc. |  | 1st Lien Term Loan | 10.66% | SOFR (M) | 6.50% |  | 05/2030 |  |  | 13541 | 13541 | (e)(f) |  |
| Frontline Road Safety Operations, LLC |  | 1st Lien Revolving Loan | 9.07% | SOFR (Q) | 4.75% |  | 03/2032 |  |  | 965 | 965 | (e)(g) |  |
| Frontline Road Safety Operations, LLC |  | 1st Lien Term Loan | 9.32% (2.00% PIK) | SOFR (M) | 5.00% |  | 03/2032 |  |  | 23333 | 23333 | (e)(f) |  |
| Frontline Road Safety Operations, LLC |  | 1st Lien Delay Draw Term Loan | 9.32% (2.00% PIK) | SOFR (Q) | 5.00% |  | 03/2032 |  |  | 7404 | 7404 | (e)(g) |  |
| G702 Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2031 |  |  |  |  | (e)(g) |  |
| G702 Buyer, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 07/2031 |  |  | 385 | 379 | (e)(f) |  |
| HH-Stella, Inc. |  | 1st Lien Revolving Loan | 9.65% | SOFR (Q) | 5.50% |  | 04/2027 |  |  | 127 | 127 | (e)(g) |  |
| HH-Stella, Inc. |  | 1st Lien Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 04/2028 |  |  | 5922 | 5922 | (e)(f) |  |
| HH-Stella, Inc. |  | 1st Lien Delay Draw Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 04/2028 |  |  | 2819 | 2819 | (e)(f)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| HP RSS Buyer, Inc. |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 12/2029 |  |  | 1246 | 1247 | (e)(f) |  |
| HP RSS Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 12/2029 |  |  | 1069 | 1068 | (e)(f) |  |
| HP RSS Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 8.87% | SOFR (Q) | 4.75% |  | 12/2029 |  |  | 802 | 802 | (e) |  |
| HP RSS Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 8.92% | SOFR (Q) | 4.75% |  | 12/2029 |  |  | 2 | 3 | (e)(g) |  |
| Indigo Acquisition B.V. | Netherlands | 1st Lien Term Loan | 9.08% (2.45% PIK) | EURIBOR (Q) | 6.81% |  | 09/2031 |  | € | 1267 | 1488 | (e) |  |
| Indigo Acquisition B.V. | Netherlands | 1st Lien Term Loan | 10.80% (2.45% PIK) | SOFR (Q) | 6.81% |  | 09/2031 |  | € | 1267 | 1488 | (e) |  |
| Indigo Acquisition B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 9.08% (2.45% PIK) | EURIBOR (Q) | 6.81% |  | 09/2031 |  | € | 362 | 425 | (e)(g) |  |
| IRI Group Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2028 |  |  |  |  | (e)(g) |  |
| IRI Group Holdings, Inc. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 12/2029 |  |  | 25699 | 25699 | (e)(f) |  |
| Kellermeyer Bergensons Services, LLC |  | 1st Lien Term Loan |  |  |  |  | 11/2028 |  |  | 3390 | 949 | (e)(i) |  |
| Kellermeyer Bergensons Services, LLC |  | 1st Lien Term Loan | 9.71% PIK | SOFR (Q) | 5.25% |  | 11/2028 |  |  | 7406 | 7406 | (e) |  |
| Kings Buyer, LLC |  | 1st Lien Revolving Loan | 11.50% | PRIME (Q) | 4.25% |  | 10/2027 |  |  | 56 | 53 | (e)(g) |  |
| Kings Buyer, LLC |  | 1st Lien Term Loan | 9.65% | SOFR (Q) | 5.25% |  | 10/2027 |  |  | 3376 | 3208 | (e)(f) |  |
| KPS Global LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2030 |  |  |  |  | (e)(g) |  |
| KPS Global LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 09/2030 |  |  | 2068 | 2068 | (e)(f) |  |
| LABL, Inc. |  | 1st Lien Term Loan | 9.26% | SOFR (M) | 5.00% |  | 10/2028 |  |  | 20466 | 16731 | (f) |  |
| Laboratories Bidco LLC |  | 1st Lien Revolving Loan | 6.20% | SOFR (Q) | 1.75% |  | 07/2029 |  |  | 1546 | 1206 | (e)(g) |  |
| Laboratories Bidco LLC |  | 1st Lien Term Loan | 5.90% | SOFR (Q) | 1.75% |  | 07/2029 |  |  | 5422 | 4229 | (e) |  |
| Laboratories Bidco LLC |  | 1st Lien Term Loan | 4.35% | CORRA (Q) | 1.75% |  | 07/2029 |  | CAD | 1834 | 1028 | (e) |  |
| Laboratories Bidco LLC |  | 1st Lien Term Loan | 9.90% | SOFR (Q) | 1.75% |  | 07/2029 |  |  | 601 | 469 | (e) |  |
| Laboratories Bidco LLC |  | 1st Lien Term Loan | 5.86% | SOFR (Q) | 1.75% |  | 07/2029 |  |  | 4131 | 3222 | (e) |  |
| Laboratories Bidco LLC |  | 1st Lien Delay Draw Term Loan | 5.86% | SOFR (Q) | 1.75% |  | 07/2029 |  |  | 301 | 235 | (e) |  |
| LBC Woodlands Purchaser LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  |  | (e)(g) |  |
| LBC Woodlands Purchaser LLC |  | 1st Lien Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 07/2031 |  |  | 1302 | 1288 | (e)(f) |  |
| LBC Woodlands Purchaser LLC |  | 1st Lien Delay Draw Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 07/2031 |  |  | 93 | 92 | (e)(g) |  |
| Lightbeam Bidco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  |  | (e)(g) |  |
| Lightbeam Bidco, Inc. |  | 1st Lien Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 05/2030 |  |  | 1115 | 1114 | (e)(f) |  |
| Lightbeam Bidco, Inc. |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 05/2030 |  |  | 129 | 130 | (e)(f) |  |
| Lightbeam Bidco, Inc. |  | 1st Lien Delay Draw Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 05/2030 |  |  | 169 | 169 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Lightbeam Bidco, Inc. |  | 1st Lien Delay Draw Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 05/2030 |  | 260 | 260 | (e) |  |
| Lowe P27 Bidco Limited | United Kingdom | 1st Lien Term Loan | 8.58% | EURIBOR (S) | 6.50% |  | 07/2026 |  | £1400 | 1883 | (e) |  |
| Lowe P27 Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.23% | SOFR (S) | 6.50% |  | 07/2026 |  | 610 | 609 | (e) |  |
| Lowe P27 Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.77% | SONIA (S) | 6.50% |  | 07/2026 |  | £2031 | 2732 | (e) |  |
| Lowe P27 Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.76% | SONIA (S) | 6.50% |  | 07/2026 |  | £325 | 438 | (e) |  |
| Movares Group B.V. | Netherlands | 1st Lien Term Loan | 7.52% | EURIBOR (S) | 5.50% |  | 07/2032 |  | 1364 | 1601 | (e) |  |
| Movares Group B.V. | Netherlands | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| MPLC Debtco Limited | Jersey | 1st Lien Term Loan | 10.25% | SONIA (M) | 6.25% |  | 01/2027 |  | £148 | 200 | (e)(f) |  |
| MPLC Debtco Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.96% | SOFR (S) | 6.25% |  | 01/2027 |  | 1808 | 1808 | (e)(f) |  |
| MPLC Debtco Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.51% | SONIA (S) | 6.25% |  | 01/2027 |  | £600 | 806 | (e)(f) |  |
| Msis Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 03/2031 |  |  |  | (e)(g) |  |
| Msis Holdings, Inc. |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 03/2031 |  | 3561 | 3561 | (e)(f) |  |
| Msis Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2031 |  |  |  | (e)(g) |  |
| Neptune BidCo US Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2027 |  |  |  | (e)(g) |  |
| Neptune BidCo US Inc. |  | 1st Lien Term Loan | 9.18% | SOFR (Q) | 4.75% |  | 10/2028 |  | 13432 | 12760 | (f) |  |
| Neptune BidCo US Inc. |  | 1st Lien Term Loan | 9.43% | SOFR (Q) | 5.00% |  | 04/2029 |  | 15709 | 14937 | (f) |  |
| Neptune BidCo US Inc. |  | 2nd Lien Term Loan | 14.18% | SOFR (Q) | 9.75% |  | 10/2029 |  | 8834 | 8835 | (e)(f) |  |
| North Haven Stack Buyer, LLC |  | 1st Lien Revolving Loan | 8.95% | SOFR (Q) | 4.75% |  | 07/2031 |  | 281 | 281 | (e)(g) |  |
| North Haven Stack Buyer, LLC |  | 1st Lien Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 07/2027 |  | 2208 | 2209 | (e)(f) |  |
| North Haven Stack Buyer, LLC |  | 1st Lien Term Loan | 8.95% | SOFR (S) | 4.75% |  | 07/2027 |  | 30 | 30 | (e) |  |
| North Haven Stack Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 07/2027 |  | 2264 | 2264 | (e)(f) |  |
| North Haven Stack Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 07/2031 |  | 15 | 15 | (e)(g) |  |
| Orbit Private Holdings I Ltd | United Kingdom | 1st Lien Term Loan | 9.62% | SONIA (S) | 5.75% |  | 12/2028 |  | £4915 | 6543 | (e) |  |
| PHM Group Holding Oyj | Finland | 1st Lien Term Loan | 5.46% | EURIBOR (Q) | 3.50% |  | 04/2032 |  | 6217 | 7309 |  |  |
| Priority Waste Holdings LLC |  | 1st Lien Revolving Loan | 11.75% | PRIME (Q) | 4.50% |  | 08/2029 |  | 2 | 2 | (e)(g) |  |
| Priority Waste Holdings LLC |  | 1st Lien Term Loan | 12.29% | SOFR (Q) | 8.00% |  | 08/2029 |  | 5240 | 4873 | (e)(f) |  |
| Priority Waste Holdings LLC |  | 1st Lien Delay Draw Term Loan | 12.29% | SOFR (Q) | 8.00% |  | 08/2029 |  | 2010 | 1870 | (e)(f) |  |
| PSC Parent, Inc. |  | 1st Lien Revolving Loan | 9.41% | SOFR (M) | 5.25% |  | 04/2030 |  | 344 | 344 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| PSC Parent, Inc. |  | 1st Lien Term Loan | 9.15% | SOFR (M) | 5.00% |  | 04/2031 |  | 4393 | 4393 | (e)(f) |  |
| PSC Parent, Inc. |  | 1st Lien Delay Draw Term Loan | 9.15% | SOFR (M) | 5.00% |  | 04/2031 |  | 1219 | 1219 | (e)(g) |  |
| Pye-Barker Fire & Safety, LLC |  | 1st Lien Revolving Loan | 8.50% | SOFR (Q) | 4.50% |  | 05/2030 |  | 86 | 86 | (e)(g) |  |
| Pye-Barker Fire & Safety, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 05/2031 |  | 629 | 629 | (e)(f) |  |
| Pye-Barker Fire & Safety, LLC |  | 1st Lien Delay Draw Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 05/2031 |  | 3533 | 3532 | (e)(f)(g) |  |
| QIMA Finance Ltd | Jersey | 1st Lien Term Loan | 9.83% | SOFR (Q) | 5.50% |  | 07/2032 |  | 10288 | 10288 | (e) |  |
| QIMA Finance Ltd | Jersey | 1st Lien Delay Draw Term Loan | 9.83% | SOFR (Q) | 5.50% |  | 07/2032 |  | 697 | 697 | (e)(g) |  |
| Registrar Intermediate, LLC |  | 1st Lien Revolving Loan | 9.17% | SOFR (Q) | 5.00% |  | 08/2029 |  | 508 | 503 | (e)(g) |  |
| Registrar Intermediate, LLC |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 08/2029 |  | 4133 | 4092 | (e)(f) |  |
| Registrar Intermediate, LLC |  | 1st Lien Term Loan | 9.11% | SOFR (Q) | 5.00% |  | 08/2029 |  | 335 | 332 | (e)(f) |  |
| Registrar Intermediate, LLC |  | 1st Lien Delay Draw Term Loan | 9.11% | SOFR (Q) | 5.00% |  | 08/2029 |  | 279 | 276 | (e)(g) |  |
| Rodeo AcquisitionCo LLC |  | 1st Lien Revolving Loan | 9.81% | SOFR (Q) | 5.50% |  | 07/2027 |  | 256 | 256 | (e)(g) |  |
| Rodeo AcquisitionCo LLC |  | 1st Lien Term Loan | 9.85% | SOFR (Q) | 5.50% |  | 07/2027 |  | 2039 | 2039 | (e) |  |
| RSK Group Limited | United Kingdom | 1st Lien Term Loan | 9.24% | SONIA (Q) | 5.13% |  | 09/2030 |  | £3497 | 4704 | (e)(f) |  |
| RSK Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.99% | SONIA (Q) | 7.88% |  | 08/2028 |  | £1272 | 1711 | (e)(f) |  |
| RSK Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 7.06% | EURIBOR (Q) | 5.13% |  | 09/2030 |  | 1061 | 1246 | (e)(f) |  |
| RSK Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.22% | SONIA (Q) | 5.13% |  | 09/2030 |  | £13676 | 18392 | (e) |  |
| RSK Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.25% | SONIA (Q) | 5.13% |  | 09/2030 |  | £4779 | 6428 | (e) |  |
| Saturn Purchaser Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Saturn Purchaser Corp. |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 4.85% |  | 07/2030 |  | 221 | 221 | (e) |  |
| Saturn Purchaser Corp. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Schill Landscaping and Lawn Care Services, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  | (e)(g) |  |
| Schill Landscaping and Lawn Care Services, LLC |  | 1st Lien Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 2129 | 2129 | (e)(f) |  |
| Schill Landscaping and Lawn Care Services, LLC |  | 1st Lien Delay Draw Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 1557 | 1557 | (e)(f)(g) |  |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Revolving Loan | 8.87% | SOFR (Q) | 5.00% |  | 12/2026 |  | 501 | 501 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Term Loan | 8.87% | SOFR (Q) | 5.00% |  | 12/2026 |  | 30373 | 30373 | (e)(f) |  |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 8.92% | SOFR (S) | 5.00% |  | 12/2026 |  | 187 | 187 | (e)(f) |  |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.22% | SOFR (Q) | 5.00% |  | 12/2026 |  | 4590 | 4590 | (e)(f) |  |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 8.87% | SOFR (S) | 5.00% |  | 12/2026 |  | 2471 | 2471 | (e)(f) |  |
| Shermco Intermediate Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.24% | SOFR (Q) | 5.00% |  | 06/2027 |  | 124 | 125 | (e)(g) |  |
| Survitec Group Holdco Limited | United Kingdom | 1st Lien Term Loan | 11.75% (2.50% PIK) | SONIA (S) | 7.50% |  | 04/2027 |  | £8569 | 11525 | (e)(f) |  |
| Survitec Group Holdco Limited | United Kingdom | 1st Lien Term Loan | 12.50% (2.50% PIK) | SONIA (S) | 8.25% |  | 04/2027 |  | £520 | 699 | (e) |  |
| Survitec Group Holdco Limited | United Kingdom | 1st Lien Term Loan | 12.25% | SONIA (S) | 8.00% |  | 04/2027 |  | £2147 | 2887 | (e)(f) |  |
| SV Newco 2, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| SV Newco 2, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 06/2031 |  | 1032 | 1032 | (e)(f) |  |
| SV Newco 2, Inc. |  | 1st Lien Delay Draw Term Loan | 11.00% | PRIME (Q) | 3.75% |  | 06/2031 |  | 586 | 586 | (e)(g) |  |
| Systems Planning and Analysis, Inc. |  | 1st Lien Revolving Loan | 8.90% | SOFR (M) | 4.75% |  | 08/2027 |  | 93 | 93 | (e)(g) |  |
| Systems Planning and Analysis, Inc. |  | 1st Lien Term Loan | 8.92% | SOFR (S) | 4.75% |  | 08/2027 |  | 4365 | 4364 | (e)(f) |  |
| Talon Buyer Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| Talon Buyer Inc. |  | 1st Lien Term Loan | 8.82% | SOFR (Q) | 4.50% |  | 07/2032 |  | 801 | 791 | (e)(f) |  |
| Talon Buyer Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| The Hiller Companies, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| The Hiller Companies, LLC |  | 1st Lien Term Loan | 9.29% | SOFR (Q) | 5.00% |  | 06/2030 |  | 3768 | 3768 | (e)(f) |  |
| The Hiller Companies, LLC |  | 1st Lien Delay Draw Term Loan | 9.29% | SOFR (Q) | 5.00% |  | 06/2030 |  | 970 | 970 | (e)(g) |  |
| The Hiller Companies, LLC |  | 1st Lien Delay Draw Term Loan | 9.05% | SOFR (Q) | 4.75% |  | 06/2030 |  | 204 | 202 | (e)(g) |  |
| Thermostat Purchaser III, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2028 |  |  |  | (e)(g) |  |
| Thermostat Purchaser III, Inc. |  | 2nd Lien Term Loan | 11.60% | SOFR (Q) | 7.25% |  | 08/2029 |  | 3575 | 3575 | (e) |  |
| TSS Buyer, LLC |  | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.50% |  | 06/2029 |  | 256 | 256 | (e)(f) |  |
| TSS Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 9.56% | SOFR (Q) | 5.50% |  | 06/2029 |  | 212 | 211 | (e)(g) |  |
| Unifi Aviation North America, LLC |  | 1st Lien Revolving Loan | 7.19% | SOFR (Q) | 2.75% |  | 09/2028 |  | 1 |  | (e)(g) |  |
| Unifi Aviation North America, LLC |  | 1st Lien Term Loan | 9.42% | SOFR (Q) | 5.00% |  | 09/2028 |  | 2001 | 2001 | (e) |  |
| Unifi Aviation North America, LLC |  | 1st Lien Delay Draw Term Loan | 9.42% | SOFR (Q) | 5.00% |  | 09/2028 |  | 565 | 565 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Unity Purchaser, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 01/2031 |  |  |  |  | (e)(g) |  |
| Unity Purchaser, LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 01/2031 |  |  | 1245 | 1246 | (e)(f) |  |
| Unity Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 01/2031 |  |  | 579 | 579 | (e)(g) |  |
| UP Intermediate II LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2031 |  |  |  |  | (e)(g) |  |
| UP Intermediate II LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 03/2032 |  |  | 774 | 774 | (e)(f) |  |
| Villa Dutch Bidco B.V. | Netherlands | 1st Lien Term Loan | 7.16% | EURIBOR (M) | 5.25% |  | 11/2029 |  | € | 4000 | 4551 |  |  |
| Visual Edge Technology, Inc. |  | 1st Lien Term Loan | 11.35% (1.25% PIK) | SOFR (Q) | 7.00% |  | 12/2025 |  |  | 2213 | 2213 | (e) |  |
| Visual Edge Technology, Inc. |  | 1st Lien Delay Draw Term Loan | 16.48% (6.25% PIK) | SOFR (Q) | 12.00% |  | 12/2025 |  |  | 19 | 19 | (e) |  |
| VRC Companies, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2027 |  |  |  |  | (e)(g) |  |
| VRC Companies, LLC |  | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 06/2027 |  |  | 16236 | 16236 | (e)(f) |  |
| Vulcan UK Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.12% | SOFR (S) | 5.25% |  | 05/2032 |  |  | 700 | 700 | (e) |  |
| W.S. Connelly & Co., LLC |  | 1st Lien Revolving Loan | 8.00% | SOFR (Q) | 4.00% |  | 05/2030 |  |  | 762 | 762 | (e)(g) |  |
| W.S. Connelly & Co., LLC |  | 1st Lien Revolving Loan | 10.25% | PRIME (Q) | 3.00% |  | 05/2030 |  |  | 76 | 76 | (e)(g) |  |
| W.S. Connelly & Co., LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 05/2030 |  |  | 593 | 593 | (e)(f) |  |
| W.S. Connelly & Co., LLC |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 05/2030 |  |  | 696 | 696 | (e)(f)(g) |  |
| Zinc Buyer Corporation |  | 1st Lien Revolving Loan |  |  |  |  | 07/2031 |  |  |  |  | (e)(g) |  |
| Zinc Buyer Corporation |  | 1st Lien Term Loan | 9.05% | SOFR (Q) | 4.75% |  | 07/2031 |  |  | 1853 | 1853 | (e)(f) |  |
| Zinc Buyer Corporation |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2031 |  |  |  |  | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 616528 |  | 12.07% |
| **Consumer Distribution and Retail** | **Consumer Distribution and Retail** | **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |  |  |
| Bamboo Purchaser, Inc. |  | 1st Lien Revolving Loan | 7.19% | SOFR (Q) | 2.75% |  | 11/2026 |  |  | 1 | 1 | (e)(g) |  |
| Bamboo Purchaser, Inc. |  | 1st Lien Term Loan |  |  |  |  | 11/2027 |  |  | 3421 | 1163 | (e)(f)(i) |  |
| Bamboo Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2027 |  |  | 807 | 274 | (e)(i) |  |
| BGI Purchaser, Inc. |  | 1st Lien Revolving Loan | 8.20% | SOFR (Q) | 4.00% |  | 05/2030 |  |  | 3437 | 3438 | (e)(g) |  |
| BGI Purchaser, Inc. |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 05/2031 |  |  | 3590 | 3590 | (e)(f) |  |
| BGI Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2031 |  |  |  |  | (e)(g) |  |
| Blazing Star Shields Direct Parent, LLC |  | 1st Lien Term Loan | 11.20% | SOFR (Q) | 7.00% |  | 08/2030 |  |  | 11536 | 11363 | (e)(f) |  |
| BR PJK Produce, LLC |  | 1st Lien Term Loan | 10.69% | SOFR (Q) | 6.25% |  | 11/2027 |  |  | 95 | 95 | (e)(f) |  |
| BR PJK Produce, LLC |  | 1st Lien Delay Draw Term Loan | 10.69% | SOFR (Q) | 6.25% |  | 11/2027 |  |  | 560 | 560 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| BradyPlus Holdings, LLC |  | 1st Lien Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 10/2029 |  | 19341 | 19341 | (e)(f) |  |
| BradyPlus Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 10/2029 |  | 188 | 188 | (e)(g) |  |
| City Line Distributors LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2028 |  |  |  | (e)(g) |  |
| City Line Distributors LLC |  | 1st Lien Term Loan | 10.54% | SOFR (Q) | 6.00% |  | 08/2028 |  | 308 | 308 | (e)(f) |  |
| City Line Distributors LLC |  | 1st Lien Delay Draw Term Loan | 10.54% | SOFR (Q) | 6.00% |  | 08/2028 |  | 124 | 124 | (e)(f) |  |
| DecoPac, Inc. |  | 1st Lien Revolving Loan | 9.43% | SOFR (M) | 5.25% |  | 05/2030 |  | 1038 | 1038 | (e)(g) |  |
| DecoPac, Inc. |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 05/2030 |  | 27860 | 27860 | (e)(f) |  |
| Hills Distribution, Inc. |  | 1st Lien Revolving Loan | 8.82% | SOFR (Q) | 4.50% |  | 11/2029 |  | 1 | 1 | (e)(g) |  |
| Hills Distribution, Inc. |  | 1st Lien Term Loan | 10.32% | SOFR (Q) | 6.00% |  | 11/2029 |  | 525 | 525 | (e)(f) |  |
| Hills Distribution, Inc. |  | 1st Lien Delay Draw Term Loan | 10.32% | SOFR (Q) | 6.00% |  | 11/2029 |  | 267 | 267 | (e)(g) |  |
| LJ Perimeter Buyer, Inc. |  | 1st Lien Term Loan | 10.93% | SOFR (Q) | 6.50% |  | 10/2028 |  | 3192 | 2937 | (e)(f) |  |
| LJ Perimeter Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 10.93% | SOFR (Q) | 6.50% |  | 10/2028 |  | 410 | 377 | (e)(f) |  |
| Marcone Yellowstone Buyer Inc. |  | 1st Lien Term Loan | 8.19% | SOFR (Q) | 3.75% |  | 06/2028 |  | 10862 | 8907 | (e)(f) |  |
| Marcone Yellowstone Buyer Inc. |  | 1st Lien Delay Draw Term Loan | 8.19% | SOFR (Q) | 3.75% |  | 06/2028 |  | 3583 | 2938 | (e) |  |
| Mavis Tire Express Services Topco, Corp. |  | 1st Lien Term Loan | 7.20% | SOFR (Q) | 3.00% |  | 05/2028 |  | 7878 | 7874 |  |  |
| Mountaineer Merger Corporation |  | 1st Lien Revolving Loan | 9.31% | SOFR (Q) | 5.00% |  | 10/2027 |  | 2120 | 2014 | (e)(g) |  |
| Mr. Greens Intermediate, LLC |  | 1st Lien Revolving Loan | 10.01% | SOFR (Q) | 5.75% |  | 05/2031 |  | 58 | 59 | (e)(g) |  |
| Mr. Greens Intermediate, LLC |  | 1st Lien Term Loan | 10.17% | SOFR (Q) | 5.75% |  | 05/2031 |  | 2843 | 2843 | (e)(f) |  |
| Mr. Greens Intermediate, LLC |  | 1st Lien Delay Draw Term Loan | 10.17% | SOFR (Q) | 5.75% |  | 05/2031 |  | 104 | 104 | (e)(g) |  |
| Phoenix YW Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
| Phoenix YW Buyer, Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 05/2030 |  | 5242 | 5242 | (e)(f) |  |
| Reddy Ice LLC |  | 1st Lien Revolving Loan | 11.75% | PRIME (Q) | 4.50% |  | 04/2029 |  | 792 | 792 | (e)(g) |  |
| Reddy Ice LLC |  | 1st Lien Term Loan | 9.79% | SOFR (Q) | 5.50% |  | 04/2029 |  | 33238 | 33238 | (e)(f) |  |
| Reddy Ice LLC |  | 1st Lien Delay Draw Term Loan | 9.79% | SOFR (Q) | 5.50% |  | 04/2029 |  | 7865 | 7865 | (e)(f)(g) |  |
| Royal Borrower, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Royal Borrower, LLC |  | 1st Lien Term Loan | 9.43% | SOFR (M) | 5.25% |  | 07/2030 |  | 2377 | 2377 | (e)(f) |  |
| Royal Borrower, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Saldon Holdings, Inc. |  | 1st Lien Revolving Loan | 10.26% | SOFR (M) | 6.00% |  | 03/2026 |  |  | 35 | 35 | (e)(g) |  |
| Saldon Holdings, Inc. |  | 1st Lien Term Loan | 10.26% | SOFR (M) | 6.00% |  | 03/2026 |  |  | 7922 | 7922 | (e)(f) |  |
| Saldon Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2026 |  |  |  |  | (e)(g) |  |
| SCIH Salt Holdings Inc. |  | 1st Lien Term Loan | 7.20% | SOFR (Q) | 3.00% |  | 01/2029 |  |  | 49048 | 49083 | (f) |  |
| SFE Intermediate HoldCo LLC |  | 1st Lien Term Loan | 10.20% | SOFR (M) | 5.75% |  | 07/2026 |  |  | 2031 | 2031 | (e)(f) |  |
| Shur-Co Acquisition, Inc. |  | 1st Lien Term Loan | 9.66% | SOFR (M) | 5.50% |  | 07/2030 |  |  | 5803 | 5803 | (e)(f) |  |
| US Salt Investors, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2026 |  |  |  |  | (e)(g) |  |
| US Salt Investors, LLC |  | 1st Lien Term Loan | 9.40% | SOFR (Q) | 5.25% |  | 07/2028 |  |  | 5386 | 5386 | (e)(f) |  |
| VRS Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2032 |  |  |  |  | (e)(g) |  |
| VRS Buyer, Inc. |  | 1st Lien Term Loan | 9.08% | SOFR (Q) | 4.75% |  | 07/2032 |  |  | 2882 | 2853 | (e)(f) |  |
| VRS Buyer, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  |  | (e)(g) |  |
| Worldwide Produce Acquisition, LLC |  | 1st Lien Revolving Loan | 11.03% | SOFR (Q) | 6.75% |  | 01/2029 |  |  | 3 | 3 | (e)(g) |  |
| Worldwide Produce Acquisition, LLC |  | 1st Lien Term Loan | 11.91% (5.25% PIK) | SOFR (M) | 7.75% |  | 01/2029 |  |  | 145 | 127 | (e)(f) |  |
| Worldwide Produce Acquisition, LLC |  | 1st Lien Delay Draw Term Loan | 11.91% (5.25% PIK) | SOFR (M) | 7.75% |  | 01/2029 |  |  | 52 | 46 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Revolving Loan | 9.89% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 494 | 494 | (e)(g) |  |
| ZB Holdco LLC |  | 1st Lien Term Loan | 9.90% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 1546 | 1545 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Term Loan | 9.92% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 376 | 376 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Term Loan | 10.15% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 353 | 353 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Delay Draw Term Loan | 9.90% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 781 | 781 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Delay Draw Term Loan | 9.92% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 473 | 473 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Delay Draw Term Loan | 10.02% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 363 | 363 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Delay Draw Term Loan | 10.23% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 523 | 523 | (e)(f) |  |
| ZB Holdco LLC |  | 1st Lien Delay Draw Term Loan | 10.15% | SOFR (Q) | 5.75% |  | 02/2028 |  |  | 295 | 295 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 226195 |  | 4.43% |
| **Consumer Durables and Apparel** | **Consumer Durables and Apparel** | **Consumer Durables and Apparel** |  |  |  |  |  |  |  |  |  |  |  |
| 760203 N.B. LTD. | Canada | 1st Lien Revolving Loan | 8.23% | CORRA (M) | 5.50% |  | 12/2030 |  | CAD | 2519 | 1810 | (e)(g) |  |
| 760203 N.B. LTD. | Canada | 1st Lien Term Loan | 8.04% | CDOR (M) | 5.50% |  | 12/2030 |  | CAD | 9515 | 6836 | (e)(f) |  |
| Centric Brands LLC |  | 1st Lien Term Loan | 9.75% | SOFR (Q) | 5.50% |  | 08/2029 |  |  | 964 | 964 | (e) |  |
| DRS Holdings III, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2028 |  |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| DRS Holdings III, Inc. |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 11/2028 |  | 14572 | 14572 | (e)(f) |  |
| Fossil Group, Inc. |  | 1st Lien Revolving Loan | 9.00% | SOFR (M) | 5.00% |  | 08/2030 |  | 113 | 110 | (e)(g) |  |
| Rawlings Sporting Goods Company, Inc. |  | 1st Lien Revolving Loan | 8.13% | SOFR (M) | 3.75% |  | 11/2029 |  | 305 | 305 | (e)(g) |  |
| Rawlings Sporting Goods Company, Inc. |  | 1st Lien Term Loan | 8.90% | SOFR (Q) | 4.75% |  | 11/2030 |  | 7591 | 7591 | (e)(f) |  |
| ST Athena Global LLC |  | 1st Lien Revolving Loan | 9.52% | SOFR (Q) | 5.25% |  | 06/2029 |  | 168 | 165 | (e)(g) |  |
| ST Athena Global LLC |  | 1st Lien Term Loan | 9.51% | SOFR (Q) | 5.25% |  | 06/2030 |  | 4133 | 4050 | (e)(f) |  |
| ST Athena Global LLC |  | 1st Lien Term Loan | 9.22% | SONIA (M) | 5.25% |  | 06/2030 |  | £1870 | 2465 | (e)(f) |  |
| ST Athena Global LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| Varsity Brands, Inc. |  | 1st Lien Term Loan | 7.03% | SOFR (Q) | 3.00% |  | 08/2031 |  | 5925 | 5922 |  |  |
|  |  |  |  |  |  |  |  |  |  | 44790 |  | 0.88% |
| **Consumer Services** | **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2029 |  |  |  | (e)(g) |  |
| Apex Service Partners, LLC |  | 1st Lien Term Loan | 9.19% | SOFR (Q) | 5.00% |  | 10/2030 |  | 23921 | 23921 | (e)(f) |  |
| Apex Service Partners, LLC |  | 1st Lien Delay Draw Term Loan | 9.19% | SOFR (Q) | 5.00% |  | 10/2030 |  | 11853 | 11853 | (e)(f) |  |
| ASP Dream Acquisition Co LLC |  | 1st Lien Term Loan | 8.51% | SOFR (M) | 4.25% |  | 12/2028 |  | 5934 | 5370 | (e)(f) |  |
| Aspris Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.81% | SONIA (S) | 6.50% |  | 08/2028 |  | £3234 | 4350 | (e)(f) |  |
| Aspris Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.80% | SONIA (S) | 6.50% |  | 08/2028 |  | £1406 | 1891 | (e) |  |
| Aspris Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.32% | SONIA (Q) | 7.00% |  | 02/2030 |  | £571 | 769 | (e)(g) |  |
| Astra Service Partners, LLC |  | 1st Lien Revolving Loan | 9.27% | SOFR (Q) | 5.00% |  | 03/2027 |  |  | 1 | (e)(g) |  |
| Astra Service Partners, LLC |  | 1st Lien Term Loan | 9.09% | SOFR (Q) | 5.00% |  | 03/2027 |  | 489 | 489 | (e)(f) |  |
| Astra Service Partners, LLC |  | 1st Lien Delay Draw Term Loan | 9.09% | SOFR (Q) | 5.00% |  | 03/2027 |  | 924 | 924 | (e) |  |
| Astra Service Partners, LLC |  | 1st Lien Delay Draw Term Loan | 9.37% | SOFR (Q) | 5.00% |  | 03/2027 |  | 398 | 398 | (e)(g) |  |
| Bumble Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.74% | SONIA (Q) | 6.75% |  | 10/2030 |  | £3542 | 4763 | (e) |  |
| Bumble Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.75% | SONIA (S) | 6.75% |  | 10/2030 |  | £208 | 280 | (e)(g) |  |
| CC Fly Holding II A/S | Denmark | 1st Lien Term Loan | 11.89% | NIBOR (Q) | 7.75% |  | 05/2026 |  | 804 | 118 | (e)(f) |  |
| CC Fly Holding II A/S | Denmark | 1st Lien Delay Draw Term Loan | 11.89% | NIBOR (Q) | 7.75% |  | 05/2026 |  | 3813 | 558 | (e)(f) |  |
| CC Fly Holding II A/S | Denmark | 1st Lien Delay Draw Term Loan | 9.73% | CIBOR (Q) | 7.75% |  | 05/2026 |  | 6065 | 886 | (e)(f) |  |
| Clarion Home Services Group, LLC |  | 1st Lien Revolving Loan | 10.30% | SOFR (Q) | 6.00% |  | 12/2027 |  | 302 | 287 | (e)(g) |  |
| Clarion Home Services Group, LLC |  | 1st Lien Term Loan | 12.41% (6.00% PIK) | SOFR (Q) | 8.00% |  | 12/2027 |  | 2565 | 2463 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Clarion Home Services Group, LLC |  | 1st Lien Delay Draw Term Loan | 12.41% (6.00% PIK) | SOFR (Q) | 8.00% |  | 12/2027 |  | 1456 | 1398 | (e) |  |
| Clarion Home Services Group, LLC |  | 1st Lien Delay Draw Term Loan | 12.38% (6.25% PIK) | SOFR (Q) | 8.25% |  | 12/2027 |  | 265 | 255 | (e) |  |
| ClubCorp Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2031 |  |  |  | (e)(g) |  |
| ClubCorp Holdings, Inc. |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 07/2032 |  | 1489 | 1482 | (e)(f) |  |
| ClubCorp Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| CMG HoldCo, LLC |  | 1st Lien Revolving Loan | 8.52% | SOFR (S) | 4.50% |  | 11/2030 |  | 55 | 55 | (e)(g) |  |
| CMG HoldCo, LLC |  | 1st Lien Term Loan | 8.63% | SOFR (Q) | 4.50% |  | 11/2030 |  | 662 | 662 | (e)(f) |  |
| CMG HoldCo, LLC |  | 1st Lien Delay Draw Term Loan | 8.63% | SOFR (Q) | 4.50% |  | 11/2030 |  | 1373 | 1373 | (e)(f) |  |
| CMG HoldCo, LLC |  | 1st Lien Delay Draw Term Loan | 8.65% | SOFR (Q) | 4.50% |  | 11/2030 |  | 1797 | 1797 | (e)(g) |  |
| CST Holding Company |  | 1st Lien Revolving Loan |  |  |  |  | 11/2028 |  |  |  | (e)(g) |  |
| CST Holding Company |  | 1st Lien Term Loan | 9.26% | SOFR (M) | 5.00% |  | 11/2028 |  | 1060 | 1060 | (e)(f) |  |
| Davidson Hotel Company LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2031 |  |  |  | (e)(g) |  |
| Davidson Hotel Company LLC |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 10/2031 |  | 3306 | 3306 | (e)(f) |  |
| Davidson Hotel Company LLC |  | 1st Lien Delay Draw Term Loan | 9.16% | SOFR (M) | 5.00% |  | 10/2031 |  | 43 | 43 | (e)(g) |  |
| ECG Bidco S.A.S. | France | 1st Lien Term Loan | 7.51% | EURIBOR (Q) | 5.50% |  | 10/2028 |  | 5995 | 7038 | (e)(f) |  |
| ECG Bidco S.A.S. | France | 1st Lien Term Loan | 9.62% | SONIA (Q) | 5.50% |  | 05/2029 |  | £9567 | 12867 | (e)(f) |  |
| ECG Bidco S.A.S. | France | 1st Lien Delay Draw Term Loan | 7.51% | EURIBOR (Q) | 5.50% |  | 05/2029 |  | 1227 | 1440 | (e)(f)(g) |  |
| ECG Bidco S.A.S. | France | 1st Lien Delay Draw Term Loan | 7.48% | EURIBOR (Q) | 5.50% |  | 05/2029 |  | 17736 | 20823 | (e) |  |
| Equinox Holdings, Inc. |  | 1st Lien Term Loan | 12.25% (4.12% PIK) | SOFR (Q) | 8.25% |  | 03/2029 |  | 44453 | 44453 | (e)(f) |  |
| Equinox Holdings, Inc. |  | 2nd Lien Term Loan | 16.00% PIK |  |  |  | 06/2027 |  | 4277 | 4277 | (e) |  |
| Essential Services Holding Corporation |  | 1st Lien Revolving Loan | 9.19% | SOFR (Q) | 5.00% |  | 06/2030 |  | 522 | 512 | (e)(g) |  |
| Essential Services Holding Corporation |  | 1st Lien Term Loan | 9.32% | SOFR (Q) | 5.00% |  | 06/2031 |  | 21311 | 20885 | (e)(f) |  |
| Essential Services Holding Corporation |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| Eternal Aus Bidco Pty Ltd | Australia | 1st Lien Term Loan | 9.85% | BBSY (Q) | 6.25% |  | 11/2029 |  | 1834 | 1214 | (e) |  |
| Eternal Aus Bidco Pty Ltd | Australia | 1st Lien Delay Draw Term Loan | 9.85% | BBSY (Q) | 6.25% |  | 11/2029 |  | 76 | 50 | (e)(g) |  |
| EuroParcs Topholding B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 10.28% |  |  |  | 07/2029 |  | 591 | 693 | (e) |  |
| Excel Fitness Holdings, Inc. |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 04/2029 |  | 750 | 750 | (e)(f) |  |
| Excel Fitness Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 04/2029 |  | 407 | 407 | (e)(f)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Family First Bidco Limited | United Kingdom | 1st Lien Term Loan | 12.50% |  |  |  | 12/2029 |  | £32 | 43 | (e) |  |
| Fertitta Entertainment, LLC |  | 1st Lien Term Loan | 7.41% | SOFR (M) | 3.25% |  | 01/2029 |  | 5738 | 5728 | (f) |  |
| Fitness Ventures Holdings, Inc. |  | 1st Lien Revolving Loan | 8.15% | SOFR (M) | 4.00% |  | 08/2030 |  | 141 | 141 | (e)(g) |  |
| Fitness Ventures Holdings, Inc. |  | 1st Lien Term Loan | 9.14% | SOFR (M) | 5.00% |  | 08/2031 |  | 2005 | 2005 | (e)(f) |  |
| Fitness Ventures Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.64% | SOFR (M) | 5.50% |  | 08/2031 |  | 549 | 549 | (e)(g) |  |
| Flint Opco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |
| Flint Opco, LLC |  | 1st Lien Term Loan | 8.92% | SOFR (M) | 4.75% |  | 08/2030 |  | 1013 | 1013 | (e)(f) |  |
| Flint Opco, LLC |  | 1st Lien Delay Draw Term Loan | 8.92% | SOFR (Q) | 4.75% |  | 08/2030 |  | 429 | 429 | (e)(f) |  |
| Flint Opco, LLC |  | 1st Lien Delay Draw Term Loan | 8.99% | SOFR (M) | 4.75% |  | 08/2030 |  | 544 | 543 | (e)(g) |  |
| GS SEER Group Borrower LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2029 |  |  |  | (e)(g) |  |
| GS SEER Group Borrower LLC |  | 1st Lien Term Loan | 10.75% | SOFR (Q) | 6.75% |  | 04/2030 |  | 318 | 318 | (e) |  |
| GS SEER Group Borrower LLC |  | 1st Lien Delay Draw Term Loan | 10.75% | SOFR (Q) | 6.75% |  | 04/2030 |  | 117 | 117 | (e)(g) |  |
| HGC Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2029 |  |  |  | (e)(g) |  |
| HGC Holdings, LLC |  | 1st Lien Term Loan | 8.64% | SOFR (M) | 4.50% |  | 06/2029 |  | 23284 | 23109 | (e)(f) |  |
| HGC Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 8.64% | SOFR (M) | 4.50% |  | 06/2029 |  | 669 | 667 | (e)(g) |  |
| IFH Franchisee Holdings, LLC |  | 1st Lien Revolving Loan | 8.21% | SOFR (Q) | 4.00% |  | 12/2029 |  | 1158 | 1158 | (e)(g) |  |
| IFH Franchisee Holdings, LLC |  | 1st Lien Term Loan | 9.71% | SOFR (Q) | 5.50% |  | 12/2029 |  | 3869 | 3869 | (e)(f) |  |
| IFH Franchisee Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2029 |  |  |  | (e)(g) |  |
| Infinity Home Services HoldCo, Inc. |  | 1st Lien Revolving Loan | 12.25% | PRIME (Q) | 5.00% |  | 12/2028 |  | 57 | 57 | (e)(g) |  |
| Infinity Home Services HoldCo, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2028 |  |  |  | (e)(g) |  |
| Infinity Home Services HoldCo, Inc. |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 12/2028 |  | 3315 | 3315 | (e)(f) |  |
| Infinity Home Services HoldCo, Inc. |  | 1st Lien Delay Draw Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 12/2028 |  | 2196 | 2196 | (e)(f)(g) |  |
| Infinity Home Services HoldCo, Inc. |  | 1st Lien Delay Draw Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 12/2028 |  | 1723 | 1723 | (e)(g) |  |
| Inspiring Generations B.V. | Netherlands | 1st Lien Term Loan | 7.25% | EURIBOR (Q) | 5.25% |  | 07/2032 |  | 489 | 574 | (e) |  |
| Inspiring Generations B.V. | Netherlands | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| IRB Holding Corp. |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 12/2027 |  | 16640 | 16641 | (f) |  |
| Leviathan Intermediate Holdco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Leviathan Intermediate Holdco, LLC |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 12/2027 |  | 1356 | 1356 | (e)(f) |  |
| LGDN Bidco Limited | United Kingdom | 1st Lien Term Loan | 13.47% | SONIA (Q) | 9.50% |  | 12/2028 |  | £2195 | 2953 | (e)(f) |  |
| LGDN Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2028 |  | £34 | 45 | (e)(f)(g) |  |
| LGDN Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2028 |  | £— |  | (e)(g)(h) |  |
| LHS Borrower, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| LHS Borrower, LLC |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 09/2031 |  | 1118 | 1107 | (e)(f) |  |
| Mister Car Wash Holdings, Inc. |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 03/2031 |  | 7457 | 7464 | (f) |  |
| Mustang Prospects Purchaser, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| Mustang Prospects Purchaser, LLC |  | 1st Lien Term Loan | 9.03% | SOFR (Q) | 5.00% |  | 06/2031 |  | 1505 | 1505 | (e)(f) |  |
| Mustang Prospects Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 9.03% | SOFR (Q) | 5.00% |  | 06/2031 |  | 716 | 716 | (e)(g) |  |
| Mustang Prospects Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 9.17% | SOFR (Q) | 5.00% |  | 06/2031 |  | 71 | 71 | (e)(g) |  |
| North Haven Fairway Buyer, LLC |  | 1st Lien Revolving Loan | 9.06% | SOFR (Q) | 5.00% |  | 05/2028 |  | 10 | 10 | (e)(g) |  |
| North Haven Fairway Buyer, LLC |  | 1st Lien Term Loan | 9.13% | SOFR (Q) | 5.00% |  | 05/2028 |  | 44 | 44 | (e)(f) |  |
| North Haven Fairway Buyer, LLC |  | 1st Lien Term Loan | 9.32% | SOFR (Q) | 5.00% |  | 05/2028 |  | 642 | 642 | (e)(f) |  |
| North Haven Fairway Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 9.13% | SOFR (Q) | 5.00% |  | 05/2028 |  | 195 | 195 | (e)(f) |  |
| North Haven Fairway Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 9.18% | SOFR (Q) | 5.00% |  | 05/2028 |  | 1119 | 1119 | (e)(g) |  |
| Northwinds Holding, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  | (e)(g) |  |
| Northwinds Holding, Inc. |  | 1st Lien Term Loan | 9.71% | SOFR (Q) | 5.25% |  | 05/2029 |  | 4199 | 4199 | (e)(f) |  |
| Northwinds Holding, Inc. |  | 1st Lien Delay Draw Term Loan | 9.71% | SOFR (Q) | 5.25% |  | 05/2029 |  | 2838 | 2837 | (e)(f) |  |
| Northwinds Holding, Inc. |  | 1st Lien Delay Draw Term Loan | 9.62% | SOFR (Q) | 5.25% |  | 05/2029 |  | 1867 | 1868 | (e) |  |
| Northwinds Holding, Inc. |  | 1st Lien Delay Draw Term Loan | 9.58% | SOFR (Q) | 5.25% |  | 05/2029 |  | 38 | 38 | (e)(g) |  |
| PestCo, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| PestCo, LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 08/2030 |  | 191 | 190 | (e)(f) |  |
| PestCo, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Pinnacle MEP Intermediate Holdco LLC |  | 1st Lien Revolving Loan | 9.46% | SOFR (Q) | 5.25% |  | 10/2030 |  | 380 | 361 | (e)(g) |  |
| Pinnacle MEP Intermediate Holdco LLC |  | 1st Lien Term Loan | 9.52% | SOFR (Q) | 5.25% |  | 10/2030 |  | 1381 | 1312 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Pinnacle MEP Intermediate Holdco LLC |  | 1st Lien Delay Draw Term Loan | 9.52% | SOFR (Q) | 5.25% |  | 10/2030 |  | 486 | 461 | (e)(g) |  |
| Premiere Buyer, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
| Premiere Buyer, LLC |  | 1st Lien Term Loan | 8.80% | SOFR (Q) | 4.50% |  | 05/2031 |  | 3534 | 3535 | (e)(f) |  |
| Premiere Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 8.83% | SOFR (Q) | 4.50% |  | 05/2031 |  | 660 | 660 | (e)(g) |  |
| Quick Quack Car Wash Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| Quick Quack Car Wash Holdings, LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 06/2031 |  | 2216 | 2216 | (e)(f) |  |
| Quick Quack Car Wash Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 06/2031 |  | 245 | 246 | (e)(g) |  |
| Radiant Intermediate Holding, LLC |  | 1st Lien Term Loan | 10.30% | SOFR (Q) | 6.00% |  | 11/2026 |  | 504 | 459 | (e) |  |
| Redwood Services, LP |  | 1st Lien Revolving Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| Redwood Services, LP |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 06/2032 |  | 2341 | 2318 | (e)(f) |  |
| Redwood Services, LP |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| Rust Investment Sarl | Luxembourg | 1st Lien Term Loan |  |  |  |  | 11/2034 |  | 5607 | 4872 | (e)(i) |  |
| Safe Home Security, Inc. |  | 1st Lien Term Loan | 11.69% | SOFR (M) | 7.25% |  | 05/2025 |  | 644 | 644 | (e)(f) |  |
| Safe Home Security, Inc. |  | 1st Lien Delay Draw Term Loan | 11.69% | SOFR (M) | 7.25% |  | 05/2025 |  | 51 | 51 | (e)(f) |  |
| Service Logic Acquisition, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2025 |  |  |  | (e)(g) |  |
| Service Logic Acquisition, Inc. |  | 1st Lien Term Loan | 7.31% | SOFR (Q) | 3.00% |  | 10/2027 |  | 19785 | 19797 |  |  |
| Vertex Service Partners, LLC |  | 1st Lien Revolving Loan | 10.00% | SOFR (Q) | 6.00% |  | 11/2030 |  | 168 | 162 | (e)(g) |  |
| Vertex Service Partners, LLC |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 11/2030 |  | 1029 | 987 | (e)(f) |  |
| Vertex Service Partners, LLC |  | 1st Lien Delay Draw Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 11/2030 |  | 1962 | 1883 | (e)(f) |  |
| Vertex Service Partners, LLC |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 11/2030 |  | 1178 | 1107 | (e)(g) |  |
| Vista Higher Learning, LLC |  | 1st Lien Revolving Loan | 7.52% | SOFR (Q) | 3.50% |  | 09/2031 |  |  |  | (e)(g) |  |
| Vista Higher Learning, LLC |  | 1st Lien Term Loan | 7.52% | SOFR (S) | 3.50% |  | 09/2031 |  | 1 | 1 | (e) |  |
| Vista Higher Learning, LLC |  | 1st Lien Term Loan | 8.77% | SOFR (S) | 4.75% |  | 09/2031 |  | 603 | 597 | (e)(f) |  |
| Witherslack Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.76% | SONIA (Q) | 6.67% |  | 08/2028 |  | £5702 | 7668 | (e)(f) |  |
| Witherslack Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.79% | SONIA (Q) | 6.67% |  | 08/2028 |  | £412 | 554 | (e) |  |
| Witherslack Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.62% | SONIA (Q) | 6.40% |  | 08/2028 |  | £6164 | 8290 | (e) |  |
| Witherslack Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.49% | SONIA (Q) | 6.40% |  | 08/2028 |  | £704 | 947 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| YE Brands Holdings, LLC |  | 1st Lien Revolving Loan | 8.75% | SOFR (Q) | 4.75% |  | 10/2027 |  | 71 | 71 | (e)(g) |  |
| YE Brands Holdings, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 10/2027 |  | 2162 | 2162 | (e)(f) |  |
| YE Brands Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 10/2027 |  | 318 | 318 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  | 338394 |  | 6.62% |
| **Energy** |  |  |  |  |  |  |  |  |  |  |  |  |
| Enviva Inc. |  | 1st Lien Term Loan | 12.63% PIK | SOFR (Q) | 8.50% |  | 12/2029 |  | 39226 | 40010 |  |  |
| GNZ Energy Bidco Limited | New Zealand | 1st Lien Delay Draw Term Loan | 9.24% | BKBM (Q) | 6.00% |  | 07/2027 |  | 19293 | 11185 | (e)(f)(g) |  |
| HighPeak Energy, Inc. |  | 1st Lien Term Loan | 11.65% | SOFR (Q) | 7.50% |  | 09/2028 |  | 14903 | 14903 | (e) |  |
| Phoenix Operating LLC |  | 1st Lien Term Loan | 11.10% | SOFR (Q) | 7.00% |  | 12/2027 |  | 456 | 426 | (e) |  |
| Prairie ECI Acquiror LP |  | 1st Lien Term Loan | 7.91% | SOFR (M) | 3.75% |  | 08/2029 |  | 7197 | 7230 | (f) |  |
| PX HoldCo3 Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.59% | SONIA (Q) | 6.50% |  | 04/2027 |  | £3168 | 4261 | (e)(f) |  |
| TransMontaigne Operating Company L.P. |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 11/2028 |  | 6910 | 6913 | (f) |  |
|  |  |  |  |  |  |  |  |  |  | 84928 |  | 1.66% |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Aduro Advisors, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Aduro Advisors, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 07/2030 |  | 2491 | 2491 | (e)(f) |  |
| Aduro Advisors, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Alpha Luxco 2 Sarl | Luxembourg | 1st Lien Delay Draw Term Loan | 9.34% (5.31% PIK) | EURIBOR (Q) | 7.31% |  | 01/2027 |  | 1058 | 1242 | (e)(f) |  |
| Antenore Bidco SpA | Italy | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2031 |  |  |  | (e)(g) |  |
| AQ Sage Buyer, LLC |  | 1st Lien Revolving Loan | 10.14% | SOFR (Q) | 6.00% |  | 01/2028 |  | 5 | 5 | (e)(g) |  |
| AQ Sage Buyer, LLC |  | 1st Lien Delay Draw Term Loan | 10.12% | SOFR (Q) | 6.00% |  | 01/2028 |  | 251 | 248 | (e) |  |
| Arete Bidco Limited | Jersey | 1st Lien Term Loan | 10.66% | SONIA (Q) | 6.69% |  | 05/2031 |  | £2590 | 3484 | (e) |  |
| Arete Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.67% | SONIA (Q) | 6.69% |  | 05/2031 |  | £1666 | 2240 | (e)(g) |  |
| Arete Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2031 |  | £— |  | (e)(g)(h) |  |
| BCC Blueprint Holdings I, LLC |  | 1st Lien Term Loan | 10.92% | SOFR (Q) | 6.75% |  | 09/2027 |  | 7377 | 7377 | (e) |  |
| Beacon Pointe Harmony, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  | (e)(g) |  |
| Beacon Pointe Harmony, LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 12/2028 |  | 5924 | 5924 | (e)(f) |  |
| Beacon Pointe Harmony, LLC |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 12/2028 |  | 5955 | 5955 | (e)(f)(g) |  |
| BlauwTrust Holding B.V. | Netherlands | 1st Lien Term Loan | 9.37% | EURIBOR (Q) | 7.25% |  | 01/2029 |  | 5045 | 5923 | (e)(f) |  |
| Brokers Alliance S.L. | Spain | 1st Lien Term Loan | 8.18% | EURIBOR (Q) | 6.18% |  | 04/2029 |  | 2736 | 3211 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Brokers Alliance S.L. | Spain | 1st Lien Delay Draw Term Loan | 8.18% | EURIBOR (Q) | 6.18% |  | 04/2029 |  | 4730 | 5554 | (e) |  |
| Cezanne Bidco | France | 1st Lien Term Loan | 8.50% | EURIBOR (Q) | 6.50% |  | 10/2031 |  | 5762 | 6764 | (e) |  |
| Cezanne Bidco | France | 1st Lien Delay Draw Term Loan | 8.50% | EURIBOR (Q) | 6.50% |  | 10/2031 |  | 1416 | 1663 | (e)(g) |  |
| Clearstead Advisors, LLC |  | 1st Lien Revolving Loan | 8.67% | SOFR (M) | 4.50% |  | 02/2028 |  | 18 | 18 | (e)(g) |  |
| Clearstead Advisors, LLC |  | 1st Lien Term Loan | 8.79% | SOFR (Q) | 4.50% |  | 02/2028 |  | 433 | 431 | (e)(f) |  |
| Convera International Financial S.a r.l. | Luxembourg | 1st Lien Term Loan | 10.15% | SOFR (Q) | 6.00% |  | 03/2028 |  | 20572 | 20572 | (e)(f) |  |
| Convera International Holdings Limited | Jersey | 1st Lien Revolving Loan |  |  |  |  | 03/2027 |  |  |  | (e)(g) |  |
| Convera International Holdings Limited | Jersey | 1st Lien Term Loan | 10.15% | SOFR (Q) | 6.00% |  | 03/2028 |  | 7135 | 7135 | (e)(f) |  |
| De Hypothekers Associatie Holding B.V. | Netherlands | 1st Lien Term Loan | 8.62% | EURIBOR (S) | 6.50% |  | 01/2029 |  | 1526 | 1792 | (e)(f) |  |
| Edelman Financial Engines Center, LLC, The |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 04/2028 |  | 15317 | 15322 | (f) |  |
| Edelman Financial Engines Center, LLC, The |  | 2nd Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 10/2028 |  | 18500 | 18506 |  |  |
| Endeavor Bidco LLC |  | 1st Lien Term Loan | 8.25% | SOFR (Q) | 4.25% |  | 08/2029 |  | 1314 | 1307 | (e)(f) |  |
| GC Waves Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2030 |  |  |  | (e)(g) |  |
| GC Waves Holdings, Inc. |  | 1st Lien Term Loan | 9.01% | SOFR (M) | 4.75% |  | 10/2030 |  | 1864 | 1864 | (e)(f) |  |
| GC Waves Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.01% | SOFR (M) | 4.75% |  | 10/2030 |  | 6984 | 6983 | (e)(g) |  |
| GreatBear Bidco Limited | Jersey | 1st Lien Term Loan | 9.22% | SONIA (Q) | 5.00% |  | 01/2031 |  | £300 | 403 | (e) |  |
| GreatBear Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan | 8.97% | SONIA (S) | 5.00% |  | 01/2031 |  | £55 | 74 | (e)(g) |  |
| Grit Buyer, Inc. |  | 1st Lien Revolving Loan | 8.82% | SOFR (Q) | 4.50% |  | 07/2031 |  | 3 | 2 | (e)(g) |  |
| Grit Buyer, Inc. |  | 1st Lien Term Loan | 8.81% | SOFR (Q) | 4.50% |  | 07/2032 |  | 770 | 759 | (e)(f) |  |
| Grit Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 8.81% | SOFR (Q) | 4.50% |  | 07/2032 |  | 27 | 27 | (e)(g) |  |
| GTCR Everest Borrower, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2029 |  |  |  | (e)(g) |  |
| GTCR F Buyer Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2029 |  |  |  | (e)(g) |  |
| GTCR F Buyer Corp. |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 09/2030 |  | 883 | 883 | (e)(f) |  |
| GTCR F Buyer Corp. |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 09/2030 |  | 406 | 406 | (e)(g) |  |
| HighTower Holding, LLC |  | 1st Lien Term Loan | 7.07% | SOFR (Q) | 2.75% |  | 02/2032 |  | 6661 | 6649 | (f) |  |
| IVC Acquisition Ltd | Canada | 1st Lien Term Loan | 6.03% | EURIBOR (Q) | 4.00% |  | 12/2028 |  | 6022 | 7095 |  |  |
| Jewel Bidco Limited | United Kingdom | 1st Lien Term Loan |  |  |  |  | 07/2028 |  | £6864 | 7964 | (e)(f)(i) |  |
| Jewel Bidco Limited | United Kingdom | 1st Lien Term Loan | 15.00% |  |  |  | 07/2028 |  | £68 | 92 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Jewel Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2028 |  | £4012 | 4655 | (e)(i) |  |
| Medlar Bidco Limited | Jersey | 1st Lien Term Loan | 9.13% | SONIA (S) | 5.00% |  | 05/2032 |  | £3785 | 5014 | (e)(f) |  |
| Medlar Bidco Limited | Jersey | 1st Lien Term Loan | 6.97% | EURIBOR (Q) | 5.00% |  | 05/2032 |  | 5395 | 6238 | (e)(f) |  |
| Medlar Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2032 |  | £— |  | (e)(g) |  |
| Mercury Borrower, Inc. |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 08/2028 |  | 2984 | 2980 |  |  |
| Merit Financial Group, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Merit Financial Group, LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 08/2032 |  | 693 | 686 | (e)(f) |  |
| Merit Financial Group, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Monica Holdco (US), Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Monica Holdco (US), Inc. |  | 1st Lien Term Loan | 9.90% | SOFR (Q) | 5.75% |  | 07/2030 |  | 7891 | 7891 | (e)(f) |  |
| Monica Holdco (US), Inc. |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2030 |  | 2839 | 2838 | (e)(f) |  |
| Monica Holdco (US), Inc. |  | 1st Lien Term Loan | 9.40% | SOFR (Q) | 5.25% |  | 07/2030 |  | 4431 | 4431 | (e)(f) |  |
| Monica Holdco (US), Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| Nexus Buyer LLC |  | 2nd Lien Term Loan | 9.91% | SOFR (M) | 5.75% |  | 02/2032 |  | 2288 | 2283 |  |  |
| Olifan Group Partners | France | 1st Lien Term Loan | 8.29% | EURIBOR (S) | 6.25% |  | 03/2032 |  | 1089 | 1279 | (e) |  |
| Olifan Group Partners | France | 1st Lien Delay Draw Term Loan | 6.25% |  |  |  | 03/2032 |  | 146 | 172 | (e)(g) |  |
| Pathstone Family Office LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2028 |  |  |  | (e)(g) |  |
| Pathstone Family Office LLC |  | 1st Lien Term Loan | 9.26% | SOFR (M) | 5.00% |  | 05/2029 |  | 7599 | 7599 | (e)(f) |  |
| Pathstone Family Office LLC |  | 1st Lien Delay Draw Term Loan | 9.26% | SOFR (M) | 5.00% |  | 05/2029 |  | 255 | 255 | (e)(f)(g) |  |
| PCIA SPV-3, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |
| PCIA SPV-3, LLC |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 08/2029 |  | 1490 | 1490 | (e)(f) |  |
| PCIA SPV-3, LLC |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 08/2029 |  | 650 | 649 | (e)(g) |  |
| PCS Midco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 03/2030 |  |  |  | (e)(g) |  |
| PCS Midco, Inc. |  | 1st Lien Term Loan | 9.75% | SOFR (Q) | 5.75% |  | 03/2030 |  | 1013 | 1012 | (e)(f) |  |
| PCS Midco, Inc. |  | 1st Lien Delay Draw Term Loan | 9.75% | SOFR (Q) | 5.75% |  | 03/2030 |  | 180 | 180 | (e)(g) |  |
| Pegasus (Bidco) Limited | Jersey | 1st Lien Term Loan | 11.06% | SONIA (S) | 6.75% |  | 04/2029 |  | £4125 | 5548 | (e)(f) |  |
| Pegasus (Bidco) Limited | Jersey | 1st Lien Delay Draw Term Loan | 11.06% | SONIA (S) | 6.75% |  | 04/2029 |  | £822 | 1105 | (e) |  |
| Perigon Wealth Management, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2031 |  |  |  | (e)(g) |  |
| Perigon Wealth Management, LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 03/2031 |  | 2001 | 2001 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Perigon Wealth Management, LLC |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 03/2031 |  | 1747 | 1747 | (e)(g) |  |
| Plutus Bidco Limited | Jersey | 1st Lien Term Loan | 10.01% | SONIA (S) | 6.00% |  | 09/2028 |  | £5250 | 7061 | (e) |  |
| Plutus Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.01% | SONIA (S) | 6.00% |  | 09/2028 |  | £1750 | 2353 | (e) |  |
| ProFund S.a r.l. | Poland | 1st Lien Term Loan | 8.04% | EURIBOR (S) | 6.00% |  | 12/2027 |  | 2164 | 2541 | (e)(f) |  |
| ProFund S.a r.l. | Poland | 1st Lien Delay Draw Term Loan | 8.04% | EURIBOR (S) | 6.00% |  | 12/2027 |  | 90 | 106 | (e) |  |
| ProFund S.a r.l. | Poland | 1st Lien Delay Draw Term Loan | 10.95% | WIBOR (S) | 6.00% |  | 12/2027 |  | 15023 | 4133 | (e) |  |
| Project Optimus Bidco Limited | Jersey | 1st Lien Term Loan | 9.47% | SONIA (Q) | 5.50% |  | 05/2031 |  | £309 | 415 | (e) |  |
| Project Optimus Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2031 |  | £— |  | (e)(g) |  |
| RFS Opco LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 04/2031 |  | 6169 | 6168 | (e)(f) |  |
| RFS Opco LLC |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 04/2031 |  | 1297 | 1297 | (e)(g) |  |
| RWA Wealth Partners, LLC |  | 1st Lien Revolving Loan | 8.75% | SOFR (Q) | 4.75% |  | 11/2030 |  | 32 | 32 | (e)(g) |  |
| RWA Wealth Partners, LLC |  | 1st Lien Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 11/2030 |  | 3113 | 3113 | (e)(f) |  |
| RWA Wealth Partners, LLC |  | 1st Lien Delay Draw Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 11/2030 |  | 302 | 302 | (e)(g) |  |
| Skyliner S.a r.l. | Luxembourg | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g)(h) |  |
| Stepstone Group MidCo 2 GmbH, The |  | 1st Lien Term Loan | 6.67% | EURIBOR (S) | 4.50% |  | 04/2032 |  | 6000 | 6915 |  |  |
| Steward Partners Global Advisory, LLC |  | 1st Lien Revolving Loan | 8.91% | SOFR (S) | 4.75% |  | 10/2028 |  | 7 | 7 | (e)(g) |  |
| Steward Partners Global Advisory, LLC |  | 1st Lien Term Loan | 8.92% | SOFR (M) | 4.75% |  | 10/2028 |  | 382 | 382 | (e)(f) |  |
| Steward Partners Global Advisory, LLC |  | 1st Lien Delay Draw Term Loan | 8.92% | SOFR (M) | 4.75% |  | 10/2028 |  | 623 | 622 | (e)(g) |  |
| The Mather Group, LLC |  | 1st Lien Revolving Loan | 11.75% | PRIME (Q) | 4.50% |  | 03/2028 |  | 205 | 205 | (e)(g) |  |
| The Mather Group, LLC |  | 1st Lien Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 03/2028 |  | 4838 | 4838 | (e)(f) |  |
| The Mather Group, LLC |  | 1st Lien Term Loan | 10.19% | SOFR (Q) | 5.75% |  | 03/2028 |  | 799 | 799 | (e)(f) |  |
| The Mather Group, LLC |  | 1st Lien Delay Draw Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 03/2028 |  | 1946 | 1946 | (e)(f) |  |
| The Ultimus Group Midco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| The Ultimus Group Midco, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 07/2032 |  | 1947 | 1927 | (e)(f) |  |
| The Ultimus Group Midco, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| TK Elevator Midco GmbH | Germany | 1st Lien Term Loan | 5.33% | EURIBOR (S) | 3.25% |  | 04/2030 |  | 7125 | 8390 |  |  |
| Toscafund Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 12.31% | SONIA (S) | 8.00% |  | 04/2026 |  | £700 | 942 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| TPG IX Cardiff Debt HoldCo I, LLC |  | 1st Lien Term Loan | 10.30% | SOFR (Q) | 6.00% |  | 01/2033 |  | 4579 | 4579 | (e) |  |
| Trustly AB | Sweden | 1st Lien Term Loan | 9.27% | STIBOR (Q) | 7.25% |  | 06/2026 |  | 5500 | 584 | (e) |  |
| Trustly AB | Sweden | 1st Lien Delay Draw Term Loan | 9.41% | STIBOR (Q) | 7.25% |  | 09/2025 |  | 2700 | 287 | (e) |  |
| Waverly Advisors, LLC |  | 1st Lien Revolving Loan | 9.90% | SOFR (Q) | 5.75% |  | 03/2028 |  | 189 | 189 | (e)(g) |  |
| Waverly Advisors, LLC |  | 1st Lien Term Loan | 9.90% | SOFR (Q) | 5.75% |  | 03/2028 |  | 1995 | 1995 | (e)(f) |  |
| Waverly Advisors, LLC |  | 1st Lien Delay Draw Term Loan | 9.90% | SOFR (Q) | 5.75% |  | 03/2028 |  | 1459 | 1459 | (e)(f) |  |
| Waverly Advisors, LLC |  | 1st Lien Delay Draw Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 03/2028 |  | 3194 | 3194 | (e)(f) |  |
| Waverly Advisors, LLC |  | 1st Lien Delay Draw Term Loan | 9.21% | SOFR (Q) | 5.00% |  | 03/2028 |  | 2780 | 2780 | (e)(g) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2028 |  |  |  | (e)(g) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Term Loan | 8.79% | SOFR (Q) | 4.50% |  | 10/2028 |  | 3503 | 3503 | (e)(f) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Delay Draw Term Loan | 8.79% | SOFR (Q) | 4.50% |  | 10/2028 |  | 685 | 685 | (e) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Delay Draw Term Loan | 8.78% | SOFR (Q) | 4.50% |  | 10/2028 |  | 925 | 926 | (e)(g) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Delay Draw Term Loan | 8.79% | SOFR (Q) | 4.50% |  | 10/2028 |  | 4808 | 4808 | (e)(f) |  |
| Wealth Enhancement Group, LLC |  | 1st Lien Delay Draw Term Loan | 8.79% | SOFR (M) | 4.50% |  | 10/2028 |  | 10472 | 10472 | (e)(f)(g) |  |
| Wellington-Altus Financial Inc. | Canada | 1st Lien Revolving Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Wellington-Altus Financial Inc. | Canada | 1st Lien Term Loan | 7.99% | CORRA (Q) | 5.00% |  | 08/2030 |  | 1134 | 815 | (e)(f) |  |
| Wellington-Altus Financial Inc. | Canada | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Wharf Street Ratings Acquisition LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2032 |  |  |  | (e)(g) |  |
| Wharf Street Ratings Acquisition LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 09/2032 |  | 762 | 754 | (e)(f) |  |
| Wharf Street Ratings Acquisition LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  |  |  | (e)(g) |  |
| WSBidCo Limited | Jersey | 1st Lien Term Loan | 10.59% | SONIA (Q) | 6.50% |  | 06/2028 |  | £2679 | 3602 | (e)(f) |  |
| WSBidCo Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.63% | SONIA (Q) | 6.50% |  | 06/2028 |  | £2679 | 3602 | (e) |  |
| WSBidCo Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.59% | SONIA (Q) | 6.50% |  | 06/2028 |  | £4177 | 5618 | (e)(g) |  |
| Zelis Cost Management Buyer, Inc. |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 09/2029 |  | 1027 | 1024 | (f) |  |
|  |  |  |  |  |  |  |  |  |  | 315788 |  | 6.18% |
| **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** |  |  |  |  |  |  |  |  |  |  |
| Badia Spices, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2030 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Badia Spices, LLC |  | 1st Lien Term Loan | 8.38% | SOFR (S) | 4.25% |  | 11/2030 |  | 8808 | 8808 | (e)(f) |  |
| Berner Food & Beverage, LLC |  | 1st Lien Revolving Loan | 10.96% | SOFR (Q) | 6.50% |  | 07/2026 |  | 126 | 126 | (e)(g) |  |
| Berner Food & Beverage, LLC |  | 1st Lien Term Loan | 10.96% | SOFR (Q) | 6.50% |  | 07/2027 |  | 2750 | 2750 | (e)(f) |  |
| Chobani, LLC |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 10/2027 |  | 8907 | 8927 | (f) |  |
| Demakes Borrower, LLC |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 12/2029 |  | 942 | 942 | (e)(f) |  |
| Florida Food Products, LLC |  | 1st Lien Term Loan | 9.28% | SOFR (M) | 5.00% |  | 10/2028 |  | 36 | 24 | (e) |  |
| Florida Food Products, LLC |  | 2nd Lien Term Loan |  |  |  |  | 10/2029 |  | 7299 | 4817 | (e)(i) |  |
| Gotham Greens Holdings, PBC |  | 1st Lien Term Loan | 15.00% (2.00% PIK) | SOFR (S) | 11.13% |  | 12/2026 |  | 6473 | 6279 | (e) |  |
| Gotham Greens Holdings, PBC |  | 1st Lien Delay Draw Term Loan | 15.37% (2.00% PIK) | SOFR (S) | 11.13% |  | 12/2026 |  | 8297 | 8048 | (e) |  |
| HBH Buyer, LLC |  | 1st Lien Revolving Loan | 7.49% | SOFR (Q) | 3.50% |  | 09/2031 |  | 507 | 501 | (e)(g) |  |
| HBH Buyer, LLC |  | 1st Lien Term Loan | 9.24% | SOFR (S) | 5.25% |  | 09/2031 |  | 996 | 983 | (e)(f) |  |
| HBH Buyer, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| KNPC Holdco, LLC |  | 1st Lien Term Loan | 10.05% | SOFR (S) | 5.75% |  | 10/2029 |  | 9321 | 9321 | (e)(f) |  |
| KNPC Holdco, LLC |  | 1st Lien Term Loan | 11.30% | SOFR (S) | 7.00% |  | 10/2029 |  | 482 | 482 | (e)(f) |  |
| KNPC Holdco, LLC |  | 1st Lien Term Loan | 10.55% | SOFR (S) | 6.25% |  | 10/2029 |  | 469 | 469 | (e)(f) |  |
| Quirch Foods Holdings, LLC |  | 1st Lien Term Loan | 9.05% | SOFR (M) | 4.75% |  | 10/2027 |  | 4861 | 4759 |  |  |
| RB Holdings Interco, LLC |  | 1st Lien Revolving Loan | 9.42% | SOFR (Q) | 5.00% |  | 05/2028 |  | 209 | 205 | (e)(g) |  |
| RB Holdings Interco, LLC |  | 1st Lien Term Loan | 9.40% | SOFR (Q) | 5.00% |  | 05/2028 |  | 3656 | 3583 | (e)(f) |  |
| Spindrift Beverage Co., Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2032 |  |  |  | (e)(g) |  |
| Spindrift Beverage Co., Inc. |  | 1st Lien Term Loan | 9.29% | SOFR (Q) | 5.00% |  | 02/2032 |  | 1737 | 1737 | (e)(f) |  |
| Spindrift Beverage Co., Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 02/2032 |  |  |  | (e)(g) |  |
| Sugar PPC Buyer LLC |  | 1st Lien Term Loan | 9.57% | SOFR (Q) | 5.25% |  | 10/2031 |  | 2116 | 2116 | (e)(f) |  |
| Sugar PPC Buyer LLC |  | 1st Lien Delay Draw Term Loan | 9.57% | SOFR (Q) | 5.25% |  | 10/2031 |  | 939 | 939 | (e)(f)(g) |  |
| Supplying Demand, Inc. |  | 1st Lien Revolving Loan | 8.17% | SOFR (S) | 4.00% |  | 11/2027 |  | 1267 | 1267 | (e)(g) |  |
| Watermill Express, LLC |  | 1st Lien Revolving Loan | 8.82% | SOFR (Q) | 4.75% |  | 04/2031 |  | 103 | 103 | (e)(g) |  |
| Watermill Express, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 04/2031 |  | 2779 | 2779 | (e)(f) |  |
| Watermill Express, LLC |  | 1st Lien Term Loan | 8.76% | SOFR (Q) | 4.75% |  | 04/2031 |  | 567 | 567 | (e)(f) |  |
| Watermill Express, LLC |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 04/2031 |  | 213 | 213 | (e)(f) |  |
| Watermill Express, LLC |  | 1st Lien Delay Draw Term Loan | 8.76% | SOFR (Q) | 4.75% |  | 04/2031 |  | 208 | 208 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Watermill Express, LLC |  | 1st Lien Delay Draw Term Loan | 9.03% | SOFR (Q) | 4.75% |  | 04/2031 |  |  | 469 | 469 | (e)(g) |  |
| Wilbur-Ellis Holdings II LLC |  | 1st Lien Revolving Loan | 8.58% | SOFR (Q) | 4.25% |  | 06/2030 |  |  | 434 | 428 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 71850 |  | 1.41% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |  |
| Aerin Medical Inc. |  | 1st Lien Term Loan | 11.25% (3.88% PIK) | SOFR (Q) | 7.25% |  | 12/2030 |  |  | 2333 | 2334 | (e) |  |
| Aerin Medical Inc. |  | 1st Lien Delay Draw Term Loan | 11.25% (3.88% PIK) | SOFR (M) | 7.25% |  | 12/2030 |  |  | 379 | 379 | (e)(g) |  |
| Agiliti Health, Inc. |  | 1st Lien Term Loan | 7.24% | SOFR (S) | 3.00% |  | 05/2030 |  |  | 9644 | 9222 |  |  |
| Artivion, Inc. |  | 1st Lien Revolving Loan | 7.79% | SOFR (Q) | 3.50% |  | 01/2031 |  |  | 168 | 167 | (e)(g) |  |
| Artivion, Inc. |  | 1st Lien Term Loan | 9.04% | SOFR (Q) | 4.75% |  | 01/2031 |  |  | 2278 | 2278 | (e)(f) |  |
| Artivion, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2031 |  |  |  |  | (e)(g) |  |
| athenahealth Group Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2027 |  |  |  |  | (e)(g) |  |
| athenahealth Group Inc. |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 02/2029 |  |  | 14298 | 14263 |  |  |
| Avalign Technologies, Inc. |  | 1st Lien Revolving Loan | 10.66% | SOFR (M) | 6.50% |  | 12/2028 |  |  | 75 | 66 | (e)(g) |  |
| Avalign Technologies, Inc. |  | 1st Lien Term Loan | 11.45% (3.62% PIK) | SOFR (Q) | 7.25% |  | 12/2028 |  |  | 1716 | 1510 | (e)(f) |  |
| AX VI INV3 Holding AB | Sweden | 1st Lien Term Loan | 8.35% (1.67% PIK) | STIBOR (Q) | 6.25% |  | 08/2031 |  | SEK | 34027 | 3614 | (e) |  |
| AX VI INV3 Holding AB | Sweden | 1st Lien Delay Draw Term Loan | 8.38% (1.67% PIK) | EURIBOR (S) | 6.25% |  | 08/2031 |  | SEK | 22244 | 2363 | (e)(g) |  |
| AX VI INV3 Holding AB | Sweden | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2031 |  | € |  |  | (e)(g)(h) |  |
| Bausch + Lomb Corporation | Canada | 1st Lien Term Loan | 8.41% | SOFR (M) | 4.25% |  | 01/2031 |  |  | 11386 | 11377 | (f) |  |
| Bayou Intermediate II, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 09/2032 |  |  |  |  | (e)(g) |  |
| Bayou Intermediate II, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 09/2032 |  |  | 994 | 984 | (e)(f) |  |
| Bayou Intermediate II, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  |  |  |  | (e)(g) |  |
| Bracket Intermediate Holding Corp. |  | 1st Lien Term Loan | 8.41% | SOFR (M) | 4.25% |  | 05/2028 |  |  | 14153 | 14218 | (f) |  |
| BrightStar Group Holdings, Inc. |  | 1st Lien Revolving Loan | 9.00% | SOFR (Q) | 5.00% |  | 03/2032 |  |  | 25 | 25 | (e)(g) |  |
| BrightStar Group Holdings, Inc. |  | 1st Lien Term Loan | 9.05% | SOFR (Q) | 5.00% |  | 03/2032 |  |  | 3827 | 3827 | (e)(f) |  |
| BVI Medical, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 03/2032 |  |  |  |  | (e)(g) |  |
| BVI Medical, Inc. |  | 1st Lien Term Loan | 10.41% (5.00% PIK) | SOFR (M) | 6.25% |  | 03/2032 |  |  | 19889 | 19491 | (e) |  |
| BVI Medical, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2032 |  |  |  |  | (e)(g) |  |
| CHPPR Midco Inc. |  | 1st Lien Term Loan | 12.75% | SOFR (Q) | 8.75% |  | 12/2029 |  |  | 4010 | 4040 |  |  |
| CNT Holdings I Corp |  | 1st Lien Term Loan | 6.56% | SOFR (Q) | 2.25% |  | 11/2032 |  |  | 6536 | 6530 | (f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Color Intermediate, LLC |  | 1st Lien Term Loan | 8.85% | SOFR (Q) | 4.75% |  | 10/2029 |  | 1818 | 1818 | (e)(f) |  |
| Colosseum Dental Finance BV | Netherlands | 1st Lien Term Loan | 5.48% | EURIBOR (S) | 3.50% |  | 03/2032 |  | 5995 | 7047 |  |  |
| Convey Health Solutions, Inc. |  | 1st Lien Term Loan | 9.35% (3.94% PIK) | SOFR (Q) | 5.25% |  | 07/2029 |  | 1881 | 1505 | (e) |  |
| Cradle Lux Bidco S.a r.l | Luxembourg | 1st Lien Term Loan | 7.60% | EURIBOR (S) | 5.50% |  | 11/2031 |  | 1959 | 2299 | (e)(f) |  |
| Cradle Lux Bidco S.a r.l | Luxembourg | 1st Lien Term Loan | 9.77% | SOFR (S) | 5.50% |  | 11/2031 |  | 721 | 721 | (e)(f) |  |
| Cradle Lux Bidco S.a r.l | Luxembourg | 1st Lien Delay Draw Term Loan | 7.60% | EURIBOR (S) | 5.50% |  | 11/2031 |  | 728 | 728 | (e)(g) |  |
| Crown CT Parent Inc. |  | 1st Lien Revolving Loan | 9.65% | SOFR (Q) | 5.50% |  | 03/2028 |  | 452 | 452 | (e)(g) |  |
| Crown CT Parent Inc. |  | 1st Lien Term Loan | 9.65% | SOFR (Q) | 5.50% |  | 03/2029 |  | 8027 | 8027 | (e)(f) |  |
| CVP Holdco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| CVP Holdco, Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 06/2031 |  | 19710 | 19710 | (e)(f) |  |
| CVP Holdco, Inc. |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 06/2031 |  | 1130 | 1130 | (e)(g) |  |
| Electron Bidco Inc. |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 11/2028 |  | 13830 | 13853 | (f) |  |
| Empower Payments Investor, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2030 |  |  |  | (e)(g) |  |
| Empower Payments Investor, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 03/2031 |  | 470 | 470 | (e)(f) |  |
| Empower Payments Investor, LLC |  | 1st Lien Term Loan | 8.74% | SOFR (Q) | 4.75% |  | 03/2031 |  | 117 | 117 | (e)(f) |  |
| Empower Payments Investor, LLC |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 03/2031 |  | 67 | 67 | (e)(g) |  |
| Envisage Dental UK Limited | United Kingdom | 1st Lien Term Loan | 11.18% (2.19% PIK) | SONIA (Q) | 7.19% |  | 04/2031 |  | £2563 | 3447 | (e) |  |
| Envisage Dental UK Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.18% (2.19% PIK) | SONIA (Q) | 7.19% |  | 04/2031 |  | £1838 | 2471 | (e) |  |
| Envisage Dental UK Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2031 |  | £— |  | (e)(g)(h) |  |
| Evolent Health LLC |  | 1st Lien Revolving Loan | 8.45% | SOFR (Q) | 4.00% |  | 12/2029 |  | 2 | 2 | (e)(g) |  |
| Evolent Health LLC |  | 1st Lien Delay Draw Term Loan | 9.96% | SOFR (Q) | 5.50% |  | 12/2029 |  | 8373 | 8373 | (e)(g) |  |
| Evolent Health LLC |  | 2nd Lien Term Loan | 10.39% | SOFR (M) | 6.00% |  | 12/2029 |  | 64 | 64 | (e) |  |
| Evolent Health LLC |  | 2nd Lien Delay Draw Term Loan |  |  |  |  | 12/2029 |  |  |  | (e)(g) |  |
| Floss Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.81% | SONIA (S) | 5.50% |  | 09/2026 |  | £812 | 1049 | (e)(f) |  |
| Gainwell Acquisition Corp. |  | 1st Lien Term Loan | 8.10% | SOFR (Q) | 4.00% |  | 10/2027 |  | 21926 | 21548 | (f) |  |
| Global Medical Response, Inc. |  | 1st Lien Term Loan |  |  |  |  | 10/2032 |  | 34814 | 34816 | (h) |  |
| Hamilton Thorne Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2031 |  |  |  | (e)(g) |  |
| Hanger, Inc. |  | 1st Lien Term Loan | 7.66% | SOFR (M) | 3.50% |  | 10/2031 |  | 529 | 530 |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Hanger, Inc. |  | 1st Lien Delay Draw Term Loan | 7.66% | SOFR (M) | 3.50% |  | 10/2031 |  | 10 | 10 | (g) |  |
| Healthco Investment Ltd | United Kingdom | 1st Lien Term Loan | 9.73% | SONIA (S) | 5.75% |  | 09/2032 |  | £642 | 863 | (e) |  |
| Healthco Investment Ltd | United Kingdom | 1st Lien Term Loan | 7.85% | EURIBOR (S) | 5.75% |  | 09/2032 |  | 2969 | 3486 | (e) |  |
| Healthco Investment Ltd | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  | £— |  | (e)(g) |  |
| Himalaya TopCo LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| Himalaya TopCo LLC |  | 1st Lien Term Loan | 9.41% (2.25% PIK) | SOFR (M) | 5.25% |  | 06/2032 |  | 53848 | 53309 | (e)(f) |  |
| Himalaya TopCo LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| HuFriedy Group Acquisition LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
| HuFriedy Group Acquisition LLC |  | 1st Lien Term Loan | 9.67% | SOFR (Q) | 5.50% |  | 05/2031 |  | 19100 | 19100 | (e)(f) |  |
| HuFriedy Group Acquisition LLC |  | 1st Lien Delay Draw Term Loan | 9.67% | SOFR (Q) | 5.50% |  | 05/2031 |  | 3695 | 3695 | (e)(g) |  |
| Innovative Food Supplements Ltd | United Kingdom | 1st Lien Revolving Loan |  |  |  |  | 03/2026 |  | £— |  | (e)(g)(h) |  |
| Innovative Food Supplements Ltd | United Kingdom | 1st Lien Term Loan | 9.73% | SONIA (Y) | 5.75% |  | 09/2032 |  | £3618 | 4865 | (e) |  |
| Innovative Food Supplements Ltd | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  | £— |  | (e)(g) |  |
| LifeScan Global Corporation |  | 1st Lien Term Loan |  |  |  |  | 12/2026 |  | 1383 | 1320 | (i) |  |
| LifeScan Global Corporation |  | 2nd Lien Term Loan |  |  |  |  | 03/2027 |  | 5692 | 3202 | (e)(i) |  |
| LivTech Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2031 |  |  |  | (e)(g) |  |
| LivTech Purchaser, Inc. |  | 1st Lien Term Loan | 9.15% | SOFR (M) | 5.00% |  | 11/2031 |  | 1290 | 1290 | (e)(f) |  |
| LivTech Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan | 9.15% | SOFR (Q) | 5.00% |  | 11/2031 |  | 1185 | 1185 | (e)(g) |  |
| MAK-System Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.08% (4.75% PIK) | SOFR (S) | 7.00% |  | 02/2027 |  | 27786 | 26675 | (e)(f) |  |
| Mamba Purchaser, Inc. |  | 1st Lien Term Loan | 6.89% | SOFR (M) | 2.75% |  | 10/2031 |  | 14183 | 14209 | (f) |  |
| Medline Borrower, LP |  | 1st Lien Term Loan | 6.16% | SOFR (M) | 2.00% |  | 10/2030 |  | 12113 | 12106 | (f) |  |
| Medmark Services Inc |  | 1st Lien Term Loan | 9.26% | SOFR (Q) | 5.00% |  | 06/2027 |  | 1750 | 1487 | (e)(f) |  |
| Medmark Services Inc |  | 1st Lien Delay Draw Term Loan | 9.26% | SOFR (Q) | 5.00% |  | 06/2027 |  | 1497 | 1272 | (e)(f) |  |
| Medmark Services Inc |  | 2nd Lien Term Loan |  |  |  |  | 06/2028 |  | 9139 | 4204 | (e)(i) |  |
| Medmark Services Inc |  | 2nd Lien Delay Draw Term Loan |  |  |  |  | 06/2028 |  | 4897 | 2253 | (e)(i) |  |
| Network Bidco B.V. | Netherlands | 1st Lien Term Loan | 7.00% | EURIBOR (Q) | 5.00% |  | 05/2031 |  | 5778 | 6783 | (e)(f) |  |
| Network Bidco B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 7.03% | EURIBOR (Q) | 5.00% |  | 05/2031 |  | 2222 | 2609 | (e) |  |
| Network Bidco B.V. | Netherlands | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2031 |  |  |  | (e)(g)(h) |  |
| Next Holdco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Next Holdco, LLC |  | 1st Lien Term Loan | 9.48% | SOFR (Q) | 5.25% |  | 11/2030 |  | 981 | 981 | (e)(f) |  |
| Next Holdco, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2030 |  |  |  | (e)(g) |  |
| NextCare, Inc. |  | 2nd Lien Term Loan | 10.90% (7.90% PIK) | SOFR (Q) | 6.75% |  | 06/2026 |  | 8067 | 8067 | (e) |  |
| NMN Holdings III Corp. |  | 1st Lien Term Loan | 9.03% | SOFR (M) | 4.75% |  | 07/2031 |  | 278 | 278 | (e)(f) |  |
| NMN Holdings III Corp. |  | 1st Lien Term Loan | 7.76% | CORRA (S) | 5.00% |  | 07/2031 |  | 715 | 513 | (e)(f) |  |
| Nomi Health, Inc. |  | 1st Lien Term Loan | 12.54% | SOFR (Q) | 8.25% |  | 07/2028 |  | 3989 | 4102 | (e) |  |
| Olympia Acquisition, Inc. |  | 1st Lien Delay Draw Term Loan | 13.65% PIK | SOFR (Q) | 9.50% |  | 02/2027 |  | 243 | 243 | (e)(g) |  |
| Olympia Acquisition, Inc. |  | 1st Lien Term Loan |  |  |  |  | 02/2027 |  | 4414 | 1501 | (e)(i) |  |
| Olympia Acquisition, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 02/2027 |  | 678 | 231 | (e)(i) |  |
| PointClickCare Technologies Inc. | Canada | 1st Lien Term Loan | 6.75% | SOFR (S) | 2.75% |  | 11/2031 |  | 2488 | 2489 |  |  |
| Premise Health Holding Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 03/2030 |  |  |  | (e)(g) |  |
| Premise Health Holding Corp. |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 03/2031 |  | 2641 | 2641 | (e)(f) |  |
| Prime Dental Alliance B.V. | Netherlands | 1st Lien Term Loan | 9.50% | EURIBOR (Q) | 7.50% |  | 06/2027 |  | 2200 | 2583 | (e)(f) |  |
| Prime Dental Alliance B.V. | Netherlands | 1st Lien Term Loan | 9.75% | EURIBOR (Q) | 7.75% |  | 06/2027 |  | 953 | 1119 | (e) |  |
| Prime Dental Alliance B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 9.50% | EURIBOR (Q) | 7.50% |  | 06/2027 |  | 1654 | 1943 | (e) |  |
| Prime Dental Alliance B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 9.75% | EURIBOR (Q) | 7.75% |  | 06/2027 |  | 3183 | 3737 | (e)(g) |  |
| Project Alliance Buyer, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Project Alliance Buyer, LLC |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 08/2031 |  | 210 | 207 | (e)(f) |  |
| Project Ruby Ultimate Parent Corp. |  | 1st Lien Term Loan | 7.03% | SOFR (M) | 2.75% |  | 03/2028 |  | 13247 | 13250 |  |  |
| Radnet Management, Inc. |  | 1st Lien Term Loan | 6.45% | SOFR (Q) | 2.25% |  | 04/2031 |  | 8903 | 8909 | (f) |  |
| Raven Acquisition Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| Raven Acquisition Holdings, LLC |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 11/2031 |  | 8966 | 8960 |  |  |
| Raven Acquisition Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2031 |  |  |  | (g) |  |
| Resonetics, LLC |  | 1st Lien Term Loan | 7.06% | SOFR (Q) | 2.75% |  | 06/2031 |  | 4931 | 4924 | (f) |  |
| Revival Animal Health, LLC |  | 1st Lien Revolving Loan | 10.00% | SOFR (Q) | 6.00% |  | 01/2028 |  | 184 | 182 | (e)(g) |  |
| Revival Animal Health, LLC |  | 1st Lien Term Loan | 10.10% | SOFR (Q) | 6.00% |  | 01/2028 |  | 3185 | 3153 | (e)(f) |  |
| Revival Animal Health, LLC |  | 1st Lien Term Loan | 10.00% | SOFR (Q) | 6.00% |  | 01/2028 |  | 353 | 350 | (e)(f) |  |
| Revival Animal Health, LLC |  | 1st Lien Delay Draw Term Loan | 10.10% | SOFR (Q) | 6.00% |  | 01/2028 |  | 1468 | 1453 | (e)(g) |  |
| Rubicone Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.59% | SONIA (Q) | 6.50% |  | 12/2028 |  | £2942 | 3957 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Rubicone Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.59% | SONIA (Q) | 6.50% |  | 12/2028 |  | £1698 | 2284 | (e) |  |
| Rubicone Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 12.36% | SONIA (Q) | 8.25% |  | 12/2028 |  | £201 | 271 | (e)(g) |  |
| Spruce Bidco II Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 01/2032 |  |  |  | (e)(g) |  |
| Spruce Bidco II Inc. |  | 1st Lien Term Loan | 9.13% | SOFR (Q) | 5.00% |  | 01/2032 |  | 46109 | 46109 | (e)(f) |  |
| Spruce Bidco II Inc. |  | 1st Lien Term Loan | 7.68% | CORRA (Q) | 5.00% |  | 01/2032 |  | 9341 | 6712 | (e)(f) |  |
| Spruce Bidco II Inc. |  | 1st Lien Term Loan | 6.00% | TONA (S) | 5.25% |  | 01/2032 |  | ¥1001315 | 6771 | (e) |  |
| Symplr Software Inc. |  | 1st Lien Revolving Loan | 8.06% | SOFR (Q) | 3.75% |  | 12/2027 |  | 1 | 1 | (e)(g) |  |
| Symplr Software Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (Q) | 4.50% |  | 12/2027 |  | 3407 | 3055 | (f) |  |
| Symplr Software Inc. |  | 1st Lien Term Loan | 9.66% | SOFR (Q) | 5.25% |  | 12/2027 |  | 1823 | 1678 | (e)(f) |  |
| Symplr Software Inc. |  | 2nd Lien Term Loan | 12.28% | SOFR (Q) | 7.88% |  | 12/2028 |  | 12343 | 11355 | (e)(f) |  |
| Symplr Software Inc. |  | 2nd Lien Term Loan | 14.41% (4.00% PIK) | SOFR (Q) | 10.00% |  | 12/2028 |  | 5793 | 5619 | (e)(f) |  |
| Tandarts Today Holding B.V. | Netherlands | 1st Lien Term Loan | 9.00% | EURIBOR (Q) | 7.00% |  | 02/2028 |  | 643 | 755 | (e)(f) |  |
| Tandarts Today Holding B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 9.00% | EURIBOR (Q) | 7.00% |  | 02/2028 |  | 2908 | 3414 | (e)(g) |  |
| Team Health Holdings, Inc. |  | 1st Lien Term Loan | 8.80% | SOFR (S) | 4.50% |  | 06/2028 |  | 12469 | 12435 |  |  |
| Therapy Brands Holdings LLC |  | 2nd Lien Term Loan | 11.03% | SOFR (M) | 6.75% |  | 05/2029 |  | 4334 | 3684 | (e)(f) |  |
| U.S. Urology Partners, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| U.S. Urology Partners, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 04/2032 |  | 1505 | 1505 | (e)(f) |  |
| U.S. Urology Partners, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| United Digestive MSO Parent, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2029 |  |  |  | (e)(g) |  |
| United Digestive MSO Parent, LLC |  | 1st Lien Term Loan | 9.76% | SOFR (Q) | 5.75% |  | 03/2029 |  | 3090 | 3090 | (e)(f) |  |
| United Digestive MSO Parent, LLC |  | 1st Lien Delay Draw Term Loan | 9.76% | SOFR (Q) | 5.75% |  | 03/2029 |  | 63 | 63 | (e)(g) |  |
| Veonet Lense GmbH | Germany | 1st Lien Term Loan | 5.50% | EURIBOR (Q) | 3.50% |  | 03/2029 |  | 4111 | 4453 |  |  |
| VetPartners Group Limited | United Kingdom | 1st Lien Term Loan | 9.47% | SONIA (S) | 5.50% |  | 09/2032 |  | £20754 | 27912 | (e) |  |
| VetPartners Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2032 |  | £— |  | (e)(g)(h) |  |
| Viant Medical Holdings, Inc. (f/k/a MedPlast Holdings Inc.) |  | 1st Lien Term Loan | 8.16% | SOFR (M) | 4.00% |  | 10/2031 |  | 8559 | 8561 | (f) |  |
| VPP Intermediate Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  | (e)(g) |  |
| VPP Intermediate Holdings, LLC |  | 1st Lien Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 1522 | 1522 | (e)(f) |  |
| VPP Intermediate Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 10.01% | SOFR (M) | 5.75% |  | 12/2027 |  | 458 | 457 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| VPP Intermediate Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.91% | SOFR (M) | 5.75% |  | 12/2027 |  |  | 2892 | 2892 | (e)(f) |  |
| VPP Intermediate Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.41% | SOFR (M) | 5.25% |  | 12/2027 |  |  | 388 | 388 | (e)(g) |  |
| Waystar Technologies, Inc. |  | 1st Lien Term Loan |  |  |  |  | 10/2029 |  |  | 420 | 419 | (f)(h) |  |
| Waystar Technologies, Inc. |  | 1st Lien Term Loan | 6.16% | SOFR (Q) | 2.00% |  | 10/2029 |  |  | 4345 | 4344 | (f) |  |
| WSHP FC Acquisition LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2028 |  |  |  |  | (e)(g) |  |
| WSHP FC Acquisition LLC |  | 1st Lien Term Loan | 12.00% PIK |  |  |  | 03/2030 |  |  | 6379 | 5295 | (e)(f) |  |
| WSHP FC Acquisition LLC |  | 1st Lien Term Loan | 12.23% (6.00% PIK) | SOFR (M) | 8.00% |  | 04/2030 |  |  | 20864 | 20864 | (e)(f) |  |
| ZocDoc, Inc. |  | 1st Lien Term Loan | 9.46% | SOFR (Q) | 5.25% |  | 07/2030 |  |  | 2394 | 2346 | (e)(f) |  |
| ZocDoc, Inc. |  | 1st Lien Term Loan | 7.71% | SOFR (Q) | 3.50% |  | 07/2030 |  |  | 1 | 1 | (e) |  |
| ZocDoc, Inc. |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (M) | 5.25% |  | 07/2030 |  |  | 61 | 61 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 654944 |  | 12.82% |
| **Household and Personal Products** | **Household and Personal Products** | **Household and Personal Products** |  |  |  |  |  |  |  |  |  |  |  |
| Beacon Wellness Brands, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  |  | (e)(g) |  |
| Beacon Wellness Brands, Inc. |  | 1st Lien Term Loan | 10.51% (0.50% PIK) | SOFR (M) | 6.25% |  | 12/2027 |  |  | 1634 | 1520 | (e)(f) |  |
| Foundation Consumer Brands, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 02/2029 |  |  |  |  | (e)(g) |  |
| Foundation Consumer Brands, LLC |  | 1st Lien Term Loan | 9.47% | SOFR (Q) | 5.00% |  | 02/2029 |  |  | 14248 | 14248 | (e)(f) |  |
| pH Beauty Holdings III, Inc. |  | 1st Lien Term Loan | 9.27% | SOFR (S) | 5.00% |  | 09/2027 |  |  | 3608 | 3608 | (e)(f) |  |
| Premier Specialties, Inc. |  | 1st Lien Revolving Loan | 11.26% | SOFR (M) | 7.00% |  | 08/2027 |  |  | 281 | 259 | (e)(g) |  |
| Premier Specialties, Inc. |  | 1st Lien Term Loan | 11.26% | SOFR (M) | 7.00% |  | 08/2027 |  |  | 3098 | 2850 | (e)(f) |  |
| Silk Holdings III Corp. |  | 1st Lien Revolving Loan | 7.42% | SOFR (M) | 3.25% |  | 05/2029 |  |  | 8586 | 8586 | (e)(g) |  |
| Silk Holdings III Corp. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 05/2029 |  |  | 5267 | 5267 | (e)(f) |  |
| TCI Buyer LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2030 |  |  |  |  | (e)(g) |  |
| TCI Buyer LLC |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 11/2030 |  |  | 12320 | 12319 | (e)(f) |  |
| TCI Buyer LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2030 |  |  |  |  | (e)(g) |  |
| WU Holdco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 04/2032 |  |  |  |  | (e)(g) |  |
| WU Holdco, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 04/2032 |  |  | 1467 | 1460 | (e)(f) |  |
| WU Holdco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  |  | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 50117 |  | 0.98% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 15484880 Canada Inc. | Canada | 1st Lien Revolving Loan | 8.06% | CORRA (Q) | 5.25% |  | 04/2031 |  | CAD | 52 | 37 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| 15484880 Canada Inc. | Canada | 1st Lien Term Loan | 8.27% | CORRA (M) | 5.25% |  | 04/2031 |  | CAD | 4333 | 3113 | (e)(f) |  |
| 15484880 Canada Inc. | Canada | 1st Lien Delay Draw Term Loan | 8.27% | CORRA (Q) | 5.25% |  | 04/2031 |  | CAD | 61 | 44 | (e)(g) |  |
| Acrisure, LLC |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 11/2030 |  |  | 9654 | 9627 | (f) |  |
| Acrisure, LLC |  | 1st Lien Term Loan | 7.41% | SOFR (M) | 3.25% |  | 06/2032 |  |  | 9516 | 9497 |  |  |
| Alfred AcquiCo B.V. | Netherlands | 1st Lien Term Loan | 7.65% | EURIBOR (M) | 5.75% |  | 09/2029 |  | € | 1719 | 2018 | (e)(f) |  |
| AQ Sunshine, Inc. |  | 1st Lien Revolving Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2030 |  |  | 529 | 529 | (e)(g) |  |
| AQ Sunshine, Inc. |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2031 |  |  | 14640 | 14640 | (e)(f) |  |
| AQ Sunshine, Inc. |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 07/2031 |  |  | 3311 | 3311 | (e)(g) |  |
| Ardonagh Midco 3 Limited | Australia | 1st Lien Term Loan | 6.94% | SOFR (Q) | 2.75% |  | 02/2031 |  |  | 34825 | 34622 |  |  |
| Bellwether Buyer, L.L.C. |  | 1st Lien Revolving Loan | 8.66% | SOFR (Q) | 4.50% |  | 04/2032 |  |  | 114 | 113 | (e)(g) |  |
| Bellwether Buyer, L.L.C. |  | 1st Lien Term Loan | 8.64% | SOFR (M) | 4.50% |  | 04/2032 |  |  | 2097 | 2087 | (e)(f) |  |
| Bellwether Buyer, L.L.C. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  |  | (e)(g) |  |
| Broadstreet Partners, Inc. |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 06/2031 |  |  | 9785 | 9793 | (f) |  |
| Captive Resources Midco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 07/2028 |  |  |  |  | (e)(g) |  |
| Captive Resources Midco, LLC |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 07/2029 |  |  | 2353 | 2353 | (e)(f) |  |
| CFCo, LLC |  | 1st Lien Term Loan |  |  |  |  | 09/2038 |  |  | 3231 |  | (e)(i) |  |
| Daylight Beta Parent LLC |  | 1st Lien Term Loan |  |  |  |  | 09/2033 |  |  | 2216 | 192 | (e)(i) |  |
| Diamond Mezzanine 24 LLC |  | 1st Lien Revolving Loan | 9.22% | SOFR (Q) | 5.00% |  | 10/2030 |  |  | 103 | 103 | (e)(g) |  |
| Diamond Mezzanine 24 LLC |  | 1st Lien Term Loan | 9.31% | SOFR (Q) | 5.00% |  | 10/2030 |  |  | 6065 | 6065 | (e)(f) |  |
| DOXA Insurance Holdings LLC |  | 1st Lien Revolving Loan | 9.25% | SOFR (Q) | 5.25% |  | 12/2029 |  |  | 24 | 24 | (e)(g) |  |
| DOXA Insurance Holdings LLC |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 12/2030 |  |  | 1237 | 1237 | (e) |  |
| DOXA Insurance Holdings LLC |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 12/2030 |  |  | 1165 | 1165 | (e)(g) |  |
| Forza Insurance Holdings, LLC |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 02/2030 |  |  | 5544 | 5544 | (e)(f) |  |
| Foundation Risk Partners, Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2029 |  |  |  |  | (e)(g) |  |
| Foundation Risk Partners, Corp. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 10/2030 |  |  | 18761 | 18761 | (e)(f) |  |
| Foundation Risk Partners, Corp. |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 10/2030 |  |  | 21709 | 21709 | (e)(f) |  |
| Galway Borrower LLC |  | 1st Lien Revolving Loan | 8.49% | SOFR (Q) | 4.50% |  | 09/2028 |  |  | 241 | 241 | (e)(g) |  |
| Galway Borrower LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 09/2028 |  |  | 10566 | 10566 | (e)(f) |  |
| Galway Borrower LLC |  | 1st Lien Delay Draw Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 09/2028 |  |  | 218 | 218 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc. | Canada | 1st Lien Revolving Loan | 7.57% | CORRA (M) | 5.00% |  | 03/2031 |  | 20 | 14 | (e)(g) |  |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc. | Canada | 1st Lien Term Loan | 7.80% | CORRA (Q) | 5.00% |  | 03/2031 |  | 643 | 462 | (e) |  |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc. | Canada | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2031 |  |  |  | (e)(g) |  |
| HIG Finance 2 Limited | United Kingdom | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 02/2031 |  | 9900 | 9898 |  |  |
| Higginbotham Insurance Agency, Inc. |  | 1st Lien Term Loan | 8.67% | SOFR (M) | 4.50% |  | 11/2028 |  | 588 | 588 | (e) |  |
| Higginbotham Insurance Agency, Inc. |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 11/2028 |  | 359 | 359 | (e)(g) |  |
| High Street Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 04/2027 |  |  |  | (e)(g) |  |
| High Street Buyer, Inc. |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 04/2028 |  | 4603 | 4602 | (e)(f) |  |
| High Street Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 04/2028 |  | 28738 | 28739 | (e)(f) |  |
| High Street Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 04/2028 |  | 1983 | 1983 | (e) |  |
| High Street Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 8.50% | SOFR (M) | 4.25% |  | 04/2028 |  | 58 | 58 | (e)(g) |  |
| Hub International Limited |  | 1st Lien Term Loan | 6.58% | SOFR (Q) | 2.25% |  | 06/2030 |  | 8489 | 8500 | (f) |  |
| Inszone Mid, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| Inszone Mid, LLC |  | 1st Lien Term Loan | 9.27% | SOFR (Q) | 5.25% |  | 11/2029 |  | 2032 | 2032 | (e) |  |
| Inszone Mid, LLC |  | 1st Lien Delay Draw Term Loan | 9.27% | SOFR (Q) | 5.25% |  | 11/2029 |  | 2046 | 2045 | (e) |  |
| Inszone Mid, LLC |  | 1st Lien Delay Draw Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 11/2029 |  | 3673 | 3673 | (e)(g) |  |
| JMG Group Investments Limited | United Kingdom | 1st Lien Term Loan | 11.86% (3.75% PIK) | SONIA (Q) | 7.75% |  | 12/2028 |  | £327 | 440 | (e)(f) |  |
| JMG Group Investments Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.86% (3.75% PIK) | SONIA (Q) | 7.75% |  | 12/2028 |  | £2833 | 3810 | (e) |  |
| JMG Group Investments Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 12.11% (3.75% PIK) | SONIA (Q) | 8.00% |  | 12/2028 |  | £3576 | 4809 | (e) |  |
| JMG Group Investments Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.57% (3.87% PIK) | SONIA (Q) | 7.61% |  | 12/2028 |  | £5083 | 6836 | (e) |  |
| JMG Group Investments Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.40% | SONIA (Q) | 7.28% |  | 12/2028 |  | £1931 | 2597 | (e)(g) |  |
| King Risk Partners, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2031 |  |  |  | (e)(g) |  |
| King Risk Partners, LLC |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 04/2031 |  | 1200 | 1188 | (e)(f) |  |
| King Risk Partners, LLC |  | 1st Lien Delay Draw Term Loan | 8.66% | SOFR (M) | 4.50% |  | 04/2031 |  | 225 | 223 | (e)(g) |  |
| Koala Investment Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Koala Investment Holdings, Inc. |  | 1st Lien Term Loan | 8.50% | SOFR (M) | 4.50% |  | 08/2032 |  | 938 | 928 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Koala Investment Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2032 |  |  |  | (e)(g) |  |
| Lucida Broking Holdings Limited | United Kingdom | 1st Lien Term Loan | 9.25% PIK | SONIA (S) | 9.25% |  | 06/2026 |  | £843 | 1111 | (e)(f) |  |
| Lucida Broking Holdings Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.25% PIK | SONIA (S) | 9.25% |  | 06/2026 |  | £541 | 713 | (e)(f) |  |
| Maximus BidCo AB | Sweden | 1st Lien Term Loan | 7.47% | STIBOR (Q) | 5.37% |  | 04/2032 |  | 154830 | 16446 | (e) |  |
| Maximus BidCo AB | Sweden | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| Oakbridge Insurance Agency LLC |  | 1st Lien Revolving Loan | 10.03% | SOFR (M) | 5.75% |  | 11/2029 |  | 4 | 4 | (e)(g) |  |
| Oakbridge Insurance Agency LLC |  | 1st Lien Term Loan | 9.97% | SOFR (M) | 5.75% |  | 11/2029 |  | 1271 | 1271 | (e)(f) |  |
| Oakbridge Insurance Agency LLC |  | 1st Lien Delay Draw Term Loan | 9.97% | SOFR (M) | 5.75% |  | 11/2029 |  | 614 | 613 | (e)(g) |  |
| Oakbridge Insurance Agency LLC |  | 1st Lien Delay Draw Term Loan | 9.27% | SOFR (M) | 5.00% |  | 11/2029 |  | 173 | 173 | (e)(g) |  |
| OneDigital Borrower LLC |  | 1st Lien Term Loan | 7.12% | SOFR (M) | 3.00% |  | 07/2031 |  | 12422 | 12407 |  |  |
| Optio Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.74% | SONIA (S) | 6.50% |  | 03/2026 |  | £360 | 484 | (e)(f) |  |
| Optio Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 8.54% | EURIBOR (S) | 6.50% |  | 03/2026 |  | £280 | 376 | (e) |  |
| Optio Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.83% | SOFR (S) | 6.50% |  | 03/2026 |  | £918 | 1235 | (e)(g) |  |
| Patriot Growth Insurance Services, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2028 |  |  |  | (e)(g) |  |
| Patriot Growth Insurance Services, LLC |  | 1st Lien Term Loan | 9.15% | SOFR (Q) | 5.00% |  | 10/2028 |  | 1743 | 1743 | (e)(f) |  |
| People Corporation | Canada | 1st Lien Revolving Loan | 8.27% | CORRA (Q) | 5.25% |  | 02/2027 |  | 673 | 484 | (e)(g) |  |
| People Corporation | Canada | 1st Lien Term Loan | 8.27% | CORRA (Q) | 5.25% |  | 02/2028 |  | 7225 | 5192 | (e)(f) |  |
| People Corporation | Canada | 1st Lien Delay Draw Term Loan | 8.27% | CORRA (Q) | 5.25% |  | 02/2028 |  | 8816 | 6334 | (e)(f) |  |
| People Corporation | Canada | 1st Lien Delay Draw Term Loan | 8.00% | CORRA (Q) | 5.00% |  | 02/2028 |  | 1402 | 1007 | (e)(g) |  |
| Platinum Credit Bidco Limited | Jersey | 1st Lien Term Loan | 10.23% | SONIA (S) | 6.25% |  | 11/2029 |  | £27960 | 37604 | (e)(f) |  |
| Platinum Credit Bidco Limited | Jersey | 1st Lien Term Loan | 10.22% | SONIA (S) | 6.25% |  | 11/2029 |  | £8917 | 11992 | (e) |  |
| Roman New Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.89% | SONIA (S) | 5.92% |  | 12/2028 |  | £994 | 1337 | (e) |  |
| Roman New Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2028 |  | £— |  | (e)(g)(h) |  |
| Sabseg Group, S.L. | Spain | 1st Lien Delay Draw Term Loan | 8.18% | EURIBOR (Q) | 6.18% |  | 04/2029 |  | 11368 | 13346 | (e)(g) |  |
| SageSure Holdings, LLC |  | 1st Lien Term Loan | 9.03% | SOFR (M) | 4.75% |  | 01/2030 |  | 27513 | 27513 | (e)(f) |  |
| SageSure Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.03% | SOFR (M) | 4.75% |  | 01/2030 |  | 8663 | 8663 | (e)(f) |  |
| SageSure Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.27% | SOFR (M) | 5.00% |  | 01/2030 |  | 4995 | 4995 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| SCM Insurance Services Inc. | Canada | 1st Lien Revolving Loan |  |  |  |  | 08/2026 |  |  |  | (e)(g) |  |
| SCM Insurance Services Inc. | Canada | 1st Lien Term Loan | 8.89% | CORRA (M) | 6.25% |  | 08/2026 |  | 178 | 128 | (e)(f) |  |
| SelectQuote, Inc. |  | 1st Lien Term Loan | 10.76% | SOFR (M) | 6.50% |  | 09/2027 |  | 2958 | 2958 | (e)(f) |  |
| SG Acquisition, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 04/2030 |  |  |  | (e)(g) |  |
| SG Acquisition, Inc. |  | 1st Lien Term Loan | 9.05% | SOFR (Q) | 4.75% |  | 04/2030 |  | 5382 | 5382 | (e)(f) |  |
| SIG Parent Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| SIG Parent Holdings, LLC |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 08/2031 |  | 3753 | 3753 | (e)(f) |  |
| SIG Parent Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 08/2031 |  | 162 | 162 | (e)(g) |  |
| Spitfire Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.95% | SOFR (S) | 6.75% |  | 09/2029 |  | 15151 | 15151 | (e)(f) |  |
| Spitfire Bidco Limited | United Kingdom | 1st Lien Term Loan | 11.15% | SOFR (S) | 6.75% |  | 09/2029 |  | £3164 | 4255 | (e) |  |
| Spitfire Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.75% | SONIA (Q) | 6.75% |  | 09/2029 |  | £3488 | 4691 | (e)(g) |  |
| Truist Insurance Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  | (e)(g) |  |
| Truist Insurance Holdings, LLC |  | 1st Lien Term Loan | 6.75% | SOFR (Q) | 2.75% |  | 05/2031 |  | 138 | 138 |  |  |
| USI, Inc. |  | 1st Lien Term Loan | 6.25% | SOFR (Q) | 2.25% |  | 11/2029 |  | 7987 | 7977 | (f) |  |
| USI, Inc. |  | 1st Lien Term Loan | 6.25% | SOFR (Q) | 2.25% |  | 09/2030 |  | 10282 | 10265 | (f) |  |
| World Insurance Associates, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2030 |  |  |  | (e)(g) |  |
| World Insurance Associates, LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 04/2030 |  | 1847 | 1847 | (e) |  |
| World Insurance Associates, LLC |  | 1st Lien Delay Draw Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 04/2030 |  | 153 | 152 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  | 453295 |  | 8.87% |
| **Materials** |  |  |  |  |  |  |  |  |  |  |  |  |
| Adonis Acquisition Holdings LLC |  | 1st Lien Revolving Loan | 9.38% | SOFR (Q) | 5.00% |  | 08/2028 |  | 1 | 1 | (e)(g) |  |
| Adonis Acquisition Holdings LLC |  | 1st Lien Term Loan | 9.60% PIK | SOFR (Q) | 5.50% |  | 02/2030 |  | 2818 | 2818 | (e) |  |
| Adonis Acquisition Holdings LLC |  | 1st Lien Delay Draw Term Loan | 9.60% PIK | SOFR (Q) | 5.50% |  | 02/2030 |  | 714 | 714 | (e)(g) |  |
| AP Adhesives Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2031 |  |  |  | (e)(g) |  |
| AP Adhesives Holdings, LLC |  | 1st Lien Term Loan | 9.08% | SOFR (S) | 4.75% |  | 04/2032 |  | 3630 | 3593 | (e)(f) |  |
| AP Adhesives Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| Aruba Investments, Inc. |  | 2nd Lien Term Loan | 12.01% | SOFR (M) | 7.75% |  | 11/2028 |  | 4038 | 3658 |  |  |
| ASP-r-pac Acquisition Co LLC |  | 1st Lien Revolving Loan | 10.28% | SOFR (M) | 6.00% |  | 12/2027 |  | 621 | 621 | (e)(g) |  |
| ASP-r-pac Acquisition Co LLC |  | 1st Lien Term Loan | 10.57% | SOFR (Q) | 6.00% |  | 12/2027 |  | 6026 | 6026 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| ASP-r-pac Acquisition Co LLC |  | 1st Lien Term Loan | 10.31% | SOFR (Q) | 6.00% |  | 12/2027 |  |  | 470 | 470 | (e)(f) |  |
| Bulab Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2032 |  |  |  |  | (e)(g) |  |
| Bulab Holdings, Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 07/2032 |  |  | 21588 | 21372 | (e)(f) |  |
| Bulab Holdings, Inc. |  | 1st Lien Term Loan | 6.66% | EURIBOR (M) | 4.75% |  | 07/2032 |  | € | 3626 | 4215 | (e)(f) |  |
| Bulab Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  |  | (e)(g) |  |
| BW Holding, Inc. |  | 1st Lien Term Loan | 10.65% | SOFR (Q) | 6.50% |  | 12/2030 |  |  | 1725 | 1770 |  |  |
| BW Holding, Inc. |  | 1st Lien Term Loan | 8.88% | SOFR (Q) | 4.50% |  | 12/2030 |  |  | 6887 | 5257 |  |  |
| Flexsys Cayman Holdings, LP |  | 1st Lien Term Loan | 10.45% | SOFR (Q) | 6.25% |  | 08/2029 |  |  | 6329 | 5383 |  |  |
| Flexsys Cayman Holdings, LP |  | 1st Lien Term Loan | 9.71% | SOFR (Q) | 5.25% |  | 08/2029 |  |  | 8703 | 2818 |  |  |
| Meyer Laboratory, LLC |  | 1st Lien Revolving Loan | 12.00% | PRIME (Q) | 4.75% |  | 02/2030 |  |  | 141 | 132 | (e)(g) |  |
| Meyer Laboratory, LLC |  | 1st Lien Term Loan | 9.75% | SOFR (Q) | 5.75% |  | 02/2030 |  |  | 655 | 616 | (e)(f) |  |
| Meyer Laboratory, LLC |  | 1st Lien Delay Draw Term Loan | 9.75% | SOFR (Q) | 5.75% |  | 02/2030 |  |  | 117 | 110 | (e)(g) |  |
| NCP-MSI Buyer, Inc. |  | 1st Lien Revolving Loan | 7.99% | SOFR (Q) | 3.75% |  | 03/2031 |  |  | 609 | 608 | (e)(g) |  |
| NCP-MSI Buyer, Inc. |  | 1st Lien Term Loan | 9.05% | SOFR (Q) | 4.75% |  | 03/2031 |  |  | 3872 | 3872 | (e)(f) |  |
| NCP-MSI Buyer, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2031 |  |  |  |  | (e)(g) |  |
| Nelipak Holding Company |  | 1st Lien Revolving Loan | 9.66% | SOFR (M) | 5.50% |  | 03/2031 |  |  | 200 | 196 | (e)(g) |  |
| Nelipak Holding Company |  | 1st Lien Revolving Loan | 7.41% | EURIBOR (M) | 5.50% |  | 03/2031 |  | € | 13 | 15 | (e)(g) |  |
| Nelipak Holding Company |  | 1st Lien Term Loan | 9.66% | SOFR (M) | 5.50% |  | 03/2031 |  |  | 974 | 955 | (e)(f) |  |
| Nelipak Holding Company |  | 1st Lien Term Loan | 7.48% | EURIBOR (Q) | 5.50% |  | 03/2031 |  | € | 1872 | 2153 | (e)(f) |  |
| Nelipak Holding Company |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2031 |  |  |  |  | (e)(g) |  |
| Nelipak Holding Company |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2031 |  | € |  |  | (e)(g) |  |
| Novipax Buyer, L.L.C. |  | 1st Lien Term Loan | 12.63% (1.00% PIK) | SOFR (S) | 8.25% |  | 12/2026 |  |  | 4294 | 4294 | (e)(f) |  |
| Plaskolite PPC Intermediate II LLC |  | 1st Lien Revolving Loan | 11.22% | SOFR (M) | 7.00% |  | 02/2030 |  |  | 297 | 291 | (e)(g) |  |
| Plaskolite PPC Intermediate II LLC |  | 1st Lien Term Loan | 12.22% (4.00% PIK) | SOFR (M) | 8.00% |  | 05/2030 |  |  | 34680 | 33986 | (e)(f) |  |
| Polymer Solutions Group, LLC |  | 1st Lien Term Loan | 8.63% | SOFR (S) | 4.50% |  | 11/2026 |  |  | 634 | 634 | (e)(f) |  |
| Precision Concepts Parent Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2032 |  |  |  |  | (e)(g) |  |
| Precision Concepts Parent Inc. |  | 1st Lien Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 08/2032 |  |  | 719 | 712 | (e)(f) |  |
| Precision Concepts Parent Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2032 |  |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Pregis TopCo LLC |  | 1st Lien Term Loan | 8.16% | SOFR (M) | 4.00% |  | 02/2029 |  | 14483 | 14573 | (f) |  |
| Pretium PKG Holdings, Inc. |  | 1st Lien Term Loan | 8.22% | SOFR (Q) | 3.90% |  | 10/2028 |  | 6181 | 3029 | (e) |  |
| Reagent Chemical & Research, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2030 |  |  |  | (e)(g) |  |
| Reagent Chemical & Research, LLC |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 04/2031 |  | 2202 | 2202 | (e)(f) |  |
| Sterilex LLC |  | 1st Lien Revolving Loan | 7.77% | SOFR (S) | 3.75% |  | 09/2030 |  | 1 | 1 | (e)(g) |  |
| Sterilex LLC |  | 1st Lien Term Loan | 9.27% | SOFR (S) | 5.25% |  | 09/2030 |  | 220 | 217 | (e)(f) |  |
| Sterilex LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2030 |  |  |  | (e)(g) |  |
| Trident TPI Holdings, Inc. |  | 1st Lien Term Loan | 7.75% | SOFR (Q) | 3.75% |  | 09/2028 |  | 18191 | 17842 | (f) |  |
|  |  |  |  |  |  |  |  |  |  | 145154 |  | 2.84% |
| **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |
| 1261229 B.C. Ltd. | Canada | 1st Lien Term Loan | 10.41% | SOFR (M) | 6.25% |  | 10/2030 |  | 25935 | 25522 |  |  |
| Alcami Corporation |  | 1st Lien Revolving Loan |  |  |  |  | 12/2028 |  |  |  | (e)(g) |  |
| Alcami Corporation |  | 1st Lien Term Loan | 11.34% | SOFR (Q) | 7.00% |  | 12/2028 |  | 200 | 200 | (e) |  |
| Alcami Corporation |  | 1st Lien Delay Draw Term Loan | 11.34% | SOFR (M) | 7.00% |  | 12/2028 |  | 15 | 15 | (e) |  |
| Aspire Bidco Limited | Jersey | 1st Lien Term Loan | 10.18% | SONIA (Q) | 6.09% |  | 09/2028 |  | £7777 | 10460 | (e)(f) |  |
| Aspire Bidco Limited | Jersey | 1st Lien Delay Draw Term Loan | 10.18% | SONIA (Q) | 6.09% |  | 09/2028 |  | £647 | 870 | (e)(g) |  |
| Bamboo US BidCo LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2029 |  |  |  | (e)(g) |  |
| Bamboo US BidCo LLC |  | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 09/2030 |  | 2648 | 2648 | (e) |  |
| Bamboo US BidCo LLC |  | 1st Lien Term Loan | 7.28% | EURIBOR (Q) | 5.25% |  | 09/2030 |  | 2120 | 2489 | (e) |  |
| Bamboo US BidCo LLC |  | 1st Lien Delay Draw Term Loan | 9.48% | SOFR (Q) | 5.25% |  | 09/2030 |  | 906 | 906 | (e)(g) |  |
| Bamboo US BidCo LLC |  | 1st Lien Delay Draw Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 09/2030 |  | 405 | 405 | (e) |  |
| Cambrex Corporation |  | 1st Lien Revolving Loan |  |  |  |  | 03/2032 |  |  |  | (e)(g) |  |
| Cambrex Corporation |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 03/2032 |  | 36544 | 36544 | (e)(f) |  |
| Cambrex Corporation |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2032 |  |  |  | (e)(g) |  |
| Cobalt Buyer Sub, Inc. |  | 1st Lien Revolving Loan | 9.95% | SOFR (Q) | 5.75% |  | 10/2027 |  | 358 | 344 | (e)(g) |  |
| Cobalt Buyer Sub, Inc. |  | 1st Lien Term Loan | 9.95% | SOFR (Q) | 5.75% |  | 10/2028 |  | 10692 | 10264 | (e)(f) |  |
| Cobalt Buyer Sub, Inc. |  | 1st Lien Delay Draw Term Loan | 9.95% | SOFR (Q) | 5.75% |  | 10/2028 |  | 2397 | 2301 | (e)(f)(g) |  |
| Creek Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2031 |  |  |  | (e)(g) |  |
| Creek Parent, Inc. |  | 1st Lien Term Loan | 9.14% | SOFR (M) | 5.00% |  | 12/2031 |  | 41919 | 41919 | (e)(f) |  |
| Crossco (1469) Limited | United Kingdom | 1st Lien Term Loan | 10.22% | SONIA (Q) | 6.25% |  | 12/2030 |  | £1935 | 2603 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Crossco (1469) Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2030 |  | £— |  | (e)(g) |  |
| Gula Buyer Inc. |  | 1st Lien Term Loan | 8.72% | SOFR (M) | 4.50% |  | 10/2031 |  | 7944 | 7944 | (e)(f) |  |
| Igea Bidco S.p.A. | Italy | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2030 |  |  |  | (e)(g) |  |
| NMC Skincare Intermediate Holdings II, LLC |  | 1st Lien Revolving Loan | 10.74% | SOFR (Q) | 6.50% |  | 10/2028 |  | 69 | 64 | (e)(g) |  |
| NMC Skincare Intermediate Holdings II, LLC |  | 1st Lien Revolving Loan | 10.85% | SOFR (Q) | 6.50% |  | 10/2028 |  | 8 | 7 | (e)(g) |  |
| NMC Skincare Intermediate Holdings II, LLC |  | 1st Lien Term Loan | 10.94% (1.50% PIK) | SOFR (Q) | 6.50% |  | 10/2028 |  | 2064 | 1920 | (e)(f) |  |
| NMC Skincare Intermediate Holdings II, LLC |  | 1st Lien Delay Draw Term Loan | 10.94% (1.50% PIK) | SOFR (Q) | 6.50% |  | 10/2028 |  | 581 | 541 | (e)(f) |  |
| North American Science Associates, LLC |  | 1st Lien Revolving Loan | 8.69% | SOFR (Q) | 4.50% |  | 03/2027 |  | 2499 | 2499 | (e)(g) |  |
| North American Science Associates, LLC |  | 1st Lien Term Loan | 10.17% | SOFR (Q) | 6.00% |  | 09/2027 |  | 11426 | 11426 | (e)(f) |  |
| North American Science Associates, LLC |  | 1st Lien Delay Draw Term Loan | 10.17% | SOFR (Q) | 6.00% |  | 09/2027 |  | 1853 | 1853 | (e)(f) |  |
| Solar Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 7.66% | EURIBOR (Q) | 5.75% |  | 11/2029 |  | £1500 | 2018 | (e) |  |
| Solar Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 7.67% | EURIBOR (Q) | 5.75% |  | 11/2029 |  | £999 | 1343 | (e)(g) |  |
| Verista, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2027 |  |  |  | (e)(g) |  |
| Verista, Inc. |  | 1st Lien Term Loan | 11.04% (0.75% PIK) | SOFR (Q) | 6.75% |  | 02/2027 |  | 8386 | 7799 | (e)(f) |  |
| Verista, Inc. |  | 1st Lien Delay Draw Term Loan | 11.04% (0.75% PIK) | SOFR (M) | 6.75% |  | 02/2027 |  | 1812 | 1685 | (e)(f) |  |
| WCI-BXC Purchaser, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| WCI-BXC Purchaser, LLC |  | 1st Lien Term Loan | 10.50% | SOFR (Q) | 6.25% |  | 11/2030 |  | 754 | 754 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 177343 |  | 3.47% |
| **Real Estate Management and Development** | **Real Estate Management and Development** | **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |  |
| 285 Mezz LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2025 |  | 4972 | 2950 | (e)(i) |  |
| 285 Schermerhorn LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2025 |  | 9565 | 5939 | (e)(g)(i) |  |
| Odevo AB | Sweden | 1st Lien Term Loan | 7.53% | EURIBOR (Q) | 5.50% |  | 12/2030 |  | 2829 | 3321 | (e) |  |
| Odevo AB | Sweden | 1st Lien Term Loan | 9.47% | SONIA (Q) | 5.50% |  | 12/2030 |  | £9498 | 12774 | (e) |  |
| Odevo AB | Sweden | 1st Lien Term Loan | 7.60% | STIBOR (Q) | 5.50% |  | 12/2030 |  | 78160 | 8302 | (e)(f) |  |
| Odevo AB | Sweden | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.50% |  | 12/2030 |  | 8731 | 8731 | (e) |  |
| Odevo AB | Sweden | 1st Lien Delay Draw Term Loan | 7.41% | EURIBOR (Q) | 5.50% |  | 12/2030 |  | 338 | 397 | (e)(g) |  |
| Odevo AB | Sweden | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2030 |  |  |  | (e)(g)(h) |  |
| Oiva Isannointi Group Oy | Finland | 1st Lien Term Loan | 7.98% | EURIBOR (Q) | 6.00% |  | 08/2031 |  | 272 | 320 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Oiva Isannointi Group Oy | Finland | 1st Lien Delay Draw Term Loan |  |  |  |  | 02/2026 |  | € |  |  | (e)(g) |  |
| Oiva Isannointi Group Oy | Finland | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2031 |  | € |  |  | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 42734 |  | 0.84% |
| **Software and Services** | **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |  |
| Access CIG, LLC |  | 1st Lien Term Loan | 8.03% | SOFR (Q) | 4.00% |  | 08/2030 |  |  | 17929 | 17961 | (f) |  |
| ACP Avenu Buyer, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2029 |  |  |  |  | (e)(g) |  |
| ACP Avenu Buyer, LLC |  | 1st Lien Term Loan | 9.29% | SOFR (Q) | 5.00% |  | 10/2029 |  |  | 3506 | 3506 | (e)(f) |  |
| ACP Avenu Buyer, LLC |  | 1st Lien Term Loan | 9.32% | SOFR (Q) | 5.00% |  | 10/2029 |  |  | 5019 | 5019 | (e)(f) |  |
| ACP Avenu Buyer, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 10/2029 |  |  |  |  | (e)(g) |  |
| ACTFY Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 05/2030 |  |  |  |  | (e)(g) |  |
| ACTFY Buyer, Inc. |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 05/2031 |  |  | 1495 | 1495 | (e)(f) |  |
| ACTFY Buyer, Inc. |  | 1st Lien Delay Draw Term Loan | 9.16% | SOFR (Q) | 5.00% |  | 05/2031 |  |  | 163 | 163 | (e)(g) |  |
| Activate holdings (US) Corp. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2029 |  |  |  |  | (e)(g) |  |
| Activate holdings (US) Corp. |  | 1st Lien Term Loan | 9.80% | SOFR (Q) | 5.50% |  | 07/2030 |  |  | 10803 | 10803 | (e)(f) |  |
| Activate holdings (US) Corp. |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 07/2030 |  |  | 2403 | 2403 | (e)(f) |  |
| Adonis Bidco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2031 |  |  |  |  | (e)(g) |  |
| Adonis Bidco, Inc. |  | 1st Lien Term Loan | 9.75% (3.00% PIK) | SOFR (Q) | 5.75% |  | 02/2032 |  |  | 51029 | 51029 | (e)(f) |  |
| Adonis Bidco, Inc. |  | 1st Lien Delay Draw Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 02/2032 |  |  | 2413 | 2413 | (e)(g) |  |
| AI Titan Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  |  | (e)(g) |  |
| AI Titan Parent, Inc. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 08/2031 |  |  | 8946 | 8946 | (e)(f) |  |
| AI Titan Parent, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2031 |  |  |  |  | (e)(g) |  |
| Anaplan, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2028 |  |  |  |  | (e)(g) |  |
| Anaplan, Inc. |  | 1st Lien Term Loan | 8.70% | SOFR (M) | 4.50% |  | 06/2029 |  |  | 7074 | 7074 | (e)(f) |  |
| Aptean Acquiror Inc. |  | 1st Lien Revolving Loan | 8.91% | SOFR (M) | 4.75% |  | 01/2031 |  |  | 36 | 36 | (e)(g) |  |
| Aptean Acquiror Inc. |  | 1st Lien Term Loan | 8.89% | SOFR (Q) | 4.75% |  | 01/2031 |  |  | 4353 | 4353 | (e)(f) |  |
| Aptean Acquiror Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2031 |  |  |  |  | (e)(g) |  |
| Artifact Bidco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  |  | (e)(g) |  |
| Artifact Bidco, Inc. |  | 1st Lien Term Loan | 8.25% | SOFR (Q) | 4.25% |  | 07/2031 |  |  | 1154 | 1154 | (e)(f) |  |
| Artifact Bidco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2031 |  |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Aston Bidco (Holding) Limited | Jersey | 1st Lien Revolving Loan | 9.97% | SONIA (M) | 6.00% |  | 01/2032 |  | £— |  | (e)(g) |  |
| Aston Bidco (Holding) Limited | Jersey | 1st Lien Term Loan | 10.32% | SONIA (Q) | 6.00% |  | 07/2032 |  | £2155 | 2899 | (e)(f) |  |
| Avaya Inc. |  | 1st Lien Term Loan | 11.66% | SOFR (M) | 7.50% |  | 08/2028 |  | 7787 | 6853 | (e) |  |
| Bamboo Health Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2027 |  |  |  | (e)(g) |  |
| Bamboo Health Holdings, LLC |  | 1st Lien Term Loan | 9.02% | SOFR (M) | 4.75% |  | 05/2027 |  | 1419 | 1419 | (e) |  |
| Banyan Software Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 01/2031 |  |  |  | (e)(g) |  |
| Banyan Software Holdings, LLC |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 01/2031 |  | 4743 | 4744 | (e)(f) |  |
| Banyan Software Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.41% | SOFR (M) | 5.25% |  | 01/2031 |  | 2544 | 2544 | (e) |  |
| Banyan Software Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 9.41% | SOFR (Q) | 5.25% |  | 01/2031 |  | 1090 | 1090 | (e)(g) |  |
| BCPE Pequod Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| BCPE Pequod Buyer, Inc. |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 11/2031 |  | 1341 | 1343 |  |  |
| BigHand UK Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.61% | SOFR (S) | 6.31% |  | 06/2030 |  | 1048 | 1048 | (e) |  |
| BigHand UK Bidco Limited | United Kingdom | 1st Lien Term Loan | 10.32% | SONIA (S) | 6.31% |  | 06/2030 |  | £781 | 1050 | (e) |  |
| BigHand UK Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.76% | SOFR (S) | 5.75% |  | 06/2030 |  | £242 | 326 | (e) |  |
| Bizzdesign Holding B.V. | Netherlands | 1st Lien Term Loan | 8.50% | EURIBOR (Q) | 6.50% |  | 10/2031 |  | 2750 | 3229 | (e) |  |
| Bobcat Purchaser, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| Bobcat Purchaser, LLC |  | 1st Lien Term Loan | 8.74% | SOFR (Q) | 4.75% |  | 06/2030 |  | 2903 | 2902 | (e)(f) |  |
| Bobcat Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 8.74% | SOFR (Q) | 4.75% |  | 06/2030 |  | 984 | 984 | (e)(f) |  |
| Boost Newco Borrower, LLC |  | 1st Lien Term Loan | 6.00% | SOFR (Q) | 2.00% |  | 01/2031 |  | 18408 | 18415 | (f) |  |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2028 |  |  |  | (e)(g) |  |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 05/2029 |  | 19742 | 19742 | (e)(f) |  |
| Businessolver.com, Inc. |  | 1st Lien Term Loan | 9.60% | SOFR (Q) | 5.50% |  | 12/2027 |  | 4163 | 4163 | (e)(f) |  |
| Businessolver.com, Inc. |  | 1st Lien Delay Draw Term Loan | 9.60% | SOFR (Q) | 5.50% |  | 12/2027 |  | 503 | 503 | (e)(g) |  |
| Calculus Acquico Sarl | Luxembourg | 1st Lien Term Loan | 10.77% | SOFR (Q) | 6.50% |  | 05/2032 |  | 600 | 600 | (e) |  |
| Calculus Acquico Sarl | Luxembourg | 1st Lien Term Loan | 8.60% | EURIBOR (Q) | 6.50% |  | 05/2032 |  | 1234 | 1449 | (e) |  |
| Calculus Acquico Sarl | Luxembourg | 1st Lien Delay Draw Term Loan |  |  |  |  | 05/2032 |  |  |  | (e)(g) |  |
| Capnor Connery Bidco A/S | Denmark | 1st Lien Term Loan | 8.41% | EURIBOR (M) | 6.50% |  | 10/2030 |  | 74356 | 11695 | (e) |  |
| Capnor Connery Bidco A/S | Denmark | 1st Lien Delay Draw Term Loan | 8.41% | EURIBOR (M) | 6.50% |  | 10/2030 |  | 74209 | 11672 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Capnor Connery Bidco A/S | Denmark | 1st Lien Delay Draw Term Loan | 7.83% | EURIBOR (Q) | 5.75% |  | 10/2030 |  | € | 9303 | 10921 | (e)(g) |  |
| Cardinal Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2027 |  |  |  |  | (e)(g) |  |
| Cardinal Parent, Inc. |  | 1st Lien Term Loan | 8.65% | SOFR (Q) | 4.50% |  | 11/2027 |  |  | 4288 | 4248 | (f) |  |
| Cardinal Parent, Inc. |  | 2nd Lien Term Loan | 11.91% | SOFR (Q) | 7.75% |  | 11/2028 |  |  | 10547 | 10547 | (e)(f) |  |
| Cascade Parent Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2030 |  |  |  |  | (e)(g) |  |
| Cascade Parent Inc. |  | 1st Lien Term Loan | 9.91% | SOFR (S) | 5.75% |  | 09/2031 |  |  | 544 | 536 | (e)(f) |  |
| CBTS Borrower, LLC |  | 1st Lien Term Loan | 14.50% PIK | SOFR (Q) | 10.00% |  | 12/2030 |  |  | 8362 | 8362 | (e) |  |
| CBTS Borrower, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2030 |  |  |  |  | (e)(g) |  |
| CC Globe Holding II A/S | Denmark | 1st Lien Term Loan |  |  |  |  | 03/2028 |  | DKK | 43366 | 4675 | (e)(f)(i) |  |
| CC Globe Holding II A/S | Denmark | 1st Lien Delay Draw Term Loan |  |  |  |  | 03/2028 |  | DKK | 12687 | 1368 | (e)(i) |  |
| Central Parent Inc. |  | 1st Lien Term Loan | 7.25% | SOFR (Q) | 3.25% |  | 07/2029 |  |  | 12745 | 10996 |  |  |
| CentralSquare Technologies, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2030 |  |  |  |  | (e)(g) |  |
| CentralSquare Technologies, LLC |  | 1st Lien Term Loan | 10.41% (3.38% PIK) | SOFR (M) | 6.25% |  | 04/2030 |  |  | 31173 | 31173 | (e)(f) |  |
| Cloud Software Group, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2029 |  |  |  |  | (e)(g) |  |
| Cloud Software Group, Inc. |  | 1st Lien Term Loan | 9.00% |  |  |  | 09/2029 |  |  | 100 | 103 |  |  |
| Cloud Software Group, Inc. |  | 1st Lien Term Loan | 7.25% | SOFR (Q) | 3.25% |  | 03/2031 |  |  | 25468 | 25555 | (f) |  |
| Cloud Software Group, Inc. |  | 1st Lien Term Loan | 7.25% | SOFR (Q) | 3.25% |  | 08/2032 |  |  | 36109 | 36212 |  |  |
| Confirmasoft AB | Sweden | 1st Lien Delay Draw Term Loan | 8.07% | STIBOR (Q) | 6.00% |  | 06/2027 |  | € | 3140 | 3687 | (e)(g) |  |
| Confirmasoft AB | Sweden | 1st Lien Delay Draw Term Loan | 8.03% | EURIBOR (Q) | 6.00% |  | 06/2027 |  | € | 1995 | 2342 | (e)(f) |  |
| Confirmasoft AB | Sweden | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2027 |  | € |  |  | (e)(g)(h) |  |
| Conservice Midco, LLC |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 05/2030 |  |  | 5869 | 5881 | (f) |  |
| Cority Software (USA) Inc. |  | 1st Lien Term Loan | 9.04% | SOFR (Q) | 4.75% |  | 07/2026 |  |  | 2592 | 2592 | (e)(f) |  |
| Cority Software Inc. |  | 1st Lien Revolving Loan | 9.08% | SOFR (Q) | 4.75% |  | 07/2026 |  |  | 1253 | 1253 | (e)(g) |  |
| Cority Software Inc. |  | 1st Lien Term Loan | 9.04% | SOFR (Q) | 4.75% |  | 07/2026 |  |  | 3069 | 3069 | (e)(f) |  |
| Cornerstone OnDemand, Inc. |  | 1st Lien Revolving Loan | 7.27% | SOFR (M) | 3.00% |  | 10/2026 |  |  | 22 | 21 | (e)(g) |  |
| Cornerstone OnDemand, Inc. |  | 1st Lien Term Loan | 8.03% | SOFR (M) | 3.75% |  | 10/2028 |  |  | 5026 | 4823 | (f) |  |
| Cornerstone OnDemand, Inc. |  | 2nd Lien Term Loan | 10.78% | SOFR (M) | 6.50% |  | 10/2029 |  |  | 19364 | 17428 | (e)(f) |  |
| Coupa Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 02/2029 |  |  |  |  | (e)(g) |  |
| Coupa Holdings, LLC |  | 1st Lien Term Loan | 9.56% | SOFR (Q) | 5.25% |  | 02/2030 |  |  | 226 | 226 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Coupa Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 02/2030 |  |  |  | (e)(g) |  |
| Databricks, Inc. |  | 1st Lien Term Loan | 8.72% | SOFR (M) | 4.50% |  | 01/2031 |  | 83 | 84 | (e) |  |
| Databricks, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2031 |  |  |  | (e)(g) |  |
| Datix Bidco Limited | United Kingdom | 1st Lien Revolving Loan |  |  |  |  | 10/2030 |  |  |  | (e)(g) |  |
| Datix Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.54% | SOFR (S) | 5.25% |  | 04/2031 |  | 5965 | 5965 | (e) |  |
| Datix Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.27% | SONIA (S) | 5.25% |  | 04/2031 |  | £3289 | 4424 | (e) |  |
| Datix Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2031 |  |  |  | (e)(g) |  |
| DCert Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2030 |  |  |  | (e)(g) |  |
| DCert Buyer, Inc. |  | 1st Lien Term Loan | 9.91% | SOFR (M) | 5.75% |  | 07/2030 |  | 1846 | 1819 | (e)(f) |  |
| DCert Buyer, Inc. |  | 2nd Lien Term Loan | 11.16% | SOFR (M) | 7.00% |  | 02/2029 |  | 7662 | 6953 | (f) |  |
| Dedomena Bidco Limited | United Kingdom | 1st Lien Term Loan | 9.49% | SONIA (Q) | 5.50% |  | 06/2032 |  | £706 | 949 | (e) |  |
| Dedomena Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2032 |  | £— |  | (e)(g) |  |
| Diligent Corporation |  | 1st Lien Revolving Loan | 9.20% | SOFR (Q) | 5.00% |  | 08/2030 |  | 74 | 73 | (e)(g) |  |
| Diligent Corporation |  | 1st Lien Term Loan | 9.20% | SOFR (Q) | 5.00% |  | 08/2030 |  | 8174 | 8093 | (e)(f) |  |
| Diligent Corporation |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Doxim Inc. |  | 1st Lien Revolving Loan | 10.65% | SOFR (M) | 6.50% |  | 11/2027 |  | 278 | 275 | (e)(g) |  |
| Doxim Inc. |  | 1st Lien Term Loan | 10.65% | SOFR (M) | 6.50% |  | 11/2027 |  | 36810 | 36442 | (e)(f) |  |
| Drivecentric Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Drivecentric Holdings, LLC |  | 1st Lien Term Loan | 8.63% | SOFR (M) | 4.50% |  | 08/2031 |  | 3672 | 3672 | (e)(f) |  |
| Drivecentric Holdings, LLC |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 08/2031 |  | 449 | 444 | (e)(f) |  |
| Drivecentric Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Echo Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2029 |  |  |  | (e)(g) |  |
| Echo Purchaser, Inc. |  | 1st Lien Term Loan | 9.66% | SOFR (M) | 5.50% |  | 11/2029 |  | 1812 | 1813 | (e)(f) |  |
| Echo Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan | 9.66% | SOFR (M) | 5.50% |  | 11/2029 |  | 155 | 155 | (e)(g) |  |
| Eclipse Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| Eclipse Buyer, Inc. |  | 1st Lien Term Loan | 8.68% | SOFR (M) | 4.50% |  | 09/2031 |  | 45019 | 45019 | (e)(f) |  |
| Eclipse Buyer, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| Edmunds GovTech, Inc. |  | 1st Lien Revolving Loan | 7.75% | SOFR (Q) | 3.75% |  | 02/2030 |  | 32 | 32 | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Edmunds GovTech, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2030 |  |  |  |  | (e)(g) |  |
| Edmunds GovTech, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 02/2031 |  |  | 330 | 330 | (e)(f) |  |
| Edmunds GovTech, Inc. |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 02/2031 |  |  | 59 | 59 | (e)(g) |  |
| Einstein Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 01/2031 |  |  |  |  | (e)(g) |  |
| Einstein Parent, Inc. |  | 1st Lien Term Loan | 10.83% | SOFR (Q) | 6.50% |  | 01/2031 |  |  | 5031 | 5031 | (e)(f) |  |
| Elemica Parent, Inc. |  | 1st Lien Revolving Loan | 9.83% | SOFR (M) | 5.50% |  | 09/2026 |  |  | 1326 | 1326 | (e)(g) |  |
| Elemica Parent, Inc. |  | 1st Lien Term Loan | 9.97% | SOFR (Q) | 5.50% |  | 09/2026 |  |  | 3558 | 3558 | (e)(f) |  |
| Elemica Parent, Inc. |  | 1st Lien Term Loan | 9.84% | SOFR (Q) | 5.50% |  | 09/2026 |  |  | 1328 | 1328 | (e)(f) |  |
| Elemica Parent, Inc. |  | 1st Lien Delay Draw Term Loan | 9.97% | SOFR (Q) | 5.50% |  | 09/2026 |  |  | 2708 | 2708 | (e)(f) |  |
| Ellucian Holdings Inc. |  | 1st Lien Term Loan | 6.91% | SOFR (M) | 2.75% |  | 10/2029 |  |  | 11686 | 11679 | (f) |  |
| Enigma Acquisition B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 7.12% (2.19% PIK) | EURIBOR (S) | 5.00% |  | 01/2028 |  | € | 4501 | 5284 | (e)(f) |  |
| Ensono, Inc. |  | 1st Lien Term Loan | 8.28% | SOFR (M) | 4.00% |  | 05/2028 |  |  | 24002 | 24015 | (f) |  |
| Enverus Holdings, Inc. |  | 1st Lien Revolving Loan | 9.64% | SOFR (M) | 5.50% |  | 12/2029 |  |  | 45 | 45 | (e)(g) |  |
| Enverus Holdings, Inc. |  | 1st Lien Term Loan | 9.67% | SOFR (M) | 5.50% |  | 12/2029 |  |  | 8974 | 8973 | (e)(f) |  |
| Enverus Holdings, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2029 |  |  |  |  | (e)(g) |  |
| Epicor Software Corporation |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 05/2031 |  |  | 15955 | 15968 | (f) |  |
| eResearchTechnology, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2031 |  |  |  |  | (e)(g) |  |
| eResearchTechnology, Inc. |  | 1st Lien Term Loan | 8.91% | SOFR (M) | 4.75% |  | 01/2032 |  |  | 24124 | 24124 | (e)(f) |  |
| eResearchTechnology, Inc. |  | 1st Lien Delay Draw Term Loan | 8.91% | SOFR (M) | 4.75% |  | 01/2032 |  |  | 4643 | 4643 | (e)(g) |  |
| ESHA Research, LLC |  | 1st Lien Revolving Loan | 9.72% | SOFR (S) | 5.50% |  | 06/2028 |  |  | 20 | 20 | (e)(g) |  |
| ESHA Research, LLC |  | 1st Lien Term Loan | 9.65% | SOFR (S) | 5.50% |  | 06/2028 |  |  | 471 | 471 | (e)(f) |  |
| ExtraHop Networks, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2027 |  |  |  |  | (e)(g) |  |
| ExtraHop Networks, Inc. |  | 1st Lien Term Loan | 10.76% | SOFR (M) | 6.50% |  | 07/2027 |  |  | 2640 | 2640 | (e) |  |
| ExtraHop Networks, Inc. |  | 1st Lien Delay Draw Term Loan | 10.76% | SOFR (M) | 6.50% |  | 07/2027 |  |  | 988 | 988 | (e) |  |
| Finastra USA, Inc. |  | 1st Lien Term Loan | 11.29% | SOFR (Q) | 7.25% |  | 09/2029 |  |  | 5217 | 5217 | (e)(f) |  |
| Flash Charm, Inc. |  | 1st Lien Term Loan | 7.80% | SOFR (Q) | 3.50% |  | 03/2028 |  |  | 7804 | 6809 | (f) |  |
| Flexential Topco Corporation |  | 1st Lien Revolving Loan | 12.00% |  |  |  | 08/2027 |  |  | 3000 | 3000 | (e)(g) |  |
| Flexera Software LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2032 |  |  |  |  | (e)(g) |  |
| Flexera Software LLC |  | 1st Lien Term Loan | 8.96% | SOFR (M) | 4.75% |  | 08/2032 |  |  | 184 | 183 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Flexera Software LLC |  | 1st Lien Term Loan | 6.63% | EURIBOR (M) | 4.75% |  | 08/2032 |  | € | 57 | 67 | (e)(f) |  |
| GHP-VGS Purchaser LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2032 |  |  |  |  | (e)(g) |  |
| GHP-VGS Purchaser LLC |  | 1st Lien Term Loan | 9.06% | SOFR (Q) | 4.75% |  | 04/2032 |  |  | 1981 | 1961 | (e)(f) |  |
| GHP-VGS Purchaser LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 04/2032 |  |  |  |  | (e)(g) |  |
| Gilfoyle Bidco AB | Sweden | 1st Lien Term Loan |  |  |  |  | 09/2028 |  | SEK | 76754 | 6259 | (e)(i) |  |
| Gilfoyle Bidco AB | Sweden | 1st Lien Delay Draw Term Loan |  |  |  |  | 09/2028 |  | SEK | 13034 | 1063 | (e)(i) |  |
| Goldeneye Parent, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2032 |  |  |  |  | (e)(g) |  |
| Goldeneye Parent, LLC |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 03/2032 |  |  | 2467 | 2455 | (e)(f) |  |
| Granite France Bidco SAS | France | 1st Lien Term Loan | 6.98% | EURIBOR (Q) | 4.98% |  | 10/2028 |  | € | 4039 | 4146 |  |  |
| Guidepoint Security Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2029 |  |  |  |  | (e)(g) |  |
| Guidepoint Security Holdings, LLC |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 10/2029 |  |  | 1523 | 1523 | (e)(f) |  |
| Guidepoint Security Holdings, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 10/2029 |  |  |  |  | (e)(g) |  |
| Hakken Bidco B.V. | Netherlands | 1st Lien Term Loan | 9.29% | EURIBOR (S) | 7.25% |  | 07/2030 |  | € | 3060 | 3521 | (e) |  |
| Hakken Bidco B.V. | Netherlands | 1st Lien Delay Draw Term Loan | 9.28% | EURIBOR (Q) | 7.25% |  | 07/2030 |  | € | 596 | 686 | (e)(g) |  |
| Heavy Construction Systems Specialists, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 11/2027 |  |  |  |  | (e)(g) |  |
| Heavy Construction Systems Specialists, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 11/2028 |  |  | 6945 | 6945 | (e)(f) |  |
| Help/Systems Holdings, Inc. |  | 1st Lien Term Loan | 8.16% | SOFR (Q) | 3.75% |  | 11/2026 |  |  | 15443 | 14542 | (f) |  |
| Hyland Software, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2029 |  |  |  |  | (e)(g) |  |
| Hyland Software, Inc. |  | 1st Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 09/2030 |  |  | 9513 | 9513 | (e)(f) |  |
| Icefall Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 01/2030 |  |  |  |  | (e)(g) |  |
| Icefall Parent, Inc. |  | 1st Lien Term Loan | 8.81% | SOFR (M) | 4.50% |  | 01/2030 |  |  | 2255 | 2255 | (e)(f) |  |
| ID.me, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 01/2031 |  |  |  |  | (e)(g) |  |
| ID.me, LLC |  | 1st Lien Term Loan | 10.25% (5.25% PIK) |  |  |  | 01/2031 |  |  | 18903 | 17201 | (e) |  |
| ID.me, LLC |  | 1st Lien Delay Draw Term Loan | 10.25% (5.25% PIK) |  |  |  | 01/2031 |  |  | 1847 | 1847 | (e)(g) |  |
| Idemia Group S.A.S. | France | 1st Lien Term Loan | 6.00% | EURIBOR (Q) | 4.00% |  | 09/2028 |  | € | 7000 | 8230 |  |  |
| Internet Truckstop Group LLC |  | 1st Lien Revolving Loan |  |  |  |  | 04/2027 |  |  |  |  | (e)(g) |  |
| Internet Truckstop Group LLC |  | 1st Lien Term Loan | 9.40% | SOFR (Q) | 5.25% |  | 04/2027 |  |  | 2328 | 2328 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| IQN Holding Corp. |  | 1st Lien Revolving Loan | 9.25% | SOFR (Q) | 5.25% |  | 05/2028 |  | 304 | 304 | (e)(g) |  |
| IQN Holding Corp. |  | 1st Lien Term Loan | 9.75% (3.12% PIK) | SOFR (Q) | 5.75% |  | 05/2029 |  | 6706 | 6706 | (e)(f) |  |
| Ivanti Security Holdings LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2029 |  |  |  | (e)(g) |  |
| JAMS Buyer LLC |  | 1st Lien Revolving Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| JAMS Buyer LLC |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 06/2032 |  | 2001 | 1971 | (e)(f) |  |
| JAMS Buyer LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| Kairos Bidco Limited | United Kingdom | 1st Lien Revolving Loan | 9.08% | SOFR (Q) | 4.75% |  | 07/2032 |  | 12 | 12 | (e)(g) |  |
| Kairos Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 9.06% | SOFR (M) | 4.75% |  | 07/2032 |  | 961 | 951 | (e) |  |
| Kaseya Inc. |  | 1st Lien Term Loan | 7.41% | SOFR (M) | 3.25% |  | 03/2032 |  | 3010 | 3013 |  |  |
| Kaseya Inc. |  | 2nd Lien Term Loan | 9.16% | SOFR (M) | 5.00% |  | 03/2033 |  | 44975 | 44956 |  |  |
| LeanTaaS Holdings, Inc. |  | 1st Lien Term Loan | 11.75% | SOFR (Q) | 7.75% |  | 07/2028 |  | 2635 | 2635 | (e)(f) |  |
| LeanTaaS Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 11.75% | SOFR (Q) | 7.75% |  | 07/2028 |  | 3730 | 3730 | (e)(f)(g) |  |
| Leia Finco US LLC |  | 2nd Lien Term Loan | 9.57% | SOFR (Q) | 5.25% |  | 10/2032 |  | 5567 | 5560 |  |  |
| Magellan Bidco | France | 1st Lien Term Loan | 8.37% | EURIBOR (S) | 6.25% |  | 10/2031 |  | 833 | 978 | (e) |  |
| Magellan Bidco | France | 1st Lien Delay Draw Term Loan | 8.62% | EURIBOR (S) | 6.50% |  | 10/2031 |  | 167 | 196 | (e) |  |
| Majesco |  | 1st Lien Revolving Loan |  |  |  |  | 09/2027 |  |  |  | (e)(g) |  |
| Majesco |  | 1st Lien Term Loan | 8.75% | SOFR (M) | 4.75% |  | 09/2028 |  | 9500 | 9500 | (e)(f) |  |
| Maltese Bidco 1 Limited | United Kingdom | 1st Lien Term Loan | 8.91% | EURIBOR (S) | 6.75% |  | 02/2029 |  | 3600 | 4227 | (e)(f) |  |
| Maltese Bidco 1 Limited | United Kingdom | 1st Lien Term Loan | 8.91% | EURIBOR (S) | 6.75% |  | 02/2029 |  | £1543 | 2075 | (e) |  |
| MCVIII Bidco Group B.V. | Netherlands | 1st Lien Term Loan | 7.79% | EURIBOR (Q) | 5.75% |  | 07/2032 |  | 905 | 1062 | (e) |  |
| MCVIII Bidco Group B.V. | Netherlands | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2032 |  |  |  | (e)(g) |  |
| Metatiedot Bidco Oy | Luxembourg | 1st Lien Revolving Loan |  |  |  |  | 11/2030 |  |  |  | (e)(g) |  |
| Metatiedot Bidco Oy | Luxembourg | 1st Lien Term Loan | 7.28% | EURIBOR (Q) | 5.25% |  | 11/2031 |  | 2757 | 3237 | (e)(f) |  |
| Metatiedot Bidco Oy | Luxembourg | 1st Lien Term Loan | 9.45% | SOFR (Q) | 5.25% |  | 11/2031 |  | 2065 | 2066 | (e)(f) |  |
| Metatiedot Bidco Oy | Luxembourg | 1st Lien Delay Draw Term Loan | 7.28% | EURIBOR (Q) | 5.25% |  | 11/2031 |  | 22 | 26 | (e)(g) |  |
| Mimecast Borrowerco, Inc. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 05/2029 |  | 37411 | 37411 | (e)(f) |  |
| Mimecast Borrowerco, Inc. |  | 1st Lien Term Loan | 8.47% | SONIA (Q) | 4.50% |  | 05/2029 |  | £6841 | 9201 | (e)(f) |  |
| Mimecast Borrowerco, Inc. |  | 1st Lien Delay Draw Term Loan | 8.66% | SOFR (M) | 4.50% |  | 05/2029 |  | 4195 | 4196 | (e)(f) |  |
| Mitchell International, Inc. |  | 2nd Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 06/2032 |  | 18270 | 18032 |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Modernizing Medicine, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 04/2032 |  |  |  | (e)(g) |  |
| Modernizing Medicine, Inc. |  | 1st Lien Term Loan | 8.75% (2.25% PIK) | SOFR (Q) | 4.75% |  | 04/2032 |  | 22764 | 22537 | (e)(f) |  |
| MRI Software LLC |  | 1st Lien Revolving Loan | 8.75% | SOFR (Q) | 4.75% |  | 02/2027 |  | 54 | 54 | (e)(g) |  |
| MRI Software LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 02/2027 |  | 10011 | 10011 | (e)(f) |  |
| Netsmart Technologies, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Netsmart Technologies, Inc. |  | 1st Lien Term Loan | 9.11% (2.45% PIK) | SOFR (M) | 4.95% |  | 08/2031 |  | 34433 | 34433 | (e)(f) |  |
| Netsmart Technologies, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| North Star Acquisitionco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  | (e)(g) |  |
| North Star Acquisitionco, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 05/2029 |  | 2121 | 2121 | (e) |  |
| North Star Acquisitionco, LLC |  | 1st Lien Term Loan | 8.47% | SONIA (Q) | 4.50% |  | 05/2029 |  | £239 | 322 | (e) |  |
| North Star Acquisitionco, LLC |  | 1st Lien Term Loan | 8.64% | NIBOR (Q) | 4.50% |  | 05/2029 |  | 5242 | 525 | (e) |  |
| North Star Acquisitionco, LLC |  | 1st Lien Delay Draw Term Loan | 8.47% | SONIA (Q) | 4.50% |  | 05/2029 |  | 468 | 468 | (e)(g) |  |
| OID-OL Intermediate I, LLC |  | 1st Lien Term Loan | 10.31% | SOFR (Q) | 6.00% |  | 02/2029 |  | 1626 | 1676 |  |  |
| OID-OL Intermediate I, LLC |  | 1st Lien Term Loan | 8.71% | SOFR (Q) | 4.25% |  | 02/2029 |  | 7763 | 6484 |  |  |
| ParentPay Group Limited | United Kingdom | 1st Lien Term Loan | 10.51% | SONIA (Q) | 6.42% |  | 06/2028 |  | £5529 | 7435 | (e)(f) |  |
| ParentPay Group Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.51% | SONIA (Q) | 6.42% |  | 06/2028 |  | £1464 | 1969 | (e) |  |
| PCMI Parent, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 03/2032 |  |  |  | (e)(g) |  |
| PCMI Parent, LLC |  | 1st Lien Term Loan | 9.52% | SOFR (Q) | 5.50% |  | 03/2032 |  | 3017 | 3017 | (e)(f) |  |
| PDDS Holdco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 07/2028 |  | 58 | 58 | (e)(g) |  |
| PDDS Holdco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 07/2028 |  | 388 | 388 | (e) |  |
| PDI TA Holdings, Inc. |  | 1st Lien Revolving Loan | 9.81% | SOFR (Q) | 5.50% |  | 02/2031 |  | 74 | 74 | (e)(g) |  |
| PDI TA Holdings, Inc. |  | 1st Lien Term Loan | 9.81% | SOFR (Q) | 5.50% |  | 02/2031 |  | 2554 | 2553 | (e)(f) |  |
| Pluralsight, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |
| Pluralsight, LLC |  | 1st Lien Term Loan | 8.70% (1.50% PIK) | SOFR (Q) | 4.50% |  | 08/2029 |  | 3219 | 3219 | (e) |  |
| Pluralsight, LLC |  | 1st Lien Term Loan | 11.70% PIK | SOFR (Q) | 7.50% |  | 08/2029 |  | 3584 | 3584 | (e) |  |
| Pluralsight, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |
| Polaris Newco, LLC |  | 1st Lien Term Loan | 8.57% | SOFR (Q) | 4.00% |  | 06/2028 |  | 19611 | 18878 | (f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Poseidon Intermediateco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2031 |  |  |  | (e)(g) |  |
| Poseidon Intermediateco, Inc. |  | 1st Lien Term Loan | 8.64% | SOFR (M) | 4.50% |  | 06/2032 |  | 1029 | 1024 | (e)(f) |  |
| Poseidon Intermediateco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| PracticeTek Purchaser, LLC |  | 1st Lien Revolving Loan | 8.66% | SOFR (M) | 4.50% |  | 08/2029 |  | 1 |  | (e)(g) |  |
| PracticeTek Purchaser, LLC |  | 1st Lien Term Loan | 9.91% | SOFR (M) | 5.75% |  | 08/2029 |  | 7464 | 7464 | (e)(f) |  |
| PracticeTek Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 9.91% | SOFR (M) | 5.75% |  | 08/2029 |  | 107 | 107 | (e) |  |
| Precisely Software Incorporated (f/k/a Syncsort Incorporated) |  | 1st Lien Term Loan | 8.57% | SOFR (Q) | 4.00% |  | 04/2028 |  | 13027 | 12538 | (f) |  |
| Project Boost Purchaser, LLC |  | 1st Lien Term Loan | 7.07% | SOFR (Q) | 2.75% |  | 07/2031 |  | 30819 | 30723 | (f) |  |
| Proofpoint, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 08/2026 |  |  |  | (e)(g) |  |
| Proofpoint, Inc. |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 08/2028 |  | 35383 | 35476 | (f) |  |
| Proofpoint, Inc. |  | 1st Lien Term Loan |  |  |  |  | 08/2028 |  | 5242 | 5256 | (f)(h) |  |
| QBS Parent, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 06/2032 |  |  |  | (e)(g) |  |
| QBS Parent, Inc. |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 06/2032 |  | 4800 | 4776 | (e)(f) |  |
| QF Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2027 |  |  |  | (e)(g) |  |
| QF Holdings, Inc. |  | 1st Lien Term Loan | 9.06% | SOFR (Q) | 4.75% |  | 12/2027 |  | 3784 | 3784 | (e)(f) |  |
| QF Holdings, Inc. |  | 1st Lien Term Loan | 8.95% | SOFR (Q) | 4.75% |  | 12/2027 |  | 390 | 390 | (e)(f) |  |
| QF Holdings, Inc. |  | 1st Lien Term Loan | 9.16% | SOFR (Q) | 4.75% |  | 12/2027 |  | 370 | 370 | (e)(f) |  |
| QF Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.06% | SOFR (Q) | 4.75% |  | 12/2027 |  | 261 | 260 | (e)(f) |  |
| QF Holdings, Inc. |  | 1st Lien Delay Draw Term Loan | 9.04% | SOFR (Q) | 4.75% |  | 12/2027 |  | 261 | 261 | (e)(f) |  |
| Raptor Technologies, LLC |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 10/2028 |  | 6588 | 6588 | (e)(f) |  |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) |  | 1st Lien Revolving Loan |  |  |  |  | 10/2027 |  |  |  | (e)(g) |  |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 10/2028 |  | 8207 | 8207 | (e)(f) |  |
| RealPage, Inc. |  | 1st Lien Term Loan | 7.26% | SOFR (Q) | 3.00% |  | 04/2028 |  | 19948 | 19893 |  |  |
| Relativity ODA LLC |  | 1st Lien Revolving Loan |  |  |  |  | 05/2029 |  |  |  | (e)(g) |  |
| Relativity ODA LLC |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 05/2029 |  | 9193 | 9193 | (e)(f) |  |
| Revalize, Inc. |  | 1st Lien Revolving Loan | 9.90% | SOFR (Q) | 5.75% |  | 04/2029 |  | 148 | 127 | (e)(g) |  |
| Revalize, Inc. |  | 1st Lien Delay Draw Term Loan | 10.65% (1.75% PIK) | SOFR (Q) | 6.50% |  | 04/2029 |  | 2871 | 2469 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| RMS Holdco II, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2028 |  |  |  | (e)(g) |  |
| RMS Holdco II, LLC |  | 1st Lien Term Loan | 9.81% | SOFR (Q) | 5.50% |  | 12/2028 |  | 5782 | 5377 | (e)(f) |  |
| Runway Bidco, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2031 |  |  |  | (e)(g) |  |
| Runway Bidco, LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 12/2031 |  | 1034 | 1024 | (e)(f) |  |
| Runway Bidco, LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 12/2031 |  |  |  | (e)(g) |  |
| Sapphire Software Buyer, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 09/2031 |  |  |  | (e)(g) |  |
| Sapphire Software Buyer, Inc. |  | 1st Lien Term Loan | 8.87% | SOFR (S) | 5.00% |  | 09/2031 |  | 10376 | 10376 | (e)(f) |  |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 07/2031 |  | 23428 | 23392 | (f) |  |
| Severin Acquisition, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2031 |  |  |  | (e)(g) |  |
| Severin Acquisition, LLC |  | 1st Lien Term Loan | 9.16% (2.25% PIK) | SOFR (M) | 5.00% |  | 10/2031 |  | 44156 | 43714 | (e)(f) |  |
| Severin Acquisition, LLC |  | 1st Lien Delay Draw Term Loan | 9.16% (2.25% PIK) | SOFR (M) | 5.00% |  | 10/2031 |  | 1544 | 1529 | (e)(g) |  |
| Smarsh Inc. |  | 1st Lien Revolving Loan | 8.85% | SOFR (M) | 4.75% |  | 02/2029 |  | 190 | 190 | (e)(g) |  |
| Smarsh Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 02/2029 |  | 4682 | 4682 | (e)(f) |  |
| Smarsh Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 02/2029 |  |  |  | (e)(g) |  |
| Spaceship Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 10/2031 |  |  |  | (e)(g) |  |
| Spaceship Purchaser, Inc. |  | 1st Lien Term Loan | 9.00% | SOFR (S) | 5.00% |  | 10/2031 |  | 21617 | 21617 | (e)(f) |  |
| Spaceship Purchaser, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 10/2031 |  |  |  | (e)(g) |  |
| Spark Purchaser, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 04/2030 |  |  |  | (e)(g) |  |
| Spark Purchaser, Inc. |  | 1st Lien Term Loan | 9.50% | SOFR (Q) | 5.50% |  | 04/2031 |  | 1290 | 1290 | (e) |  |
| Sundance Group Holdings, Inc. |  | 1st Lien Revolving Loan | 8.50% | SOFR (Q) | 4.50% |  | 07/2029 |  |  |  | (e)(g) |  |
| Sundance Group Holdings, Inc. |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 07/2029 |  | 2560 | 2560 | (e)(f) |  |
| Superman Holdings, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Superman Holdings, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 08/2031 |  | 8670 | 8670 | (e)(f) |  |
| Superman Holdings, LLC |  | 1st Lien Delay Draw Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 08/2031 |  | 1806 | 1806 | (e)(g) |  |
| TCP Hawker Intermediate LLC |  | 1st Lien Revolving Loan | 7.75% | SOFR (Q) | 3.75% |  | 08/2029 |  | 3384 | 3384 | (e)(g) |  |
| TCP Hawker Intermediate LLC |  | 1st Lien Term Loan | 9.00% | SOFR (Q) | 5.00% |  | 08/2029 |  | 6803 | 6803 | (e)(f) |  |
| TCP Hawker Intermediate LLC |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Transit Technologies LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2030 |  |  |  | (e)(g) |  |
| Transit Technologies LLC |  | 1st Lien Term Loan | 8.85% | SOFR (Q) | 4.75% |  | 08/2031 |  | 3790 | 3790 | (e)(f) |  |
| Transit Technologies LLC |  | 1st Lien Term Loan | 8.63% | SOFR (M) | 4.50% |  | 08/2031 |  | 204 | 202 | (e)(f) |  |
| Transit Technologies LLC |  | 1st Lien Delay Draw Term Loan | 8.85% | SOFR (S) | 4.75% |  | 08/2031 |  | 422 | 422 | (e)(g) |  |
| UserZoom Technologies, Inc. |  | 1st Lien Term Loan | 11.63% | SOFR (Q) | 7.50% |  | 04/2029 |  | 250 | 250 | (e)(f) |  |
| Vamos Bidco, Inc. |  | 1st Lien Revolving Loan | 8.95% | SOFR (Q) | 4.75% |  | 01/2032 |  | 111 | 110 | (e)(g) |  |
| Vamos Bidco, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 01/2032 |  | 2593 | 2567 | (e)(f) |  |
| Vamos Bidco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 01/2032 |  |  |  | (e)(g) |  |
| Victors Purchaser, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 08/2031 |  |  |  | (e)(g) |  |
| Victors Purchaser, LLC |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 08/2031 |  | 12201 | 12201 | (e)(f) |  |
| Victors Purchaser, LLC |  | 1st Lien Delay Draw Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 08/2031 |  | 631 | 631 | (e)(g) |  |
| Viper Bidco, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 11/2031 |  |  |  | (e)(g) |  |
| Viper Bidco, Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 11/2031 |  | 4753 | 4753 | (e)(f) |  |
| Viper Bidco, Inc. |  | 1st Lien Term Loan | 8.72% | SONIA (Q) | 4.75% |  | 11/2031 |  | £2198 | 2956 | (e)(f) |  |
| Viper Bidco, Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 11/2031 |  |  |  | (e)(g) |  |
| VS Buyer, LLC |  | 1st Lien Term Loan | 6.56% | SOFR (Q) | 2.25% |  | 04/2031 |  | 7524 | 7503 |  |  |
| WebPT, Inc. |  | 1st Lien Revolving Loan | 10.55% | SOFR (Q) | 6.25% |  | 01/2028 |  | 188 | 181 | (e)(g) |  |
| WebPT, Inc. |  | 1st Lien Term Loan | 10.55% | SOFR (Q) | 6.25% |  | 01/2028 |  | 2031 | 1950 | (e)(f) |  |
| Wellington Bidco Inc. |  | 1st Lien Revolving Loan | 8.75% | SOFR (Q) | 4.75% |  | 06/2030 |  | 110 | 110 | (e)(g) |  |
| Wellington Bidco Inc. |  | 1st Lien Term Loan | 8.75% | SOFR (Q) | 4.75% |  | 06/2030 |  | 3289 | 3289 | (e)(f) |  |
| Wellington Bidco Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 06/2030 |  |  |  | (e)(g) |  |
| Wellness AcquisitionCo, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 01/2029 |  |  |  | (e)(g) |  |
| Wellness AcquisitionCo, Inc. |  | 1st Lien Term Loan | 8.93% | SOFR (S) | 4.75% |  | 01/2029 |  | 5320 | 5320 | (e)(f) |  |
| Wellness AcquisitionCo, Inc. |  | 1st Lien Delay Draw Term Loan | 8.93% | SOFR (Q) | 4.75% |  | 01/2029 |  | 539 | 539 | (e) |  |
| Wellness AcquisitionCo, Inc. |  | 1st Lien Delay Draw Term Loan | 8.93% | SOFR (Q) | 4.75% |  | 01/2029 |  | 831 | 831 | (e) |  |
| WorkWave Intermediate II, LLC |  | 1st Lien Revolving Loan | 9.75% | SOFR (Q) | 5.75% |  | 09/2032 |  | 325 | 321 | (e)(g) |  |
| WorkWave Intermediate II, LLC |  | 1st Lien Term Loan | 10.25% (3.12% PIK) | SOFR (Q) | 6.25% |  | 09/2032 |  | 43124 | 42693 | (e)(f) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  |  | 1387986 |  | 27.17% |
| **Sports, Media and Entertainment** | **Sports, Media and Entertainment** | **Sports, Media and Entertainment** |  |  |  |  |  |  |  |  |  |  |
| 3 Step Sports LLC |  | 1st Lien Revolving Loan |  |  |  |  | 10/2028 |  |  |  | (e)(g) |  |
| 3 Step Sports LLC |  | 1st Lien Term Loan | 12.01% (1.50% PIK) | SOFR (Q) | 8.00% |  | 10/2029 |  | 1948 | 1910 | (e) |  |
| 3 Step Sports LLC |  | 1st Lien Delay Draw Term Loan | 12.01% (1.50% PIK) | SOFR (Q) | 8.00% |  | 10/2029 |  | 220 | 216 | (e)(g) |  |
| Aventine Holdings II LLC |  | Senior Subordinated Loan | 10.25% PIK |  |  |  | 12/2030 |  | 15562 | 12138 | (e) |  |
| Aventine Intermediate LLC |  | 1st Lien Term Loan | 10.10% (3.50% PIK) | SOFR (Q) | 6.00% |  | 06/2029 |  | 1380 | 1311 | (e)(f) |  |
| Aventine Intermediate LLC |  | 1st Lien Delay Draw Term Loan | 10.10% (3.50% PIK) | SOFR (Q) | 6.00% |  | 06/2029 |  | 546 | 519 | (e) |  |
| Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC |  | 1st Lien Term Loan | 9.68% | SOFR (S) | 5.50% |  | 06/2032 |  | 537 | 529 | (e) |  |
| Creative Artists Agency, LLC |  | 1st Lien Term Loan | 6.66% | SOFR (M) | 2.50% |  | 10/2031 |  | 8219 | 8228 | (f) |  |
| Fever Labs, Inc. |  | 1st Lien Revolving Loan | 11.00% |  |  |  | 11/2028 |  | 2739 | 2739 | (e)(g) |  |
| Fever Labs, Inc. |  | 1st Lien Term Loan | 11.00% |  |  |  | 11/2028 |  | 3806 | 3806 | (e) |  |
| Fever Labs, Inc. |  | 1st Lien Delay Draw Term Loan | 11.00% |  |  |  | 11/2028 |  | 818 | 817 | (e)(g) |  |
| Global Music Rights, LLC |  | 1st Lien Revolving Loan |  |  |  |  | 12/2031 |  |  |  | (e)(g) |  |
| Global Music Rights, LLC |  | 1st Lien Term Loan | 8.50% | SOFR (Q) | 4.50% |  | 12/2031 |  | 64370 | 64370 | (e)(f) |  |
| League One Volleyball Clubs, LLC |  | 1st Lien Delay Draw Term Loan | 10.62% | SOFR (Q) | 6.50% |  | 01/2030 |  | 1 | 1 | (e)(g) |  |
| Legends Hospitality Holding Company, LLC |  | 1st Lien Revolving Loan | 9.16% | SOFR (M) | 5.00% |  | 08/2030 |  | 60 | 60 | (e)(g) |  |
| Legends Hospitality Holding Company, LLC |  | 1st Lien Term Loan | 9.71% (2.75% PIK) | SOFR (Q) | 5.50% |  | 08/2031 |  | 6151 | 6151 | (e)(f) |  |
| Legends Hospitality Holding Company, LLC |  | 1st Lien Delay Draw Term Loan | 9.19% | SOFR (Q) | 5.00% |  | 08/2031 |  | 219 | 219 | (e)(g) |  |
| NEP Group, Inc. |  | 1st Lien Term Loan | 9.21% (1.50% PIK) | SOFR (Q) | 4.75% |  | 08/2026 |  | 18223 | 18072 |  |  |
| NEP Group, Inc. |  | 1st Lien Term Loan | 8.46% (1.50% PIK) | SOFR (Q) | 4.00% |  | 08/2026 |  | 7313 | 7276 |  |  |
| Production Resource Group, L.L.C. |  | 1st Lien Delay Draw Term Loan | 11.65% PIK | SOFR (Q) | 7.50% |  | 08/2029 |  | 1143 | 1142 | (e) |  |
| Production Resource Group, L.L.C. |  | 1st Lien Delay Draw Term Loan | 11.96% PIK | SOFR (M) | 7.50% |  | 08/2029 |  | 52 | 52 | (e) |  |
| Production Resource Group, L.L.C. |  | 1st Lien Delay Draw Term Loan | 9.97% PIK | SOFR (Q) | 5.50% |  | 08/2029 |  | 51 | 51 | (e) |  |
| Production Resource Group, L.L.C. |  | 1st Lien Term Loan |  |  |  |  | 08/2029 |  | 1068 | 310 | (e)(i) |  |
| Professional Fighters League, LLC |  | 1st Lien Term Loan | 14.00% PIK |  |  |  | 01/2026 |  | 879 | 878 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Professional Fighters League, LLC |  | 2nd Lien Delay Draw Term Loan | 16.00% PIK |  |  |  | 01/2026 |  | 9 | 9 | (e) |  |
| Shout! Factory, LLC |  | 1st Lien Revolving Loan | 9.25% | SOFR (Q) | 5.25% |  | 06/2031 |  | 15 | 14 | (e)(g) |  |
| Shout! Factory, LLC |  | 1st Lien Term Loan | 9.25% | SOFR (Q) | 5.25% |  | 06/2031 |  | 669 | 659 | (e)(f) |  |
| Storm Investment S.a.r.l. | Luxembourg | 1st Lien Term Loan | 3.75% |  |  |  | 06/2029 |  | 9193 | 10794 | (e) |  |
| Voldex Entertainment Limited | United Kingdom | 1st Lien Term Loan | 11.25% | SOFR (Q) | 7.25% |  | 01/2029 |  | 21 | 21 | (e) |  |
| WideOpenWest Finance, LLC |  | 1st Lien Term Loan | 11.58% | SOFR (Q) | 7.00% |  | 12/2028 |  | 2181 | 2224 | (f) |  |
| WRE Sports Investments LLC |  | 1st Lien Term Loan | 11.00% (5.50% PIK) |  |  |  | 07/2031 |  | 7354 | 7354 | (e) |  |
| WRE Sports Investments LLC |  | 1st Lien Delay Draw Term Loan | 11.00% (5.50% PIK) |  |  |  | 07/2031 |  | 408 | 408 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  | 152278 |  | 2.98% |
| **Technology Hardware and Equipment** | **Technology Hardware and Equipment** | **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |  |  |
| Chariot Buyer LLC |  | 1st Lien Revolving Loan |  |  |  |  | 01/2029 |  |  |  | (e)(g) |  |
| Chariot Buyer LLC |  | 1st Lien Term Loan | 7.16% | SOFR (M) | 3.00% |  | 09/2032 |  | 6913 | 6916 | (f) |  |
| ConnectWise, LLC |  | 1st Lien Term Loan | 7.76% | SOFR (Q) | 3.50% |  | 09/2028 |  | 5542 | 5548 | (f) |  |
| Cotiviti Holdings, Inc. |  | 1st Lien Term Loan | 7.03% | SOFR (M) | 2.75% |  | 03/2032 |  | 5486 | 5381 |  |  |
| Emerald Debt Merger Sub LLC |  | 1st Lien Term Loan | 6.45% | SOFR (Q) | 2.25% |  | 05/2030 |  | 6415 | 6394 | (f) |  |
| Excelitas Technologies Corp. |  | 1st Lien Term Loan | 9.41% | SOFR (M) | 5.25% |  | 08/2029 |  | 2092 | 2092 | (e)(f) |  |
| Excelitas Technologies Corp. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2029 |  |  |  | (e)(g) |  |
| FL Hawk Intermediate Holdings, Inc. |  | 1st Lien Revolving Loan |  |  |  |  | 02/2029 |  |  |  | (e)(g) |  |
| FL Hawk Intermediate Holdings, Inc. |  | 1st Lien Term Loan | 8.66% | SOFR (M) | 4.50% |  | 02/2030 |  | 10846 | 10846 | (e)(f) |  |
| MWG BidCo ApS | Denmark | 1st Lien Term Loan | 9.22% | CIBOR (Q) | 7.25% |  | 02/2028 |  | 20066 | 3156 | (e) |  |
| MWG BidCo ApS | Denmark | 1st Lien Delay Draw Term Loan | 9.63% | EURIBOR (S) | 7.25% |  | 02/2028 |  | 4934 | 776 | (e) |  |
| MWG BidCo ApS | Denmark | 1st Lien Delay Draw Term Loan | 9.43% | CIBOR (S) | 7.25% |  | 02/2028 |  | 1712 | 269 | (e) |  |
| Repairify, Inc. |  | 1st Lien Revolving Loan | 9.56% | SOFR (Q) | 5.25% |  | 06/2027 |  | 540 | 540 | (e)(g) |  |
| Repairify, Inc. |  | 1st Lien Term Loan | 9.25% | SOFR (S) | 5.25% |  | 06/2027 |  | 3427 | 3427 | (e)(f) |  |
| Repairify, Inc. |  | 1st Lien Term Loan | 9.40% | SOFR (Q) | 5.25% |  | 06/2027 |  | 554 | 554 | (e)(f) |  |
|  |  |  |  |  |  |  |  |  |  | 45899 |  | 0.90% |
| **Telecommunication Services** | **Telecommunication Services** | **Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CB-SDG Limited | United Kingdom | 1st Lien Term Loan |  |  |  |  | 04/2028 |  | £1957 | 924 | (e)(i) |  |
| Delta Topco, Inc. |  | 1st Lien Term Loan | 7.02% | SOFR (M) | 2.75% |  | 11/2029 |  | 12520 | 12367 | (f) |  |
| Hamsard 3713 Limited | United Kingdom | 1st Lien Term Loan | 8.61% | EURIBOR (Q) | 6.61% |  | 11/2030 |  | 8541 | 10027 | (e) |  |
| Hamsard 3713 Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 10.99% | SOFR (Q) | 6.61% |  | 11/2030 |  | 3968 | 4659 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Lumen Technologies Inc |  | 1st Lien Term Loan | 6.63% | SOFR (M) | 2.35% |  | 04/2029 |  |  | 34394 | 34141 |  |  |
| Lumen Technologies Inc |  | 1st Lien Term Loan | 6.63% | SOFR (M) | 2.35% |  | 04/2030 |  |  | 2494 | 2476 |  |  |
| Panther NewCo | France | 1st Lien Term Loan | 7.18% | EURIBOR (Q) | 5.18% |  | 05/2029 |  | € | 8250 | 9686 | (e) |  |
| Panther NewCo | France | 1st Lien Delay Draw Term Loan | 7.18% | EURIBOR (Q) | 5.18% |  | 05/2029 |  | € | 2798 | 3285 | (e) |  |
| Panther NewCo | France | 1st Lien Delay Draw Term Loan | 7.75% | EURIBOR (Q) | 5.75% |  | 05/2029 |  | € | 4663 | 5475 | (e)(g) |  |
| Ristretto Bidco B.V. |  | 1st Lien Revolving Loan |  |  |  |  | 12/2030 |  |  |  |  | (e)(g) |  |
| Ristretto Bidco B.V. |  | 1st Lien Term Loan | 10.54% (3.50% PIK) | SOFR (Q) | 6.50% |  | 12/2030 |  |  | 26618 | 26352 | (e)(f) |  |
| Ristretto Bidco B.V. |  | 1st Lien Delay Draw Term Loan | 10.54% (3.50% PIK) | SOFR (Q) | 6.50% |  | 12/2030 |  |  | 1972 | 1952 | (e)(g) |  |
| Zayo Group Holdings, Inc. |  | 1st Lien Term Loan | 7.77% PIK | SOFR (M) | 3.50% |  | 03/2030 |  |  | 10988 | 10826 |  |  |
|  |  |  |  |  |  |  |  |  |  |  | 122170 |  | 2.39% |
| **Transportation** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Draken Bidco Limited | United Kingdom | 1st Lien Term Loan | 11.48% | SOFR (S) | 6.75% |  | 07/2029 |  |  | 10560 | 10560 | (e)(f) |  |
| Draken Bidco Limited | United Kingdom | 1st Lien Delay Draw Term Loan | 11.26% | SOFR (S) | 6.75% |  | 07/2029 |  |  | 1440 | 1440 | (e) |  |
| First Student Bidco Inc. |  | 1st Lien Term Loan | 6.71% | SOFR (Q) | 2.50% |  | 08/2030 |  |  | 7257 | 7258 | (f) |  |
| FTAI Infrastructure Inc. (Railco) |  |  | 8.20% | SOFR (S) | 4.00% |  | 08/2026 |  |  | 26817 | 26348 | (e) |  |
| Neovia Logistics, LP |  | 1st Lien Term Loan | 13.18% (8.50% PIK) | SOFR (Q) | 9.00% |  | 11/2027 |  |  | 485 | 485 | (e) |  |
| Zeppelin US Buyer Inc. |  | 1st Lien Revolving Loan | 8.92% | SOFR (M) | 4.75% |  | 08/2032 |  |  | 23 | 22 | (e)(g) |  |
| Zeppelin US Buyer Inc. |  | 1st Lien Term Loan | 8.93% | SOFR (Q) | 4.75% |  | 08/2032 |  |  | 402 | 399 | (e)(f) |  |
| Zeppelin US Buyer Inc. |  | 1st Lien Delay Draw Term Loan |  |  |  |  | 08/2032 |  |  |  |  | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 46512 |  | 0.91% |
| **Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lackawanna Energy Center LLC |  | 1st Lien Term Loan | 7.25% | SOFR (M) | 3.00% |  | 08/2032 |  |  | 2793 | 2813 |  |  |
| Semper Holding BV | Netherlands | 1st Lien Term Loan | 7.70% | EURIBOR (Q) | 5.70% |  | 02/2031 |  | € | 29853 | 35049 | (e)(f) |  |
| Watt Holdco Limited | Ireland | 1st Lien Term Loan | 7.27% | EURIBOR (Q) | 5.25% |  | 09/2031 |  | € | 3000 | 3522 | (e) |  |
| Watt Holdco Limited | Ireland | 1st Lien Delay Draw Term Loan | 7.28% | EURIBOR (Q) | 5.25% |  | 09/2031 |  | € | 73 | 86 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  |  | 41470 |  | 0.81% |
| **TOTAL SENIOR LOANS (Cost $5,380,614)** | **TOTAL SENIOR LOANS (Cost $5,380,614)** | **TOTAL SENIOR LOANS (Cost $5,380,614)** |  |  |  |  |  |  |  |  | 5406237 |  | 105.84% |
| **SUBORDINATED LOANS(b)(c)(d)** | **SUBORDINATED LOANS(b)(c)(d)** | **SUBORDINATED LOANS(b)(c)(d)** |  |  |  |  |  |  |  |  |  |  |  |
| **Capital Goods** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| OPH NEP Investment, LLC |  | Senior Subordinated Loan | 10.00% (7.00% PIK) |  |  |  | 05/2032 |  |  | 10692 | 10477 | (e) |  |
|  |  |  |  |  |  |  |  |  |  |  | 10477 |  | 0.21% |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Argenbright Holdings V, LLC |  | Senior Subordinated Loan | 13.52% (6.94% PIK) | SOFR (Q) | 9.25% |  | 11/2028 |  | 3265 | 3266 | (e)(g) |  |
| Argenbright Holdings V, LLC |  | Senior Subordinated Loan | 13.68% (6.94% PIK) | SOFR (Q) | 9.25% |  | 11/2028 |  | 53 | 52 | (e) |  |
| TVG-MGT Upper Intermediate Holdings, LLC |  | Senior Subordinated Loan | 14.00% PIK |  |  |  | 08/2031 |  | 452 | 439 | (e) |  |
| VRC Companies, LLC |  | Senior Subordinated Loan | 12.00% (2.00% PIK) |  |  |  | 06/2028 |  | 27 | 27 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 3784 |  | 0.07% |
| **Consumer Durables and Apparel** | **Consumer Durables and Apparel** | **Consumer Durables and Apparel** |  |  |  |  |  |  |  |  |  |  |
| Centric Brands TopCo, LLC |  | Senior Subordinated Loan | 10.75% | SOFR (Q) | 6.50% |  | 02/2031 |  | 814 | 814 | (e) |  |
| Centric Brands TopCo, LLC |  | Senior Subordinated Loan | 12.25% PIK | SOFR (Q) | 8.00% |  | 02/2031 |  | 992 | 992 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 1806 |  | 0.04% |
| **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |
| BCC Blueprint Investments, LLC |  | Senior Subordinated Loan | 9.30% PIK |  |  |  | 09/2026 |  | 874 | 874 | (e) |  |
| eCapital Finance Corp. | Canada | Senior Subordinated Loan | 12.13% | SOFR (M) | 7.75% |  | 12/2028 |  | 30741 | 30741 | (e) |  |
| eCapital Finance Corp. | Canada | Senior Subordinated Loan | 12.13% | SOFR (M) | 7.75% |  | 12/2028 |  | 2803 | 2803 | (e) |  |
| eCapital Finance Corp. | Canada | Senior Subordinated Loan | 12.17% | SOFR (M) | 7.75% |  | 12/2028 |  | 20621 | 20620 | (e) |  |
| eCapital Finance Corp. | Canada | Senior Subordinated Loan | 12.88% | SOFR (M) | 8.50% |  | 12/2028 |  | 3793 | 3793 | (e) |  |
| eCapital Finance Corp. | Canada | Senior Subordinated Loan | 11.52% | SOFR (M) | 7.25% |  | 10/2029 |  | 1532 | 1532 | (e) |  |
| Gapco Aiv Interholdco (CP), L.P. |  | Senior Subordinated Loan | 10.75% PIK | SOFR (Q) | 6.75% |  | 03/2033 |  | 2622 | 2623 | (e) |  |
| Gapco Aiv Interholdco (CP), L.P. |  | Senior Subordinated Loan | 10.75% PIK | SOFR (Q) | 6.75% |  | 03/2033 |  | 4227 | 4227 | (e) |  |
| HighTower Holding, LLC |  | Senior Subordinated Loan | 6.75% |  |  |  | 04/2029 |  | 3280 | 3236 |  |  |
| Midcap Financial Issuer Trust |  | Senior Subordinated Loan | 6.50% |  |  |  | 05/2028 |  | 11483 | 11406 |  |  |
| TriplePoint Venture Growth BDC Corp |  | Senior Subordinated Loan | 8.11% |  |  |  | 02/2028 |  | 17100 | 17408 | (e) |  |
| TVG-TMG Topco, Inc. |  | Senior Subordinated Loan | 12.00% PIK |  |  |  | 03/2029 |  | 4185 | 4185 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 103448 |  | 2.03% |
| **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** |  |  |  |  |  |  |  |  |  |  |
| Forward Keystone Holdings, LP |  | Senior Subordinated Loan | 15.00% (8.00% PIK) |  |  |  | 03/2029 |  | 3760 | 3760 | (e) |  |
| Forward Keystone Holdings, LP |  | Senior Subordinated Loan | 15.00% (8.00% PIK) |  |  |  | 03/2029 |  | 140 | 140 | (e)(g) |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc |  | Senior Subordinated Loan | 6.25% |  |  |  | 04/2029 |  | 100 | 100 |  |  |
|  |  |  |  |  |  |  |  |  |  | 4000 |  | 0.08% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| AmeriVet Partners Management, Inc. |  | Senior Subordinated Loan | 8.25% PIK |  |  |  | 12/2030 |  | 8870 | 7362 | (e) |  |
| AmeriVet Partners Management, Inc. |  | Senior Subordinated Loan | 8.25% PIK |  |  |  | 12/2030 |  | 1423 | 1181 | (e) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  |  | 8543 |  | 0.17% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| 15484910 Canada Inc. | Canada | Senior Subordinated Loan | 14.00% PIK |  |  |  | 04/2035 |  | 2191 | 1574 | (e) |  |
| 15484910 Canada Inc. | Canada | Senior Subordinated Loan |  |  |  |  | 04/2035 |  |  |  | (e)(g) |  |
| Slaine Holdings LLC |  | Senior Subordinated Loan | 10.91% | SOFR (M) | 6.75% |  | 05/2030 |  | 6056 | 5935 | (e) |  |
| Slaine Holdings LLC |  | Senior Subordinated Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
| Slaine Holdings LLC |  | Senior Subordinated Loan |  |  |  |  | 05/2030 |  |  |  | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  | 7509 |  | 0.15% |
| **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |
| Cardinal Topco Holdings, LP |  | Senior Subordinated Loan | 11.00% PIK |  |  |  | 03/2027 |  | 11 | 11 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 11 |  | —% |
| **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |  |
| BCTO Ignition Purchaser, Inc. |  | Senior Subordinated Loan | 11.83% PIK | SOFR (Q) | 7.50% |  | 10/2030 |  | 1067 | 1068 | (e) |  |
| BCTO Ignition Purchaser, Inc. |  | Senior Subordinated Loan | 11.83% PIK | SOFR (Q) | 7.50% |  | 10/2030 |  | 599 | 599 | (e) |  |
| Cascade Intermediate II, Inc. |  | Senior Subordinated Loan | 13.00% PIK |  |  |  | 09/2033 |  | 440 | 431 | (e) |  |
| Practicetek Midco, LLC |  | Senior Subordinated Loan | 14.00% PIK |  |  |  | 08/2030 |  | 10808 | 10808 | (e) |  |
| WPT Intermediate Holdco, Inc. |  | Senior Subordinated Loan | 13.25% PIK |  |  |  | 05/2029 |  | 21709 | 20189 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 33095 |  | 0.65% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |  |
| 22 HoldCo Limited | United Kingdom | Senior Subordinated Loan | 11.75% PIK | SONIA (S) | 7.50% |  | 08/2033 |  | £2169 | 2917 | (e) |  |
| 22 HoldCo Limited | United Kingdom | Senior Subordinated Loan | 11.75% PIK | SONIA (S) | 7.50% |  | 08/2033 |  | £3536 | 4756 | (e) |  |
| Eagle Football Holdings BidCo Limited | United Kingdom | Senior Subordinated Loan |  |  |  |  | 01/2027 |  | 210 | 121 | (e)(i) |  |
| Eagle Football Holdings BidCo Limited | United Kingdom | Senior Subordinated Loan |  |  |  |  | 12/2028 |  | 1688 | 969 | (e)(i) |  |
| Eagle Football Holdings BidCo Limited | United Kingdom | Senior Subordinated Loan | 19.00% PIK |  |  |  | 12/2028 |  | 17 | 17 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 8780 |  | 0.17% |
| **Transportation** |  |  |  |  |  |  |  |  |  |  |  |  |
| Nordic Ferry Infrastructure AS | Norway | Senior Subordinated Loan | 9.29% | NIBOR (Q) | 5.00% |  | 11/2031 |  | 207385 | 20781 | (e) |  |
| Nordic Ferry Infrastructure AS | Norway | Senior Subordinated Loan | 7.03% | EURIBOR (Q) | 5.00% |  | 11/2031 |  | 17459 | 20498 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 41279 |  | 0.81% |
| **Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| BNZ TopCo B.V. | Netherlands | Senior Subordinated Loan | 8.25% | EURIBOR (Q) | 6.25% |  | 10/2030 |  | 3980 | 4579 | (e)(g) |  |
|  |  |  |  |  |  |  |  |  |  | 4579 |  | 0.09% |
| **TOTAL SUBORDINATED LOANS (Cost $222,100)** | **TOTAL SUBORDINATED LOANS (Cost $222,100)** | **TOTAL SUBORDINATED LOANS (Cost $222,100)** | **TOTAL SUBORDINATED LOANS (Cost $222,100)** | **TOTAL SUBORDINATED LOANS (Cost $222,100)** |  |  |  |  |  | 227311 |  | 4.45% |
| **CORPORATE BONDS(b)(c)** | **CORPORATE BONDS(b)(c)** | **CORPORATE BONDS(b)(c)** |  |  |  |  |  |  |  |  |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **Capital Goods** | | | | | | | | | | | | | |
| CP Atlas Buyer Inc |  |  | 12.75% |  |  |  | 01/2031 |  |  | 12163 | 12148 | (d) |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc | Malta |  | 9.50% |  |  |  | 06/2028 |  |  | 6105 | 6357 | (d) |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc | Malta |  | 6.38% |  |  |  | 02/2030 |  |  | 13163 | 12829 | (d) |  |
| Wilsonart LLC |  |  | 11.00% |  |  |  | 08/2032 |  |  | 9616 | 9361 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 40695 |  | 0.80% |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |  |
| LABL, Inc. |  |  | 8.63% |  |  |  | 10/2031 |  |  | 5000 | 3673 | (d) |  |
| NBLY 2021-1 |  |  | 3.58% |  |  |  | 04/2051 |  |  | 24 | 23 | (d)(e) |  |
| Neptune BidCo US Inc. |  |  | 9.29% |  |  |  | 04/2029 |  |  | 8991 | 8817 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 12513 |  | 0.24% |
| **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| AUTHB 2021-1 |  |  | 3.73% |  |  |  | 07/2051 |  |  | 24 | 22 | (d)(e) |  |
| SERV 2020-1 |  |  | 3.34% |  |  |  | 01/2051 |  |  | 23 | 21 | (d)(e) |  |
|  |  |  |  |  |  |  |  |  |  |  | 43 |  | —% |
| **Energy** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Enviva Partners LP / Enviva Partners Finance Corp |  |  |  |  |  |  | 01/2026 |  |  | 17217 |  | (d)(e)(i) |  |
| ITT Holdings LLC |  |  | 6.50% |  |  |  | 08/2029 |  |  | 14264 | 14023 | (d) |  |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp |  |  | 6.00% |  |  |  | 12/2030 |  |  | 10093 | 9971 | (d) |  |
| Transocean Inc. | Cayman Islands |  | 6.80% |  |  |  | 03/2038 |  |  | 8968 | 7609 |  |  |
|  |  |  |  |  |  |  |  |  |  |  | 31603 |  | 0.62% |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |  |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |  |  | 4.50% |  |  |  | 04/2027 |  |  | 8321 | 8173 | (d) |  |
| Iron Mountain Inc |  |  | 5.25% |  |  |  | 07/2030 |  |  | 4089 | 4043 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 12216 |  | 0.24% |
| **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Antenore Bidco SpA | Italy |  | 8.69% |  |  |  | 10/2030 |  | € | 3550 | 4168 | (e) |  |
| Trinity Capital Inc |  |  | 7.54% |  |  |  | 10/2027 |  |  | 20300 | 20542 | (e) |  |
| WAX 2022-1 |  |  | 5.50% |  |  |  | 03/2052 |  |  | 18383 | 18153 | (d)(e) |  |
|  |  |  |  |  |  |  |  |  |  |  | 42863 |  | 0.84% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |  |
| Team Health Holdings, Inc. |  |  | 8.38% |  |  |  | 06/2028 |  |  | 6000 | 6129 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 6129 |  | 0.12% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| SQ ABS Issuer, LLC |  |  | 7.80% |  |  |  | 10/2039 |  |  | 733 | 734 | (e) |  |
| SQ ABS Issuer, LLC |  |  | 9.65% |  |  |  | 10/2039 |  |  | 489 | 489 | (e) |  |
|  |  |  |  |  |  |  |  |  |  |  | 1223 |  | 0.02% |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **Materials** | | | | | | | | | | | | | |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | Ireland |  | 4.13% |  |  |  | 08/2026 |  |  | 4224 | 4055 | (d) |  |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc | Ireland |  | 5.25% |  |  |  | 08/2027 |  |  | 27645 | 10505 | (d) |  |
| Chemours Company, The |  |  | 5.75% |  |  |  | 11/2028 |  |  | 2864 | 2794 | (d) |  |
| Trident TPI Holdings, Inc. |  |  | 12.75% |  |  |  | 12/2028 |  |  | 6102 | 6506 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 23860 |  | 0.47% |
| **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |  |
| 1261229 B.C. Ltd. | Canada |  | 10.00% |  |  |  | 04/2032 |  |  | 7500 | 7688 | (d) |  |
| Igea Bidco S.p.A. | Italy |  | 9.33% |  |  |  | 09/2031 |  | € | 3651 | 4286 | (e) |  |
|  |  |  |  |  |  |  |  |  |  |  | 11974 |  | 0.23% |
| **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cloud Software Group, Inc. |  |  | 8.25% |  |  |  | 06/2032 |  |  | 3400 | 3608 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 3608 |  | 0.07% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |  |  |
| ANGI Group LLC |  |  | 3.88% |  |  |  | 08/2028 |  |  | 4959 | 4661 | (d) |  |
| Scripps Escrow II Inc |  |  | 3.88% |  |  |  | 01/2029 |  |  | 10416 | 9176 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 13837 |  | 0.27% |
| **Telecommunication Services** | **Telecommunication Services** | **Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |  |
| Zayo Group Holdings, Inc. |  |  | 5.75% |  |  |  | 03/2030 |  |  | 15719 | 15236 | (d) |  |
|  |  |  |  |  |  |  |  |  |  |  | 15236 |  | 0.30% |
| **TOTAL CORPORATE BONDS (Cost $217,022)** | **TOTAL CORPORATE BONDS (Cost $217,022)** | **TOTAL CORPORATE BONDS (Cost $217,022)** | **TOTAL CORPORATE BONDS (Cost $217,022)** |  |  |  |  |  |  |  | 215800 |  | 4.22% |
| **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)** |  |  |  |  |  |  |  |  |
| ABPCI 2022-11A ER | Cayman Islands |  | 11.31% | SOFR (Q) | 7.00% |  | 01/2038 |  |  | 7000 | 6915 |  |  |
| ABPCI 2023-12A ER | Jersey |  | 12.54% | SOFR (Q) | 8.25% |  | 07/2037 |  |  | 2850 | 2873 |  |  |
| ABPCI 2025-20A E |  |  | 10.56% | SOFR (Q) | 6.25% |  | 04/2037 |  |  | 1450 | 1455 |  |  |
| AIMCO 2024-22A E | Jersey |  | 10.83% | SOFR (Q) | 6.50% |  | 04/2037 |  |  | 3000 | 3044 |  |  |
| ANCHC 2019-13A ERR | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 04/2038 |  |  | 5000 | 5067 |  |  |
| ANCHF 2020-12A E | Cayman Islands |  | 6.91% |  |  |  | 10/2038 |  |  | 1000 | 910 |  |  |
| ATRM 14A ER | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 10/2037 |  |  | 5600 | 5659 |  |  |
| ATRM 15A ER | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 07/2037 |  |  | 3350 | 3378 |  |  |
| BABSN 2023-1A ER | Cayman Islands |  | 11.03% | SOFR (Q) | 6.70% |  | 04/2038 |  |  | 900 | 928 |  |  |
| BALLY 2024-26A D | Cayman Islands |  | 10.42% | SOFR (Q) | 6.10% |  | 07/2037 |  |  | 1800 | 1826 |  |  |
| BSP 2016-9A ER2 | Cayman Islands |  | 10.23% | SOFR (Q) | 5.90% |  | 10/2037 |  |  | 3125 | 3174 |  |  |
| BSP 2018-14A ER | Cayman Islands |  | 10.48% | SOFR (Q) | 6.15% |  | 10/2037 |  |  | 5500 | 5586 |  |  |
| BSP 2022-28A ER | Cayman Islands |  | 9.73% | SOFR (Q) | 5.40% |  | 10/2037 |  |  | 500 | 504 |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| BSP 2023-30A ER | Jersey |  | 9.77% | SOFR (Q) | 5.45% |  | 04/2038 |  | 2000 | 2019 |  |
| BSP 2023-31A ER | Jersey |  | 11.49% | SOFR (Q) | 7.17% |  | 04/2038 |  | 375 | 388 |  |
| BSP 2024-38A E | Cayman Islands |  | 9.32% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3750 | 3764 |  |
| BSP 2025-39A E | Cayman Islands |  | 8.76% | SOFR (Q) | 4.50% |  | 04/2038 |  | 1825 | 1833 |  |
| CAVU 2021-1A ER | Cayman Islands |  | 11.32% | SOFR (Q) | 7.00% |  | 07/2037 |  | 1250 | 1260 |  |
| CAVU 2022-2A D2R | Cayman Islands |  | 8.34% |  |  |  | 03/2038 |  | 2575 | 2620 |  |
| CAVU 2022-2A ER | Cayman Islands |  | 10.78% | SOFR (Q) | 6.45% |  | 03/2038 |  | 2950 | 3010 |  |
| CEDF 2019-10A ER2 | Cayman Islands |  | 11.08% | SOFR (Q) | 6.75% |  | 10/2037 |  | 1000 | 1003 |  |
| CGMS 2019-2A ER2 | Cayman Islands |  | 11.32% | SOFR (Q) | 7.00% |  | 10/2037 |  | 4388 | 4508 |  |
| CGMS 2020-1A DRR | Cayman Islands |  | 9.28% | SOFR (Q) | 4.95% |  | 01/2038 |  | 3750 | 3774 |  |
| CGMS 2022-2A ER | Cayman Islands |  | 11.28% | SOFR (Q) | 6.95% |  | 01/2038 |  | 2850 | 2903 |  |
| CGMS 2022-5A ER | Cayman Islands |  | 11.42% | SOFR (Q) | 7.10% |  | 10/2037 |  | 4190 | 4265 |  |
| CGMS 2024-1A E | Cayman Islands |  | 11.24% | SOFR (Q) | 6.92% |  | 04/2037 |  | 1096 | 1111 |  |
| CGMS 2024-3A E | Cayman Islands |  | 10.72% | SOFR (Q) | 6.40% |  | 07/2036 |  | 3250 | 3307 |  |
| CGMS 2024-5A E | Cayman Islands |  | 9.97% | SOFR (Q) | 5.65% |  | 10/2036 |  | 1500 | 1516 |  |
| CIFC 2018-1A ER | Cayman Islands |  | 9.58% | SOFR (Q) | 5.25% |  | 01/2038 |  | 830 | 834 |  |
| CIFC 2018-5A ER | Cayman Islands |  | 10.92% | SOFR (Q) | 6.60% |  | 07/2038 |  | 650 | 657 |  |
| CIFC 2020-4A ER | Cayman Islands |  | 9.22% | SOFR (Q) | 4.90% |  | 01/2040 |  | 5500 | 5542 |  |
| CIFC 2021-4A ER | Cayman Islands |  | 10.52% | SOFR (Q) | 6.20% |  | 07/2037 |  | 1000 | 1012 |  |
| CIFC 2021-5A ER | Cayman Islands |  | 9.42% | SOFR (Q) | 5.10% |  | 01/2038 |  | 3883 | 3870 |  |
| CIFC 2022-6A ER | Cayman Islands |  | 10.07% | SOFR (Q) | 5.75% |  | 10/2038 |  | 438 | 441 |  |
| CIFC 2022-7A ER | Cayman Islands |  | 9.68% | SOFR (Q) | 5.35% |  | 01/2038 |  | 688 | 696 |  |
| CIFC 2024-1A E | Cayman Islands |  | 10.93% | SOFR (Q) | 6.60% |  | 04/2037 |  | 375 | 381 |  |
| CIFC 2024-5A E | Cayman Islands |  | 9.48% | SOFR (Q) | 5.15% |  | 01/2038 |  | 4000 | 4037 |  |
| CPTPK 2024-1A E | Jersey |  | 10.33% | SOFR (Q) | 6.00% |  | 07/2037 |  | 1750 | 1771 |  |
| DRSLF 2022-104A ER | Cayman Islands |  | 11.60% | SOFR (Q) | 7.40% |  | 08/2034 |  | 5756 | 5796 |  |
| ELM12 2021-5A ER | Cayman Islands |  | 10.22% | SOFR (Q) | 5.90% |  | 10/2037 |  | 1475 | 1479 |  |
| ELM24 2023-3A ER | Cayman Islands |  | 9.42% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2000 | 2001 |  |
| ELM30 2024-6A E | Cayman Islands |  | 9.57% | SOFR (Q) | 5.25% |  | 07/2037 |  | 1250 | 1254 |  |
| ELM37 2024-13A E1 | Cayman Islands |  | 9.07% | SOFR (Q) | 4.75% |  | 01/2038 |  | 3000 | 3026 |  |
| ELM38 2025-1A E | Cayman Islands |  | 8.78% | SOFR (Q) | 4.50% |  | 04/2038 |  | 1500 | 1501 |  |
| ELM40 2025-3A E | Cayman Islands |  | 9.53% | SOFR (Q) | 5.25% |  | 03/2038 |  | 1750 | 1773 |  |
| ELM42 2025-5A E | Cayman Islands |  | 10.78% | SOFR (Q) | 6.50% |  | 03/2038 |  | 1200 | 1241 |  |
| ELMW2 2019-2A ERR | Cayman Islands |  | 10.08% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1400 | 1405 |  |
| ELMW4 2020-1A ER | Cayman Islands |  | 10.48% | SOFR (Q) | 6.15% |  | 04/2037 |  | 2738 | 2724 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| ELMW8 2021-1A ER | Cayman Islands |  | 10.58% | SOFR (Q) | 6.25% |  | 04/2037 |  | 3000 | 2985 |  |
| EMPWR 2023-3A E | Jersey |  | 12.15% | SOFR (Q) | 7.82% |  | 01/2037 |  | 500 | 505 |  |
| FLAT 2023-2A E | Jersey |  | 12.15% | SOFR (Q) | 7.83% |  | 01/2037 |  | 750 | 763 |  |
| GLM 2022-12A ER | Jersey |  | 10.03% | SOFR (Q) | 5.70% |  | 07/2037 |  | 2100 | 2113 |  |
| GNRT 2022-10A ER | Cayman Islands |  | 9.23% | SOFR (Q) | 4.90% |  | 01/2038 |  | 2750 | 2663 |  |
| GNRT 2024-15A E | Cayman Islands |  | 11.03% | SOFR (Q) | 6.70% |  | 07/2037 |  | 1075 | 1086 |  |
| GNRT 2A ER2 | Cayman Islands |  | 11.68% | SOFR (Q) | 7.35% |  | 10/2037 |  | 250 | 249 |  |
| GNRT 6A ER2 | Cayman Islands |  | 11.58% | SOFR (Q) | 7.25% |  | 10/2037 |  | 1820 | 1843 |  |
| GNRT 9A ER | Cayman Islands |  | 10.68% | SOFR (Q) | 6.35% |  | 01/2038 |  | 2000 | 1970 |  |
| HAMLN 2024-1A E | Jersey |  | 9.73% | SOFR (Q) | 5.40% |  | 10/2037 |  | 2018 | 2035 |  |
| INVCO 2023-2A ER | Jersey |  | 12.21% | SOFR (Q) | 7.88% |  | 04/2038 |  | 1600 | 1673 |  |
| KKR 2024-53A E | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 01/2038 |  | 2235 | 2285 |  |
| KKR 44A D | Cayman Islands |  | 9.33% | SOFR (Q) | 5.00% |  | 01/2036 |  | 3800 | 3839 |  |
| MAGNE 2022-33A ER | Cayman Islands |  | 9.88% | SOFR (Q) | 5.55% |  | 10/2037 |  | 5875 | 5918 |  |
| MAGNE 2024-41A E | Cayman Islands |  | 9.22% | SOFR (Q) | 4.90% |  | 01/2038 |  | 2313 | 2337 |  |
| MAGNE 2024-42A E | Cayman Islands |  | 9.32% | SOFR (Q) | 5.00% |  | 01/2038 |  | 2125 | 2147 |  |
| MAGNE 2025-43A E | Cayman Islands |  | 10.80% | SOFR (Q) | 6.50% |  | 07/2038 |  | 1380 | 1426 |  |
| MDPK 2014-14A FR | Cayman Islands |  | 12.36% | SOFR (Q) | 8.03% |  | 10/2030 |  | 1000 | 869 |  |
| MDPK 2016-20A ERR | Cayman Islands |  | 10.71% | SOFR (Q) | 6.40% |  | 10/2037 |  | 2728 | 2736 |  |
| MDPK 2018-30A D2R | Cayman Islands |  | 8.50% |  |  |  | 07/2037 |  | 750 | 760 |  |
| MDPK 2018-31A ER | Cayman Islands |  | 10.72% | SOFR (Q) | 6.40% |  | 07/2037 |  | 650 | 654 |  |
| MDPK 2018-32A ER2 | Cayman Islands |  | 10.73% | SOFR (Q) | 6.40% |  | 07/2037 |  | 6050 | 6084 |  |
| MDPK 2019-34A ERR | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 10/2037 |  | 1700 | 1716 |  |
| MDPK 2021-59A ER | Cayman Islands |  | 10.73% | SOFR (Q) | 6.40% |  | 04/2037 |  | 2860 | 2873 |  |
| MDPK 2022-60A ER | Cayman Islands |  | 10.82% | SOFR (Q) | 6.50% |  | 10/2037 |  | 5625 | 5690 |  |
| MDPK 2023-61A E | Jersey |  | 12.01% | SOFR (Q) | 7.68% |  | 01/2037 |  | 500 | 508 |  |
| MDPK 2023-63A ER | Cayman Islands |  | 10.33% | SOFR (Q) | 6.00% |  | 07/2038 |  | 1500 | 1522 |  |
| MDPK 2024-66A E | Cayman Islands |  | 9.83% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2500 | 2524 |  |
| MDPK 2024-68A E | Cayman Islands |  | 9.43% | SOFR (Q) | 5.10% |  | 01/2038 |  | 2375 | 2385 |  |
| NEUB 2025-60A E | Cayman Islands |  | 10.81% | SOFR (Q) | 6.48% |  | 04/2039 |  | 2100 | 2163 |  |
| NMC CLO-2A ER | Cayman Islands |  | 10.02% | SOFR (Q) | 5.70% |  | 01/2038 |  | 938 | 943 |  |
| OAKC 2016-13A ER2 | Cayman Islands |  | 10.08% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1220 | 1230 |  |
| OAKC 2019-3A ER2 | Cayman Islands |  | 9.33% | SOFR (Q) | 5.00% |  | 01/2038 |  | 783 | 788 |  |
| OAKC 2020-6A ER2 | Cayman Islands |  | 9.58% | SOFR (Q) | 5.25% |  | 10/2037 |  | 1100 | 1105 |  |
| OAKC 2021-10RA E | Cayman Islands |  | 9.13% | SOFR (Q) | 4.85% |  | 07/2038 |  | 1800 | 1809 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| OAKC 2021-9A ER | Cayman Islands |  | 9.83% | SOFR (Q) | 5.50% |  | 10/2037 |  | 2050 | 2068 |  |
| OCP 2015-10A ER3 | Cayman Islands |  | 9.66% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1000 | 1010 |  |
| OCP 2025-43A E | Cayman Islands |  | 10.78% | SOFR (Q) | 6.50% |  | 07/2038 |  | 600 | 617 |  |
| OCPA 2023-29A ER | Jersey |  | 9.33% | SOFR (Q) | 5.00% |  | 01/2036 |  | 1000 | 986 |  |
| OCPA 2025-41A D2 | Cayman Islands |  | 8.00% |  |  |  | 04/2037 |  | 1500 | 1506 |  |
| OCT 61 2023-2A ER | Cayman Islands |  | 12.22% | SOFR (Q) | 7.89% |  | 04/2038 |  | 850 | 888 |  |
| OCT 63 2024-2A E | Cayman Islands |  | 10.83% | SOFR (Q) | 6.50% |  | 07/2037 |  | 1167 | 1188 |  |
| OHACP 2024-17A E | Cayman Islands |  | 9.33% | SOFR (Q) | 5.00% |  | 01/2038 |  | 3000 | 3030 |  |
| PIPK 2025-18A E | Cayman Islands |  | 10.04% | SOFR (Q) | 5.75% |  | 04/2038 |  | 1250 | 1278 |  |
| PXLY 2024-1A E | Cayman Islands |  | 9.32% | SOFR (Q) | 5.00% |  | 01/2037 |  | 6550 | 6622 |  |
| RRAM 2025-37A D | Cayman Islands |  | 8.97% | SOFR (Q) | 4.65% |  | 04/2038 |  | 1063 | 1059 |  |
| SERPK 2025-1A E | Cayman Islands |  | 8.82% | SOFR (Q) | 4.85% |  | 10/2038 |  | 1850 | 1861 |  |
| SIXST 2022-21A ER | Cayman Islands |  | 10.08% | SOFR (Q) | 5.75% |  | 10/2037 |  | 2025 | 2051 |  |
| SIXST 2024-27A E | Cayman Islands |  | 9.57% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1750 | 1767 |  |
| SIXST 2025-28A E | Cayman Islands |  | 9.78% | SOFR (Q) | 5.45% |  | 04/2038 |  | 425 | 431 |  |
| STKPK 2022-1A ER | Jersey |  | 10.47% | SOFR (Q) | 6.15% |  | 10/2037 |  | 1688 | 1695 |  |
| SYMP 2022-33A E1R | Jersey |  | 9.67% | SOFR (Q) | 5.35% |  | 01/2038 |  | 1250 | 1222 |  |
| SYMP 2023-40A ER | Bermuda |  | 9.57% | SOFR (Q) | 5.25% |  | 01/2038 |  | 1500 | 1510 |  |
| TCIFC 2024-2A E | Cayman Islands |  | 9.57% | SOFR (Q) | 5.25% |  | 01/2037 |  | 4100 | 4143 |  |
| VOYA 2021-3A D2R | Cayman Islands |  | 8.15% |  |  |  | 04/2038 |  | 1875 | 1908 |  |
| VOYA 2021-3A ER | Cayman Islands |  | 10.16% | SOFR (Q) | 5.90% |  | 04/2038 |  | 2500 | 2555 |  |
| VOYA 2024-1A E | Cayman Islands |  | 10.97% | SOFR (Q) | 6.65% |  | 04/2037 |  | 1682 | 1708 |  |
| VOYA 2025-2A E | Cayman Islands |  | 10.55% | SOFR (Q) | 6.25% |  | 07/2038 |  | 2775 | 2820 |  |
| WILDPK 2024-1A E | Jersey |  | 10.08% | SOFR (Q) | 5.75% |  | 10/2037 |  | 1118 | 1132 |  |
|  |  |  |  |  |  |  |  |  |  | 237292 | 4.65% |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $235,076)** |  |  |  |  | 237292 | 4.65% |
| **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** | **COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)** |  |  |  |  |  |  |
| AIMCO 2020-11A SUB | Cayman Islands |  | 19.04% |  |  |  | 10/2034 |  | 7971 | 6268 |  |
| AIMCO 2021-16A SUB | Cayman Islands |  | 13.78% |  |  |  | 07/2037 |  | 5882 | 4029 |  |
| AIMCO 2023-20A SUB | Cayman Islands |  | 12.00% |  |  |  | 10/2036 |  | 1500 | 1237 |  |
| AIMCO 2024-22A SUB | Jersey |  | 13.07% |  |  |  | 04/2037 |  | 700 | 541 |  |
| AIMCO 2025-23A SUB | Cayman Islands |  | 15.65% |  |  |  | 04/2038 |  | 8870 | 8656 |  |
| AIMCO CLO 28, LTD. |  |  | 19.60% |  |  |  | 07/2099 |  | 1711 | 1711 |  |
| ANCHC 2021-20A SUB | Cayman Islands |  | 5.85% |  |  |  | 01/2035 |  | 3500 | 1413 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| ANCHC 2021-20X SUB | Cayman Islands |  | 1.91% |  |  |  | 01/2035 |  | 1150 | 464 |  |
| ANCHF 2015-1A SBR2 | Cayman Islands |  |  |  |  |  | 07/2037 |  | 4860 | 3843 |  |
| ANCHF 2015-2A SBR | Cayman Islands |  |  |  |  |  | 04/2038 |  | 4550 | 3483 |  |
| ANCHF 2016-3A SUBR | Cayman Islands |  |  |  |  |  | 01/2039 |  | 3360 | 2283 |  |
| ANCHF 2016-4A SUB | Cayman Islands |  |  |  |  |  | 04/2039 |  | 4830 | 3498 |  |
| ANCHF 2018-5A SUB2 | Cayman Islands |  |  |  |  |  | 04/2036 |  | 4682 | 315 |  |
| ANCHF 2018-6A SUB2 | Cayman Islands |  |  |  |  |  | 07/2036 |  | 1800 | 106 |  |
| ANCHF 2019-7A SUB2 | Cayman Islands |  |  |  |  |  | 04/2037 |  | 1420 | 758 |  |
| ANCHF 2019-8A SUB | Cayman Islands |  |  |  |  |  | 07/2037 |  | 404 | 197 |  |
| ANCHF 2019-9A SUB | Cayman Islands |  |  |  |  |  | 10/2037 |  | 930 | 623 |  |
| ANCHF 2020-10A SUB | Cayman Islands |  |  |  |  |  | 04/2038 |  | 1731 | 1151 |  |
| ANCHF 2025-18A SUB | Cayman Islands |  |  |  |  |  | 10/2040 |  | 18608 | 18595 |  |
| ATRM 14A SUB | Cayman Islands |  | 16.20% |  |  |  | 10/2037 |  | 17839 | 9071 |  |
| ATRM 14X SUB | Cayman Islands |  | 11.70% |  |  |  | 10/2037 |  | 510 | 260 |  |
| ATRM 15A SUB | Cayman Islands |  | 8.17% |  |  |  | 01/2031 |  | 4080 | 1712 |  |
| BALLY 2022-21X SUB | Jersey |  | 11.91% |  |  |  | 10/2037 |  | 2730 | 2225 |  |
| BALLY 2024-26A SUB | Cayman Islands |  | 14.33% |  |  |  | 07/2037 |  | 2760 | 1739 |  |
| BCC 2017-2A SUB | Cayman Islands |  | 8.17% |  |  |  | 07/2037 |  | 5051 | 2425 |  |
| BCC 2018-1A SUB | Cayman Islands |  |  |  |  |  | 04/2031 |  | 1420 | 28 |  |
| BCC 2019-2A SUB | Cayman Islands |  | 6.70% |  |  |  | 10/2032 |  | 810 | 261 |  |
| BCC 2021-2A SUB | Cayman Islands |  | 7.30% |  |  |  | 07/2034 |  | 1000 | 346 |  |
| BCC 2022-1A SUB | Cayman Islands |  | 10.75% |  |  |  | 04/2035 |  | 10016 | 3623 |  |
| BCC 2024-2A SUB | Jersey |  | 13.67% |  |  |  | 07/2037 |  | 1620 | 1201 |  |
| BERRY 2024-1A M | Jersey |  |  |  |  |  | 10/2037 |  | 3580 | 206 |  |
| BERRY 2024-1A SUB | Jersey |  | 13.20% |  |  |  | 10/2037 |  | 3580 | 2660 |  |
| BSP 2024-37A SUB | Cayman Islands |  | 15.60% |  |  |  | 01/2038 |  | 6670 | 6671 |  |
| CEDF 2021-14A SUB | Cayman Islands |  | 18.05% |  |  |  | 07/2033 |  | 1450 | 674 |  |
| CGMS 2018-3A SUB | Cayman Islands |  |  |  |  |  | 10/2030 |  | 750 | 46 |  |
| CGMS 2018-4A SUB | Cayman Islands |  | 11.33% |  |  |  | 01/2031 |  | 3487 | 1502 |  |
| CGMS 2019-3A SUB | Cayman Islands |  | 9.96% |  |  |  | 04/2037 |  | 4600 | 2750 |  |
| CGMS 2021-2A SUB | Cayman Islands |  | 16.58% |  |  |  | 04/2038 |  | 6457 | 4266 |  |
| CGMS 2021-4A SUB | Cayman Islands |  | 8.43% |  |  |  | 04/2034 |  | 3060 | 1850 |  |
| CGMS 2021-5A SUB | Cayman Islands |  | 14.45% |  |  |  | 03/2038 |  | 500 | 280 |  |
| CGMS 2021-8A SUBA | Cayman Islands |  | 12.36% |  |  |  | 10/2034 |  | 1162 | 690 |  |
| CGMS 2022-6A SUB | Cayman Islands |  | 5.86% |  |  |  | 10/2038 |  | 780 | 674 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| CGMS 2023-1A SUB | Cayman Islands |  | 15.18% |  |  |  | 07/2037 |  | 8000 | 6174 |  |
| CGMS 2023-2A SUB | Cayman Islands |  | 17.03% |  |  |  | 07/2038 |  | 8377 | 6824 |  |
| CGMS 2023-5A SUB | Cayman Islands |  | 7.94% |  |  |  | 01/2036 |  | 3080 | 2626 |  |
| CGMS 2024-3A SUB | Cayman Islands |  | 12.65% |  |  |  | 07/2036 |  | 3750 | 2697 |  |
| CGMS 2024-5A INC | Cayman Islands |  | 12.70% |  |  |  | 10/2036 |  | 2580 | 2136 |  |
| CIFC 2015-4A SUB | Cayman Islands |  | 6.46% |  |  |  | 04/2034 |  | 2252 | 652 |  |
| CIFC 2018-1A SUB | Cayman Islands |  | 13.50% |  |  |  | 01/2038 |  | 3982 | 1500 |  |
| CIFC 2018-5A SUB | Cayman Islands |  | 14.30% |  |  |  | 07/2038 |  | 500 | 265 |  |
| CIFC 2019-1A SUB | Cayman Islands |  | 15.41% |  |  |  | 10/2037 |  | 3065 | 1759 |  |
| CIFC 2019-5A INC | Cayman Islands |  |  |  |  |  | 10/2038 |  | 1230 | 750 |  |
| CIFC 2019-7A SUBR | Cayman Islands |  |  |  |  |  | 10/2038 |  | 6792 | 2378 |  |
| CIFC 2020-3A SUB | Cayman Islands |  | 13.00% |  |  |  | 10/2034 |  | 1141 | 695 |  |
| CIFC 2021-2A SUB | Cayman Islands |  | 12.25% |  |  |  | 04/2034 |  | 3080 | 1647 |  |
| CIFC 2021-5A SUB | Cayman Islands |  | 14.37% |  |  |  | 01/2038 |  | 7301 | 4533 |  |
| CIFC 2021-7A SUB | Cayman Islands |  | 24.18% |  |  |  | 01/2035 |  | 250 | 163 |  |
| CIFC 2022-2A SUBB | Cayman Islands |  | 19.95% |  |  |  | 04/2035 |  | 1900 | 1350 |  |
| CIFC 2024-3A SUB | Cayman Islands |  | 12.02% |  |  |  | 07/2037 |  | 680 | 526 |  |
| CIFC 2024-4A SUB | Cayman Islands |  | 13.12% |  |  |  | 10/2037 |  | 3570 | 2981 |  |
| CIFC 2025-3A SUB | Cayman Islands |  | 13.67% |  |  |  | 07/2038 |  | 7712 | 7071 |  |
| CIFC 2025-4A SUB | Cayman Islands |  |  |  |  |  | 10/2038 |  | 8240 | 7289 |  |
| CIFC SPEAR III WH LTD. |  |  | 23.20% |  |  |  | 09/2028 |  | 1249 | 1249 |  |
| CLRMPK 2025-1A M | Cayman Islands |  |  |  |  |  | 04/2038 |  | 12479 | 465 |  |
| CLRMPK 2025-1A SUB | Cayman Islands |  | 13.70% |  |  |  | 04/2038 |  | 12479 | 10682 |  |
| DAVIS 2022-1A M1 |  |  |  |  |  |  | 07/2038 |  | 8112 | 70 |  |
| DAVIS 2022-1A M2 |  |  |  |  |  |  | 07/2038 |  | 8112 | 165 |  |
| DAVIS 2022-1A SUB |  |  | 13.64% |  |  |  | 07/2038 |  | 8112 | 5763 |  |
| DCLO 2021-1A SUB | Cayman Islands |  | 13.90% |  |  |  | 10/2037 |  | 1445 | 1247 |  |
| DRSLF 2021-95A SUB | Cayman Islands |  | 11.81% |  |  |  | 08/2034 |  | 1500 | 626 |  |
| DRSLF 2022-98A SUB | Cayman Islands |  | 10.29% |  |  |  | 04/2035 |  | 4000 | 1687 |  |
| DRSLF 2022-98X SUB | Cayman Islands |  | 9.46% |  |  |  | 04/2035 |  | 1000 | 422 |  |
| ELM11 2021-4A SUB | Cayman Islands |  | 17.01% |  |  |  | 10/2034 |  | 4320 | 3460 |  |
| ELM15 2022-2A INC |  |  | 15.15% |  |  |  | 04/2035 |  | 3050 | 1752 |  |
| ELM24 2023-3A SUB | Cayman Islands |  | 11.74% |  |  |  | 12/2033 |  | 1555 | 991 |  |
| ELM26 2024-1A SUB | Cayman Islands |  | 9.53% |  |  |  | 04/2037 |  | 800 | 521 |  |
| ELM32 2024-8A SUB | Cayman Islands |  | 12.95% |  |  |  | 10/2037 |  | 3450 | 2696 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| ELM35 2024-11A SUB | Cayman Islands |  | 12.18% |  |  |  | 10/2037 |  | 1990 | 1500 |  |
| ELM44 2025-7A SUB | Cayman Islands |  |  |  |  |  | 10/2038 |  | 11760 | 10353 |  |
| ELMW8 2021-1A SUB | Cayman Islands |  | 13.60% |  |  |  | 01/2034 |  | 2003 | 640 |  |
| ELMW8 2021-1X SUB | Cayman Islands |  | 13.57% |  |  |  | 01/2034 |  | 385 | 123 |  |
| GNRT 2024-18A SUB | Cayman Islands |  | 15.47% |  |  |  | 01/2038 |  | 8160 | 6496 |  |
| GNRT 2024-20A SUB | Cayman Islands |  | 15.43% |  |  |  | 01/2038 |  | 11050 | 8385 |  |
| GNRT 7A SUB | Cayman Islands |  | 11.38% |  |  |  | 04/2037 |  | 4000 | 1860 |  |
| HPPK 2024-1A SUB | Jersey |  | 14.38% |  |  |  | 10/2037 |  | 2900 | 2228 |  |
| HRPK 2020-1A SUB | Cayman Islands |  | 15.99% |  |  |  | 07/2038 |  | 3985 | 2906 |  |
| INVCO 2021-2A SUB | Cayman Islands |  | 10.98% |  |  |  | 07/2034 |  | 440 | 142 |  |
| INVCO 2021-2A Y | Cayman Islands |  |  |  |  |  | 07/2034 |  | 44 | 11 |  |
| INVCO 2021-3A SUB | Cayman Islands |  | 16.27% |  |  |  | 10/2034 |  | 2700 | 1046 |  |
| INVCO 2021-3A Y | Cayman Islands |  |  |  |  |  | 10/2034 |  | 270 | 72 |  |
| INVCO 2021-3X SUB | Cayman Islands |  | 16.27% |  |  |  | 10/2034 |  | 957 | 371 |  |
| INVCO 2021-3X Y | Cayman Islands |  |  |  |  |  | 10/2034 |  | 96 | 26 |  |
| INVCO 2023-1A SUB | Jersey |  | 5.44% |  |  |  | 04/2037 |  | 2695 | 1600 |  |
| INVCO 2023-1A Y | Jersey |  |  |  |  |  | 04/2037 |  | 270 | 99 |  |
| KKR 2024-50A SUB | Cayman Islands |  | 7.05% |  |  |  | 04/2037 |  | 1948 | 1164 |  |
| KKR 2024-53A SUB | Cayman Islands |  | 11.59% |  |  |  | 01/2038 |  | 7000 | 5481 |  |
| KKR 2024-56A SUB | Cayman Islands |  | 14.39% |  |  |  | 10/2037 |  | 4240 | 3071 |  |
| MAGNE 2020-28A SUB | Cayman Islands |  | 16.57% |  |  |  | 01/2035 |  | 9666 | 7023 |  |
| MAGNE 2024-38A SUB |  |  | 8.04% |  |  |  | 04/2037 |  | 362 | 276 |  |
| MAGNE 2024-44A SUB |  |  | 11.36% |  |  |  | 10/2037 |  | 4670 | 3691 |  |
| MAGNE 2025-48A SUB | Cayman Islands |  |  |  |  |  | 10/2038 |  | 9560 | 8658 |  |
| MDPK 2015-17A SUB | Cayman Islands |  | 14.13% |  |  |  | 07/2045 |  | 35192 | 4963 |  |
| MDPK 2015-17X SUB | Cayman Islands |  | 14.13% |  |  |  | 07/2030 |  | 3660 | 516 |  |
| MDPK 2016-22A SUB | Cayman Islands |  | 16.38% |  |  |  | 01/2033 |  | 10434 | 4977 |  |
| MDPK 2018-28A SUB | Cayman Islands |  | 11.64% |  |  |  | 07/2030 |  | 1750 | 757 |  |
| MDPK 2018-30A SUB | Cayman Islands |  | 10.71% |  |  |  | 07/2027 |  | 12921 | 6092 |  |
| MDPK 2018-31A SUB | Cayman Islands |  | 8.58% |  |  |  | 07/2037 |  | 6206 | 2925 |  |
| MDPK 2018-32A SUB | Cayman Islands |  | 10.56% |  |  |  | 01/2048 |  | 4105 | 1801 |  |
| MDPK 2018-32X SUB | Cayman Islands |  | 9.35% |  |  |  | 01/2048 |  | 710 | 312 |  |
| MDPK 2019-34A SUB | Cayman Islands |  | 11.79% |  |  |  | 04/2048 |  | 870 | 419 |  |
| MDPK 2019-37A SUB | Cayman Islands |  | 8.72% |  |  |  | 04/2037 |  | 9909 | 5172 |  |
| MDPK 2021-38A SUB | Cayman Islands |  |  |  |  |  | 10/2038 |  | 1770 | 880 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| MDPK 2021-50A SUB | Cayman Islands |  | 5.13% |  |  |  | 04/2034 |  | 2500 | 1273 |  |
| MDPK 2021-59A SUB | Cayman Islands |  | 6.39% |  |  |  | 04/2037 |  | 5865 | 3303 |  |
| MDPK 2021-59X SUB | Cayman Islands |  | 3.76% |  |  |  | 04/2037 |  | 1500 | 845 |  |
| MDPK 2022-53A SUB | Cayman Islands |  | 7.12% |  |  |  | 04/2035 |  | 6000 | 2906 |  |
| MDPK 2022-55A SUB | Cayman Islands |  | 23.15% |  |  |  | 07/2037 |  | 3025 | 2217 |  |
| MDPK 2022-60A SUB | Cayman Islands |  | 8.83% |  |  |  | 10/2037 |  | 691 | 513 |  |
| MDPK 2023-63A SUB | Cayman Islands |  | 14.74% |  |  |  | 07/2038 |  | 6408 | 5374 |  |
| MDPK 2024-66A SUB | Cayman Islands |  | 13.92% |  |  |  | 10/2037 |  | 1910 | 1763 |  |
| MDPK 2024-67A SUB | Cayman Islands |  | 10.09% |  |  |  | 04/2037 |  | 265 | 210 |  |
| MDPK 2025-71A SUB | Cayman Islands |  | 16.02% |  |  |  | 04/2038 |  | 3000 | 3147 |  |
| MDPK 2025-72A SUB | Cayman Islands |  |  |  |  |  | 07/2038 |  | 8300 | 8342 |  |
| OAKC 2012-7A SUB | Cayman Islands |  | 12.98% |  |  |  | 02/2038 |  | 500 | 271 |  |
| OAKC 2015-11A SUB | Cayman Islands |  | 8.64% |  |  |  | 04/2037 |  | 500 | 267 |  |
| OAKC 2015-12A SUB | Cayman Islands |  | 7.02% |  |  |  | 04/2037 |  | 12070 | 6454 |  |
| OAKC 2016-13A SUB | Cayman Islands |  | 8.81% |  |  |  | 10/2037 |  | 2320 | 1573 |  |
| OAKC 2016-13X SUB | Cayman Islands |  | 8.81% |  |  |  | 01/2030 |  | 1100 | 746 |  |
| OAKC 2017-14A SUB | Cayman Islands |  | 10.88% |  |  |  | 07/2037 |  | 3043 | 2221 |  |
| OAKC 2017-15A SUB | Cayman Islands |  | 8.57% |  |  |  | 01/2030 |  | 10142 | 4824 |  |
| OAKC 2018-1A SUB | Cayman Islands |  | 8.97% |  |  |  | 04/2037 |  | 1913 | 1492 |  |
| OAKC 2019-2A SUB | Cayman Islands |  | 11.90% |  |  |  | 01/2038 |  | 670 | 595 |  |
| OAKC 2019-3A SUB | Cayman Islands |  | 10.35% |  |  |  | 07/2032 |  | 3110 | 2482 |  |
| OAKC 2020-5A SUB | Cayman Islands |  | 9.46% |  |  |  | 10/2037 |  | 3370 | 2817 |  |
| OAKC 2020-6A SUB | Cayman Islands |  | 9.52% |  |  |  | 10/2037 |  | 3209 | 3187 |  |
| OAKC 2021-16A SUB | Cayman Islands |  | 13.76% |  |  |  | 10/2034 |  | 5988 | 4191 |  |
| OAKC 2021-8A SUB | Cayman Islands |  | 11.88% |  |  |  | 01/2038 |  | 640 | 551 |  |
| OAKC 2021-9A SUB | Cayman Islands |  | 10.27% |  |  |  | 10/2037 |  | 1190 | 1093 |  |
| OCP 2018-15A SUB | Cayman Islands |  |  |  |  |  | 07/2031 |  | 12753 | 5638 |  |
| OCP 2021-21A SUB | Cayman Islands |  | 15.81% |  |  |  | 01/2038 |  | 1480 | 899 |  |
| OCP 2023-30A SUB | Jersey |  | 8.56% |  |  |  | 01/2037 |  | 3850 | 2753 |  |
| OCP 2024-34A SUB |  |  | 13.06% |  |  |  | 10/2037 |  | 750 | 588 |  |
| OHACP 2024-17A SUB | Cayman Islands |  | 11.46% |  |  |  | 01/2038 |  | 2070 | 1865 |  |
| OHALF 2013-1A SUB | Cayman Islands |  | 11.43% |  |  |  | 04/2037 |  | 1935 | 707 |  |
| OHALF 2016-1A SUB | Cayman Islands |  | 16.25% |  |  |  | 07/2037 |  | 10837 | 6463 |  |
| PXLY 2024-1A M | Cayman Islands |  |  |  |  |  | 01/2037 |  | 40225 | 1679 |  |
| PXLY 2024-1A SUB | Cayman Islands |  | 15.74% |  |  |  | 01/2037 |  | 40225 | 29173 |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Riviera Loan Funding Warehouse 75, Ltd. |  |  | 24.30% |  |  |  | 04/2026 |  | 739 | 739 |  |  |
| Rockland Park CLO, Ltd. | Cayman Islands |  |  |  |  |  | 04/2034 |  | 1739 | 33 |  |  |
| ROCKP 2021-1A M1 | Cayman Islands |  |  |  |  |  | 04/2034 |  | 1000 | 16 |  |  |
| ROCKP 2021-1A M2 | Cayman Islands |  |  |  |  |  | 04/2034 |  | 1000 | 23 |  |  |
| ROCKP 2021-1A SUB | Cayman Islands |  | 16.42% |  |  |  | 04/2034 |  | 1869 | 993 |  |  |
| ROCKP 2021-1X M1 | Cayman Islands |  |  |  |  |  | 04/2034 |  | 1100 | 17 |  |  |
| ROCKP 2021-1X M2 | Cayman Islands |  |  |  |  |  | 04/2034 |  | 1100 | 25 |  |  |
| ROCKP 2021-1X SUB | Cayman Islands |  | 11.03% |  |  |  | 04/2034 |  | 1100 | 584 |  |  |
| RRAM 2021-17A SUB | Cayman Islands |  | 27.71% |  |  |  | 07/2034 |  | 1000 | 413 |  |  |
| RRAM 2021-19A SUB | Cayman Islands |  | 17.81% |  |  |  | 10/2121 |  | 1226 | 980 |  |  |
| RRAM 2022-21A SUB | Bermuda |  | 7.83% |  |  |  | 01/2123 |  | 13070 | 7501 |  |  |
| RRAM 2023-26A SUB | Cayman Islands |  | 18.78% |  |  |  | 04/2123 |  | 14483 | 10710 |  |  |
| RRAM 2023-27A SUB | Bermuda |  |  |  |  |  | 10/2035 |  | 3160 | 2606 | (k) |  |
| RRAM 2024-29RA SUB | Cayman Islands |  | 15.39% |  |  |  | 07/2039 |  | 8025 | 4846 |  |  |
| RRAM 2024-30A SUB | Cayman Islands |  | 12.05% |  |  |  | 07/2036 |  | 6000 | 4917 |  |  |
| RRAM 2024-31A SUB | Cayman Islands |  | 14.30% |  |  |  | 10/2039 |  | 6230 | 5082 |  |  |
| RRAM 2024-33A SUB | Bermuda |  | 10.32% |  |  |  | 10/2039 |  | 3850 | 3094 |  |  |
| RRAM 2025-38A SUB | Cayman Islands |  | 13.20% |  |  |  | 04/2040 |  | 2240 | 1975 |  |  |
| RRAMX 2022-7A SUB | Cayman Islands |  | 6.80% |  |  |  | 07/2122 |  | 2175 | 1119 |  |  |
| SIXST 2021-17A SUB | Cayman Islands |  | 17.78% |  |  |  | 04/2125 |  | 6000 | 4169 |  |  |
| SIXST 2022-21A SUB | Cayman Islands |  | 15.10% |  |  |  | 10/2037 |  | 4161 | 2708 |  |  |
| SIXST 2023-22A SUB | Cayman Islands |  | 14.26% |  |  |  | 04/2125 |  | 7000 | 5027 |  |  |
| SIXST 2025-28A SUB | Cayman Islands |  | 11.21% |  |  |  | 04/2125 |  | 1703 | 1360 |  |  |
| SIXST 2025-29A SUB | Cayman Islands |  |  |  |  |  | 07/2038 |  | 480 | 441 |  |  |
| SIXST 2025-30A SUB | Cayman Islands |  |  |  |  |  | 07/2038 |  | 485 | 426 |  |  |
| SPEAK 2024-11A SUB | Cayman Islands |  | 17.29% |  |  |  | 07/2037 |  | 3300 | 2711 |  |  |
| STKPK 2022-1A M | Jersey |  |  |  |  |  | 10/2037 |  | 17520 | 520 |  |  |
| STKPK 2022-1A SUB | Jersey |  | 13.72% |  |  |  | 10/2037 |  | 17520 | 13219 |  |  |
| VOYA 2024-1A SUB | Cayman Islands |  | 13.21% |  |  |  | 04/2037 |  | 3104 | 2426 |  |  |
| VOYA 2025-2A SUB | Cayman Islands |  | 13.85% |  |  |  | 07/2038 |  | 9503 | 8661 |  |  |
|  |  |  |  |  |  |  |  |  |  | 485942 |  | 9.51% |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $499,423)** |  |  |  | 485942 |  | 9.51% |
| **MORTGAGE-BACKED SECURITIES(d)(e)** | **MORTGAGE-BACKED SECURITIES(d)(e)** | **MORTGAGE-BACKED SECURITIES(d)(e)** | **MORTGAGE-BACKED SECURITIES(d)(e)** | **MORTGAGE-BACKED SECURITIES(d)(e)** |  |  |  |  |  |  |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **Financial Services** | **Financial Services** | | | | | | | | | | | |
| Caister Finance DAC | Ireland |  | 9.72% |  |  |  | 08/2035 |  | £7861 | 10526 |  |  |
| Caister Finance DAC | Ireland |  | 11.12% |  |  |  | 08/2035 |  | £2829 | 3712 |  |  |
| CPFTR 2025-1 |  |  | 8.38% |  |  |  | 07/2026 |  | 22763 | 22831 |  |  |
|  |  |  |  |  |  |  |  |  |  | 37069 |  | 0.73% |
| **TOTAL MORTGAGE-BACKED SECURITIES (Cost $36,723)** | **TOTAL MORTGAGE-BACKED SECURITIES (Cost $36,723)** | **TOTAL MORTGAGE-BACKED SECURITIES (Cost $36,723)** | **TOTAL MORTGAGE-BACKED SECURITIES (Cost $36,723)** | **TOTAL MORTGAGE-BACKED SECURITIES (Cost $36,723)** |  |  |  |  |  | 37069 |  | 0.73% |
| **PRIVATE ASSET-BACKED INVESTMENTS(b)(c)(d)(e)** | **PRIVATE ASSET-BACKED INVESTMENTS(b)(c)(d)(e)** | **PRIVATE ASSET-BACKED INVESTMENTS(b)(c)(d)(e)** | **PRIVATE ASSET-BACKED INVESTMENTS(b)(c)(d)(e)** |  |  |  |  |  |  |  |  |  |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |
| GCM HVAC HOLDCO, LLC |  |  | 14.00% PIK |  |  |  | 09/2031 |  | 1508 | 1508 |  |  |
|  |  |  |  |  |  |  |  |  |  | 1508 |  | 0.03% |
| **Consumer Services** | **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| CFG Investments WH Limited |  |  | 10.39% | SOFR (M) | 6.00% |  | 03/2031 |  | 2187 | 2187 | (g) |  |
|  |  |  |  |  |  |  |  |  |  | 2187 |  | 0.04% |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |  |
| Vantage Data Centers Europe S.a r.l. | Luxembourg |  | 8.66% | EURIBOR (M) | 6.75% |  | 05/2029 |  | 3974 | 4665 | (g) |  |
|  |  |  |  |  |  |  |  |  |  | 4665 |  | 0.09% |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Adonis Financial Funding, LLC |  |  |  |  |  |  | 12/2026 |  | 417 | 57 | (g)(i) |  |
| ASF VII WAGNER B L.P., | United Kingdom |  | 10.30% | SOFR (Q) | 6.00% |  | 08/2028 |  | 65 | 65 |  |  |
| ASF VII WAGNER B L.P., | United Kingdom |  | 8.36% | EURIBOR (Q) | 6.00% |  | 08/2028 |  | 56 | 66 |  |  |
| ASF VII WAGNER L.P., | United Kingdom |  | 10.30% | SOFR (Q) | 6.00% |  | 08/2028 |  | 139 | 139 |  |  |
| ASF VII WAGNER L.P., | United Kingdom |  | 7.98% | EURIBOR (Q) | 6.00% |  | 08/2028 |  | 120 | 140 |  |  |
| BTCP 2023-1 |  |  | 10.88% | SOFR (M) | 6.50% |  | 09/2030 |  | 4240 | 4240 |  |  |
| Cannon Bridge Designated Activity Company | Ireland |  | 9.43% PIK | EURIBOR (S) | 7.50% |  | 10/2033 |  | 1244 | 1460 | (g) |  |
| Cannon Bridge Designated Activity Company | Ireland |  | 4.90% PIK | EURIBOR (Q) | 2.65% |  | 10/2033 |  | 1641 | 1927 | (g) |  |
| DFC Global Facility Borrower III LLC |  |  | 13.03% | CIDOR (M) | 8.75% |  | 01/2028 |  | 2773 | 1993 | (g) |  |
| DFC Global Facility Borrower III LLC |  |  | 6.80% | CORRA (M) | 4.07% |  | 01/2028 |  | 29478 | 21181 | (g)(l) |  |
| Harbourvest Global Private Equity Limited | Guernsey |  | 7.65% | SOFR (Q) | 3.50% |  | 06/2029 |  | 12000 | 12000 | (g) |  |
| Hg Saturn 2 SumoCo Limited | Guernsey |  | 11.33% | SOFR (Q) | 7.00% |  | 01/2029 |  | 19534 | 19534 |  |  |
| Isthmus Capital LLC |  |  | 9.50% |  |  |  | 06/2030 |  | 3267 | 3267 |  |  |
| Isthmus Capital LLC |  |  |  |  |  |  | 12/2049 |  |  | 60 |  |  |
| Mars Downstop Loan Purchaser Trust |  |  | 11.00% |  |  |  |  |  | 9697 | 4404 |  |  |
| MCF CLO 12 LLC |  |  | 8.38% | SOFR (Q) | 4.05% |  | 02/2034 |  | 10400 | 10400 |  |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| MidOcean CLO Equity Fund I, LP |  |  | 9.00% |  |  |  |  |  | 24673 | 24673 |  |  |
| OKANAGAN 2024-1 |  |  | 12.48% | SOFR (M) | 8.25% |  | 12/2032 |  | 14904 | 14604 |  |  |
| Oncourse Warehouse Borrower, LLC |  |  |  |  |  |  | 04/2027 |  |  |  | (g) |  |
| PROSE 2024-3 |  |  | 8.85% |  |  |  | 10/2054 |  | 25000 | 25832 |  |  |
| Sunbit Receivables Trust IV |  |  | 11.17% | SOFR (M) | 7.00% |  | 04/2029 |  | 2729 | 2729 | (g) |  |
| TI VI Holdings 1, L.P. | United Kingdom |  | 9.31% PIK |  |  |  |  |  | 1 | 1396 |  |  |
| Tikehau Green Diamond II CFO Equity LP | European Union |  | 9.73% | EURIBOR (Q) | 7.75% |  |  |  | 2127 | 2159 |  |  |
| Tikehau Ruby CLO Equity LP |  |  | 12.02% | EURIBOR (Q) | 10.00% |  |  |  | 3054 | 1315 |  |  |
| Tikehau Topaz LP |  |  | 13.30% | SOFR (Q) | 9.00% |  |  |  | 2473 | 1926 |  |  |
| WPCG Aspire Holdings, LLC |  |  | 11.50% |  |  |  | 07/2033 |  | 1938 | 1909 | (g) |  |
|  |  |  |  |  |  |  |  |  |  | 157476 |  | 3.08% |
| **Real Estate Management and Development** | **Real Estate Management and Development** | **Real Estate Management and Development** | **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |
| Illinois Investment S.a.r.l. | Luxembourg |  | 5.17% |  |  |  | 12/2026 |  | 31362 | 2741 |  |  |
| Illinois Investment S.a.r.l. | Luxembourg |  | 4.25% |  |  |  | 04/2029 |  | 10050 | 1067 |  |  |
| Invesco Vaf V Investments, LLC |  |  | 14.50% |  |  |  | 07/2028 |  | 5000 | 5000 |  |  |
| Pallas Funding Trust No.2 | Australia |  | 11.42% | BBSY (M) | 7.85% |  | 02/2027 |  | 3586 | 2373 |  |  |
| Pallas Funding Trust No.2 | Australia |  | 11.42% | BBSY (M) | 7.85% |  | 10/2027 |  | 2049 | 1356 |  |  |
| Pallas NZ Funding Trust No. 1 | New Zealand |  | 9.36% | BBSY (M) | 6.15% |  | 07/2026 |  | 6265 | 3632 | (g) |  |
| Quintain Investments Holdings Limited | Jersey |  |  |  |  |  |  |  | £41 |  |  |  |
| Quintain Investments Holdings Limited | Jersey |  |  |  |  |  | 08/2031 |  | £25546 | 38277 |  |  |
|  |  |  |  |  |  |  |  |  |  | 54446 |  | 1.07% |
| **Software and Services** | **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |
| Switch BBF, LLC |  |  | 11.42% | SOFR (S) | 7.17% |  | 08/2027 |  | 1342 | 1342 |  |  |
|  |  |  |  |  |  |  |  |  |  | 1342 |  | 0.03% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |
| Orange Barrel Media, LLC |  |  | 9.91% | SOFR (M) | 5.75% |  | 03/2027 |  | 4784 | 4784 |  |  |
| Orange Barrel Media, LLC |  |  |  |  |  |  | 03/2027 |  |  |  | (g) |  |
| Orange Barrel Media, LLC |  |  | 10.11% | SOFR (M) | 5.75% |  | 10/2027 |  | 5208 | 5208 | (g) |  |
|  |  |  |  |  |  |  |  |  |  | 9992 |  | 0.20% |
| **TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $222,992)** | **TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $222,992)** | **TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $222,992)** | **TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $222,992)** | **TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $222,992)** |  |  |  |  |  | 231616 |  | 4.53% |
| **PREFERRED STOCK(b)(c)(d)(e)** | **PREFERRED STOCK(b)(c)(d)(e)** | **PREFERRED STOCK(b)(c)(d)(e)** | **PREFERRED STOCK(b)(c)(d)(e)** | **PREFERRED STOCK(b)(c)(d)(e)** |  |  |  |  |  |  |  |  |
| **Automobiles and Components** | **Automobiles and Components** | **Automobiles and Components** |  |  |  |  |  |  |  |  |  |  |
| Automotive Keys Investor, LLC |  |  |  |  |  | 12/2020 |  | 37749 |  | 2 | (j) |  |
| Automotive Keys Investor, LLC |  |  |  |  |  | 01/2023 |  | 25000 |  | 1 | (j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
|  |  |  |  |  |  |  |  |  |  | 3 |  | —% |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |
| Denali Parent Holdings, L.P. |  | Series A | 8.00% PIK |  |  | 08/2025 |  | 94500 |  | 945 |  |  |
| KBS Topco, LLC |  |  |  |  |  | 03/2024 |  | 901730 |  |  | (f)(j) |  |
| UPBW Blocker, LLC |  |  | 15.00% PIK |  |  | 07/2025 |  | 410 |  | 42 |  |  |
| Visual Edge Technology, Inc. |  |  |  |  |  | 07/2023 |  | 13 |  | 54 | (j) |  |
| Visual Edge Technology, Inc. |  |  |  |  |  | 07/2023 |  | 17 |  |  | (j) |  |
| WSC Ultimate Holdings, LLC |  | Class A | 10.00% PIK |  |  | 05/2024 |  | 1020 |  | 117 |  |  |
|  |  |  |  |  |  |  |  |  |  | 1158 |  | 0.02% |
| **Consumer Distribution and Retail** | **Consumer Distribution and Retail** | **Consumer Distribution and Retail** | **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |
| City Line Investments LLC |  | Class A | 8.00% PIK |  |  | 08/2023 |  | 30038 |  | 38 |  |  |
| GMP Hills, LP |  |  |  |  |  | 11/2023 |  | 611000 |  | 757 | (j) |  |
| Metis Holdco, Inc. |  | Class A | 7.00% PIK |  |  | 05/2021 |  | 7959 |  | 10807 |  |  |
| Monolith Brands Group, Inc. |  | Series A |  |  |  | 04/2022 |  | 192811 |  |  | (j) |  |
| Phoenix YW Parent, Inc. |  | Class B | 8.00% PIK |  |  | 05/2024 |  | 248 |  | 966 |  |  |
| Royal Parent, LP |  | Class A | 10.00% PIK |  |  | 07/2024 |  | 293000 |  | 304 |  |  |
|  |  |  |  |  |  |  |  |  |  | 12872 |  | 0.25% |
| **Consumer Services** | **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Aragorn Parent Holdings LP |  | Series A | 10.00% PIK |  |  | 10/2020 |  | 50000 |  | 142 |  |  |
| Family First Bidco Limited | United Kingdom |  |  |  |  | 12/2022 |  | 20838 |  | 10 | (j) |  |
| Mustang Prospects Holdco, LLC |  | Class A |  |  |  | 09/2024 |  | 54 |  | 52 | (j) |  |
| OMERS Mahomes Investment Holdings LLC |  |  | 15.00% PIK |  |  | 07/2023 |  | 2 |  | 23 |  |  |
|  |  |  |  |  |  |  |  |  |  | 227 |  | —% |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Aquarian Peninsula Holdings LLC |  |  | 13.05% PIK |  |  | 12/2022 |  | 35481024 |  | 43417 |  |  |
| ASE Royal Aggregator, LLC |  | Class A |  |  |  | 07/2023 |  | 1646000 |  | 2094 | (j) |  |
| MC CIF Wealth Management (UK) Ltd. | United Kingdom |  | 12.00% PIK |  |  | 08/2025 |  | 639 |  | 632 |  |  |
| MC CIF Wealth Management (UK) Ltd. | United Kingdom |  | 12.00% (6.00% PIK) |  |  | 08/2025 |  | 639 |  | 633 |  |  |
| TVG-TMG Holdings, LLC |  | Series A |  |  |  | 03/2022 |  | 50 |  | 47 | (j) |  |
|  |  |  |  |  |  |  |  |  |  | 46823 |  | 0.92% |
| **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** |  |  |  |  |  |  |  |  |  |
| Gotham Greens Holdings, PBC |  | Series E-1 |  |  |  | 06/2022 |  | 76779 |  |  | (f)(j) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| Aerin Medical Inc. |  |  |  |  |  | 12/2024 |  | 152624 |  | 172 | (j) |  |
| GMR Buyer Corp. |  |  | 15.00% PIK |  |  | 05/2024 |  | 19472 |  | 23797 |  |  |
| Minerva Holdco, Inc. |  | Series A | 10.75% PIK |  |  | 02/2022 |  | 21262 |  | 31399 |  |  |
| Olympia Acquisition, Inc. |  |  |  |  |  | 02/2022 |  | 472 |  |  | (j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Olympia TopCo, L.P. |  |  |  |  |  | 07/2021 |  | 2184 |  |  | (j) |  |
| OMERS Wildcats Investment Holdings LLC |  | Class A |  |  |  | 08/2023 |  | 19 |  | 10 | (j) |  |
| Symplr Software Intermediate Holdings, Inc. |  | Series C-1 | 11.00% PIK |  |  | 12/2020 |  | 50 |  | 72 |  |  |
| Symplr Software Intermediate Holdings, Inc. |  | Series C-2 | 11.00% PIK |  |  | 06/2021 |  | 5980 |  | 8091 |  |  |
| Symplr Software Intermediate Holdings, Inc. |  | Series C-3 | 11.00% PIK |  |  | 10/2021 |  | 789 |  | 1031 |  |  |
| WSHP FC Holdings LLC |  |  |  |  |  | 11/2024 |  | 5 |  |  | (j) |  |
|  |  |  |  |  |  |  |  |  |  | 64572 |  | 1.26% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| HIG Intermediate, Inc. |  |  | 11.00% PIK |  |  | 12/2024 |  | 5290 |  | 5290 |  |  |
| High Street HoldCo LLC |  | Series A-1 | 10.00% PIK |  |  | 01/2022 |  | 3898354 |  | 6055 |  |  |
| High Street HoldCo LLC |  | Series A-2 | 10.00% PIK |  |  | 01/2022 |  | 789494 |  | 1210 |  |  |
| High Street HoldCo LLC |  | Series A-3 | 10.00% PIK |  |  | 01/2022 |  | 389813 |  | 593 |  |  |
| High Street HoldCo LLC |  | Series A-4 | 10.00% PIK |  |  | 01/2022 |  | 1480301 |  | 2233 |  |  |
| High Street HoldCo LLC |  | Series A-5 | 10.00% PIK |  |  | 01/2022 |  | 347693 |  | 520 |  |  |
| High Street HoldCo LLC |  | Series A-6 | 10.00% PIK |  |  | 01/2022 |  | 660617 |  | 981 |  |  |
| High Street HoldCo LLC |  | Series A-7 | 10.00% PIK |  |  | 01/2022 |  | 938771 |  | 1371 |  |  |
| High Street HoldCo LLC |  | Series A-8 | 10.00% PIK |  |  | 11/2022 |  | 409637 |  | 546 |  |  |
| High Street HoldCo LLC |  | Series A-9 | 10.00% PIK |  |  | 11/2022 |  | 97533 |  | 130 |  |  |
| High Street HoldCo LLC |  | Series A-10 | 10.00% PIK |  |  | 12/2022 |  | 253585 |  | 334 |  |  |
| High Street HoldCo LLC |  | Series A-11 | 10.00% PIK |  |  | 12/2022 |  | 331611 |  | 435 |  |  |
| High Street HoldCo LLC |  | Series A-12 | 10.00% PIK |  |  | 02/2023 |  | 702235 |  | 913 |  |  |
| High Street HoldCo LLC |  | Series A-13 | 10.00% PIK |  |  | 04/2023 |  | 214572 |  | 274 |  |  |
| High Street HoldCo LLC |  | Series A-14 | 10.00% PIK |  |  | 07/2023 |  | 136546 |  | 170 |  |  |
| High Street HoldCo LLC |  | Series A-15 | 10.00% PIK |  |  | 07/2023 |  | 711315 |  | 884 |  |  |
|  |  |  |  |  |  |  |  |  |  | 21939 |  | 0.43% |
| **Materials** |  |  |  |  |  |  |  |  |  |  |  |  |
| Novipax Parent Holding Company, L.L.C. |  | Class A |  |  |  | 12/2020 |  | 50 |  | 41 | (j) |  |
| Plaskolite PPC Blocker LLC |  |  |  |  |  | 10/2023 |  | 1 |  |  | (j) |  |
| Plaskolite PPC Blocker LLC |  |  |  |  |  | 05/2025 |  | 3271 |  | 51 | (j) |  |
|  |  |  |  |  |  |  |  |  |  | 92 |  | —% |
| **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |  |
| Cardinal Topco Holdings, LP |  | Class A | 8.00% PIK |  |  | 09/2020 |  | 83 |  | 123 |  |  |
| Cobalt Holdings I, LP |  |  | 8.00% PIK |  |  | 10/2021 |  | 50 |  | 2 |  |  |
| Cobalt Intermediate I, Inc. |  | Series A | 13.75% PIK |  |  | 10/2021 |  | 8582 |  | 14552 |  |  |
|  |  |  |  |  |  |  |  |  |  | 14677 |  | 0.29% |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **Software and Services** | **Software and Services** | **Software and Services** | | | | | | | | | | |
| Activate holdings (US) Corp. |  |  |  |  |  | 10/2023 |  | 50000 |  | 71 | (j) |  |
| Banyan Software Intermediate, Inc. |  |  | 14.00% PIK |  |  | 01/2025 |  | 44662 |  | 48482 |  |  |
| CBTS TopCo, L.P. |  |  | 8.00% PIK |  |  | 12/2024 |  | 1100000 |  | 1092 |  |  |
| Cority Parent, Inc. | Canada | Class A-1 | 9.00% PIK |  |  | 07/2019 |  | 50 |  | 281 |  |  |
| DCert Preferred Holdings, Inc. |  | Series A | 10.50% PIK |  |  | 05/2021 |  | 22284 |  | 29157 |  |  |
| Diligent Preferred Issuer, Inc. |  |  | 10.50% PIK |  |  | 04/2021 |  | 1476 |  | 2257 |  |  |
| Eclipse Topco, Inc. |  |  | 12.50% PIK |  |  | 09/2024 |  | 118 |  | 1304 |  |  |
| EZ Elemica Holdings, Inc. |  |  |  |  |  | 09/2019 |  | 50 |  | 63 | (j) |  |
| GSV PracticeTek Holdings, LLC |  | Class A | 8.00% PIK |  |  | 03/2021 |  | 269272 |  | 274 |  |  |
| ID.me, Inc. |  |  |  |  |  | 08/2025 |  | 1872803 |  | 2771 | (j) |  |
| Jams Holdings LP |  |  | 8.00% PIK |  |  | 06/2025 |  | 139000 |  | 179 |  |  |
| Knockout Intermediate Holdings I Inc. |  |  | 14.62% PIK | SOFR (S) | 10.75% | 06/2022 |  | 4005 |  | 5974 |  |  |
| Magic Topco, L.P. |  | Class A | 9.00% PIK |  |  | 09/2020 |  | 58 |  | 147 |  |  |
| ModMed Software Midco Holdings, Inc. |  |  | 13.00% PIK |  |  | 04/2025 |  | 13000 |  | 12950 |  |  |
| Packers Software Intermediate Holdings, Inc. |  | Series A | 11.00% PIK |  |  | 11/2020 |  | 50 |  | 79 |  |  |
| Packers Software Intermediate Holdings, Inc. |  | Series A-2 | 11.00% PIK |  |  | 12/2020 |  | 18 |  | 28 |  |  |
| Packers Software Intermediate Holdings, Inc. |  | Series A-3 | 11.00% PIK |  |  | 11/2021 |  | 24 |  | 33 |  |  |
| PCMI Ultimate Holdings, LP |  |  | 9.00% PIK |  |  | 03/2025 |  | 145 |  | 165 |  |  |
| Peachtree Parent, Inc. |  | Series A | 13.25% PIK |  |  | 03/2019 |  | 25 |  | 59 |  |  |
| Sunshine Software Holdings, Inc. |  | Series A | 10.50% PIK |  |  | 10/2021 |  | 15929 |  | 19559 |  |  |
| SuperMoose NewCo, Inc. |  |  | 15.00% PIK |  |  | 04/2024 |  | 17961 |  | 22275 |  |  |
| Titan DI Preferred Holdings, Inc. |  |  | 13.50% PIK |  |  | 02/2020 |  | 0 |  | 49 |  |  |
| Wellington TopCo LP |  | Class A-2 |  |  |  | 06/2024 |  | 143000 |  | 169 | (j) |  |
|  |  |  |  |  |  |  |  |  |  | 147418 |  | 2.89% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |
| CFC Funding LLC |  |  | 9.75% PIK |  |  | 07/2023 |  | 4270 |  | 5166 |  |  |
| Fever Labs, Inc. |  |  |  |  |  | 08/2024 |  | 59428 |  | 321 | (j) |  |
| Fever Labs, Inc. |  | Series B | 13.50% PIK |  |  | 06/2025 |  | 776 |  | 808 |  |  |
| League One Volleyball, Inc. |  | Series B |  |  |  | 07/2023 |  | 194 |  | 2 | (j) |  |
| League One Volleyball, Inc. |  | Series C |  |  |  | 09/2024 |  | 67 |  | 1 | (j) |  |
| LiveBarn Inc. | Canada |  |  |  |  | 08/2023 |  | 648925 |  | 3429 | (j) |  |
| Melody TopCo LP |  |  | 11.00% PIK |  |  | 07/2025 |  | 1199 |  | 2165 |  |  |
| Melody TopCo LP |  |  | 11.00% PIK |  |  | 07/2025 |  | 1199 |  | 241 |  |  |
| PFL MMA, Inc. |  | Series E |  |  |  | 04/2022 |  | 7823 |  | 25 | (j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| PRG III, LLC |  | Class A |  |  |  | 10/2020 |  | 2250 |  |  | (j) |  |
|  |  |  |  |  |  |  |  |  |  | 12158 |  | 0.24% |
| **Telecommunication Services** | **Telecommunication Services** | **Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| 6DG TOPCO LIMITED | United Kingdom |  |  |  |  | 02/2024 |  | 1371829990 |  |  | (j) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Transportation** |  |  |  |  |  |  |  |  |  |  |  |  |
| FIP RR Holdings LLC |  |  | 10.00% PIK |  |  | 08/2025 |  | 12191 |  | 11460 |  |  |
| Neovia Acquisition, LLC |  | Class B | 18.38% PIK | SOFR (Q) | 14.00% | 11/2022 |  | 718 |  | 1009 |  |  |
|  |  |  |  |  |  |  |  |  |  | 12469 |  | 0.24% |
| **Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Ferrellgas, L.P. |  |  | 8.96% |  |  | 03/2021 |  | 8898 |  | 9923 |  |  |
|  |  |  |  |  |  |  |  |  |  | 9923 |  | 0.19% |
| **TOTAL PREFERRED STOCK (Cost $358,273)** | **TOTAL PREFERRED STOCK (Cost $358,273)** | **TOTAL PREFERRED STOCK (Cost $358,273)** | **TOTAL PREFERRED STOCK (Cost $358,273)** |  |  |  |  |  |  | 344331 |  | 6.74% |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |  |  |  |  |  |  |  |  |  |  |
| **Automobiles and Components** | **Automobiles and Components** | **Automobiles and Components** |  |  |  |  |  |  |  |  |  |  |
| Automotive Keys Investor, LLC |  | Class A |  |  |  | 11/2020 |  | 62749 |  |  | (d)(e)(j) |  |
| Clarity Technologies Holdings, LP |  | Class A |  |  |  | 09/2025 |  | 4541 |  | 454 | (d)(e)(j) |  |
| Continental Group Holdings, L.P. |  | Class A |  |  |  | 07/2025 |  | 9286 |  |  | (d)(e)(j) |  |
| Highline PPC Blocker LLC |  |  |  |  |  | 11/2020 |  | 500 |  | 98 | (d)(e)(j) |  |
| Next Horizon Capital TireCo SPV, LP |  |  |  |  |  | 03/2025 |  | 48000 |  | 51 | (d)(e)(j) |  |
| Sun TopCo, LP |  | Class A |  |  |  | 09/2021 |  | 1000 |  | 151 | (d)(e)(j) |  |
| Victory Topco, LP |  | Class A-2 |  |  |  | 11/2023 |  | 2510 |  | 583 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 1337 |  | 0.03% |
| **Capital Goods** |  |  |  |  |  |  |  |  |  |  |  |  |
| Align Precision Topco, L.P. |  | Class A |  |  |  | 07/2025 |  | 1486 |  | 82 | (d)(e)(j) |  |
| Allclear Group LLC |  |  |  |  |  | 05/2025 |  | 1146 |  |  | (d)(e)(j) |  |
| Dynamic NC Investment Holdings, LP |  |  |  |  |  | 12/2020 |  | 50000 |  | 83 | (d)(e)(j) |  |
| GB Helios Holdings, L.P. |  | Series A |  |  |  | 05/2024 |  | 59 |  | 99 | (d)(e)(j) |  |
| HPCC Parent, Inc. |  |  |  |  |  | 09/2024 |  | 148775 |  | 1410 | (d)(e)(j) |  |
| IMPEL CV-B, LP |  |  |  |  |  | 03/2025 |  | 130381 |  | 135 | (d)(e)(j) |  |
| Kene Holdings, L.P. |  | Class A |  |  |  | 08/2019 |  | 50000 |  | 103 | (d)(e)(j) |  |
| OPH NEP Investment, LLC |  | Class B |  |  |  | 05/2024 |  | 2 |  | 827 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 2739 |  | 0.05% |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Bedrock Parent Holdings, LP |  | Class A |  |  |  | 04/2021 |  | 644 |  | 68 | (d)(e)(j) |  |
| Bluejack Fire Holdings, LLC |  |  |  |  |  | 01/2025 |  | 195 |  | 223 | (d)(e)(j) |  |
| Capstone Parent Holdings, LP |  | Class A |  |  |  | 11/2020 |  | 50 |  | 81 | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Drogon Aggregator LP |  | Class A-2 |  |  |  | 08/2024 |  | 186000 |  | 189 | (d)(e)(j) |  |
| Elliott Davis Advisory HoldCo, LLC |  | Class A-1 |  |  |  | 07/2025 |  | 212000 |  | 212 | (d)(e)(j) |  |
| Elliott Metron Co-Investor Aggregator L.P. |  |  |  |  |  | 10/2022 |  | 1000000 |  | 1616 | (d)(e)(j) |  |
| GCM HVAC TOPCO, LLC |  | Class A |  |  |  | 09/2024 |  | 756697 |  | 1111 | (e)(j) |  |
| KBS Topco, LLC |  | Class A |  |  |  | 03/2024 |  | 901730 |  |  | (d)(e)(f)(j) |  |
| KKR Nest Co-Invest L.P. |  |  |  |  |  | 09/2021 |  | 50000 |  | 68 | (d)(e)(j) |  |
| Laboratories Topco LLC |  | Class A |  |  |  | 07/2021 |  | 33333 |  |  | (d)(e)(j) |  |
| Landscape Parallel Partners, L.P. |  | Class A |  |  |  | 12/2021 |  | 162 |  | 862 | (d)(e)(j) |  |
| LBC Woodlands Holdings LP |  | Class A-1 |  |  |  | 07/2024 |  | 108000 |  | 82 | (d)(e)(j) |  |
| MS Precision Parent, LP |  |  |  |  |  | 03/2025 |  | 179000 |  | 201 | (d)(e)(j) |  |
| New Insight Holdings, Inc. |  |  |  |  |  | 07/2024 |  | 1788 |  | 29 | (d)(e)(f)(j) |  |
| PSP Registrar Co-Investment Fund, L.P. |  | Class A |  |  |  | 08/2021 |  | 50 |  | 38 | (d)(e)(j) |  |
| RC V Tecmo Investor LLC |  |  |  |  |  | 08/2020 |  | 50000 |  | 91 | (d)(e)(j) |  |
| SSE Parent, LP |  | Class A-1 |  |  |  | 06/2020 |  | 25 |  |  | (d)(e)(j) |  |
| SSE Parent, LP |  | Class A-2 |  |  |  | 06/2020 |  | 25 |  |  | (d)(e)(j) |  |
| Talon Holdings SCSP | Luxembourg | Class A |  |  |  | 07/2025 |  | 319000 |  | 319 | (d)(e)(j) |  |
| TVG-MGT Upper<br>Intermediate Holdings, LLC |  | Class A |  |  |  | 08/2025 |  | 49 |  | 75 | (e)(j) |  |
| Unity Purchaser, LLC |  | Class A |  |  |  | 01/2025 |  | 358000 |  | 440 | (d)(e)(j) |  |
| UPBW Blocker, LLC |  |  |  |  |  | 03/2024 |  | 4700 |  | 513 | (d)(e)(j) |  |
| UPBW Blocker, LLC |  | Class Ares |  |  |  | 09/2024 |  | 304 |  | 33 | (d)(e)(j) |  |
| WSC Ultimate Holdings, LLC |  | Class A |  |  |  | 05/2024 |  | 95 |  | 42 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 6293 |  | 0.12% |
| **Consumer Distribution and Retail** | **Consumer Distribution and Retail** | **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |  |
| Arko Corp |  |  |  |  |  | 12/2020 |  | 106 |  | 1 | (d)(j) |  |
| Emerald Lake Pearl Acquisition-A, L.P. |  |  |  |  |  | 07/2021 |  | 43500 |  | 82 | (d)(e)(j) |  |
| Fastsigns Holdings Inc. |  |  |  |  |  | 03/2019 |  | 50 |  | 91 | (d)(e)(j) |  |
| KCAKE Holdings Inc. |  |  |  |  |  | 05/2021 |  | 50 |  | 75 | (d)(e)(j) |  |
| LJ Perimeter Co-Invest, L.P. |  | Class A |  |  |  | 10/2022 |  | 50052 |  | 17 | (d)(e)(j) |  |
| Marcone Yellowstone Holdings, LLC |  | Class A |  |  |  | 06/2021 |  | 96 |  |  | (d)(e)(j) |  |
| Metis Topco, LP |  |  |  |  |  | 05/2021 |  | 50 |  | 81 | (d)(e)(j) |  |
| REP WWP Coinvest IV, L.P. |  |  |  |  |  | 01/2023 |  | 25000 |  |  | (d)(e)(j) |  |
| Restaurant Produce and Services Blocker, LLC |  | Tranche B |  |  |  | 05/2023 |  | 50000 |  | 46 | (d)(e)(j) |  |
| Shur-Co HoldCo, Inc. |  |  |  |  |  | 06/2021 |  | 500 |  | 111 | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Stonecourt IV Partners LP |  |  |  |  |  | 10/2021 |  | 2423676 |  | 2005 | (d)(e)(j) |  |
| ZB TopCo LLC |  |  |  |  |  | 02/2022 |  | 50 |  | 89 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 2598 |  | 0.05% |
| **Consumer Durables and Apparel** | **Consumer Durables and Apparel** | **Consumer Durables and Apparel** |  |  |  |  |  |  |  |  |  |  |
| Centric Brands L.P. |  | Class A |  |  |  | 10/2020 |  | 21364 |  | 249 | (d)(e)(j) |  |
| DRS Holdings I, Inc. |  |  |  |  |  | 11/2019 |  | 50 |  | 56 | (d)(e)(j) |  |
| SEP Diamond Fund, L.P. |  |  |  |  |  | 06/2024 |  | 2325548 |  | 3383 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 3688 |  | 0.07% |
| **Consumer Services** | **Consumer Services** | **Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Aimbridge Topco, LLC |  |  |  |  |  | 03/2025 |  | 11970 |  | 719 | (d)(e)(j) |  |
| Apex Service Partners Holdings, LLC |  | Series B |  |  |  | 10/2023 |  | 44263 |  | 1921 | (d)(e)(j) |  |
| BPCP Pinnacle Holdings, Inc. |  |  |  |  |  | 10/2024 |  | 189 |  | 67 | (d)(e)(j) |  |
| CMG Buyer Holdings, Inc. |  |  |  |  |  | 05/2022 |  | 5 |  | 164 | (d)(e)(j) |  |
| Family First Bidco Limited | United Kingdom |  |  |  |  | 12/2022 |  | 176 |  |  | (d)(e)(j) |  |
| GS SEER Group Holdings LLC |  | Class A |  |  |  | 04/2023 |  | 25 |  | 17 | (d)(e)(j) |  |
| IHS Parent Holdings, L.P. |  | Class A |  |  |  | 12/2022 |  | 25000 |  | 30 | (d)(e)(j) |  |
| KKR Game Changer Co-Invest Feeder II L.P. |  |  |  |  |  | 06/2024 |  | 467000 |  | 546 | (d)(e)(j) |  |
| LBC Breeze Holdings LLC |  | Class A |  |  |  | 12/2021 |  | 50 |  | 32 | (d)(e)(j) |  |
| Leviathan Holdings, L.P. |  |  |  |  |  | 12/2022 |  | 38000 |  | 48 | (d)(e)(j) |  |
| LH Equity Investors, L.P. |  |  |  |  |  | 09/2025 |  | 693200 |  | 667 | (d)(e)(j) |  |
| Meaningful Partners Fitness Ventures Co-Investment LP |  |  |  |  |  | 07/2024 |  | 686000 |  | 702 | (d)(e)(j) |  |
| Mustang Prospects Holdco, LLC |  | Class B |  |  |  | 09/2024 |  | 54103 |  | 22 | (d)(e)(j) |  |
| Northwinds Services Group LLC |  |  |  |  |  | 05/2023 |  | 60684 |  | 110 | (d)(e)(j) |  |
| OMERS Mahomes Investment Holdings LLC |  | Class A |  |  |  | 11/2020 |  | 16 |  | 72 | (d)(e)(j) |  |
| PestCo Holdings, LLC |  | Class A |  |  |  | 01/2023 |  | 2 |  | 40 | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 170559 |  |  | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Rust Investment Sarl | Luxembourg |  |  |  |  | 11/2024 |  | 3354688 |  |  | (d)(e)(j) |  |
| Vertex Service Partners Holdings, LLC |  | Class B |  |  |  | 11/2023 |  | 33 |  | 47 | (d)(e)(j) |  |
| ZBS Mechanical Group Co-Invest Fund 2, LLC |  |  |  |  |  | 10/2021 |  | 50000 |  | 144 | (d)(e)(j) |  |
| ZBS Mechanical Group Co-Invest II Fund 2, LLC |  |  |  |  |  | 02/2025 |  | 4767 |  | 14 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 5362 |  | 0.10% |
| **Energy** |  |  |  |  |  |  |  |  |  |  |  |  |
| Enviva Inc. |  |  |  |  |  | 12/2024 |  | 1273882 |  | 22293 | (j) |  |
| Galileo Co-Investment Trust I | New Zealand |  |  |  |  | 07/2022 |  | 50000 |  | 26 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 22319 |  | 0.44% |
| **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |  |  |  |  |
| BCC Blueprint Investments, LLC |  |  |  |  |  | 09/2021 |  | 902790 |  | 1620 | (d)(e)(j) |  |
| Constellation Wealth Capital Fund, L.P. |  |  |  |  |  | 01/2024 |  | 628202 |  | 627 | (d)(e)(j) |  |
| CWC Fund I Co-Invest (AlTi) LP |  |  |  |  |  | 03/2024 |  | 3276000 |  | 3799 | (d)(e)(j) |  |
| CWC Fund I Co-Invest (MFA) LP |  |  |  |  |  | 08/2025 |  | 287000 |  | 287 | (d)(e)(j) |  |
| CWC Fund I Co-Invest (Prism) LP |  |  |  |  |  | 03/2024 |  | 2374000 |  | 2486 | (d)(e)(j) |  |
| Endeavor TopCo, Inc. |  | Class A |  |  |  | 08/2024 |  | 323 |  | 466 | (d)(e)(j) |  |
| GTCR (D) Investors LP |  |  |  |  |  | 09/2023 |  | 39339 |  | 78 | (d)(e)(j) |  |
| Integrum Grit Co-Invest LP |  |  |  |  |  | 07/2025 |  | 65250 |  | 52 | (d)(e)(j) |  |
| Jewel Bidco Limited | United Kingdom |  |  |  |  | 05/2025 |  | 253 |  |  | (d)(e)(f)(j) |  |
| Kelso XI Tailwind Co-Investment, L.P. |  |  |  |  |  | 09/2023 |  | 48023 |  | 66 | (d)(e)(j) |  |
| Linden Structured Capital Fund II-A LP |  |  |  |  |  | 07/2024 |  | 324828 |  | 259 | (d)(e)(j) |  |
| MC Accelerate Co-Invest Feeder LP |  |  |  |  |  | 08/2025 |  | 1000 |  | 1 | (e)(j) |  |
| PCS Parent, L.P. |  | Class A |  |  |  | 03/2024 |  | 80000 |  | 74 | (d)(e)(j) |  |
| Sera 2021 LLC |  | Class A |  |  |  | 03/2021 |  | 4 |  | 301 | (d)(e)(j) |  |
| TPG IX Cardiff CI II, L.P. |  |  |  |  |  | 12/2024 |  | 2299421 |  | 2699 | (d)(e)(j) |  |
| TVG-TMG Holdings, LLC |  |  |  |  |  | 03/2022 |  | 50 |  |  | (d)(e)(j) |  |
| WAAM Topco, LLC |  | Class A |  |  |  | 06/2023 |  | 41556 |  | 111 | (e)(j) |  |
| Wellington-Altus Financial Inc. | Canada |  |  |  |  | 08/2024 |  | 74001 |  | 3209 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 16135 |  | 0.32% |
| **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** |  |  |  |  |  |  |  |  |  |  |
| Forward Keystone Holdings, LP |  |  |  |  |  | 03/2025 |  | 588000 |  | 617 | (d)(e)(j) |  |
| PPC CHG Blocker LLC |  |  |  |  |  | 12/2021 |  | 1 |  | 85 | (d)(e)(j) |  |
| SBC Aggregator LP |  |  |  |  |  | 02/2025 |  | 1247 |  | 1587 | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Watermill Express Holdings, LLC |  | Class E |  |  |  | 07/2025 |  | 805 |  |  | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 2289 |  | 0.04% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| Asclepius Holdings LLC |  |  |  |  |  | 02/2022 |  | 448 |  |  | (d)(e)(j) |  |
| AVE Holdings LP |  | Class A |  |  |  | 03/2024 |  | 402 |  |  | (d)(e)(j) |  |
| AVE Holdings LP |  | Class C |  |  |  | 11/2023 |  | 983 |  |  | (d)(e)(j) |  |
| BCPE Co-Invest (A), LP |  | Class A |  |  |  | 02/2022 |  | 45000 |  | 64 | (d)(e)(j) |  |
| BCPE Hyperlink Holdings, LP |  | Class A |  |  |  | 09/2025 |  | 4800 |  | 48 | (d)(e)(j) |  |
| BVI Group Limited |  |  |  |  |  | 03/2025 |  | 532 |  | 588 | (d)(e)(j) |  |
| CHPPR Holdings Inc. |  |  |  |  |  | 12/2023 |  | 4700 |  | 865 | (e)(j) |  |
| Crown CT HoldCo Inc. |  | Class A |  |  |  | 03/2022 |  | 5 |  | 64 | (d)(e)(j) |  |
| Crown CT Management LLC |  |  |  |  |  | 03/2022 |  | 1 |  | 10 | (d)(e)(j) |  |
| General Atlantic (USU) Blocker Collection Holdco, L.P. |  |  |  |  |  | 04/2025 |  | 305000 |  | 419 | (d)(e)(j) |  |
| KOLN Co-Invest Unblocked, LP |  | Class A |  |  |  | 03/2023 |  | 50 |  | 78 | (d)(e)(j) |  |
| Network Investco BV | Netherlands |  |  |  |  | 07/2022 |  | 1073830 |  | 2648 | (d)(e)(j) |  |
| Olympia TopCo, L.P. |  | Class A |  |  |  | 09/2019 |  | 50000 |  |  | (d)(e)(j) |  |
| OMERS Bluejay Investment Holdings LP |  | Class A |  |  |  | 07/2018 |  | 25 |  | 57 | (d)(e)(j) |  |
| OMERS Wildcats Investment Holdings LLC |  | Class A |  |  |  | 10/2019 |  | 216 |  | 113 | (d)(e)(j) |  |
| SiroMed Equity Holdings, LLC |  |  |  |  |  | 03/2018 |  | 3703 |  | 16 | (d)(e)(j) |  |
| VPP Group Holdings, L.P. |  |  |  |  |  | 12/2021 |  | 50 |  | 83 | (d)(e)(j) |  |
| WSHP FC Holdings LLC |  |  |  |  |  | 07/2022 |  | 374 |  | 5 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 5058 |  | 0.10% |
| **Household and Personal Products** | **Household and Personal Products** | **Household and Personal Products** |  |  |  |  |  |  |  |  |  |  |
| CDI Holdings I Corp. |  |  |  |  |  | 12/2021 |  | 50 |  | 21 | (d)(e)(j) |  |
| RMCF V CIV XLIV, L.P. |  |  |  |  |  | 08/2021 |  | 54 |  | 16 | (d)(e)(j) |  |
| Silk Holdings I Corp. |  |  |  |  |  | 05/2023 |  | 50 |  | 99 | (d)(e)(j) |  |
| TCI Holdings, LP |  |  |  |  |  | 11/2024 |  | 9050 |  | 1058 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 1194 |  | 0.02% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| 15484910 Canada Inc. | Canada |  |  |  |  | 04/2025 |  | 2225693 |  | 1599 | (d)(e)(j) |  |
| CFCo, LLC |  | Class B |  |  |  | 09/2023 |  | 5035395 |  |  | (d)(e)(j) |  |
| High Street HoldCo LLC |  | Series A | 10.00% PIK |  |  | 04/2021 |  | 88605 |  | 282 | (d)(e) |  |
| High Street HoldCo LLC |  | Series C | 10.00% PIK |  |  | 04/2021 |  | 563740 |  | 1792 | (d)(e) |  |
| INSZ Holdings, LLC |  |  |  |  |  | 11/2022 |  | 31139 |  | 51 | (d)(e)(j) |  |
| INSZ Holdings, LLC |  |  |  |  |  | 11/2023 |  | 1073000 |  | 1748 | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Maple Acquisition Holdings, LP |  | Class A2 |  |  |  | 11/2023 |  | 13871 |  | 344 | (d)(e)(j) |  |
| MDCP Co-Investors (Jade I), L.P. |  |  |  |  |  | 06/2025 |  | 2490000 |  | 3799 | (d)(e)(j) |  |
| Rocket Co-Invest, SLP | Luxembourg |  |  |  |  | 03/2024 |  | 188027 |  | 260 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 9875 |  | 0.19% |
| **Materials** |  |  |  |  |  |  |  |  |  |  |  |  |
| Adonis Acquisition Holdings Parent LLC |  |  |  |  |  | 02/2025 |  | 66089 |  | 1907 | (d)(e)(j) |  |
| ASP-r-pac Holdings LP |  | Class A |  |  |  | 12/2021 |  | 514 |  | 52 | (d)(e)(j) |  |
| Buckman PPC Co-Invest LP |  |  |  |  |  | 06/2025 |  | 906000 |  | 906 | (d)(e)(j) |  |
| KNPAK Holdings, LP |  | Class A |  |  |  | 07/2019 |  | 100000 |  | 95 | (d)(e)(j) |  |
| Meyer Parent, LLC |  |  |  |  |  | 02/2024 |  | 12000 |  | 6 | (d)(e)(j) |  |
| NCP MSI Co-Invest, LP |  |  |  |  |  | 03/2025 |  | 130000 |  | 145 | (d)(e)(j) |  |
| Novipax Parent Holding Company, L.L.C. |  | Class C |  |  |  | 12/2020 |  | 50 |  |  | (d)(e)(j) |  |
| Plaskolite PPC Blocker LLC |  |  |  |  |  | 12/2018 |  | 10 |  |  | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 3111 |  | 0.06% |
| **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** | **Pharmaceuticals, Biotechnology and Life Sciences** |  |  |  |  |  |  |  |  |
| Cobalt Holdings I, LP |  | Class A |  |  |  | 10/2021 |  | 500 |  | 21 | (d)(e)(j) |  |
| Creek Feeder, L.P. |  |  |  |  |  | 12/2024 |  | 1447000 |  | 2087 | (d)(e)(j) |  |
| Gula Co-Invest II, L.P. |  |  |  |  |  | 04/2025 |  | 28 |  | 32 | (d)(e)(j) |  |
| WCI-BXC Investment Holdings, L.P. |  |  |  |  |  | 11/2023 |  | 126000 |  | 129 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 2269 |  | 0.04% |
| **Real Estate Management and Development** | **Real Estate Management and Development** | **Real Estate Management and Development** | **Real Estate Management and Development** |  |  |  |  |  |  |  |  |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class A |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class B |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class C |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class D |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class E |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class F |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class G |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class H |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg | Class I |  |  |  | 09/2021 |  | 3400700 |  |  | (d)(e)(j) |  |
| Illinois Investment S.a.r.l. | Luxembourg |  |  |  |  | 09/2021 |  | 1310564 |  |  | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Illinois Investment S.a.r.l. | Luxembourg |  |  |  |  | 05/2022 |  | 106292 |  |  | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Software and Services** | **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |
| APG Holdings, LLC |  | Class A |  |  |  | 01/2020 |  | 50000 |  | 39 | (d)(e)(j) |  |
| Astorg VII Co-Invest ERT | Luxembourg |  |  |  |  | 01/2020 |  | 1208500 |  | 2967 | (d)(e)(j) |  |
| Avaya Holdings Corp. |  |  |  |  |  | 05/2023 |  | 2607 |  | 30 | (j) |  |
| Avaya Holdings Corp. |  |  |  |  |  | 05/2023 |  | 76384 |  | 878 | (j) |  |
| Bobcat Topco, L.P. |  | Class A-1 |  |  |  | 06/2023 |  | 56770 |  | 62 | (d)(e)(j) |  |
| Consilio Investment Holdings, L.P. |  | Series A |  |  |  | 09/2022 |  | 243 |  | 5 | (d)(e)(j) |  |
| Consilio Investment Holdings, L.P. |  |  |  |  |  | 05/2021 |  | 5038 |  | 105 | (d)(e)(j) |  |
| Cority Parent, Inc. | Canada | Class B-1 |  |  |  | 07/2019 |  | 47536 |  | 3 | (d)(e)(j) |  |
| Destiny Digital Holdings, L.P. |  |  |  |  |  | 05/2021 |  | 3076 |  | 56 | (d)(e)(j) |  |
| Eclipse Investor Parent, L.P. |  | Class A |  |  |  | 09/2024 |  | 102 |  | 111 | (d)(e)(j) |  |
| Elliott Alto Co-Investor Aggregator L.P. |  |  |  |  |  | 09/2022 |  | 500000 |  | 1420 | (d)(e)(j) |  |
| EQT IX Co-Investment (E) SCSP |  |  |  |  |  | 04/2021 |  | 5000 |  | 102 | (d)(e)(j) |  |
| H&F Unite Partners, L.P. |  |  |  |  |  | 05/2019 |  | 50032 |  | 127 | (d)(e)(j) |  |
| Haveli Cascade Co-Invest I, L.P. |  |  |  |  |  | 09/2025 |  | 97000 |  | 97 | (d)(e)(j) |  |
| iCapital, Inc. |  |  |  |  |  | 04/2025 |  | 295434 |  | 4136 | (d)(e)(j) |  |
| Insight PDI Holdings, LLC |  | Class A |  |  |  | 03/2019 |  | 26548 |  | 65 | (d)(e)(j) |  |
| Magic Topco, L.P. |  | Class B |  |  |  | 09/2020 |  | 12975 |  |  | (d)(e)(j) |  |
| Magnesium Co- Invest SCSp | Luxembourg |  |  |  |  | 05/2022 |  | 5 |  | 57 | (d)(e)(j) |  |
| Paradigmatic Holdco LLC |  |  |  |  |  | 08/2024 |  | 1057325 |  | 550 | (d)(e)(j) |  |
| PCMI Ultimate Holdings, LP |  | Class B |  |  |  | 03/2025 |  | 34526 |  |  | (d)(e)(j) |  |
| RMCF VI CIV XLVIII, L.P. |  |  |  |  |  | 06/2022 |  | 64827 |  | 82 | (d)(e)(j) |  |
| RMS Group Holdings, Inc. |  |  |  |  |  | 12/2021 |  | 6 |  | 23 | (d)(e)(j) |  |
| Rocket Parent, LLC |  | Class A |  |  |  | 10/2021 |  | 74502 |  | 282 | (d)(e)(j) |  |
| Skywalker TopCo, LLC |  |  |  |  |  | 11/2020 |  | 25407 |  | 141 | (d)(e)(j) |  |
| Sunshine Software Holdings, Inc. |  | Class A-1 |  |  |  | 10/2021 |  | 5000 |  | 76 | (d)(e)(j) |  |
| WP Victors Co-Investment, L.P. |  |  |  |  |  | 08/2024 |  | 461000 |  | 541 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 11955 |  | 0.23% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |
| County Line South Properties, LLC |  | Class A |  |  |  | 12/2024 |  | 8 |  | 1900 | (d)(e)(j) |  |
| Dolphin Center Properties, LLC |  | Class A |  |  |  | 12/2024 |  | 8 |  | 468 | (d)(e)(j) |  |
| Dundee Eros, LP |  |  |  |  |  | 11/2024 |  | 1682452 |  | 1579 | (d)(e)(j) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| Eagle Football Holdings Limited | United Kingdom |  |  |  |  | 09/2023 |  | 14 |  |  | (d)(e)(j) |  |
| FEH Group, LLC. |  | Class A |  |  |  | 12/2024 |  | 8 |  | 65150 | (d)(e)(j) |  |
| GSM Rights Fund II LP |  |  |  |  |  | 03/2025 |  | 251849 |  | 252 | (d)(e)(j) |  |
| Melody Holdings LP |  | Class A-1 |  |  |  | 07/2025 |  | 484 |  | 871 | (d)(e)(j) |  |
| Melody Holdings LP |  | Class A-2 |  |  |  | 07/2025 |  | 484 |  | 97 | (d)(e)(j) |  |
| Sandlot Action Sports, LLC |  |  |  |  |  | 05/2024 |  | 3384 |  | 22 | (d)(e)(j) |  |
| South Florida Motorsports, LLC |  | Class A |  |  |  | 12/2024 |  | 8 |  | 1728 | (d)(e)(j) |  |
| Stadium Coinvest (B)-III, L.P. |  |  |  |  |  | 02/2025 |  | 650000 |  | 701 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class A |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class B |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class C |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class D |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class E |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class F |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class G |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class H |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg | Class I |  |  |  | 06/2021 |  | 491621 |  | 680 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg |  |  |  |  | 06/2021 |  | 590 |  | 41 | (d)(e)(j) |  |
| Storm Investment S.a.r.l. | Luxembourg |  |  |  |  | 04/2022 |  | 25565 |  |  | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 78929 |  | 1.55% |
| **Technology Hardware and Equipment** | **Technology Hardware and Equipment** | **Technology Hardware and Equipment** | **Technology Hardware and Equipment** |  |  |  |  |  |  |  |  |  |
| PerkinElmer Topco GP, L.L.C. |  | Class A-2 |  |  |  | 01/2022 |  | 365 |  | 55 | (d)(e)(j) |  |
| Repairify Holdings, LLC |  | Class A |  |  |  | 06/2021 |  | 1655 |  | 25 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 80 |  | —% |
| **Transportation** | **Transportation** | **Transportation** | **Transportation** |  |  |  |  |  |  |  |  |  |
| Neovia Acquisition, LLC |  |  |  |  |  | 11/2022 |  | 6 |  |  | (e)(j) |  |
| Providence Equity Partners IX-C L.P. |  |  |  |  |  | 07/2025 |  | 51200 |  | 51 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 51 |  | —% |
| **Utilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Apex Clean Energy TopCo, LLC |  | Class A |  |  |  | 11/2021 |  | 149776 |  | 25251 | (d)(e)(j) |  |
| Apex Clean Energy TopCo, LLC |  | Class B |  |  |  | 07/2025 |  | 12571 |  | 2123 | (d)(e)(j) |  |
| FIC Matterhorn CF Feeder, LP |  |  |  |  |  | 08/2025 |  | 684 |  | 1 | (d)(e)(j) |  |
| FIC Matterhorn CF, LP |  |  |  |  |  | 08/2025 |  | 807179 |  | 807 | (d)(e)(j) |  |
|  |  |  |  |  |  |  |  |  |  | 28182 |  | 0.55% |
| **TOTAL COMMON STOCK (Cost $156,318)** | **TOTAL COMMON STOCK (Cost $156,318)** | **TOTAL COMMON STOCK (Cost $156,318)** | **TOTAL COMMON STOCK (Cost $156,318)** | **TOTAL COMMON STOCK (Cost $156,318)** |  |  |  |  |  | 203464 |  | 3.98% |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | | **% of Net Assets** |
| **WARRANTS(d)(j)** | **WARRANTS(d)(j)** | **WARRANTS(d)(j)** | | | | | | | | | | |
| **Commercial and Professional Services** | **Commercial and Professional Services** | **Commercial and Professional Services** | | | | | | | | | | |
| New Insight Holdings, Inc. |  |  |  |  |  | 07/2024 |  | 5104 |  |  | (e)(f) |  |
| Priority Waste Super Holdings, LLC |  |  |  |  |  | 08/2023 |  | 4247 |  | 230 | (e) |  |
| Priority Waste Super Holdings, LLC |  |  |  |  |  | 06/2024 |  | 1937 |  | 105 | (e)(f) |  |
| Visual Edge Technology, Inc. |  |  |  |  |  | 03/2018 |  | 27334 |  |  | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 335 |  | 0.01% |
| **Consumer Distribution and Retail** | **Consumer Distribution and Retail** | **Consumer Distribution and Retail** |  |  |  |  |  |  |  |  |  |  |
| Arko Corp |  |  |  |  |  | 12/2020 |  | 55 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** | **Food, Beverage and Tobacco** |  |  |  |  |  |  |  |  |  |  |
| Gotham Greens Holdings, PBC |  |  |  |  |  | 06/2022 |  | 31842 |  |  | (e)(f) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Health Care Equipment and Services** | **Health Care Equipment and Services** | **Health Care Equipment and Services** |  |  |  |  |  |  |  |  |  |  |
| Air Medical Buyer Corp |  |  |  |  |  | 03/2018 |  | 122 |  | 2 | (e) |  |
| CHPPR Holdings Inc. |  |  |  |  |  | 12/2023 |  | 13942 |  | 1210 | (e) |  |
| CHPPR Holdings Inc. |  |  |  |  |  | 12/2023 |  | 6604 |  | 429 | (e) |  |
| CHPPR Holdings Inc. |  |  |  |  |  | 12/2023 |  | 7625 |  | 1404 | (e) |  |
| CHPPR Holdings Inc. |  |  |  |  |  | 12/2023 |  | 3054 |  | 562 | (e) |  |
| GMR Buyer Corp. |  |  |  |  |  | 12/2021 |  | 1927 |  | 25 | (e) |  |
| GMR Buyer Corp. |  |  |  |  |  | 05/2024 |  | 959055 |  | 12470 | (e) |  |
| Nomi Health, Inc. |  |  |  |  |  | 07/2023 |  | 2174 |  |  | (e) |  |
| Nomi Health, Inc. |  |  |  |  |  | 06/2024 |  | 4857 |  |  | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 16102 |  | 0.32% |
| **Insurance** |  |  |  |  |  |  |  |  |  |  |  |  |
| SelectQuote, Inc. |  |  |  |  |  | 10/2024 |  | 57965 |  |  | (e) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Software and Services** | **Software and Services** | **Software and Services** |  |  |  |  |  |  |  |  |  |  |
| ID.me, Inc. |  |  |  |  |  | 01/2025 |  | 1198188 |  | 1773 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 1773 |  | 0.03% |
| **Sports, Media & Entertainment** | **Sports, Media & Entertainment** | **Sports, Media & Entertainment** |  |  |  |  |  |  |  |  |  |  |
| Eagle Football Holdings Limited |  |  |  |  |  | 12/2022 |  | 5 |  |  | (e) |  |
| Eagle Football Holdings Limited |  |  |  |  |  | 12/2022 |  | 5 |  |  | (e) |  |
| Fever Labs, Inc. |  |  |  |  |  | 06/2025 |  | 15704 |  |  | (e) |  |
| League One Volleyball, Inc. |  |  |  |  |  | 01/2025 |  | 8 |  |  | (e) |  |
| PFL MMA, Inc. |  |  |  |  |  | 01/2021 |  | 115111 |  |  | (e) |  |
| PFL MMA, Inc. |  |  |  |  |  | 11/2022 |  | 2457 |  |  | (e) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | —% |
| **Transportation** | **Transportation** | **Transportation** | **Transportation** |  |  |  |  |  |  |  |  |  |
| FTAI Infrastructure Inc. (Railco) |  |  |  |  |  | 08/2025 |  | 2103 |  | 731 | (e) |  |
|  |  |  |  |  |  |  |  |  |  | 731 |  | 0.01% |
| **TOTAL WARRANTS(Cost $3,372)** | **TOTAL WARRANTS(Cost $3,372)** | **TOTAL WARRANTS(Cost $3,372)** |  |  |  |  |  |  |  | 18941 |  | 0.37% |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Country (a)** | **Investment** | **Coupon** | **Reference** | **Spread** | **Acquisition Date** | **Maturity Date** | **Shares** | **Principal Amount (a)** | **Fair Value (a)** | **% of Net Assets** |
| **Total Investments - (Cost $7,331,914)** | **Total Investments - (Cost $7,331,914)** | **Total Investments - (Cost $7,331,914)** | **Total Investments - (Cost $7,331,914)** |  |  |  |  |  |  | 7408003 | 145.03% |
| **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** |  |  |  |  |  |  | (2300090) | (45.03)% |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |  |  |  |  |  |  | $5107912 | 100.00% |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

____________________________________________________

(a)Investment holdings in foreign currencies are converted to U.S. dollars using period end spot rates. Investments are in United States enterprises and all principal balances shown are in U.S. dollars unless otherwise noted.

(b)Variable rate loans to the Fund's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate such as the Bank Bill Swap Bid Rate ("BBSY"), Bank Bill Benchmark Rate ("BKBM"), Canadian Dollar Offered Rate ("CDOR"), Copenhagen Interbank Offered Rate ("CIBOR"), Euro Interbank Offered Rate ("EURIBOR"), Norwegian Interbank Offered Rate ("NIBOR"), Prime Rate ("PRIME"), Sterling Overnight Index Average ("SONIA"), Stockholm Interbank Offered Rate ("STIBOR") or Warsaw Interbank Offered Rate ("WIBOR"), at the borrower's option, which reset semi-annually (S), quarterly (Q), bi-monthly (B), or monthly (M). SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. Stated interest rates in this schedule represents the "all-in" rate as of September 30, 2025.

(c)Variable rate coupon rate shown as of September 30, 2025.

(d)These investments, which as of September 30, 2025 represented 144% of the Fund's net assets or 99% of the Fund's total assets, may be subject to legal restrictions on sales. Acquisition dates are included above for equity securities that may be subject to legal restrictions on sales.

(e)Investments whose values were determined using significant unobservable inputs (Level 3) (See Note 3 to the consolidated schedule of investments).

(f)These assets are pledged as collateral under the Fund or the Fund's consolidated subsidiaries' various revolving credit facilities.

(g)As of September 30, 2025, the Fund had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| 15484880 Canada Inc. | 1st Lien Delay Draw Term Loan | $698 | $— | $698 |
| 15484880 Canada Inc. | 1st Lien Revolving Loan | 297 | (37) | 260 |
| 15484910 Canada Inc. | 1st Lien Delay Draw Term Loan | 446 |  | 446 |
| 3 Step Sports LLC | 1st Lien Delay Draw Term Loan | 1498 |  | 1498 |
| 3 Step Sports LLC | 1st Lien Revolving Loan | 124 |  | 124 |
| 760203 N.B. LTD. | 1st Lien Revolving Loan | 2410 | (1810) | 600 |
| Accommodations Plus Technologies LLC | 1st Lien Revolving Loan | 63 |  | 63 |
| ACP Avenu Buyer, LLC | 1st Lien Delay Draw Term Loan | 2973 |  | 2973 |
| ACP Avenu Buyer, LLC | 1st Lien Revolving Loan | 1057 |  | 1057 |
| ACTFY Buyer, Inc. | 1st Lien Delay Draw Term Loan | 328 |  | 328 |
| ACTFY Buyer, Inc. | 1st Lien Revolving Loan | 476 |  | 476 |
| Activate holdings (US) Corp. | 1st Lien Revolving Loan | 579 |  | 579 |
| Adonis Acquisition Holdings LLC | 1st Lien Delay Draw Term Loan | 297 |  | 297 |
| Adonis Acquisition Holdings LLC | 1st Lien Revolving Loan | 1 | (1) |  |
| Adonis Bidco, Inc. | 1st Lien Delay Draw Term Loan | 12593 |  | 12593 |
| Adonis Bidco, Inc. | 1st Lien Revolving Loan | 5688 |  | 5688 |
| Adonis Financial Funding, LLC | 1st Lien Revolving Loan | 417 | (417) |  |
| Aduro Advisors, LLC | 1st Lien Delay Draw Term Loan | 1006 |  | 1006 |
| Aduro Advisors, LLC | 1st Lien Revolving Loan | 597 |  | 597 |
| Aerin Medical Inc. | 1st Lien Delay Draw Term Loan | 754 |  | 754 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| AeriTek Global US Acquisition Inc. | 1st Lien Revolving Loan | 69 | (23) | 46 |
| AI Titan Parent, Inc. | 1st Lien Delay Draw Term Loan | 1789 |  | 1789 |
| AI Titan Parent, Inc. | 1st Lien Revolving Loan | 1546 |  | 1546 |
| Airx Climate Solutions, Inc. | 1st Lien Delay Draw Term Loan | 2160 |  | 2160 |
| Airx Climate Solutions, Inc. | 1st Lien Revolving Loan | 463 |  | 463 |
| Alcami Corporation | 1st Lien Revolving Loan | 27 |  | 27 |
| Aldinger Company | 1st Lien Delay Draw Term Loan | 235 |  | 235 |
| Aldinger Company | 1st Lien Revolving Loan | 305 | (122) | 183 |
| Align Precision Group, LLC | 1st Lien Delay Draw Term Loan | 224 |  | 224 |
| AllClear Military Inc. | 1st Lien Delay Draw Term Loan | 162 |  | 162 |
| AllClear Military Inc. | 1st Lien Revolving Loan | 162 |  | 162 |
| Anaplan, Inc. | 1st Lien Revolving Loan | 381 |  | 381 |
| Andwis Group Limited | 1st Lien Delay Draw Term Loan | 1658 |  | 1658 |
| Antea Group Holding B.V. | 1st Lien Delay Draw Term Loan | 1468 |  | 1468 |
| Antenore Bidco SpA | 1st Lien Delay Draw Term Loan | 528 |  | 528 |
| AP Adhesives Holdings, LLC | 1st Lien Delay Draw Term Loan | 1210 |  | 1210 |
| AP Adhesives Holdings, LLC | 1st Lien Revolving Loan | 629 |  | 629 |
| Apex Service Partners, LLC | 1st Lien Revolving Loan | 2131 |  | 2131 |
| Aptean Acquiror Inc. | 1st Lien Delay Draw Term Loan | 592 |  | 592 |
| Aptean Acquiror Inc. | 1st Lien Revolving Loan | 372 | (36) | 336 |
| AQ Sage Buyer, LLC | 1st Lien Revolving Loan | 50 | (5) | 45 |
| AQ Sunshine, Inc. | 1st Lien Delay Draw Term Loan | 2880 |  | 2880 |
| AQ Sunshine, Inc. | 1st Lien Revolving Loan | 1653 | (529) | 1124 |
| Arete Bidco Limited | 1st Lien Delay Draw Term Loan | 6382 |  | 6382 |
| Artifact Bidco, Inc. | 1st Lien Delay Draw Term Loan | 282 |  | 282 |
| Artifact Bidco, Inc. | 1st Lien Revolving Loan | 252 |  | 252 |
| Artivion, Inc. | 1st Lien Delay Draw Term Loan | 923 |  | 923 |
| Artivion, Inc. | 1st Lien Revolving Loan | 336 | (168) | 168 |
| ASPIRE BIDCO LIMITED | 1st Lien Delay Draw Term Loan | 1741 |  | 1741 |
| Aspris Bidco Limited | 1st Lien Delay Draw Term Loan | 279 |  | 279 |
| ASP-r-pac Acquisition Co LLC | 1st Lien Revolving Loan | 839 | (621) | 218 |
| Aston Bidco (Holding) Limited | 1st Lien Revolving Loan | 1 |  | 1 |
| Astra Service Partners, LLC | 1st Lien Delay Draw Term Loan | 285 |  | 285 |
| Astra Service Partners, LLC | 1st Lien Revolving Loan | 2 |  | 2 |
| athenahealth Group Inc. | 1st Lien Revolving Loan | 2100 |  | 2100 |
| Avalign Technologies, Inc. | 1st Lien Revolving Loan | 250 | (75) | 175 |
| AX VI INV3 Holding AB | 1st Lien Delay Draw Term Loan | 3068 |  | 3068 |
| Badia Spices, LLC | 1st Lien Revolving Loan | 526 |  | 526 |
| Bamboo Health Holdings, LLC | 1st Lien Revolving Loan | 212 |  | 212 |
| Bamboo Purchaser, Inc. | 1st Lien Revolving Loan | 1 | (1) |  |
| Bamboo US BidCo LLC | 1st Lien Delay Draw Term Loan | 1058 |  | 1058 |
| Bamboo US BidCo LLC | 1st Lien Revolving Loan | 1413 |  | 1413 |
| Banyan Software Holdings, LLC | 1st Lien Delay Draw Term Loan | 1323 |  | 1323 |
| Banyan Software Holdings, LLC | 1st Lien Revolving Loan | 509 |  | 509 |
| Bayou Intermediate II, LLC | 1st Lien Delay Draw Term Loan | 271 |  | 271 |
| Bayou Intermediate II, LLC | 1st Lien Revolving Loan | 157 |  | 157 |
| BCPE Pequod Buyer, Inc. | 1st Lien Revolving Loan | 3003 |  | 3003 |
| Beacon Pointe Harmony, LLC | 1st Lien Delay Draw Term Loan | 6106 |  | 6106 |
| Beacon Pointe Harmony, LLC | 1st Lien Revolving Loan | 909 |  | 909 |
| Beacon Wellness Brands, Inc. | 1st Lien Revolving Loan | 205 |  | 205 |
| Bellwether Buyer, L.L.C. | 1st Lien Delay Draw Term Loan | 1092 |  | 1092 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Bellwether Buyer, L.L.C. | 1st Lien Revolving Loan | 455 | (114) | 341 |
| Berner Food & Beverage, LLC | 1st Lien Revolving Loan | 262 | (126) | 136 |
| BGI Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 1595 |  | 1595 |
| BGI Purchaser, Inc. | 1st Lien Revolving Loan | 4674 | (3438) | 1236 |
| BGIF IV Fearless Utility Services, Inc. | 1st Lien Delay Draw Term Loan | 811 |  | 811 |
| BGIF IV Fearless Utility Services, Inc. | 1st Lien Revolving Loan | 709 |  | 709 |
| Bluejack Fire Acquisition, Inc. | 1st Lien Delay Draw Term Loan | 1416 |  | 1416 |
| Bluejack Fire Acquisition, Inc. | 1st Lien Revolving Loan | 294 |  | 294 |
| BNZ TopCo B.V. | Subordinated Delay Draw Term Loan | 7908 |  | 7908 |
| Bobcat Purchaser, LLC | 1st Lien Revolving Loan | 306 |  | 306 |
| Bobtail AcquisitionCo, LLC | 1st Lien Delay Draw Term Loan | 731 |  | 731 |
| Bobtail AcquisitionCo, LLC | 1st Lien Revolving Loan | 309 | (9) | 300 |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC | 1st Lien Revolving Loan | 1912 |  | 1912 |
| BRADYPLUS HOLDINGS, LLC | 1st Lien Delay Draw Term Loan | 384 |  | 384 |
| BrightStar Group Holdings, Inc. | 1st Lien Revolving Loan | 505 | (25) | 480 |
| Bulab Holdings, Inc. | 1st Lien Delay Draw Term Loan | 4996 |  | 4996 |
| Bulab Holdings, Inc. | 1st Lien Revolving Loan | 6101 |  | 6101 |
| Bumble Bidco Limited | 1st Lien Delay Draw Term Loan | 1962 |  | 1962 |
| Businessolver.com, Inc. | 1st Lien Delay Draw Term Loan | 111 |  | 111 |
| BVI Medical, Inc. | 1st Lien Delay Draw Term Loan | 850 |  | 850 |
| BVI Medical, Inc. | 1st Lien Revolving Loan | 1586 |  | 1586 |
| Calculus Acquico Sarl | 1st Lien Delay Draw Term Loan | 1000 |  | 1000 |
| Cambrex Corporation | 1st Lien Delay Draw Term Loan | 6745 |  | 6745 |
| Cambrex Corporation | 1st Lien Revolving Loan | 5889 |  | 5889 |
| Cannon Bridge Designated Activity Company | 1st Lien Revolving Loan | 9291 | (3388) | 5903 |
| Capnor Connery Bidco A/S | 1st Lien Delay Draw Term Loan | 1099 |  | 1099 |
| Capstone Acquisition Holdings, Inc. | 1st Lien Delay Draw Term Loan | 518 |  | 518 |
| Capstone Acquisition Holdings, Inc. | 1st Lien Revolving Loan | 3135 |  | 3135 |
| Capstone Acquisition Holdings, Inc. | 2nd Lien Delay Draw Term Loan | 1668 |  | 1668 |
| Captive Resources Midco, LLC | 1st Lien Revolving Loan | 185 |  | 185 |
| Cardinal Parent, Inc. | 1st Lien Revolving Loan | 1 |  | 1 |
| Cascade Parent Inc. | 1st Lien Revolving Loan | 52 |  | 52 |
| CBTS BORROWER, LLC | 1st Lien Delay Draw Term Loan | 1900 |  | 1900 |
| Celnor Group Limited | 1st Lien Delay Draw Term Loan | 7016 |  | 7016 |
| CentralSquare Technologies, LLC | 1st Lien Revolving Loan | 3402 |  | 3402 |
| Cezanne Bidco | 1st Lien Delay Draw Term Loan | 4118 |  | 4118 |
| CFG Investments WH Limited | 1st Lien Revolving Loan | 5100 | (2187) | 2913 |
| Chariot Buyer LLC | 1st Lien Revolving Loan | 100 |  | 100 |
| Chillaton Bidco Limited | 1st Lien Delay Draw Term Loan | 1063 |  | 1063 |
| City Line Distributors LLC | 1st Lien Revolving Loan | 2 |  | 2 |
| Clarion Home Services Group, LLC | 1st Lien Revolving Loan | 416 | (302) | 114 |
| Clearstead Advisors, LLC | 1st Lien Revolving Loan | 34 | (18) | 16 |
| Cloud Software Group, Inc. | 1st Lien Revolving Loan | 2574 |  | 2574 |
| ClubCorp Holdings, Inc. | 1st Lien Delay Draw Term Loan | 97 |  | 97 |
| ClubCorp Holdings, Inc. | 1st Lien Revolving Loan | 169 |  | 169 |
| CMG HoldCo, LLC | 1st Lien Delay Draw Term Loan | 1776 |  | 1776 |
| CMG HoldCo, LLC | 1st Lien Revolving Loan | 1464 | (55) | 1409 |
| Cobalt Buyer Sub, Inc. | 1st Lien Delay Draw Term Loan | 2156 |  | 2156 |
| Cobalt Buyer Sub, Inc. | 1st Lien Revolving Loan | 1194 | (358) | 836 |
| Collision SP Subco, LLC | 1st Lien Delay Draw Term Loan | 755 |  | 755 |
| Collision SP Subco, LLC | 1st Lien Revolving Loan | 88 | (13) | 75 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Compex Legal Services, Inc. | 1st Lien Revolving Loan | 900 | (630) | 270 |
| Confirmasoft AB | 1st Lien Delay Draw Term Loan | 1693 |  | 1693 |
| Continental Acquisition Holdings, Inc. | 1st Lien Revolving Loan | 1 | (1) |  |
| Convera International Holdings Limited | 1st Lien Revolving Loan | 1777 |  | 1777 |
| Cority Software Inc. | 1st Lien Revolving Loan | 1504 | (1253) | 251 |
| Cornerstone OnDemand, Inc. | 1st Lien Revolving Loan | 100 | (22) | 78 |
| Coupa Holdings, LLC | 1st Lien Delay Draw Term Loan | 20 |  | 20 |
| Coupa Holdings, LLC | 1st Lien Revolving Loan | 1 |  | 1 |
| CPIG Holdco Inc. | 1st Lien Revolving Loan | 2 | (1) | 1 |
| Cradle Lux Bidco S.a r.l | 1st Lien Delay Draw Term Loan | 256 |  | 256 |
| Creek Parent, Inc. | 1st Lien Revolving Loan | 7992 |  | 7992 |
| Crossco (1469) Limited | 1st Lien Delay Draw Term Loan | 1041 |  | 1041 |
| Crown CT Parent Inc. | 1st Lien Revolving Loan | 904 | (452) | 452 |
| CST Holding Company | 1st Lien Revolving Loan | 79 |  | 79 |
| CVP Holdco, Inc. | 1st Lien Delay Draw Term Loan | 4102 |  | 4102 |
| CVP Holdco, Inc. | 1st Lien Revolving Loan | 3539 |  | 3539 |
| Databricks, Inc. | 1st Lien Delay Draw Term Loan | 17 |  | 17 |
| Datix Bidco Limited | 1st Lien Delay Draw Term Loan | 891 |  | 891 |
| Datix Bidco Limited | 1st Lien Revolving Loan | 1423 |  | 1423 |
| Davidson Hotel Company LLC | 1st Lien Delay Draw Term Loan | 1041 |  | 1041 |
| Davidson Hotel Company LLC | 1st Lien Revolving Loan | 567 |  | 567 |
| DCert Buyer, Inc. | 1st Lien Revolving Loan | 185 |  | 185 |
| DecoPac, Inc. | 1st Lien Revolving Loan | 3737 | (1038) | 2699 |
| Dedomena Bidco Limited | 1st Lien Delay Draw Term Loan | 396 |  | 396 |
| Denali Intermediate Holdings, Inc. | 1st Lien Revolving Loan | 7443 |  | 7443 |
| DFC Global Facility Borrower III LLC | 1st Lien Revolving Loan | 28769 | (23176) | 5593 |
| Diamond Mezzanine 24 LLC | 1st Lien Revolving Loan | 321 | (103) | 218 |
| Diligent Corporation | 1st Lien Delay Draw Term Loan | 926 |  | 926 |
| Diligent Corporation | 1st Lien Revolving Loan | 670 | (74) | 596 |
| Divisions Holding Corporation | 1st Lien Revolving Loan | 99 |  | 99 |
| Dorado Bidco, Inc. | 1st Lien Delay Draw Term Loan | 2232 |  | 2232 |
| Dorado Bidco, Inc. | 1st Lien Revolving Loan | 698 |  | 698 |
| DOXA Insurance Holdings LLC | 1st Lien Delay Draw Term Loan | 2329 |  | 2329 |
| DOXA Insurance Holdings LLC | 1st Lien Revolving Loan | 200 | (24) | 176 |
| Doxim Inc. | 1st Lien Revolving Loan | 2198 | (278) | 1920 |
| DP Flores Holdings, LLC | 1st Lien Delay Draw Term Loan | 1115 |  | 1115 |
| DP Flores Holdings, LLC | 1st Lien Revolving Loan | 513 |  | 513 |
| Drivecentric Holdings, LLC | 1st Lien Delay Draw Term Loan | 449 |  | 449 |
| Drivecentric Holdings, LLC | 1st Lien Revolving Loan | 518 |  | 518 |
| Drogon Bidco Inc. | 1st Lien Delay Draw Term Loan | 722 |  | 722 |
| Drogon Bidco Inc. | 1st Lien Revolving Loan | 445 |  | 445 |
| DRS Holdings III, Inc. | 1st Lien Revolving Loan | 183 |  | 183 |
| DuraServ LLC | 1st Lien Delay Draw Term Loan | 205 |  | 205 |
| DuraServ LLC | 1st Lien Revolving Loan | 227 |  | 227 |
| Dynamic NC Aerospace Holdings, LLC | 1st Lien Revolving Loan | 1608 | (536) | 1072 |
| EC Partners Spanish Bidco, S.L.U. | 1st Lien Delay Draw Term Loan | 652 |  | 652 |
| ECG Bidco S.A.S. | 1st Lien Delay Draw Term Loan | 4838 |  | 4838 |
| Echo Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 179 |  | 179 |
| Echo Purchaser, Inc. | 1st Lien Revolving Loan | 213 |  | 213 |
| Eclipse Buyer, Inc. | 1st Lien Delay Draw Term Loan | 7630 |  | 7630 |
| Eclipse Buyer, Inc. | 1st Lien Revolving Loan | 4351 |  | 4351 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Edmunds GovTech, Inc. | 1st Lien Delay Draw Term Loan | 327 |  | 327 |
| Edmunds GovTech, Inc. | 1st Lien Revolving Loan | 64 | (32) | 32 |
| Einstein Parent, Inc. | 1st Lien Revolving Loan | 537 |  | 537 |
| Elemica Parent, Inc. | 1st Lien Revolving Loan | 1358 | (1326) | 32 |
| Elevation Services Parent Holdings, LLC | 1st Lien Revolving Loan | 631 | (505) | 126 |
| Elliott Davis Advisory, LLC | 1st Lien Delay Draw Term Loan | 192 |  | 192 |
| Elliott Davis Advisory, LLC | 1st Lien Revolving Loan | 280 | (100) | 180 |
| EMB Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 14124 |  | 14124 |
| EMB Purchaser, Inc. | 1st Lien Revolving Loan | 6840 |  | 6840 |
| Empower Payments Investor, LLC | 1st Lien Delay Draw Term Loan | 66 |  | 66 |
| Empower Payments Investor, LLC | 1st Lien Revolving Loan | 60 |  | 60 |
| Enverus Holdings, Inc. | 1st Lien Delay Draw Term Loan | 116 |  | 116 |
| Enverus Holdings, Inc. | 1st Lien Revolving Loan | 1053 | (45) | 1008 |
| Envisage Dental UK Limited | 1st Lien Delay Draw Term Loan | 3737 |  | 3737 |
| Erasmus Acquisition Holding B.V. | 1st Lien Delay Draw Term Loan | 620 |  | 620 |
| eResearchTechnology, Inc. | 1st Lien Delay Draw Term Loan | 3915 |  | 3915 |
| eResearchTechnology, Inc. | 1st Lien Revolving Loan | 2724 |  | 2724 |
| ESHA Research, LLC | 1st Lien Revolving Loan | 76 | (20) | 56 |
| Essential Services Holding Corporation | 1st Lien Delay Draw Term Loan | 4179 |  | 4179 |
| Essential Services Holding Corporation | 1st Lien Revolving Loan | 2611 | (522) | 2089 |
| Eternal Aus Bidco Pty Ltd | 1st Lien Delay Draw Term Loan | 183 |  | 183 |
| Evolent Health LLC | 1st Lien Delay Draw Term Loan | 903 |  | 903 |
| Evolent Health LLC | 1st Lien Revolving Loan | 3 | (2) | 1 |
| Evolent Health LLC | 2nd Lien Delay Draw Term Loan | 18 |  | 18 |
| Excel Fitness Holdings, Inc. | 1st Lien Delay Draw Term Loan | 122 |  | 122 |
| Excelitas Technologies Corp. | 1st Lien Delay Draw Term Loan | 2092 |  | 2092 |
| ExtraHop Networks, Inc. | 1st Lien Revolving Loan | 420 |  | 420 |
| Fever Labs, Inc. | 1st Lien Delay Draw Term Loan | 818 |  | 818 |
| Fever Labs, Inc. | 1st Lien Revolving Loan | 3645 | (2739) | 906 |
| Firebird Acquisition Corp, Inc. | 1st Lien Delay Draw Term Loan | 1276 |  | 1276 |
| Firebird Acquisition Corp, Inc. | 1st Lien Revolving Loan | 473 |  | 473 |
| Fitness Ventures Holdings, Inc. | 1st Lien Delay Draw Term Loan | 714 |  | 714 |
| Fitness Ventures Holdings, Inc. | 1st Lien Revolving Loan | 140 | (140) |  |
| FL Hawk Intermediate Holdings, Inc. | 1st Lien Revolving Loan | 1658 |  | 1658 |
| Flexential Topco Corporation | 1st Lien Revolving Loan | 3000 | (3000) |  |
| Flexera Software LLC | 1st Lien Revolving Loan | 15 |  | 15 |
| Flint Opco, LLC | 1st Lien Delay Draw Term Loan | 1480 |  | 1480 |
| Flint Opco, LLC | 1st Lien Revolving Loan | 1 |  | 1 |
| Flywheel Acquireco, Inc. | 1st Lien Revolving Loan | 1665 | (444) | 1221 |
| Forward Keystone Holdings, LP | 1st Lien Delay Draw Term Loan | 1234 |  | 1234 |
| Fossil Group, Inc. | 1st Lien Revolving Loan | 805 | (113) | 692 |
| Foundation Consumer Brands, LLC | 1st Lien Revolving Loan | 788 |  | 788 |
| Foundation Risk Partners, Corp. | 1st Lien Revolving Loan | 3847 |  | 3847 |
| Frontline Road Safety Operations, LLC | 1st Lien Delay Draw Term Loan | 51 |  | 51 |
| Frontline Road Safety Operations, LLC | 1st Lien Revolving Loan | 5513 | (965) | 4548 |
| G702 Buyer, Inc. | 1st Lien Revolving Loan | 71 |  | 71 |
| Galway Borrower LLC | 1st Lien Delay Draw Term Loan | 1128 |  | 1128 |
| Galway Borrower LLC | 1st Lien Revolving Loan | 1143 | (241) | 902 |
| GC Waves Holdings, Inc. | 1st Lien Delay Draw Term Loan | 1918 |  | 1918 |
| GC Waves Holdings, Inc. | 1st Lien Revolving Loan | 173 |  | 173 |
| Generator Buyer, Inc. | 1st Lien Delay Draw Term Loan | 155 |  | 155 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Generator Buyer, Inc. | 1st Lien Revolving Loan | 213 | (34) | 179 |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc. | 1st Lien Delay Draw Term Loan | 232 |  | 232 |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc. | 1st Lien Revolving Loan | 71 | (14) | 57 |
| GHP-VGS Purchaser LLC | 1st Lien Delay Draw Term Loan | 926 |  | 926 |
| GHP-VGS Purchaser LLC | 1st Lien Revolving Loan | 285 |  | 285 |
| Global Music Rights, LLC | 1st Lien Revolving Loan | 6442 |  | 6442 |
| GNZ Energy Bidco Limited | 1st Lien Delay Draw Term Loan | 1138 |  | 1138 |
| Goldeneye Parent, LLC | 1st Lien Revolving Loan | 373 |  | 373 |
| GreatBear Bidco Limited | 1st Lien Delay Draw Term Loan | 600 |  | 600 |
| Grit Buyer, Inc. | 1st Lien Delay Draw Term Loan | 358 |  | 358 |
| Grit Buyer, Inc. | 1st Lien Revolving Loan | 95 | (3) | 92 |
| GS SEER Group Borrower LLC | 1st Lien Delay Draw Term Loan | 20 |  | 20 |
| GS SEER Group Borrower LLC | 1st Lien Revolving Loan | 37 |  | 37 |
| GSV Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 2017 |  | 2017 |
| GSV Purchaser, Inc. | 1st Lien Revolving Loan | 1202 |  | 1202 |
| GTCR Everest Borrower, LLC | 1st Lien Revolving Loan | 211 |  | 211 |
| GTCR F Buyer Corp. | 1st Lien Delay Draw Term Loan | 139 |  | 139 |
| GTCR F Buyer Corp. | 1st Lien Revolving Loan | 45 |  | 45 |
| Guidepoint Security Holdings, LLC | 1st Lien Delay Draw Term Loan | 295 |  | 295 |
| Guidepoint Security Holdings, LLC | 1st Lien Revolving Loan | 200 |  | 200 |
| Hakken Bidco B.V. | 1st Lien Delay Draw Term Loan | 737 |  | 737 |
| Hamilton Thorne Inc. | 1st Lien Delay Draw Term Loan | 729 |  | 729 |
| Hanger, Inc. | 1st Lien Delay Draw Term Loan | 58 |  | 58 |
| Harbourvest Global Private Equity Limited | 1st Lien Revolving Loan | 24000 | (12000) | 12000 |
| HBH Buyer, LLC | 1st Lien Delay Draw Term Loan | 103 |  | 103 |
| HBH Buyer, LLC | 1st Lien Revolving Loan | 602 | (507) | 95 |
| Healthco Investment Ltd | 1st Lien Delay Draw Term Loan | 863 |  | 863 |
| Heavy Construction Systems Specialists, LLC | 1st Lien Revolving Loan | 410 |  | 410 |
| HGC Holdings, LLC | 1st Lien Delay Draw Term Loan | 11000 |  | 11000 |
| HGC Holdings, LLC | 1st Lien Revolving Loan | 2606 |  | 2606 |
| HH-Stella, Inc. | 1st Lien Delay Draw Term Loan | 89 |  | 89 |
| HH-Stella, Inc. | 1st Lien Revolving Loan | 444 | (127) | 317 |
| Higginbotham Insurance Agency, Inc. | 1st Lien Delay Draw Term Loan | 268 |  | 268 |
| High Street Buyer, Inc. | 1st Lien Delay Draw Term Loan | 517 |  | 517 |
| High Street Buyer, Inc. | 1st Lien Revolving Loan | 688 |  | 688 |
| Highline Aftermarket Acquisition, LLC | 1st Lien Revolving Loan | 2 |  | 2 |
| Hills Distribution, Inc. | 1st Lien Delay Draw Term Loan | 44 |  | 44 |
| Hills Distribution, Inc. | 1st Lien Revolving Loan | 1 | (1) |  |
| Himalaya TopCo LLC | 1st Lien Delay Draw Term Loan | 9000 |  | 9000 |
| Himalaya TopCo LLC | 1st Lien Revolving Loan | 9314 |  | 9314 |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC) | 1st Lien Delay Draw Term Loan | 1030 |  | 1030 |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC) | 1st Lien Revolving Loan | 1385 | (443) | 942 |
| HP RSS Buyer, Inc. | 1st Lien Delay Draw Term Loan | 431 |  | 431 |
| HuFriedy Group Acquisition LLC | 1st Lien Delay Draw Term Loan | 484 |  | 484 |
| HuFriedy Group Acquisition LLC | 1st Lien Revolving Loan | 2102 |  | 2102 |
| Hyland Software, Inc. | 1st Lien Revolving Loan | 594 |  | 594 |
| Icefall Parent, Inc. | 1st Lien Revolving Loan | 154 |  | 154 |
| ID.me, LLC | 1st Lien Delay Draw Term Loan | 2770 |  | 2770 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| ID.me, LLC | 1st Lien Revolving Loan | 2309 |  | 2309 |
| IFH Franchisee Holdings, LLC | 1st Lien Delay Draw Term Loan | 880 |  | 880 |
| IFH Franchisee Holdings, LLC | 1st Lien Revolving Loan | 1737 | (1158) | 579 |
| IGEA BIDCO S.P.A | 1st Lien Delay Draw Term Loan | 1025 |  | 1025 |
| Indigo Acquisition B.V. | 1st Lien Delay Draw Term Loan | 382 |  | 382 |
| Infinity Home Services HoldCo, Inc. | 1st Lien Delay Draw Term Loan | 3974 |  | 3974 |
| Infinity Home Services HoldCo, Inc. | 1st Lien Revolving Loan | 456 | (57) | 399 |
| Innovative Food Supplements Ltd | 1st Lien Delay Draw Term Loan | 1187 |  | 1187 |
| Innovative Food Supplements Ltd | 1st Lien Revolving Loan | 1021 |  | 1021 |
| Inspiring Generations B.V. | 1st Lien Delay Draw Term Loan | 521 |  | 521 |
| Inszone Mid, LLC | 1st Lien Delay Draw Term Loan | 5739 |  | 5739 |
| Inszone Mid, LLC | 1st Lien Revolving Loan | 1215 |  | 1215 |
| Internet Truckstop Group LLC | 1st Lien Revolving Loan | 302 |  | 302 |
| IQN Holding Corp. | 1st Lien Revolving Loan | 629 | (304) | 325 |
| IRI Group Holdings, Inc. | 1st Lien Revolving Loan | 1885 |  | 1885 |
| Ivanti Security Holdings LLC | 1st Lien Revolving Loan | 460 |  | 460 |
| JAMS Buyer LLC | 1st Lien Delay Draw Term Loan | 625 |  | 625 |
| JAMS Buyer LLC | 1st Lien Revolving Loan | 349 |  | 349 |
| JMG Group Investments Limited | 1st Lien Delay Draw Term Loan | 586 |  | 586 |
| JSG II, Inc. and Checkers USA, Inc. | 1st Lien Delay Draw Term Loan | 50 |  | 50 |
| JSG II, Inc. and Checkers USA, Inc. | 1st Lien Revolving Loan | 22 | (2) | 20 |
| Kairos Bidco Limited | 1st Lien Revolving Loan | 116 | (12) | 104 |
| Kene Acquisition, Inc. | 1st Lien Delay Draw Term Loan | 713 |  | 713 |
| Kene Acquisition, Inc. | 1st Lien Revolving Loan | 265 |  | 265 |
| King Risk Partners, LLC | 1st Lien Delay Draw Term Loan | 978 |  | 978 |
| King Risk Partners, LLC | 1st Lien Revolving Loan | 261 |  | 261 |
| Kings Buyer, LLC | 1st Lien Revolving Loan | 187 | (56) | 131 |
| Koala Investment Holdings, Inc. | 1st Lien Delay Draw Term Loan | 181 |  | 181 |
| Koala Investment Holdings, Inc. | 1st Lien Revolving Loan | 85 |  | 85 |
| KPS Global LLC | 1st Lien Revolving Loan | 1359 |  | 1359 |
| Laboratories Bidco LLC | 1st Lien Revolving Loan | 1610 | (1546) | 64 |
| LBC Woodlands Purchaser LLC | 1st Lien Delay Draw Term Loan | 564 |  | 564 |
| LBC Woodlands Purchaser LLC | 1st Lien Revolving Loan | 611 |  | 611 |
| League One Volleyball Clubs, LLC | 1st Lien Delay Draw Term Loan | 2 |  | 2 |
| LeanTaaS Holdings, Inc. | 1st Lien Delay Draw Term Loan | 2583 |  | 2583 |
| Legends Hospitality Holding Company, LLC | 1st Lien Delay Draw Term Loan | 135 |  | 135 |
| Legends Hospitality Holding Company, LLC | 1st Lien Revolving Loan | 599 | (60) | 539 |
| Leviathan Intermediate Holdco, LLC | 1st Lien Revolving Loan | 13 |  | 13 |
| LGDN Bidco Limited | 1st Lien Delay Draw Term Loan | 617 |  | 617 |
| LHS Borrower, LLC | 1st Lien Revolving Loan | 190 |  | 190 |
| Lightbeam Bidco, Inc. | 1st Lien Revolving Loan | 1 |  | 1 |
| LivTech Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 289 |  | 289 |
| LivTech Purchaser, Inc. | 1st Lien Revolving Loan | 384 |  | 384 |
| Majesco | 1st Lien Revolving Loan | 624 |  | 624 |
| Maximus BidCo AB | 1st Lien Delay Draw Term Loan | 7303 |  | 7303 |
| MCVIII Bidco Group B.V. | 1st Lien Delay Draw Term Loan | 112 |  | 112 |
| Medlar Bidco Limited | 1st Lien Delay Draw Term Loan | 1628 |  | 1628 |
| Merit Financial Group, LLC | 1st Lien Delay Draw Term Loan | 373 |  | 373 |
| Merit Financial Group, LLC | 1st Lien Revolving Loan | 198 |  | 198 |
| Metatiedot Bidco Oy | 1st Lien Delay Draw Term Loan | 996 |  | 996 |
| Metatiedot Bidco Oy | 1st Lien Revolving Loan | 660 |  | 660 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Meyer Laboratory, LLC | 1st Lien Delay Draw Term Loan | 107 |  | 107 |
| Meyer Laboratory, LLC | 1st Lien Revolving Loan | 190 | (141) | 49 |
| Modernizing Medicine, Inc. | 1st Lien Revolving Loan | 2111 |  | 2111 |
| Monica Holdco (US), Inc. | 1st Lien Delay Draw Term Loan | 2135 |  | 2135 |
| Monica Holdco (US), Inc. | 1st Lien Revolving Loan | 2347 |  | 2347 |
| Mountaineer Merger Corporation | 1st Lien Revolving Loan | 5375 | (2120) | 3255 |
| Movares Group B.V. | 1st Lien Delay Draw Term Loan | 534 |  | 534 |
| Mr. Greens Intermediate, LLC | 1st Lien Delay Draw Term Loan | 865 |  | 865 |
| Mr. Greens Intermediate, LLC | 1st Lien Revolving Loan | 146 | (58) | 88 |
| MRI Software LLC | 1st Lien Revolving Loan | 540 | (54) | 486 |
| Msis Holdings, Inc. | 1st Lien Delay Draw Term Loan | 1164 |  | 1164 |
| Msis Holdings, Inc. | 1st Lien Revolving Loan | 830 |  | 830 |
| Mustang Prospects Purchaser, LLC | 1st Lien Delay Draw Term Loan | 91 |  | 91 |
| Mustang Prospects Purchaser, LLC | 1st Lien Revolving Loan | 284 |  | 284 |
| NCP-MSI Buyer, Inc. | 1st Lien Delay Draw Term Loan | 998 |  | 998 |
| NCP-MSI Buyer, Inc. | 1st Lien Revolving Loan | 1031 | (609) | 422 |
| Nelipak Holding Company | 1st Lien Delay Draw Term Loan | 1240 |  | 1240 |
| Nelipak Holding Company | 1st Lien Revolving Loan | 554 | (215) | 339 |
| Neptune BidCo US Inc. | 1st Lien Revolving Loan | 2988 |  | 2988 |
| Netsmart Technologies, Inc. | 1st Lien Delay Draw Term Loan | 4473 |  | 4473 |
| Netsmart Technologies, Inc. | 1st Lien Revolving Loan | 5311 |  | 5311 |
| Network Bidco B.V. | 1st Lien Delay Draw Term Loan | 2069 |  | 2069 |
| New Churchill Holdco LLC | 1st Lien Delay Draw Term Loan | 365 |  | 365 |
| New Churchill Holdco LLC | 1st Lien Revolving Loan | 151 |  | 151 |
| Next Holdco, LLC | 1st Lien Delay Draw Term Loan | 255 |  | 255 |
| Next Holdco, LLC | 1st Lien Revolving Loan | 37 |  | 37 |
| NMC Skincare Intermediate Holdings II, LLC | 1st Lien Revolving Loan | 340 | (77) | 263 |
| North American Science Associates, LLC | 1st Lien Revolving Loan | 2499 | (2499) |  |
| North Haven Fairway Buyer, LLC | 1st Lien Delay Draw Term Loan | 689 |  | 689 |
| North Haven Fairway Buyer, LLC | 1st Lien Revolving Loan | 13 | (10) | 3 |
| North Haven Stack Buyer, LLC | 1st Lien Delay Draw Term Loan | 46 |  | 46 |
| North Haven Stack Buyer, LLC | 1st Lien Revolving Loan | 545 | (281) | 264 |
| North Star Acquisitionco, LLC | 1st Lien Delay Draw Term Loan | 28 |  | 28 |
| North Star Acquisitionco, LLC | 1st Lien Revolving Loan | 621 |  | 621 |
| Northwinds Holding, Inc. | 1st Lien Delay Draw Term Loan | 609 |  | 609 |
| Northwinds Holding, Inc. | 1st Lien Revolving Loan | 965 |  | 965 |
| Oakbridge Insurance Agency LLC | 1st Lien Delay Draw Term Loan | 463 |  | 463 |
| Oakbridge Insurance Agency LLC | 1st Lien Revolving Loan | 113 | (4) | 109 |
| Odevo AB | 1st Lien Delay Draw Term Loan | 381 |  | 381 |
| Oiva Isannointi Group Oy | 1st Lien Delay Draw Term Loan | 268 |  | 268 |
| OLIFAN GROUP PARTNERS | 1st Lien Delay Draw Term Loan | 247 |  | 247 |
| Olympia Acquisition, Inc. | 1st Lien Delay Draw Term Loan | 54 |  | 54 |
| Oncourse Warehouse Borrower, LLC | 1st Lien Delay Draw Term Loan | 21990 |  | 21990 |
| Oncourse Warehouse Borrower, LLC | 1st Lien Revolving Loan | 2000 |  | 2000 |
| Optio Group Limited | 1st Lien Delay Draw Term Loan | 647 |  | 647 |
| Orange Barrel Media, LLC | 1st Lien Delay Draw Term Loan | 1328 |  | 1328 |
| Orange Barrel Media, LLC | 1st Lien Revolving Loan | 2080 |  | 2080 |
| Pallas NZ Funding Trust No. 1 | 1st Lien Revolving Loan | 3633 | (3633) |  |
| Panther NewCo | 1st Lien Delay Draw Term Loan | 1214 |  | 1214 |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. | 1st Lien Delay Draw Term Loan | 1516 |  | 1516 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc. | 1st Lien Revolving Loan | 1075 | (54) | 1021 |
| Pathstone Family Office LLC | 1st Lien Delay Draw Term Loan | 722 |  | 722 |
| Pathstone Family Office LLC | 1st Lien Revolving Loan | 629 |  | 629 |
| Patriot Container Corp. | 1st Lien Delay Draw Term Loan | 1882 |  | 1882 |
| Patriot Growth Insurance Services, LLC | 1st Lien Revolving Loan | 250 |  | 250 |
| Pave America Holding, LLC | 1st Lien Delay Draw Term Loan | 142 |  | 142 |
| Pave America Holding, LLC | 1st Lien Revolving Loan | 123 | (59) | 64 |
| PCIA SPV-3, LLC | 1st Lien Delay Draw Term Loan | 227 |  | 227 |
| PCIA SPV-3, LLC | 1st Lien Revolving Loan | 321 |  | 321 |
| PCMI Parent, LLC | 1st Lien Revolving Loan | 600 |  | 600 |
| PCS Midco, Inc. | 1st Lien Delay Draw Term Loan | 161 |  | 161 |
| PCS Midco, Inc. | 1st Lien Revolving Loan | 75 |  | 75 |
| PDI TA Holdings, Inc. | 1st Lien Revolving Loan | 185 | (74) | 111 |
| People Corporation | 1st Lien Delay Draw Term Loan | 3908 |  | 3908 |
| People Corporation | 1st Lien Revolving Loan | 645 | (484) | 161 |
| Perigon Wealth Management, LLC | 1st Lien Delay Draw Term Loan | 268 |  | 268 |
| Perigon Wealth Management, LLC | 1st Lien Revolving Loan | 250 |  | 250 |
| PestCo, LLC | 1st Lien Delay Draw Term Loan | 42 |  | 42 |
| PestCo, LLC | 1st Lien Revolving Loan | 17 |  | 17 |
| Phoenix YW Buyer, Inc. | 1st Lien Revolving Loan | 979 |  | 979 |
| Pinnacle MEP Intermediate Holdco LLC | 1st Lien Delay Draw Term Loan | 1173 |  | 1173 |
| Pinnacle MEP Intermediate Holdco LLC | 1st Lien Revolving Loan | 518 | (380) | 138 |
| Plaskolite PPC Intermediate II LLC | 1st Lien Revolving Loan | 2713 | (297) | 2416 |
| Pluralsight, LLC | 1st Lien Delay Draw Term Loan | 1322 |  | 1322 |
| Pluralsight, LLC | 1st Lien Revolving Loan | 529 |  | 529 |
| Poseidon Intermediateco, Inc. | 1st Lien Delay Draw Term Loan | 229 |  | 229 |
| Poseidon Intermediateco, Inc. | 1st Lien Revolving Loan | 118 |  | 118 |
| PracticeTek Purchaser, LLC | 1st Lien Revolving Loan | 2 | (1) | 1 |
| Precision Concepts Parent Inc. | 1st Lien Delay Draw Term Loan | 245 |  | 245 |
| Precision Concepts Parent Inc. | 1st Lien Revolving Loan | 132 |  | 132 |
| Premier Specialties, Inc. | 1st Lien Revolving Loan | 385 | (281) | 104 |
| Premiere Buyer, LLC | 1st Lien Delay Draw Term Loan | 321 |  | 321 |
| Premiere Buyer, LLC | 1st Lien Revolving Loan | 1062 |  | 1062 |
| Premise Health Holding Corp. | 1st Lien Revolving Loan | 387 |  | 387 |
| Prime Dental Alliance B.V. | 1st Lien Delay Draw Term Loan | 479 |  | 479 |
| Priority Waste Holdings LLC | 1st Lien Revolving Loan | 2 | (2) |  |
| Project Alliance Buyer, LLC | 1st Lien Revolving Loan | 40 |  | 40 |
| Project Optimus Bidco Limited | 1st Lien Delay Draw Term Loan | 686 |  | 686 |
| Proofpoint, Inc. | 1st Lien Revolving Loan | 240 |  | 240 |
| PSC Parent, Inc. | 1st Lien Delay Draw Term Loan | 566 |  | 566 |
| PSC Parent, Inc. | 1st Lien Revolving Loan | 993 | (344) | 649 |
| PumpTech, LLC | 1st Lien Delay Draw Term Loan | 1310 |  | 1310 |
| PumpTech, LLC | 1st Lien Revolving Loan | 454 | (121) | 333 |
| Pye-Barker Fire & Safety, LLC | 1st Lien Delay Draw Term Loan | 1327 |  | 1327 |
| Pye-Barker Fire & Safety, LLC | 1st Lien Revolving Loan | 689 | (86) | 603 |
| QBS Parent, Inc. | 1st Lien Revolving Loan | 488 |  | 488 |
| QF Holdings, Inc. | 1st Lien Revolving Loan | 317 |  | 317 |
| QIMA Finance Ltd | 1st Lien Delay Draw Term Loan | 2145 |  | 2145 |
| Quick Quack Car Wash Holdings, LLC | 1st Lien Delay Draw Term Loan | 553 |  | 553 |
| Quick Quack Car Wash Holdings, LLC | 1st Lien Revolving Loan | 366 |  | 366 |
| Radius Aerospace Europe Limited | 1st Lien Revolving Loan | 501 | (501) |  |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Radius Aerospace, Inc. | 1st Lien Revolving Loan | 861 | (159) | 702 |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) | 1st Lien Revolving Loan | 1679 |  | 1679 |
| Raven Acquisition Holdings, LLC | 1st Lien Delay Draw Term Loan | 644 |  | 644 |
| Raven Acquisition Holdings, LLC | 1st Lien Revolving Loan | 1424 |  | 1424 |
| Rawlings Sporting Goods Company, Inc. | 1st Lien Revolving Loan | 3148 | (305) | 2843 |
| RB Holdings Interco, LLC | 1st Lien Revolving Loan | 697 | (209) | 488 |
| Reagent Chemical & Research, LLC | 1st Lien Revolving Loan | 564 |  | 564 |
| Reddy Ice LLC | 1st Lien Delay Draw Term Loan | 26045 |  | 26045 |
| Reddy Ice LLC | 1st Lien Revolving Loan | 8413 | (792) | 7621 |
| Redwood Services, LP | 1st Lien Delay Draw Term Loan | 739 |  | 739 |
| Redwood Services, LP | 1st Lien Revolving Loan | 318 |  | 318 |
| Registrar Intermediate, LLC | 1st Lien Delay Draw Term Loan | 279 |  | 279 |
| Registrar Intermediate, LLC | 1st Lien Revolving Loan | 782 | (508) | 274 |
| Relativity ODA LLC | 1st Lien Revolving Loan | 2 |  | 2 |
| Repairify, Inc. | 1st Lien Revolving Loan | 766 | (540) | 226 |
| Revalize, Inc. | 1st Lien Revolving Loan | 227 | (148) | 79 |
| Revival Animal Health, LLC | 1st Lien Delay Draw Term Loan | 266 |  | 266 |
| Revival Animal Health, LLC | 1st Lien Revolving Loan | 307 | (184) | 123 |
| RFS Opco LLC | 1st Lien Delay Draw Term Loan | 307 |  | 307 |
| Ristretto Bidco B.V. | 1st Lien Delay Draw Term Loan | 3887 |  | 3887 |
| Ristretto Bidco B.V. | 1st Lien Revolving Loan | 3531 |  | 3531 |
| RMS Holdco II, LLC | 1st Lien Revolving Loan | 883 |  | 883 |
| Rodeo AcquisitionCo LLC | 1st Lien Revolving Loan | 311 | (256) | 55 |
| Roman New Bidco Limited | 1st Lien Delay Draw Term Loan | 1391 |  | 1391 |
| Royal Borrower, LLC | 1st Lien Delay Draw Term Loan | 1345 |  | 1345 |
| Royal Borrower, LLC | 1st Lien Revolving Loan | 805 |  | 805 |
| Rubicone Bidco Limited | 1st Lien Delay Draw Term Loan | 501 |  | 501 |
| Runway Bidco, LLC | 1st Lien Delay Draw Term Loan | 258 |  | 258 |
| Runway Bidco, LLC | 1st Lien Revolving Loan | 116 |  | 116 |
| RWA Wealth Partners, LLC | 1st Lien Delay Draw Term Loan | 2221 |  | 2221 |
| RWA Wealth Partners, LLC | 1st Lien Revolving Loan | 744 | (32) | 712 |
| Sabseg Group, S.L. | 1st Lien Delay Draw Term Loan | 1280 |  | 1280 |
| SageSure Holdings, LLC | 1st Lien Delay Draw Term Loan | 2497 |  | 2497 |
| Saldon Holdings, Inc. | 1st Lien Delay Draw Term Loan | 235 |  | 235 |
| Saldon Holdings, Inc. | 1st Lien Revolving Loan | 469 | (35) | 434 |
| Sapphire Software Buyer, Inc. | 1st Lien Revolving Loan | 1491 |  | 1491 |
| Saturn Purchaser Corp. | 1st Lien Delay Draw Term Loan | 52 |  | 52 |
| Saturn Purchaser Corp. | 1st Lien Revolving Loan | 14 |  | 14 |
| Schill Landscaping and Lawn Care Services, LLC | 1st Lien Delay Draw Term Loan | 662 |  | 662 |
| Schill Landscaping and Lawn Care Services, LLC | 1st Lien Revolving Loan | 720 |  | 720 |
| SCM Insurance Services Inc. | 1st Lien Revolving Loan | 1 |  | 1 |
| Service Logic Acquisition, Inc. | 1st Lien Revolving Loan | 1007 |  | 1007 |
| Severin Acquisition, LLC | 1st Lien Delay Draw Term Loan | 7617 |  | 7617 |
| Severin Acquisition, LLC | 1st Lien Revolving Loan | 5768 |  | 5768 |
| SG Acquisition, Inc. | 1st Lien Revolving Loan | 418 |  | 418 |
| Shermco Intermediate Holdings, Inc. | 1st Lien Delay Draw Term Loan | 167 |  | 167 |
| Shermco Intermediate Holdings, Inc. | 1st Lien Revolving Loan | 2506 | (501) | 2005 |
| Shout! Factory, LLC | 1st Lien Revolving Loan | 84 | (15) | 69 |
| SIG Parent Holdings, LLC | 1st Lien Delay Draw Term Loan | 2019 |  | 2019 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| SIG Parent Holdings, LLC | 1st Lien Revolving Loan | 667 |  | 667 |
| Sigma Electric Manufacturing Corporation | 1st Lien Revolving Loan | 82 | (52) | 30 |
| Silk Holdings III Corp. | 1st Lien Revolving Loan | 12036 | (8586) | 3450 |
| Skyliner S.a r.l. | 1st Lien Delay Draw Term Loan | 2143 |  | 2143 |
| Slaine Holdings LLC | 1st Lien Delay Draw Term Loan | 2422 |  | 2422 |
| Slaine Holdings LLC | 1st Lien Revolving Loan | 438 |  | 438 |
| Smarsh Inc. | 1st Lien Delay Draw Term Loan | 896 |  | 896 |
| Smarsh Inc. | 1st Lien Revolving Loan | 679 | (190) | 489 |
| Solar Bidco Limited | 1st Lien Delay Draw Term Loan | 472 |  | 472 |
| Spaceship Purchaser, Inc. | 1st Lien Delay Draw Term Loan | 1293 |  | 1293 |
| Spaceship Purchaser, Inc. | 1st Lien Revolving Loan | 1411 |  | 1411 |
| Spark Purchaser, Inc. | 1st Lien Revolving Loan | 281 |  | 281 |
| Spindrift Beverage Co., Inc. | 1st Lien Delay Draw Term Loan | 195 |  | 195 |
| Spindrift Beverage Co., Inc. | 1st Lien Revolving Loan | 350 |  | 350 |
| Spitfire Bidco Limited | 1st Lien Delay Draw Term Loan | 5127 |  | 5127 |
| Spruce Bidco II Inc. | 1st Lien Revolving Loan | 11657 |  | 11657 |
| ST Athena Global LLC | 1st Lien Delay Draw Term Loan | 174 |  | 174 |
| ST Athena Global LLC | 1st Lien Revolving Loan | 695 | (168) | 527 |
| Sterilex LLC | 1st Lien Delay Draw Term Loan | 54 |  | 54 |
| Sterilex LLC | 1st Lien Revolving Loan | 2 | (1) | 1 |
| Steward Partners Global Advisory, LLC | 1st Lien Delay Draw Term Loan | 605 |  | 605 |
| Steward Partners Global Advisory, LLC | 1st Lien Revolving Loan | 86 | (7) | 79 |
| Sugar PPC Buyer LLC | 1st Lien Delay Draw Term Loan | 821 |  | 821 |
| Sun Acquirer Corp. | 1st Lien Delay Draw Term Loan | 11608 |  | 11608 |
| Sun Acquirer Corp. | 1st Lien Revolving Loan | 1638 |  | 1638 |
| Sunbit Receivables Trust IV | 1st Lien Revolving Loan | 5060 | (2729) | 2331 |
| Sundance Group Holdings, Inc. | 1st Lien Revolving Loan | 1 |  | 1 |
| Sunvair Aerospace Group, Inc. | 1st Lien Delay Draw Term Loan | 1528 |  | 1528 |
| Sunvair Aerospace Group, Inc. | 1st Lien Revolving Loan | 653 |  | 653 |
| Superman Holdings, LLC | 1st Lien Delay Draw Term Loan | 1024 |  | 1024 |
| Superman Holdings, LLC | 1st Lien Revolving Loan | 1259 |  | 1259 |
| Supplying Demand, Inc. | 1st Lien Revolving Loan | 6257 | (1267) | 4990 |
| SV Newco 2, Inc. | 1st Lien Delay Draw Term Loan | 313 |  | 313 |
| SV Newco 2, Inc. | 1st Lien Revolving Loan | 588 |  | 588 |
| Symplr Software Inc. | 1st Lien Revolving Loan | 2 | (1) | 1 |
| Systems Planning and Analysis, Inc. | 1st Lien Revolving Loan | 1004 | (93) | 911 |
| Talon Buyer Inc. | 1st Lien Delay Draw Term Loan | 616 |  | 616 |
| Talon Buyer Inc. | 1st Lien Revolving Loan | 224 |  | 224 |
| Tandarts Today Holding B.V. | 1st Lien Delay Draw Term Loan | 554 |  | 554 |
| TCI Buyer LLC | 1st Lien Delay Draw Term Loan | 6705 |  | 6705 |
| TCI Buyer LLC | 1st Lien Revolving Loan | 3017 |  | 3017 |
| TCP Hawker Intermediate LLC | 1st Lien Delay Draw Term Loan | 2683 |  | 2683 |
| TCP Hawker Intermediate LLC | 1st Lien Revolving Loan | 5995 | (3384) | 2611 |
| Telle Tire & Auto Service, LLC | 1st Lien Delay Draw Term Loan | 174 |  | 174 |
| Telle Tire & Auto Service, LLC | 1st Lien Revolving Loan | 71 | (48) | 23 |
| The Hiller Companies, LLC | 1st Lien Delay Draw Term Loan | 461 |  | 461 |
| The Hiller Companies, LLC | 1st Lien Revolving Loan | 965 |  | 965 |
| The Mather Group, LLC | 1st Lien Revolving Loan | 750 | (205) | 545 |
| The Ultimus Group Midco, LLC | 1st Lien Delay Draw Term Loan | 649 |  | 649 |
| The Ultimus Group Midco, LLC | 1st Lien Revolving Loan | 252 |  | 252 |
| Thermostat Purchaser III, Inc. | 1st Lien Revolving Loan | 100 |  | 100 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Titan BW Borrower L.P. | 1st Lien Delay Draw Term Loan | 2520 |  | 2520 |
| Titan BW Borrower L.P. | 1st Lien Revolving Loan | 5367 |  | 5367 |
| Transit Technologies LLC | 1st Lien Delay Draw Term Loan | 975 |  | 975 |
| Transit Technologies LLC | 1st Lien Revolving Loan | 839 |  | 839 |
| Truck-Lite Co., LLC and Ecco Holdings Corp. | 1st Lien Delay Draw Term Loan | 2575 |  | 2575 |
| Truck-Lite Co., LLC and Ecco Holdings Corp. | 1st Lien Revolving Loan | 1474 |  | 1474 |
| Truist Insurance Holdings, LLC | 1st Lien Revolving Loan | 654 |  | 654 |
| TSS Buyer, LLC | 1st Lien Delay Draw Term Loan | 71 |  | 71 |
| Two Six Labs, LLC | 1st Lien Delay Draw Term Loan | 3768 |  | 3768 |
| Two Six Labs, LLC | 1st Lien Revolving Loan | 2561 | (1229) | 1332 |
| U.S. Urology Partners, LLC | 1st Lien Delay Draw Term Loan | 361 |  | 361 |
| U.S. Urology Partners, LLC | 1st Lien Revolving Loan | 186 |  | 186 |
| Unifi Aviation North America, LLC | 1st Lien Revolving Loan | 1 | (1) |  |
| United Digestive MSO Parent, LLC | 1st Lien Delay Draw Term Loan | 1384 |  | 1384 |
| United Digestive MSO Parent, LLC | 1st Lien Revolving Loan | 168 |  | 168 |
| Unity Purchaser, LLC | 1st Lien Delay Draw Term Loan | 1455 |  | 1455 |
| Unity Purchaser, LLC | 1st Lien Revolving Loan | 424 |  | 424 |
| UP Intermediate II LLC | 1st Lien Revolving Loan | 392 |  | 392 |
| US Salt Investors, LLC | 1st Lien Revolving Loan | 679 |  | 679 |
| Vamos Bidco, Inc. | 1st Lien Delay Draw Term Loan | 1083 |  | 1083 |
| Vamos Bidco, Inc. | 1st Lien Revolving Loan | 333 | (111) | 222 |
| Vantage Data Centers Europe S.a r.l. | 1st Lien Delay Draw Term Loan | 3002 |  | 3002 |
| Verista, Inc. | 1st Lien Revolving Loan | 2000 |  | 2000 |
| Vertex Service Partners, LLC | 1st Lien Delay Draw Term Loan | 4842 |  | 4842 |
| Vertex Service Partners, LLC | 1st Lien Revolving Loan | 210 | (168) | 42 |
| VetPartners Group Limited | 1st Lien Delay Draw Term Loan | 12437 |  | 12437 |
| Victors Purchaser, LLC | 1st Lien Delay Draw Term Loan | 2291 |  | 2291 |
| Victors Purchaser, LLC | 1st Lien Revolving Loan | 2223 |  | 2223 |
| Viper Bidco, Inc. | 1st Lien Delay Draw Term Loan | 2568 |  | 2568 |
| Viper Bidco, Inc. | 1st Lien Revolving Loan | 618 |  | 618 |
| Vista Higher Learning, LLC | 1st Lien Revolving Loan | 1 |  | 1 |
| VPP Intermediate Holdings, LLC | 1st Lien Delay Draw Term Loan | 1603 |  | 1603 |
| VPP Intermediate Holdings, LLC | 1st Lien Revolving Loan | 315 |  | 315 |
| VRC Companies, LLC | 1st Lien Revolving Loan | 1342 |  | 1342 |
| VRS Buyer, Inc. | 1st Lien Delay Draw Term Loan | 590 |  | 590 |
| VRS Buyer, Inc. | 1st Lien Revolving Loan | 397 |  | 397 |
| W.S. Connelly & Co., LLC | 1st Lien Delay Draw Term Loan | 907 |  | 907 |
| W.S. Connelly & Co., LLC | 1st Lien Revolving Loan | 1778 | (838) | 940 |
| Watermill Express, LLC | 1st Lien Delay Draw Term Loan | 381 |  | 381 |
| Watermill Express, LLC | 1st Lien Revolving Loan | 561 | (103) | 458 |
| Watt Holdco Limited | 1st Lien Delay Draw Term Loan | 431 |  | 431 |
| Waverly Advisors, LLC | 1st Lien Delay Draw Term Loan | 3067 |  | 3067 |
| Waverly Advisors, LLC | 1st Lien Revolving Loan | 945 | (189) | 756 |
| WCI-BXC Purchaser, LLC | 1st Lien Revolving Loan | 34 |  | 34 |
| Wealth Enhancement Group, LLC | 1st Lien Delay Draw Term Loan | 8065 |  | 8065 |
| Wealth Enhancement Group, LLC | 1st Lien Revolving Loan | 1378 |  | 1378 |
| WebPT, Inc. | 1st Lien Revolving Loan | 216 | (188) | 28 |
| Wellington Bidco Inc. | 1st Lien Delay Draw Term Loan | 653 |  | 653 |
| Wellington Bidco Inc. | 1st Lien Revolving Loan | 804 | (110) | 694 |
| Wellington-Altus Financial Inc. | 1st Lien Delay Draw Term Loan | 823 |  | 823 |
| Wellington-Altus Financial Inc. | 1st Lien Revolving Loan | 329 |  | 329 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Investment Type** | **Total revolving and delayed draw loan commitments** | **Less: funded commitments** | **Total unfunded commitments** |
| Wellness AcquisitionCo, Inc. | 1st Lien Revolving Loan | 1500 |  | 1500 |
| Wharf Street Ratings Acquisition LLC | 1st Lien Delay Draw Term Loan | 85 |  | 85 |
| Wharf Street Ratings Acquisition LLC | 1st Lien Revolving Loan | 95 |  | 95 |
| Wilbur-Ellis Holdings II LLC | 1st Lien Revolving Loan | 725 | (434) | 291 |
| Witherslack Bidco Limited | 1st Lien Delay Draw Term Loan | 2606 |  | 2606 |
| WorkWave Intermediate II, LLC | 1st Lien Revolving Loan | 5197 | (325) | 4872 |
| World Insurance Associates, LLC | 1st Lien Delay Draw Term Loan | 563 |  | 563 |
| World Insurance Associates, LLC | 1st Lien Revolving Loan | 60 |  | 60 |
| Worldwide Produce Acquisition, LLC | 1st Lien Revolving Loan | 21 | (3) | 18 |
| WPCG Aspire Holdings, LLC | 1st Lien Delay Draw Term Loan | 16662 |  | 16662 |
| WRE Sports Investments LLC | 1st Lien Delay Draw Term Loan | 1547 |  | 1547 |
| WSBidCo Limited | 1st Lien Delay Draw Term Loan | 2861 |  | 2861 |
| WSHP FC Acquisition LLC | 1st Lien Revolving Loan | 2945 |  | 2945 |
| WU Holdco, Inc. | 1st Lien Delay Draw Term Loan | 348 |  | 348 |
| WU Holdco, Inc. | 1st Lien Revolving Loan | 132 |  | 132 |
| YE Brands Holdings, LLC | 1st Lien Delay Draw Term Loan | 83 |  | 83 |
| YE Brands Holdings, LLC | 1st Lien Revolving Loan | 297 | (71) | 226 |
| ZB Holdco LLC | 1st Lien Delay Draw Term Loan | 884 |  | 884 |
| ZB Holdco LLC | 1st Lien Revolving Loan | 1074 | (494) | 580 |
| Zeppelin US Buyer Inc. | 1st Lien Delay Draw Term Loan | 123 |  | 123 |
| Zeppelin US Buyer Inc. | 1st Lien Revolving Loan | 64 | (23) | 41 |
| Zinc Buyer Corporation | 1st Lien Delay Draw Term Loan | 215 |  | 215 |
| Zinc Buyer Corporation | 1st Lien Revolving Loan | 407 |  | 407 |
| ZocDoc, Inc. | 1st Lien Delay Draw Term Loan | 475 |  | 475 |
|  |  | $922111 | $(105071) | $817040 |

---

____________________________________________________

(h)This loan or a portion of this loan represents an unsettled loan purchase. The interest rate will be determined at the time of settlement and will be based upon a spread plus the applicable reference rate determined at the time of purchase.

(i)Loan or bond was on non-accrual status as of September 30, 2025.

(j)Non-income producing security as of September 30, 2025.

(k)When-Issued or delayed delivery security based on typical market settlement convention for such security.

(l)The Fund sold a participating interest of CAD $17,595 in aggregate principal amount outstanding of the portfolio company's first lien senior secured revolver. As the transaction did not qualify as a "true sale" in accordance with U.S. generally accepted accounting principles ("GAAP"), the Fund recorded a corresponding secured borrowing of $17,499 at fair value, included in "accrued expenses and other payables" in the consolidated statement of assets and liabilities. As of September 30, 2025, the interest rate in effect for the secured borrowing was 6.80%.

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the aggregate cost of securities for federal income tax purposes was $7,360,626. Unrealized appreciation and depreciation on investments for federal income tax purposes are as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $230667 |
| Gross unrealized depreciation | (165435) |
| Net unrealized appreciation | $65232 |

---

**Forward currency contracts as of September 30, 2025 were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount to be Purchased** | **Notional Amount to be Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation / (Depreciation)** |
| Foreign currency forward contract | $216093 | 183798 | Morgan Stanley Capital Services LLC | October 24, 2025 | $810 |
| Foreign currency forward contract | $191167 | £142123 | Morgan Stanley Capital Services LLC | October 24, 2025 | 1465 |
| Foreign currency forward contract | $145561 | 123806 | Goldman Sachs International | October 24, 2025 | 518 |
| Foreign currency forward contract | $140816 | £104690 | Goldman Sachs International | October 24, 2025 | 1181 |
| Foreign currency forward contract | $40540 | 381080 | Goldman Sachs International | October 24, 2025 | (292) |
| Foreign currency forward contract | $24433 | 33972 | Goldman Sachs International | October 20, 2025 | 287 |
| Foreign currency forward contract | $24426 | 243721 | Morgan Stanley Capital Services LLC | October 24, 2025 | (335) |
| Foreign currency forward contract | $23786 | 33066 | Morgan Stanley Capital Services LLC | October 24, 2025 | 587 |
| Foreign currency forward contract | $17058 | 23714 | Goldman Sachs International | October 24, 2025 | 403 |
| Foreign currency forward contract | $14752 | 12548 | Goldman Sachs International | October 24, 2025 | (114) |
| Foreign currency forward contract | $12677 | 80471 | Morgan Stanley Capital Services LLC | October 24, 2025 | 54 |
| Foreign currency forward contract | $11209 | 19317 | Goldman Sachs International | October 24, 2025 | 487 |
| Foreign currency forward contract | $6788 | ¥1001315 | Morgan Stanley Capital Services LLC | October 24, 2025 | 115 |
| Foreign currency forward contract | $6302 | 40000 | Goldman Sachs International | October 24, 2025 | 27 |
| Foreign currency forward contract | $4882 | £3630 | Morgan Stanley Capital Services LLC | October 24, 2025 | (10) |
| Foreign currency forward contract | $4690 | 44090 | Morgan Stanley Capital Services LLC | October 24, 2025 | (32) |
| Foreign currency forward contract | $4525 | £3371 | Goldman Sachs International | August 21, 2026 | (354) |
| Foreign currency forward contract | $4447 | 6719 | Morgan Stanley Capital Services LLC | October 17, 2025 | (38) |
| Foreign currency forward contract | $4132 | 15023 | Goldman Sachs International | October 24, 2025 | 3 |
| Foreign currency forward contract | $3941 | 6794 | Morgan Stanley Capital Services LLC | October 17, 2025 | 170 |
| Foreign currency forward contract | $3216 | 2736 | Morgan Stanley Capital Services LLC | October 24, 2025 | (61) |
| Foreign currency forward contract | $1265 | 1911 | Morgan Stanley Capital Services LLC | October 24, 2025 | (5) |
| Foreign currency forward contract | $641 | 6400 | Goldman Sachs International | October 24, 2025 | (9) |
| **Total** |  |  |  |  | $4857 |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

**Interest rate swaps as of September 30, 2025 were as follows:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Mandatory Redeemable Preferred Shares ("MRPS")** | **Fund Receives** | **Fund Pays** | **Counterparty** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Change in Unrealized Appreciation / (Depreciation)** |
| Interest rate swap | Series H MRPS | 6.250% | SOFR +1.7420% | Goldman Sachs International | 06/07/2027 | $100000 | $1652 | $— | $(118) |
| Interest rate swap | Series I MRPS | 6.350% | SOFR +2.0865% | Goldman Sachs International | 06/07/2029 | 50000 | 1429 |  | (12) |
| Interest rate swap | Series J MRPS | 6.350% | SOFR +2.0895% | Goldman Sachs International | 07/03/2029 | 50000 | 1451 |  | (11) |
| Interest rate swap | Series K MRPS | 5.940% | SOFR +1.9950% | Goldman Sachs International | 01/15/2030 | 150000 | 2862 |  | 93 |
| Interest rate swap | Series L MRPS | 6.070% | SOFR +2.1530% | Goldman Sachs International | 04/14/2032 | 150000 | 3030 |  | 249 |
| **Total** |  |  |  |  |  | $500000 | $10424 | $— | $201 |

---

**Purchased options outstanding as of September 30, 2025 were as follows:**

**Options on Equity Indices — Buy Protection**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Expiration Date** | **Counterparty** | **Notional Amount** | **Premium** | **Fair Value** |
| Call-Chicago Board Options Exchange-VIX US | $30 | 11/19/2025 | Goldman Sachs International | $936 | $56 | $57 |
| Put-SPDR S&P Homebuilders ETF-XHB US | $106 | 10/17/2025 | Barclays PLC | $4975 | 88 | 52 |
| **Total Purchased Options on Equity Indices** | **Total Purchased Options on Equity Indices** | **Total Purchased Options on Equity Indices** | **Total Purchased Options on Equity Indices** | **Total Purchased Options on Equity Indices** | $144 | $109 |

---

**Written options outstanding as of September 30, 2025 were as follows:**

**Options on Equity Indices — Sell Protection**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Expiration Date** | **Counterparty** | **Notional Amount** | **Premium** | **Fair Value** |
| Call-Chicago Board Options Exchange-VIX US | $40 | 11/19/2025 | Goldman Sachs International | $(936) | $(35) | $(36) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $(35) | $(36) |

---

**Swaps outstanding as of September 30, 2025 were as follows:**

**Swaps: Centrally Cleared or Exchange Traded**

**Credit Default Swaps on Credit Indices - Buy Protection (1)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payment Frequency** | **Fixed Deal Pay Rate** | **Expiration Date** | **Exchange** | **Notional Amount (2)** | **Value (3)** | **Upfront Premiums Paid (Received)** | **Unrealized Appreciation (Depreciation)** |
| CDX HY S41 5Y | Q | 5.00% | 12/20/2028 | ICE | $10395 | $(813) | $(618) | $(195) |
| **Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded** |  | $(813) | $(618) | $(195) |

---

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

**Credit Default Swaps on Credit Indices - Sell Protection (1)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payment Frequency** | **Fixed Deal Pay Rate** | **Expiration Date** | **Exchange** | **Notional Amount (2)** | **Value (3)** | **Upfront Premiums Paid (Received)** | **Unrealized Appreciation (Depreciation)** |
| COMMUNITY CDS USD SR | Q | 5.00% | 12/20/2028 | ICE | $(600) | $(62) | $(65) | $3 |
| **Total Swaps - Sell Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Sell Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Sell Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Sell Protection: Centrally Cleared or Exchange Traded** | **Total Swaps - Sell Protection: Centrally Cleared or Exchange Traded** |  | $(62) | $(65) | $3 |

---

**Swaps: Over the Counter**

**Credit Default Swaps on Credit Indices - Buy Protection (1)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payment Frequency** | **Fixed Deal Pay Rate** | **Expiration Date** | **Counterparty** | **Notional Amount (2)** | **Value (3)** | **Upfront Premiums Paid (Received)** | **Unrealized Appreciation (Depreciation)** |
| CDX.NA.HY S39 5Y Tranche 15-25 | Q | 5.00% | 12/20/2027 | Goldman Sachs International | $4945 | $(434) | $(308) | $(126) |
| CDX.NA.HY S43 5Y Tranche 15-25 | Q | 5.00% | 12/20/2029 | Goldman Sachs International | $11250 | (963) | (926) | (37) |
| CMBX.NA.BBB- S9 | M | 3.00% | 09/17/2058 | Goldman Sachs International | $1030 | 198 | 246 | (48) |
| **Total Swaps - Buy Protection: Over the Counter** | **Total Swaps - Buy Protection: Over the Counter** | **Total Swaps - Buy Protection: Over the Counter** | **Total Swaps - Buy Protection: Over the Counter** | **Total Swaps - Buy Protection: Over the Counter** |  | $(1199) | $(988) | $(211) |

---

**Credit Default Swaps on Credit Indices - Sell Protection (4)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payment Frequency** | **Fixed Deal Pay Rate** | **Expiration Date** | **Counterparty** | **Notional Amount (2)** | **Value (3)** | **Upfront Premiums Paid (Received)** | **Unrealized Appreciation (Depreciation)** |
| SRT CDS Tranche 95.12-99.23 | M | 5.25% | 09/30/2031 | Goldman Sachs International | $(7368) | $1 | $— | $1 |
| **Total Swaps - Sell Protection: Over the Counter** | **Total Swaps - Sell Protection: Over the Counter** | **Total Swaps - Sell Protection: Over the Counter** | **Total Swaps - Sell Protection: Over the Counter** | **Total Swaps - Sell Protection: Over the Counter** |  | $1 | $— | $1 |

---

____________________________________________________

(1)If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2)The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap.

(3)The quoted market prices and resulting values for credit default swaps on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(4)If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

------

CION Ares Diversified Credit Fund

**Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except shares, percentages and as otherwise noted)**

**Abbreviations:**

144A Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

CLO Collateralized Loan Obligation

**Currencies:**

€ Euro Currency

£ British Pounds

$ U.S. Dollars

AUD Australian Dollars

CAD Canadian Dollars

DKK Danish Krone

GBP British Pounds

NOK Norwegian Krone

NZD New Zealand Dollars

PLN Polish Zloty

SEK Swedish Krone

USD U.S. Dollars

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments** 

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

**1.&nbsp;&nbsp;&nbsp;&nbsp; ORGANIZATION**

CION Ares Diversified Credit Fund (the "Fund") is a closed-end, diversified management investment company that is registered under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "Investment Company Act"). The Fund operates as an interval fund and continuously offers its shares. The Fund was organized as a Delaware statutory trust on June 21, 2016.

The Fund's investment objective is to provide superior risk-adjusted returns across various market cycles by investing in a diversified portfolio of liquid and illiquid asset classes. The Fund seeks to capitalize on market inefficiencies and relative value opportunities throughout the entire global credit spectrum.

The Fund is externally managed by CION Ares Management, LLC (the "Adviser") pursuant to an investment advisory and management agreement. The Adviser was registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, on January 4, 2017. The Adviser is a joint venture between affiliates of Ares Management Corporation ("Ares Management"), a publicly traded, leading global alternative investment manager, and CION Investment Group, LLC and is controlled by Ares Management. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions for the Fund's portfolio. Ares Operations LLC, a subsidiary of Ares Management, provides certain administrative and other services necessary for the Fund to operate.

**2.&nbsp;&nbsp;&nbsp;&nbsp; SIGNIFICANT ACCOUNTING POLICIES** 

***Basis of Presentation***

The accompanying consolidated schedule of investments has been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), and includes the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies.

***Cash and Cash Equivalents***

Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost, which approximates fair value.

***Concentration of Credit Risk***

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.

***Investment Transactions***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of trustees (the "Board") has designated the Adviser as the Fund's "valuation designee" (the "Valuation Designee") to perform fair value determinations for investments held by the Fund without readily available market quotations subject to the oversight of the Board. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, in accordance with the Valuation Designee's valuation policy. The Valuation Designee may utilize independent third-party pricing and valuation services to assist in the valuation of each portfolio investment without a readily available market quotation in accordance with the valuation policy and a consistently applied valuation process.

Investments in the Fund's portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee considers the pricing indicated by the external event to corroborate its valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See Note 3 for more information on the Fund's valuation process.

***Interest Income Recognition***

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund's tax treatment as a regulated investment company under the Internal Revenue Code of 1986, as amended, this non-cash source of income must be paid out to shareholders in the form of dividends for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

Equity investments in a collateralized loan obligation ("CLO") recognize interest income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, as required by ASC 325-40, *Beneficial Interest in Securitized Financial Assets.* 

***Dividend Income Recognition*** 

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

***Foreign Currency Transactions and Foreign Currency Forward Contracts***

The Fund's books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (i) fair value of investment securities, other assets and liabilities at the exchange rates prevailing at the end of the period; and (ii) purchases and sales of investment securities, income and expense at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in "net realized and unrealized gains or losses on investments" in the consolidated statement of operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

The Fund may enter into foreign currency forward contracts for operational purposes and to protect against adverse exchange rate fluctuations. A foreign currency forward contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. The Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the foreign currency forward contracts are obtained from an independent pricing source.

***Derivative Instruments***

The Fund values its derivatives at fair value with the unrealized gains or losses recorded in "net realized and unrealized gains or losses on derivative contracts" in the Fund's consolidated statement of operations.

***Commitments and Contingencies***

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects

the risk of material loss to be remote.

Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair value of the related security in the consolidated schedule of investments. The par amount of the unfunded commitments is not recognized by the Fund until it becomes funded.

***Use of Estimates in the Preparation of the Consolidated Financial Statements***

The preparation of the consolidated financial statements in conformity with GAAP requires the Adviser to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates and such differences may be actual and contingent. Significant estimates include the valuation of investments.

**3.&nbsp;&nbsp;&nbsp;&nbsp; FAIR VALUE OF FINANCIAL INSTRUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund follows ASC 825-10, R*ecognition and Measurement of Financial Assets and Financial Liabilities* ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled "other assets", "mandatory redeemable preferred shares" and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

The Fund also follows ASC 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by the Fund's Board in connection with their designation of the Adviser as the Fund's valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Fund's portfolio, the fair value of the investments must typically be determined using unobservable inputs.

The assets and liabilities classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Valuation Designee obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Valuation Designee is responsible for all inputs and assumptions related to the pricing of securities. The Valuation Designee has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Valuation Designee obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Valuation Designee determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board and will be classified as Level 3. In such instances, the Valuation Designee will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.

The Fund's portfolio investments classified as Level 3 (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues. The Valuation Designee may also use industry specific valuation analyses to determine EV, such as capitalization rate analysis used in the real estate industry. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The fair value of CLOs is estimated based on various valuation models from third-party pricing services. The provided prices are checked using internally developed models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance,

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level 3.

Private asset-backed securities classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the forecasted cash flows of the security. The forecasted cash flows take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, and the characteristics and condition of the underlying collateral. For equity securities, the projected cash flows are present valued using a market discount rate to determine the fair value. For debt securities, the analysis is used to determine if the borrower has the ability to repay its obligations. If it is determined that the borrower does have the ability to repay its obligations, the second valuation technique that is utilized is a yield analysis. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the borrower and the specific investment. As the debt investments are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as inputs in determining the appropriate market yield, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the inputs used as of September 30, 2025, in valuing the Fund's investments carried at fair value, derivative assets and derivative liabilities:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 - Quoted Prices** | **Level 2 - Other Significant<br>Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| Senior loans | $— | $1479040 | $3927197 | $5406237 |
| Subordinated loans |  | 14742 | 212569 | 227311 |
| Corporate bonds |  | 167362 | 48438 | 215800 |
| Collateralized loan obligations |  |  | 723234 | 723234 |
| Mortgage-backed securities |  |  | 37069 | 37069 |
| Private asset-backed investments |  |  | 231616 | 231616 |
| Preferred stock |  |  | 344331 | 344331 |
| Common stock |  | 23202 | 180262 | 203464 |
| Warrants |  |  | 18941 | 18941 |
| **Total investments** | $— | $1684346 | $5723657 | $7408003 |
| **Derivative assets:** |  |  |  |  |
| Foreign currency forward contracts | $— | $6107 | $— | $6107 |
| Purchased equity options | $109 | $— | $— | $109 |
| Credit default swaps | $— | $198 | $1 | $199 |
| Interest rate swaps | $— | $10424 | $— | $10424 |
| **Derivative liabilities:** |  |  |  |  |
| Foreign currency forward contracts | $— | $(1250) | $— | $(1250) |
| Written equity options | $(36) | $— | $— | $(36) |
| Credit default swaps | $— | $(1397) | $— | $(1397) |

---

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the significant unobservable inputs the Valuation Designee used to value the majority of the Fund's investments categorized within Level 3 as of September 30, 2025. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair Value** | **Primary Valuation Techniques** | **Inputs** | **Estimated Range** | **Weighted Average**<sup>(a)</sup> |
| Senior loans | $3818422 | Yield analysis | Market yield | 4.5% - 20.8% | 9.7% |
| Senior loans | 89064 | EV coverage analysis | Valuation multiple | 1.0x - 11.9x | 9.6x |
| Senior loans | 19711 | Broker quotes | N/A | N/A | N/A |
| Subordinated loans | 212569 | Yield analysis | Market yield | 7.0% - 24.7% | 11.9% |
| Corporate bonds | 39984 | Broker quotes | N/A | N/A | N/A |
| Corporate bonds | 8454 | Yield analysis | Market yield | 8.5% - 9.3% | 8.6% |
| Collateralized loan obligations | 723234 | Broker quotes | N/A | N/A | N/A |
| Mortgage-backed securities | 37069 | Broker quotes | N/A | N/A | N/A |
| Private asset-backed investments | 231616 | Income (other) | Market yield<br>Discount rate<br>Constant default rate<br>CNL curve<br>Discount margin<br>spread<br>Yield analysis (other) | 8.8%<br>10.0% - 16.0%<br>7.0% - 16.6%<br>23.4%<br>4.0% - 4.7%<br>4.8%<br>4.0% - 13.8% | 8.8%<br>12.7%<br>14.5%<br>23.4%<br>4.3%<br>4.8%<br>8.8% |
| Preferred stock | 258308 | Yield analysis | Market yield | 7.0% - 20.3% | 13.7% |
| Preferred stock | 86023 | EV market multiple analysis | Valuation multiple | 1.0x - 12.0x | 14.6x |
| Common stock | 171479 | EV market multiple analysis | Valuation multiple | 2.2x - 34.0x | 15.1x |
| Common stock | 5493 | Yield analysis | Market yield | 9.8% | 9.8% |
| Common stock | 3290 | DCF analysis | Discount rate | 12.3% - 20.0% | 14.9% |
| Warrants | 18941 | EV market multiple analysis | Valuation multiple | 2.2x - 12.2x | 6.7x |
| **Total Level 3 investments** | $5723657 |  |  |  |  |

---

________________________________________

(a)Unobservable inputs were weighted by the relative fair value of investments.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of

certain of the Fund's investments. Generally, an increase in market yields or discount rates or decrease in EBITDA

multiples may result in a decrease in the fair value of certain of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

------

**CION Ares Diversified Credit Fund**

**Notes to Consolidated Schedule of Investments (continued)**

**September 30, 2025 (Unaudited)**

**(in thousands, except percentages and as otherwise noted)**

The following table is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Senior Loans** | &nbsp;&nbsp;**Subordinated**<br>**Loans** | **Corporate Bonds** | **Collateralized Loan Obligations** | **Mortgage-Backed Securities** | **Private Asset- Backed Investments** | &nbsp;&nbsp;**Preferred Stock** | &nbsp;&nbsp;**Common Stock** | **Warrants** | **Total** |
| **Balance as of December 31, 2024** | $3093042 | $178228 | $55816 | $564213 | $— | $211089 | $299342 | $147541 | $6366 | $4555637 |
| Purchases | 1462983 | 36124 | 717 | 289968 | 37779 | 112808 | 81601 | 21226 | 2394 | 2045600 |
| Sales and principal redemptions | (670587) | (6744) | (9671) | (121226) | (1058) | (103126) | (36279) | (117) |  | (948808) |
| Net realized and unrealized gains (losses) | 72281 | 3356 | 1545 | (9724) | 346 | 10611 | (333) | 12520 | 10181 | 100783 |
| Accrued discounts | 7435 | 1605 | 31 | 3 | 2 | 234 |  |  |  | 9310 |
| Transfers into Level 3 | 9882 |  |  |  |  |  |  |  |  | 9882 |
| Transfers out of Level 3 | (47839) |  |  |  |  |  |  | (908) |  | (48747) |
| **Balance as of September 30, 2025** | $3927197 | $212569 | $48438 | $723234 | $37069 | $231616 | $344331 | $180262 | $18941 | $5723657 |
| Net change in unrealized gains (losses) from investments held at September 30, 2025 | $73386 | $4037 | $1599 | $(5476) | $346 | $12022 | $(1660) | $11110 | $10181 | $105545 |

---

Investments that were transferred into and out of Level 3 during the nine months ended September 30, 2025 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** CION Ares Diversified Credit Fund

- **b. Investment Company Act file number:** 811-23165

- **c. CIK number of Registrant:** 0001678124

- **d. LEI of Registrant:** 549300F7A47KKXH50363

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

  - **Street Address 1:** 3 PARK AVENUE 36TH FLOOR

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

  - **Telephone number:** 646-845-2577

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

- **a. Name of Series:** CION Ares Diversified Credit Fund

- **c. LEI of Series:** 549300F7A47KKXH50363

**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:** $7694895255.91

**Total Liabilities:** $2612174785.44

**Net Assets:** $5082720470.47

**Delayed Delivery Securities:** $24404357.72

**Cash Not Reported:** $180060832.09

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -156.21259124 | **5-Year:** -57516.24735526 | **10-Year:** -9789.73358623 | **30-Year:** -9174.02016782

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

- **3-Month:** -7.65459131 | **1-Year:** 6367.00790703 | **5-Year:** -764824.10058310 | **10-Year:** -1267442.21537710 | **30-Year:** -681519.13324429

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.79%                | 0.83%                | 0.81%                |
| Class ID N/A | 0.77%                | 0.73%                | 0.75%                |
| Class ID N/A | 0.77%                | 0.81%                | 0.78%                |
| Class ID N/A | 0.79%                | 0.75%                | 0.77%                |
| Class ID N/A | 0.77%                | 0.73%                | 0.75%                |
| Class ID N/A | 0.70%                | 0.74%                | 0.76%                |
| Class ID N/A | 0.75%                | 0.79%                | 0.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1996120.02              | $-35306718.23                              |
| Month 2  | $5796924.64              | $19568031.99                               |
| Month 3  | $-7613229.89             | $14777129.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dolphin Center Properties, LLC                                                   | Dolphin Center Properties, LLC/Class A Common Interest 12/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          8 | NS      | $468683.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PFL MMA, Inc.                                                                    | PFL MMA, Inc./Series E Preferred Stock 4/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       7823 | NS      | $25424.75      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class C Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Magnetite Xli Ltd                                                                | MAGNE 2024-41A E                                                                                           | CUSIP: 55956BAA1<br>LEI: 529900IDXPZZY6034K03 | Long             | ABS-CBDO         | CORP              | KY        |    2312500 | PA      | $2336959.31    | 0.05%             | 2038-01-25      | Floating      | 9.22%                 | Yes           |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Repriced Revolver 11/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1413108 | PA      | $1413108.00    | 0.03%             | 2029-10-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Astra Service Partners, LLC                                                      | Astra Service Partners, LLC/Term Loan 8/23                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     490108 | PA      | $490108.36     | 0.01%             | 2027-03-19      | Floating      | 9.09%                 | No            |                  3 | On Loan: No      |
| AeriTek Global US Acquisition Inc.                                               | AeriTek Global US Acquisition Inc./Revolver 8/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      69260 | PA      | $68221.10      | 0.00%             | 2030-08-27      | Fixed         | 10.70%                | No            |                  3 | On Loan: No      |
| Packers Software Intermediate Holdings, Inc.                                     | Packers Software Intermediate Holdings, Inc./Series A-2 Preferred Shares                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         18 | NS      | $28097.69      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Koala Investment Holdings, Inc.                                                  | Koala Investment Holdings, Inc./Term Loan 8/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     937706 | PA      | $928328.94     | 0.02%             | 2032-08-30      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| ELM30 2024-6                                                                     | ELM30 2024-6A E                                                                                            | CUSIP: 29001KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1254176.25    | 0.02%             | 2037-07-17      | Floating      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| Arko Corp                                                                        | ARKO US Common Stock                                                                                       | CUSIP: 041242108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        106 | NS      | $484.42        | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Echo Purchaser, Inc.                                                             | Echo Purchaser, Inc./Term Loan 11/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1817058 | PA      | $1817058.08    | 0.04%             | 2029-11-19      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Quirch Foods Holdings, LLC                                                       | Quirch Foods Holdings, LLC/Term Loan 04/22                                                                 | CUSIP: 74880TAG1<br>LEI: 549300ZJJLQXSE7L4U02 | Long             | LON              | CORP              | US        |    4873994 | PA      | $4771444.98    | 0.09%             | 2027-10-27      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Sixth Amendment Incremental Term Loan 9/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    1531649 | PA      | $1531649.00    | 0.03%             | 2029-10-01      | Fixed         | 11.52%                | No            |                  3 | On Loan: No      |
| Elliott Davis Advisory HoldCo, LLC                                               | Elliott Davis Advisory HoldCo, LLC/Class A-1 Units 7/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     212000 | NS      | $212000.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Precision Concepts Parent Inc.                                                   | Precision Concepts Parent Inc./Delayed Draw Term Loan 7/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     244530 | PA      | $243307.35     | 0.00%             | 2032-08-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ACP Avenu Buyer, LLC                                                             | ACP Avenu Buyer, LLC/Term Loan 2/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3505728 | PA      | $3505727.72    | 0.07%             | 2029-10-02      | Fixed         | 9.29%                 | No            |                  3 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Facility B 11/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     327331 | PA      | $440227.37     | 0.01%             | 2028-12-11      | Floating      | 11.86%                | No            |                  3 | On Loan: No      |
| QIMA Finance Ltd                                                                 | QIMA Finance Ltd/ Unitranche Facility B2 07/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    3202239 | PA      | $3202239.00    | 0.06%             | 2032-07-12      | Fixed         | 9.83%                 | No            |                  3 | On Loan: No      |
| King Risk Partners, LLC                                                          | King Risk Partners, LLC/Delayed Draw Term Loan 4/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1202790 | PA      | $1195650.26    | 0.02%             | 2031-04-23      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Premise Health Holding Corp.                                                     | Premise Health Holding Corp./Initial Term Loan 2/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2647712 | PA      | $2647711.65    | 0.05%             | 2031-03-03      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Kene Acquisition, Inc.                                                           | Kene Acquisition, Inc./Initial Delayed Draw Term Loan 2/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     795353 | PA      | $795353.20     | 0.02%             | 2031-02-07      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Plutus Bidco Limited                                                             | Plutus Bidco Limited/CAR Facility 08/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    1750000 | PA      | $2353574.07    | 0.05%             | 2028-09-21      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Cobalt Intermediate I, Inc.                                                      | Cobalt Intermediate I, Inc./Series A Preferred Shares                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       8582 | NS      | $14551450.11   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Flint Opco, LLC                                                                  | Flint Opco, LLC/2024 Incremental Delayed Draw Term Loan 5/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     858811 | PA      | $858811.23     | 0.02%             | 2030-08-15      | Floating      | 8.99%                 | No            |                  3 | On Loan: No      |
| CentralSquare Technologies, LLC                                                  | CentralSquare Technologies, LLC/Term Loan 4/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   31173216 | PA      | $31173216.25   | 0.61%             | 2030-04-12      | Floating      | 10.41%                | No            |                  3 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Revolving Loan 12/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     315462 | PA      | $315462.10     | 0.01%             | 2027-12-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Thermostat Purchaser III, Inc.                                                   | Thermostat Purchaser III, Inc./Revolver 8/21                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     100000 | PA      | $100000.00     | 0.00%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Dynamic NC Aerospace Holdings, LLC                                               | Dynamic NC Aerospace Holdings, LLC/Revolving Credit Loan 12/20                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1607795 | PA      | $1607794.83    | 0.03%             | 2027-12-30      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| Nomi Health, Inc.                                                                | Nomi Health, Inc./Term Loan 7/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2494913 | PA      | $2565467.14    | 0.05%             | 2028-07-21      | Floating      | 12.54%                | No            |                  3 | On Loan: No      |
| OHALF 2013-1                                                                     | OHALF 2013-1A SUB                                                                                          | CUSIP: 67706FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1935000 | PA      | $706721.99     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fourth Amendment DDTL-1 07/21                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     189913 | PA      | $189912.99     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Inspiring Generations B.V.                                                       | Inspiring Generations B.V./ Acquisition/ Capex Facility Tranche C2 07/25                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     443811 | PA      | $521057.82     | 0.01%             | 2032-07-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Movares Group B.V.                                                               | Movares Group B.V./Acquisition Facility 07/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     454545 | PA      | $533660.11     | 0.01%             | 2032-07-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| 22 HoldCo Limited                                                                | 22 HoldCo Limited/Series A Note 7/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3536362 | PA      | $4756051.82    | 0.09%             | 2033-08-23      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| CGMS 2022-6                                                                      | CGMS 2022-6A SUB                                                                                           | CUSIP: 14317NAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     780000 | PA      | $674153.22     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Revolver B 5/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1016046 | PA      | $1016046.29    | 0.02%             | 2030-05-24      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| Cority Software (USA) Inc.                                                       | Cority Software (USA) Inc./Incremental 2023-1 Term Loan 04/23                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     888980 | PA      | $888979.56     | 0.02%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Priority Waste Holdings LLC                                                      | Priority Waste Holdings LLC/Revolver 8/23                                                                  | CUSIP: 68371YAP8<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | US        |       2000 | PA      | $2000.00       | 0.00%             | 2029-08-20      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| Banyan Software Holdings, LLC                                                    | Banyan Software Holdings, LLC/Revolver 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     509390 | PA      | $509390.00     | 0.01%             | 2031-01-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| New Insight Holdings, Inc.                                                       | New Insight Holdings, Inc./Common Shares 7/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1788 | NS      | $28941.63      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PX HoldCo3 Limited                                                               | PX HoldCo3 Limited/Committed Additional Facility 04/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     221053 | PA      | $297293.79     | 0.01%             | 2027-04-27      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/20/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-460981.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Alcami Corporation                                                               | Alcami Corporation/Term Loan 12/22                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     200341 | PA      | $200341.05     | 0.00%             | 2028-12-21      | Floating      | 11.34%                | No            |                  3 | On Loan: No      |
| Wand Newco 3, Inc.                                                               | Wand Newco 3, Inc./Term Loan B 01/25                                                                       | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   22352237 | PA      | $22264168.71   | 0.44%             | 2031-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Spitfire Bidco Limited                                                           | Spitfire Bidco Limited/Capex Facility 09/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3163625 | PA      | $4254757.03    | 0.08%             | 2029-09-28      | Floating      | 11.15%                | No            |                  3 | On Loan: No      |
| OCP 2018-15                                                                      | OCP 2018-15A SUB                                                                                           | CUSIP: 67112QAB2<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-O            | CORP              | KY        |   12753028 | PA      | $5637514.29    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Centric Brands TopCo, LLC                                                        | Centric Brands TopCo, LLC/Tranche A-1 Term Loan 2/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     813892 | PA      | $813892.50     | 0.02%             | 2031-02-06      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| LBC Woodlands Purchaser LLC                                                      | LBC Woodlands Purchaser LLC/Term Loan 7/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1305033 | PA      | $1291982.95    | 0.03%             | 2031-07-28      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| OCP Aegis CLO 2023-29 Ltd                                                        | OCPA 2023-29A ER                                                                                           | CUSIP: 67118EAG2<br>LEI: 2138009EGVOGD3J5GI42 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $986090.00     | 0.02%             | 2036-01-20      | Floating      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| Vista Higher Learning, LLC                                                       | Vista Higher Learning, LLC/Last Out Term Loan 9/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     602764 | PA      | $596736.36     | 0.01%             | 2031-09-16      | Fixed         | 8.77%                 | No            |                  3 | On Loan: No      |
| Crossco (1469) Limited                                                           | Crossco (1469) Limited/Facility B Commitment 12/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1935483 | PA      | $2603030.06    | 0.05%             | 2030-12-20      | Fixed         | 10.22%                | No            |                  3 | On Loan: No      |
| Frontline Road Safety Operations, LLC                                            | Frontline Road Safety Operations, LLC/Initial Term Loan 3/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   23332900 | PA      | $23332900.49   | 0.46%             | 2032-03-04      | Fixed         | 9.32%                 | No            |                  3 | On Loan: No      |
| Priority Waste Holdings LLC                                                      | Priority Waste Holdings LLC/DDTL B 8/23                                                                    | CUSIP: 68371YAP8<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | US        |     765012 | PA      | $711460.95     | 0.01%             | 2029-08-20      | Floating      | 12.29%                | No            |                  3 | On Loan: No      |
| Landscape Parallel Partners, L.P.                                                | Landscape Parallel Partners, L.P./Class A Units                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        162 | NS      | $861597.32     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ClubCorp Holdings, Inc.                                                          | ClubCorp Holdings, Inc./Delayed Draw Term B Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      97123 | PA      | $96394.58      | 0.00%             | 2032-07-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| AllClear Military Inc.                                                           | AllClear Military Inc./First Out Delayed Draw Term Loan 5/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     243269 | PA      | $243268.82     | 0.00%             | 2030-05-31      | Fixed         | 9.76%                 | No            |                  3 | On Loan: No      |
| U.S. Urology Partners, LLC                                                       | U.S. Urology Partners, LLC/Revolver 4/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     185664 | PA      | $185664.00     | 0.00%             | 2032-04-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| New Churchill Holdco LLC                                                         | New Churchill Holdco LLC/Revolver 11/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     150973 | PA      | $150973.00     | 0.00%             | 2029-11-09      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MAGNE 2022-33                                                                    | MAGNE 2022-33A ER                                                                                          | CUSIP: 55954BAE5<br>LEI: 5493006NSAO246ZPZB29 | Long             | ABS-CBDO         | CORP              | KY        |    5875000 | PA      | $5917828.75    | 0.12%             | 2037-10-20      | Floating      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| AQ Sunshine, Inc.                                                                | AQ Sunshine, Inc./Delayed Draw Term Loan 7/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6197291 | PA      | $6197290.60    | 0.12%             | 2031-07-24      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| PCS Parent, L.P.                                                                 | PCS Parent, L.P./Class A Units 1/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      80000 | NS      | $74172.80      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Amendment No. 4 Delayed Draw Term Loan 10/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     579102 | PA      | $579102.00     | 0.01%             | 2030-11-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Crown CT Parent Inc.                                                             | Crown CT Parent Inc./Revolver 3/22                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     903219 | PA      | $903219.00     | 0.02%             | 2028-03-08      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Runway Bidco, LLC                                                                | Runway Bidco, LLC/Revolver 12/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     115559 | PA      | $114403.41     | 0.00%             | 2031-12-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Fitness Ventures Holdings, Inc.                                                  | Fitness Ventures Holdings, Inc./Initial Term Loan 8/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2010371 | PA      | $2010371.27    | 0.04%             | 2031-08-01      | Floating      | 9.14%                 | No            |                  3 | On Loan: No      |
| Watt Holdco Limited                                                              | Watt Holdco Limited/Facility B Commitment 08/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |    3000000 | PA      | $3522160.26    | 0.07%             | 2031-09-17      | Floating      | 7.26%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-30                                                                     | MDPK 2018-30A D2R                                                                                          | CUSIP: 55821TAW7<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $760177.50     | 0.01%             | 2037-07-16      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| Flint Opco, LLC                                                                  | Flint Opco, LLC/Delayed Draw Term Loan 08/2023                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     428652 | PA      | $428651.67     | 0.01%             | 2030-08-15      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| MRI Software LLC                                                                 | MRI Software LLC/Second Amendment Term Loan (2020)                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2657506 | PA      | $2657505.71    | 0.05%             | 2027-02-10      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc.                                  | Paris US Holdco, Inc. & 1001028292 Ontario Inc./Term Loan 12/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5858411 | PA      | $5858411.26    | 0.12%             | 2031-12-02      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Two Six Labs, LLC                                                                | Two Six Labs, LLC/Initial Term Loan 08/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7186759 | PA      | $7186758.95    | 0.14%             | 2027-08-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| RB Holdings Interco, LLC                                                         | RB Holdings Interco, LLC/Revolving Credit 05/22                                                            | CUSIP: 74935MAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     697730 | PA      | $683775.40     | 0.01%             | 2028-05-04      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| Reddy Ice LLC                                                                    | Reddy Ice LLC/Delayed Draw Term Loan 4/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7864874 | PA      | $7864874.49    | 0.15%             | 2029-04-23      | Floating      | 9.79%                 | No            |                  3 | On Loan: No      |
| SCIH Salt Holdings Inc.                                                          | SCIH Salt Holdings Inc./Incremental Term B-1 Loan 04/21                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   49048320 | PA      | $49083143.91   | 0.97%             | 2029-01-31      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Kairos Bidco Limited                                                             | Kairos Bidco Limited/Revolver 7/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     115569 | PA      | $114413.31     | 0.00%             | 2032-07-21      | Fixed         | 9.08%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-23490322.00  | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| PracticeTek Purchaser, LLC                                                       | PracticeTek Purchaser, LLC/Revolver 8/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2029-08-30      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| BCTO Ignition Purchaser, Inc.                                                    | BCTO Ignition Purchaser, Inc./First Amendment Term Loan 3/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     599283 | PA      | $599283.08     | 0.01%             | 2030-10-18      | Fixed         | 11.83%                | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Second Amendment Replacement Term Loan 6/24                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      75310 | PA      | $75310.28      | 0.00%             | 2029-05-15      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Wellington TopCo LP                                                              | Wellington TopCo LP/Class A-2 Preferred Units 6/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     143000 | NS      | $169305.57     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Centric Brands LLC                                                               | Centric Brands LLC/2024 Converting Term Loan 2/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     963740 | PA      | $963739.55     | 0.02%             | 2029-08-06      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| DecoPac, Inc.                                                                    | DecoPac, Inc./Revolver 5/21                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3737646 | PA      | $3737646.01    | 0.07%             | 2030-05-14      | Floating      | 9.43%                 | No            |                  3 | On Loan: No      |
| Titan BW Borrower L.P.                                                           | Titan BW Borrower L.P./Delayed Draw Term Loan 7/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2519691 | PA      | $2507092.55    | 0.05%             | 2032-07-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./2024 Delayed Draw Term Loan 8/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1867400 | PA      | $1867399.81    | 0.04%             | 2029-05-01      | Floating      | 9.62%                 | No            |                  3 | On Loan: No      |
| EMB Purchaser, Inc.                                                              | EMB Purchaser, Inc./Revolver 3/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6839818 | PA      | $6839818.00    | 0.13%             | 2032-03-12      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Indigo Acquisition B.V.                                                          | Indigo Acquisition B.V./Acquisition/Capex Facility Tranche 2 08/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     687362 | PA      | $806999.12     | 0.02%             | 2031-09-10      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| Saturn Purchaser Corp.                                                           | Saturn Purchaser Corp./Revolver 7/22                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      13618 | PA      | $13618.00      | 0.00%             | 2030-07-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ASP-r-pac Acquisition Co LLC                                                     | ASP-r-pac Acquisition Co LLC/2024 Incremental Term Loan 10/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     471099 | PA      | $471099.30     | 0.01%             | 2027-12-29      | Fixed         | 10.31%                | No            |                  3 | On Loan: No      |
| IFH Franchisee Holdings, LLC                                                     | IFH Franchisee Holdings, LLC/Revolver 12/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1736377 | PA      | $1736377.00    | 0.03%             | 2029-12-20      | Fixed         | 8.21%                 | No            |                  3 | On Loan: No      |
| Sera 2021 LLC                                                                    | Sera 2021 LLC Class A Equity                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          4 | NS      | $301013.98     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VPP Group Holdings, L.P.                                                         | VPP Group Holdings, L.P./Class A2 Units 03/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          0 | NS      | $493.47        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 760203 N.B. LTD.                                                                 | 760203 N.B. LTD./Multi-Currency Revolver 12/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    3353645 | PA      | $2409747.07    | 0.05%             | 2030-12-31      | Fixed         | 8.23%                 | No            |                  3 | On Loan: No      |
| LJ Perimeter Co-Invest, L.P.                                                     | LJ Perimeter Co-Invest, L.P./Class A Units 10/22                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50052 | NS      | $17258.06      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Unity Purchaser, LLC                                                             | Unity Purchaser, LLC/Revolver 1/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     423926 | PA      | $423926.00     | 0.01%             | 2031-01-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Captive Resources Midco, LLC                                                     | Captive Resources Midco, LLC/Initial Term Loan 7/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2363092 | PA      | $2363091.79    | 0.05%             | 2029-07-01      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| RRAMX 2022-7                                                                     | RRAMX 2022-7A SUB                                                                                          | CUSIP: 40256JAC9<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-O            | CORP              | KY        |    2175000 | PA      | $1118800.43    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BigHand UK Bidco Limited                                                         | BigHand UK Bidco Limited/Facility B2 USD Commitment 06/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1048248 | PA      | $1048248.00    | 0.02%             | 2030-06-25      | Floating      | 10.61%                | No            |                  3 | On Loan: No      |
| Patriot Container Corp.                                                          | Patriot Container Corp./Closing Date Term B-2 Loan 9/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   26173064 | PA      | $26173063.61   | 0.51%             | 2030-09-09      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| NEP Group, Inc.                                                                  | NEP Group, Inc./Incremental (209mm) PIK Term Loan B 12/23                                                  | CUSIP: 62908HAP0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7331096 | PA      | $7294441.02    | 0.14%             | 2026-08-19      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| Maximus BidCo AB                                                                 | Maximus BidCo AB/Facility D 04/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   68718247 | PA      | $7299269.95    | 0.14%             | 2032-04-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ANGI Group LLC                                                                   | ANGI 3.875% Sr Unsecured Nts due 2028 144A                                                                 | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4959000 | PA      | $4660716.15    | 0.09%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                                                    | Pye-Barker Fire & Safety, LLC/Initial Term Loan 5/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     628704 | PA      | $628703.50     | 0.01%             | 2031-05-26      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Minerva Holdco, Inc.                                                             | Minerva Holdco, Inc./Series A Preferred Shares                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      21262 | NS      | $31399169.09   | 0.62%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tikehau Topaz LP                                                                 | Tikehau Topaz LP / Preferred Stock                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    2473140 | NS      | $1925586.80    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Davidson Hotel Company LLC                                                       | Davidson Hotel Company LLC/Delayed Draw Term Loan 10/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1083929 | PA      | $1083929.00    | 0.02%             | 2031-10-31      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Revolver 12/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     454545 | PA      | $454545.00     | 0.01%             | 2028-12-28      | Floating      | 12.25%                | No            |                  3 | On Loan: No      |
| BSP 2023-30                                                                      | BSP 2023-30A ER                                                                                            | CUSIP: 08186LAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2000000 | PA      | $2018898.00    | 0.04%             | 2038-04-25      | Floating      | 9.77%                 | Yes           |                  3 | On Loan: No      |
| CEDF 2021-14                                                                     | CEDF 2021-14A SUB                                                                                          | CUSIP: 15033GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1450000 | PA      | $673804.85     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./2025 Delayed Draw Term Loan 7/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     574777 | PA      | $574777.00     | 0.01%             | 2028-04-14      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Fossil Group, Inc.                                                               | Fossil Group, Inc./ABL Revolver 8/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     804850 | PA      | $786740.88     | 0.02%             | 2030-08-13      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Prime Dental Alliance B.V.                                                       | Prime Dental Alliance B.V./Additional Term Facility 03/23                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     953389 | PA      | $1119329.62    | 0.02%             | 2027-06-21      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| KKR CLO 56 Ltd                                                                   | KKR 2024-56A SUB                                                                                           | CUSIP: 48256HAE2<br>LEI: 254900BBJPGN777LWF70 | Long             | ABS-O            | CORP              | KY        |    4240000 | PA      | $3070866.64    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | BPYU 4.5% Secured Nts due 2027 144A                                                                        | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8321000 | PA      | $8172555.86    | 0.16%             | 2027-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Repairify, Inc.                                                                  | Repairify, Inc./Initial Term Loan 6/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3436321 | PA      | $3436321.32    | 0.07%             | 2027-06-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Berner Food & Beverage, LLC                                                      | Berner Food & Beverage, LLC/Term Loan B 7/21                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2540639 | PA      | $2540638.82    | 0.05%             | 2027-07-30      | Floating      | 10.96%                | No            |                  3 | On Loan: No      |
| BR PJK Produce, LLC                                                              | BR PJK Produce, LLC/Delayed Draw Term A-4 Loan 12/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     559672 | PA      | $559671.65     | 0.01%             | 2027-11-15      | Floating      | 10.69%                | No            |                  3 | On Loan: No      |
| League One Volleyball, Inc.                                                      | League One Volleyball, Inc./Warrants 1/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |          8 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Harmony-Peace Park CLO Ltd                                                       | HPPK 2024-1A SUB                                                                                           | CUSIP: 412914AC7<br>LEI: 2138009L3HEW9A8LDJ44 | Long             | ABS-O            | CORP              | JE        |    2900000 | PA      | $2228452.80    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Severin Acquisition, LLC                                                         | Severin Acquisition, LLC/Revolver 9/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5767510 | PA      | $5709834.90    | 0.11%             | 2031-10-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| INVCO 2023-2                                                                     | INVCO 2023-2A ER                                                                                           | CUSIP: 46147LAE0<br>LEI: 2549000VWIHWVWECHQ22 | Long             | ABS-CBDO         | CORP              | JE        |    1600000 | PA      | $1672848.00    | 0.03%             | 2038-04-21      | Floating      | 12.21%                | Yes           |                  3 | On Loan: No      |
| IQN Holding Corp.                                                                | IQN Holding Corp./Revolver 05/22                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     628422 | PA      | $628422.00     | 0.01%             | 2028-05-02      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| FL Hawk Intermediate Holdings, Inc.                                              | FL Hawk Intermediate Holdings, Inc./Revolving Loan (First Lien) 02/24                                      | CUSIP: 30339AAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1658357 | PA      | $1658356.95    | 0.03%             | 2029-02-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/CAD Term Loan 9/19                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1834320 | PA      | $1028073.34    | 0.02%             | 2029-07-23      | Floating      | 4.35%                 | No            |                  3 | On Loan: No      |
| Majesco                                                                          | Majesco/Term Loan 9/20                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9524687 | PA      | $9524686.56    | 0.19%             | 2028-09-21      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./2021 Delayed Draw Term Loan 8/21                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8513835 | PA      | $8513835.00    | 0.17%             | 2028-04-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                                       | Cloud Software Group, Inc./Ninth Amendment Refinancing Dollar Revolving Loan 09/22                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2574000 | PA      | $2574000.00    | 0.05%             | 2029-09-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Align Precision Group, LLC                                                       | Align Precision Group, LLC/Tranche A-1 Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2871918 | PA      | $2871917.60    | 0.06%             | 2030-07-03      | Fixed         | 10.78%                | No            |                  3 | On Loan: No      |
| Aerin Medical Inc.                                                               | Aerin Medical Inc./Series G Preferred Stock 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     152624 | NS      | $172238.93     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BGI Purchaser, Inc.                                                              | BGI Purchaser, Inc./Revolver Tranche B 5/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1817402 | PA      | $1817401.83    | 0.04%             | 2030-05-31      | Floating      | 8.20%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Delayed TL 08/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      30493 | PA      | $30493.09      | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Diameter Capital Clo 1 Ltd                                                       | DCLO 2021-1A SUB                                                                                           | CUSIP: 25255FAC9<br>LEI: 25490018I1ROE4V49X69 | Long             | ABS-O            | CORP              | KY        |    1445000 | PA      | $1246617.40    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Erasmus Acquisition Holding B.V.                                                 | Erasmus Acquisition Holding B.V./Acquisition/ Capex Facility 01/23                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1187326 | PA      | $1393984.19    | 0.03%             | 2030-03-13      | Floating      | 7.66%                 | No            |                  3 | On Loan: No      |
| OAKC 2021-8                                                                      | OAKC 2021-8A SUB                                                                                           | CUSIP: 67707HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     640000 | PA      | $551251.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Capnor Connery Bidco A/S                                                         | Capnor Connery Bidco A/S/Facility D Commitment 09/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   75594736 | PA      | $11889610.11   | 0.23%             | 2030-10-07      | Fixed         | 8.41%                 | No            |                  3 | On Loan: No      |
| SageSure Holdings, LLC                                                           | SageSure Holdings, LLC/Second Restatement Date Term Loan 8/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19859982 | PA      | $19859981.59   | 0.39%             | 2030-01-28      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Symphony CLO 40 Ltd                                                              | SYMP 2023-40A ER                                                                                           | CUSIP: 871988AE1<br>LEI: 25490001HYY3IX1I5Z32 | Long             | ABS-CBDO         | CORP              | BM        |    1500000 | PA      | $1509858.00    | 0.03%             | 2038-01-05      | Floating      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| The Mather Group, LLC                                                            | The Mather Group, LLC/Third Amendment Incremental Term Loan 5/25                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     801245 | PA      | $801245.00     | 0.02%             | 2028-03-31      | Fixed         | 10.19%                | No            |                  3 | On Loan: No      |
| Flint Opco, LLC                                                                  | Flint Opco, LLC/Initial Term Loan 8/23                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1015530 | PA      | $1015529.69    | 0.02%             | 2030-08-15      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Amendment No. 5 Delayed Draw Term Loan 5/24                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2844908 | PA      | $2844907.69    | 0.06%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Steward Partners Global Advisory, LLC                                            | Steward Partners Global Advisory, LLC/Incremental Term Loan B 12/23                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     382635 | PA      | $382635.07     | 0.01%             | 2028-10-16      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| INSZ Holdings, LLC                                                               | INSZ Holdings, LLC/Common Equity 11/22                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      31139 | NS      | $50724.64      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bobtail AcquisitionCo, LLC                                                       | Bobtail AcquisitionCo, LLC/Revolver Loan 8/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     309362 | PA      | $306268.38     | 0.01%             | 2031-09-02      | Fixed         | 8.77%                 | No            |                  3 | On Loan: No      |
| Nordic Ferry Infrastructure AS                                                   | Nordic Ferry Infrastructure AS/Facility B1 NOK Commitment 10/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NO        |  207385175 | PA      | $20781014.72   | 0.41%             | 2031-11-28      | Fixed         | 9.29%                 | No            |                  3 | On Loan: No      |
| MDPK 2021-59                                                                     | MDPK 2021-59A ER                                                                                           | CUSIP: 55822FAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2860000 | PA      | $2873038.74    | 0.06%             | 2037-04-18      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| ELM12 2021-5                                                                     | ELM12 2021-5A ER                                                                                           | CUSIP: 29003CAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1475000 | PA      | $1478727.33    | 0.03%             | 2037-10-15      | Floating      | 10.22%                | Yes           |                  3 | On Loan: No      |
| KBS Topco, LLC                                                                   | KBS Topco, LLC/Preferred Units 3/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     901730 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./Term Loan 4/21                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5937719 | PA      | $5937719.06    | 0.12%             | 2028-04-24      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc./Revolver 8/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3135061 | PA      | $3135060.80    | 0.06%             | 2029-05-14      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding LXI Ltd                                                     | MDPK 2023-61A E                                                                                            | CUSIP: 55822PAA2<br>LEI: 2138008EAUXBYEZRP521 | Long             | ABS-CBDO         | CORP              | JE        |     500000 | PA      | $507685.00     | 0.01%             | 2037-01-20      | Floating      | 12.01%                | Yes           |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Delayed Draw Term Loan  7/20                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     335358 | PA      | $335358.28     | 0.01%             | 2029-08-21      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| Crown CT Management LLC                                                          | Crown CT Management LLC/Common Units                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          1 | NS      | $10363.68      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orange Barrel Media, LLC                                                         | Orange Barrel Media, LLC/IKE Smart City, LLC/Delayed Draw Term Loan 3/24                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6536000 | PA      | $6536000.00    | 0.13%             | 2027-10-25      | Floating      | 10.11%                | No            |                  3 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                                          | BCPE Pequod Buyer, Inc./Revolver 11/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3003091 | PA      | $3003090.96    | 0.06%             | 2029-11-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1A M1                                                                                           | CUSIP: 77366PAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1000000 | PA      | $15513.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Flint Opco, LLC                                                                  | Flint Opco, LLC/Revolver 8/23                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2029-08-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BVI Group Limited                                                                | BVI Group Limited/Ordinary Shares 3/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        532 | NS      | $587926.60     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aptean Acquiror Inc.                                                             | Aptean Acquiror Inc./Delayed Draw Term Loan 2/25                                                           | CUSIP: 03834WAY1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     591559 | PA      | $591559.28     | 0.01%             | 2031-01-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| U.S. Urology Partners, LLC                                                       | U.S. Urology Partners, LLC/Delayed Draw Term Loan 4/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     361146 | PA      | $361146.00     | 0.01%             | 2032-04-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Beacon Pointe Harmony, LLC                                                       | Beacon Pointe Harmony, LLC/Delayed Draw Term Loan 7/23                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1956029 | PA      | $1956028.82    | 0.04%             | 2028-12-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| United Digestive MSO Parent, LLC                                                 | United Digestive MSO Parent, LLC/Delayed Draw Term Loan 03/23                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     833677 | PA      | $833676.98     | 0.02%             | 2029-03-30      | Floating      | 9.76%                 | No            |                  3 | On Loan: No      |
| Runway Bidco, LLC                                                                | Runway Bidco, LLC/Term Loan 12/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1036978 | PA      | $1026608.28    | 0.02%             | 2031-12-17      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Premiere Buyer, LLC                                                              | Premiere Buyer, LLC/Delayed Draw Term Loan 4/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     321040 | PA      | $321040.00     | 0.01%             | 2031-05-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Rawlings Sporting Goods Company, Inc.                                            | Rawlings Sporting Goods Company, Inc./Third Amendment Incremental Term Loan 1/24                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     782356 | PA      | $782355.75     | 0.02%             | 2030-11-26      | Floating      | 8.90%                 | No            |                  3 | On Loan: No      |
| Plutus Bidco Limited                                                             | Plutus Bidco Limited/Unitranche Facility 08/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    5250000 | PA      | $7060722.24    | 0.14%             | 2028-09-21      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Mr. Greens Intermediate, LLC                                                     | Mr. Greens Intermediate, LLC/Initial Term Loan 05/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2273834 | PA      | $2273834.50    | 0.04%             | 2031-05-01      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                                                        | eResearchTechnology, Inc./Initial Term Loan 1/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   24124461 | PA      | $24124461.00   | 0.47%             | 2032-01-19      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Cotiviti Holdings, Inc.                                                          | Cotiviti Holdings, Inc./Term Loan 02/25                                                                    | CUSIP: 22164MAF4<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    5500000 | PA      | $5394565.00    | 0.11%             | 2032-03-26      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Quick Quack Car Wash Holdings, LLC                                               | Quick Quack Car Wash Holdings, LLC/Initial Term Loan 6/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2221677 | PA      | $2221676.69    | 0.04%             | 2031-06-10      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| BCC 2022-1                                                                       | BCC 2022-1A SUB                                                                                            | CUSIP: 05684WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   10016000 | PA      | $3623267.97    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunvair Aerospace Group, Inc.                                                    | Sunvair Aerospace Group, Inc./Revolver 5/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     653053 | PA      | $653053.00     | 0.01%             | 2031-05-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| LBM Acquisition LLC                                                              | LBM Acquisition LLC/Term Loan B 05/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6507723 | PA      | $6339823.69    | 0.12%             | 2031-06-06      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Second Incremental Term Loan 4/22                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   20620635 | PA      | $20620635.00   | 0.41%             | 2028-12-31      | Floating      | 12.17%                | No            |                  3 | On Loan: No      |
| ANCHF 2016-4                                                                     | ANCHF 2016-4A SUB                                                                                          | CUSIP: 03329VAJ8<br>LEI: 549300VR9XUOV1E0U888 | Long             | ABS-O            | CORP              | KY        |    4830000 | PA      | $3497823.21    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pave America Holding, LLC                                                        | Pave America Holding, LLC/Term Loan 8/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     409469 | PA      | $405374.31     | 0.01%             | 2032-08-27      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Beacon Wellness Brands, Inc.                                                     | Beacon Wellness Brands, Inc./Initial Term Loan 12/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1637770 | PA      | $1523126.21    | 0.03%             | 2027-12-22      | Floating      | 10.51%                | No            |                  3 | On Loan: No      |
| MDPK 2021-38                                                                     | MDPK 2021-38A SUB                                                                                          | CUSIP: 55821MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1770496 | PA      | $880003.79     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STKPK 2022-1                                                                     | STKPK 2022-1A ER                                                                                           | CUSIP: 862179AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    3375000 | PA      | $3390693.75    | 0.07%             | 2037-10-15      | Floating      | 10.47%                | Yes           |                  3 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Delayed Draw Term A Loan 5/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     145698 | PA      | $145698.02     | 0.00%             | 2030-05-24      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Monica Holdco (US), Inc.                                                         | Monica Holdco (US), Inc./Delayed Draw Term Loan 7/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2135261 | PA      | $2135261.00    | 0.04%             | 2030-07-12      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Empower Payments Investor, LLC                                                   | Empower Payments Investor, LLC/Term Loan 3/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     471230 | PA      | $471230.05     | 0.01%             | 2031-03-12      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Guidepoint Security Holdings, LLC                                                | Guidepoint Security Holdings, LLC/Term A Loan 10/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1125407 | PA      | $1125406.84    | 0.02%             | 2029-10-02      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Indigo Acquisition B.V.                                                          | Indigo Acquisition B.V./Facility B USD Tranche B2 08/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1267257 | PA      | $1487827.33    | 0.03%             | 2031-09-10      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| Gula Co-Invest II, L.P.                                                          | Gula Co-Invest II, L.P./Common Units 3/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         28 | NS      | $32375.48      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dundee Eros, LP                                                                  | Dundee Eros, LP/Limited Partnership Interest 10/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1682452 | NS      | $1578993.40    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WCI-BXC Investment Holdings, L.P.                                                | WCI-BXC Investment Holdings, LP/Common Equity 11/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     126000 | NS      | $129632.33     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-6 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     660616 | NS      | $980426.23     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Verista, Inc.                                                                    | Verista, Inc./Initial Term Loan 02/22                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8386094 | PA      | $7799067.06    | 0.15%             | 2027-02-16      | Floating      | 11.04%                | No            |                  3 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                       | Cornerstone OnDemand, Inc./Second Lien Term Loan 10/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19364408 | PA      | $17427967.63   | 0.34%             | 2029-10-15      | Floating      | 10.78%                | No            |                  3 | On Loan: No      |
| North Star Acquisitionco, LLC                                                    | North Star Acquisitionco, LLC/Multicurrency USD Term Loan 4/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2121154 | PA      | $2121154.12    | 0.04%             | 2029-05-03      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Poseidon Intermediateco, Inc.                                                    | Poseidon Intermediateco, Inc./Initial Term Loan 6/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1031600 | PA      | $1026442.00    | 0.02%             | 2032-06-16      | Fixed         | 8.64%                 | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/New Delayed Draw Term Loan 4/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     381339 | PA      | $381339.00     | 0.01%             | 2031-04-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Adonis Acquisition Holdings Parent LLC                                           | Adonis Acquisition Holdings Parent LLC/Common Units 2/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      66089 | NS      | $1907186.12    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VOYA 2024-1                                                                      | VOYA 2024-1A E                                                                                             | CUSIP: 92920EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1681875 | PA      | $1708221.57    | 0.03%             | 2037-04-15      | Floating      | 10.97%                | Yes           |                  3 | On Loan: No      |
| IGEA BIDCO S.P.A                                                                 | IGEA Sr Secured Fltg Nts due 2031                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |    3650793 | PA      | $4286226.42    | 0.08%             | 2031-09-24      | Fixed         | 9.33%                 | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/Delayed Draw Term Loan 9/20                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     970842 | PA      | $970842.33     | 0.02%             | 2027-09-15      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| YE Brands Holdings, LLC                                                          | YE Brands Holdings, LLC/2022 Incremental Term Loan 6/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     708858 | PA      | $708857.60     | 0.01%             | 2027-10-18      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Premiere Buyer, LLC                                                              | Premiere Buyer, LLC/Delayed Draw Term Loan 5/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     511314 | PA      | $511314.00     | 0.01%             | 2031-05-01      | Floating      | 8.83%                 | No            |                  3 | On Loan: No      |
| Shur-Co Acquisition, Inc.                                                        | Shur-Co Acquisition, Inc./Fifth Amendment Incremental Term Loan 5/24                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     837656 | PA      | $837655.84     | 0.02%             | 2030-07-01      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| League One Volleyball, Inc.                                                      | League One Volleyball, Inc./Series B Preferred Stock                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        194 | NS      | $2269.54       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevation Services Parent Holdings, LLC                                          | Elevation Services Parent Holdings, LLC/Revolving Loan 12/20                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     630645 | PA      | $586499.87     | 0.01%             | 2028-12-18      | Floating      | 10.90%                | No            |                  3 | On Loan: No      |
| Elliott Alto Co-Investor Aggregator L.P.                                         | Elliott Alto Aggregator GP LLC/Common Units                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     500000 | NS      | $1420464.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elmwood CLO 37 Ltd                                                               | ELM37 2024-13A E1                                                                                          | CUSIP: 29004WAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3000000 | PA      | $3026250.00    | 0.06%             | 2038-01-17      | Floating      | 9.07%                 | Yes           |                  3 | On Loan: No      |
| Spaceship Purchaser, Inc.                                                        | Spaceship Purchaser, Inc./B Dollar Term Loan 9/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   16185278 | PA      | $16185277.70   | 0.32%             | 2031-10-17      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Guidepoint Security Holdings, LLC                                                | Guidepoint Security Holdings, LLC/Revolver 10/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     200087 | PA      | $200087.00     | 0.00%             | 2029-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| SuperMoose NewCo, Inc.                                                           | SuperMoose NewCo, Inc./Series A Preferred Stock 4/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      17961 | NS      | $22274837.63   | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RFS Opco LLC                                                                     | RFS Opco LLC/Closing Date Term Loan 4/24                                                                   | CUSIP: 74970UAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6184101 | PA      | $6184100.76    | 0.12%             | 2031-04-04      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Zinc Buyer Corporation                                                           | Zinc Buyer Corporation/Term Loan 7/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1852678 | PA      | $1852678.23    | 0.04%             | 2031-07-24      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Superman Holdings, LLC                                                           | Superman Holdings, LLC/ Term Loan 8/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8691426 | PA      | $8691425.50    | 0.17%             | 2031-08-29      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Melody TopCo LP                                                                  | Melody TopCo LP Class A-2 Preferred Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       1199 | NS      | $240572.69     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BSP 2023-31                                                                      | BSP 2023-31A ER                                                                                            | CUSIP: 08183AAE9<br>LEI: 254900SVG14IYL7QTZ56 | Long             | ABS-CBDO         | CORP              | JE        |     375000 | PA      | $388048.13     | 0.01%             | 2038-04-25      | Floating      | 11.49%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: NOK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-24425865.00  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Revolver Loan 5/23                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     628633 | PA      | $628633.00     | 0.01%             | 2028-05-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Anaplan, Inc.                                                                    | Anaplan, Inc./Refinancing Revolving Credit Loan 05/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     381014 | PA      | $381014.00     | 0.01%             | 2028-06-21      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                                       | TIBX 9.0% 2nd lien Nts due 2029 144A                                                                       | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     100000 | PA      | $103416.90     | 0.00%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PCIA SPV-3, LLC                                                                  | PCIA SPV-3, LLC/Delayed Draw Term Loan 8/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     878705 | PA      | $878705.26     | 0.02%             | 2029-08-01      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Convera International Financial S.a r.l.                                         | Convera International Financial S.a r.l./Term Loan 3/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   20571966 | PA      | $20571966.50   | 0.40%             | 2028-03-01      | Floating      | 10.15%                | No            |                  3 | On Loan: No      |
| BrightStar Group Holdings, Inc.                                                  | BrightStar Group Holdings, Inc./Initial Term Loan 2/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3836354 | PA      | $3836353.97    | 0.08%             | 2032-03-01      | Fixed         | 9.05%                 | No            |                  3 | On Loan: No      |
| Bobtail AcquisitionCo, LLC                                                       | Bobtail AcquisitionCo, LLC/Term Loan 8/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1095971 | PA      | $1085011.29    | 0.02%             | 2031-09-02      | Fixed         | 8.92%                 | No            |                  3 | On Loan: No      |
| Truist Insurance Holdings, LLC                                                   | Truist Insurance Holdings, LLC/Revolver 3/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     653762 | PA      | $653762.00     | 0.01%             | 2029-05-06      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Diligent Corporation                                                             | Diligent Corporation/A-1 PIK Option Term Loan 4/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1196261 | PA      | $1184298.87    | 0.02%             | 2030-08-02      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Project Optimus Bidco Limited                                                    | Project Optimus Bidco Limited/ Unitranche Working Capital Facility 05/25                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |      68860 | PA      | $92609.78      | 0.00%             | 2031-05-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| STKPK 2022-1                                                                     | STKPK 2022-1A SUB                                                                                          | CUSIP: 862179AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   17520000 | PA      | $13218612.24   | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shur-Co Acquisition, Inc.                                                        | Shur-Co Acquisition, Inc./Third Amendment Incremental Term Loan 3/23                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     544612 | PA      | $544612.17     | 0.01%             | 2030-07-01      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Semper Holding BV                                                                | Semper Holding BV/Facility B2 Commitment 02/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |   22352941 | PA      | $26243546.82   | 0.52%             | 2031-02-10      | Fixed         | 7.70%                 | No            |                  3 | On Loan: No      |
| Supplying Demand, Inc.                                                           | Supplying Demand, Inc./Revolver 11/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6256259 | PA      | $6256259.00    | 0.12%             | 2027-11-26      | Fixed         | 8.17%                 | No            |                  3 | On Loan: No      |
| Automotive Keys Investor, LLC                                                    | Automotive Keys Investor, LLC/Preferred Units 2                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      25000 | NS      | $1224.05       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENERATOR US BUYER, INC.                                                         | GENERATOR US BUYER, INC./Term A Term Loan 9/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     407632 | PA      | $407631.66     | 0.01%             | 2030-07-22      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Generate CLO 20 Ltd                                                              | GNRT 2024-20A SUB                                                                                          | CUSIP: 370913AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   11050000 | PA      | $8385391.95    | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symplr Software Intermediate Holdings, Inc.                                      | Symplr Software Intermediate Holdings, Inc./Series C-3 Preferred Shares                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        789 | NS      | $1031237.14    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RRAM 2025-37                                                                     | RRAM 2025-37A D                                                                                            | CUSIP: 78110YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1062500 | PA      | $1059219.00    | 0.02%             | 2038-04-15      | Floating      | 8.97%                 | Yes           |                  3 | On Loan: No      |
| Confirmasoft AB                                                                  | Confirmasoft AB/ Unitranche Facility / 05/21                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    1994624 | PA      | $2341795.08    | 0.05%             | 2027-06-03      | Floating      | 8.03%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-31                                                                     | MDPK 2018-31A ER                                                                                           | CUSIP: 55819EAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     650000 | PA      | $653970.20     | 0.01%             | 2037-07-23      | Floating      | 10.72%                | Yes           |                  3 | On Loan: No      |
| Wilsonart LLC                                                                    | WLSNRT 11.0% Sr Unsecured Nts due 2032 144A                                                                | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |    9616000 | PA      | $9360483.94    | 0.18%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Tikehau Green Diamond II CFO Equity LP                                           | Tikehau Green Diamond II CFO Equity LP / Preferred Stock 11/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    2126841 | NS      | $2159227.87    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HuFriedy Group Acquisition LLC                                                   | HuFriedy Group Acquisition LLC/Initial Term Loan 5/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19148450 | PA      | $19148450.32   | 0.38%             | 2031-05-30      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Edmunds GovTech, Inc.                                                            | Edmunds GovTech, Inc./Delayed Draw Term Loan 2/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     385197 | PA      | $385196.51     | 0.01%             | 2031-02-26      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| QIMA Finance Ltd                                                                 | QIMA Finance Ltd/ Acquisition/ Capex Facility 07/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2842187 | PA      | $2842187.00    | 0.06%             | 2032-07-12      | Fixed         | 9.83%                 | No            |                  3 | On Loan: No      |
| CGMS 2019-2                                                                      | CGMS 2019-2A ER2                                                                                           | CUSIP: 14316FAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4387500 | PA      | $4507585.88    | 0.09%             | 2037-10-15      | Floating      | 11.32%                | Yes           |                  3 | On Loan: No      |
| KKR 44                                                                           | KKR 44A D                                                                                                  | CUSIP: 481950AJ2<br>LEI: 254900ADEC5BQFZA7W53 | Long             | ABS-CBDO         | CORP              | KY        |    3800000 | PA      | $3839060.20    | 0.08%             | 2036-01-20      | Floating      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| Sterilex LLC                                                                     | Sterilex LLC/Term Loan 9/25                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     219853 | PA      | $217104.84     | 0.00%             | 2030-09-19      | Fixed         | 9.27%                 | No            |                  3 | On Loan: No      |
| Pegasus (Bidco) Limited                                                          | Pegasus (Bidco) Limited / Unitranche Facility                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    4124883 | PA      | $5547552.46    | 0.11%             | 2029-04-04      | Floating      | 11.06%                | No            |                  3 | On Loan: No      |
| Flywheel Acquireco, Inc.                                                         | Flywheel Acquireco, Inc./Revolver 05/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1664441 | PA      | $1664441.00    | 0.03%             | 2028-05-12      | Floating      | 10.66%                | No            |                  3 | On Loan: No      |
| Eclipse Buyer, Inc.                                                              | Eclipse Buyer, Inc./Delayed Draw Term Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7630336 | PA      | $7630336.00    | 0.15%             | 2031-09-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Smarsh Inc.                                                                      | Smarsh Inc./2025 Refinance Delayed Draw Term Loan 1/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     450833 | PA      | $450833.00     | 0.01%             | 2029-02-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DuraServ LLC                                                                     | DuraServ LLC/Delayed Draw Term Loan 6/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     218522 | PA      | $218522.49     | 0.00%             | 2031-06-10      | Floating      | 8.89%                 | No            |                  3 | On Loan: No      |
| Smarsh Inc.                                                                      | Smarsh Inc./Revolver 2/22                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     679626 | PA      | $679626.00     | 0.01%             | 2029-02-16      | Floating      | 8.85%                 | No            |                  3 | On Loan: No      |
| LivTech Purchaser, Inc.                                                          | LivTech Purchaser, Inc./Revolver 11/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     384113 | PA      | $384113.00     | 0.01%             | 2031-11-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| WSBidCo Limited                                                                  | WSBidCo Limited/CAF 2 03/2023                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2884615 | PA      | $3879517.18    | 0.08%             | 2028-06-16      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Pretium PKG Holdings, Inc.                                                       | Pretium PKG Holdings, Inc./Initial Third Amendment Tranche A-1 Term Loan (First Lien) 10/21                | CUSIP: 74142KAK5<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |    6181034 | PA      | $3028706.77    | 0.06%             | 2028-10-02      | Floating      | 8.22%                 | No            |                  3 | On Loan: No      |
| GSM Rights Fund II LP                                                            | GSM Rights Fund II LP/Class B interest 3/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     251849 | NS      | $251849.05     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDPK 2014-14                                                                     | MDPK 2014-14A FR                                                                                           | CUSIP: 55818TAJ1<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $868642.00     | 0.02%             | 2030-10-22      | Floating      | 12.36%                | Yes           |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Term Loan 4/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2207634 | PA      | $2207633.76    | 0.04%             | 2031-04-30      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Continental Group Holdings, L.P.                                                 | Continental Group Holdings, L.P./Class A Units 7/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       9286 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Transit Technologies LLC                                                         | Transit Technologies LLC/Term Loan 9/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     204201 | PA      | $202158.99     | 0.00%             | 2031-08-20      | Fixed         | 8.63%                 | No            |                  3 | On Loan: No      |
| QIMA Finance Ltd                                                                 | QIMA Finance Ltd/ Unitranche Facility B1 07/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    7085836 | PA      | $7085836.00    | 0.14%             | 2032-07-12      | Fixed         | 9.83%                 | No            |                  3 | On Loan: No      |
| AVE Holdings LP                                                                  | AVE Holdings LP/Class A Units 2/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        402 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PCMI Ultimate Holdings, LP                                                       | PCMI Ultimate Holdings, LP/Class A Units 3/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        145 | NS      | $164891.04     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sigma Electric Manufacturing Corporation                                         | Sigma Electric Manufacturing Corporation/Third Amendment Tranche A-2 Term Loan 8/19                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     133176 | PA      | $133175.52     | 0.00%             | 2027-12-31      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Kellermeyer Bergensons Services, LLC                                             | Kellermeyer Bergensons Services, LLC/Amendment No. 6 Term Loan 12/23                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3390022 | PA      | $949206.10     | 0.02%             | 2028-11-06      | None          |  | No            |                  3 | On Loan: No      |
| CIFC 2020-3                                                                      | CIFC 2020-3A SUB                                                                                           | CUSIP: 12560GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1141000 | PA      | $694640.80     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Next Holdco, LLC                                                                 | Next Holdco, LLC/Term Loan 11/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     983528 | PA      | $983528.27     | 0.02%             | 2030-11-12      | Floating      | 9.48%                 | No            |                  3 | On Loan: No      |
| CIFC 2022-6                                                                      | CIFC 2022-6A ER                                                                                            | CUSIP: 12569BAG8<br>LEI: 254900BYFL73GAM27L25 | Long             | ABS-CBDO         | CORP              | KY        |     437500 | PA      | $441195.13     | 0.01%             | 2038-10-16      | Floating      | 10.07%                | Yes           |                  3 | On Loan: No      |
| SIG Parent Holdings, LLC                                                         | SIG Parent Holdings, LLC/Revolver 8/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     666874 | PA      | $666874.00     | 0.01%             | 2031-08-21      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ANCHF 2015-2                                                                     | ANCHF 2015-2A SBR                                                                                          | CUSIP: 03329MAJ8<br>LEI: 549300A5WKMO0YA6UL92 | Long             | ABS-O            | CORP              | KY        |    4550283 | PA      | $3482791.16    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| County Line South Properties, LLC                                                | County Line South Properties, LLC/Class A Common Interest 12/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          8 | NS      | $1900189.48    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Diligent Corporation                                                             | Diligent Corporation/A-1 Cash Pay Term Loan 4/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6978183 | PA      | $6908400.92    | 0.14%             | 2030-08-02      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Cannon Bridge Designated Activity Company                                        | Cannon Bridge Designated Activity Company/Mezzanine Loan Note 08/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |    3941267 | PA      | $4627257.58    | 0.09%             | 2033-10-25      | Fixed         | 4.90%                 | No            |                  3 | On Loan: No      |
| Anchorage Credit Funding 18 Ltd                                                  | ANCHF 2025-18A SUB                                                                                         | CUSIP: 03329NAC1<br>LEI: 636700TZS0ICKG81QT91 | Long             | ABS-O            | CORP              | KY        |   18608000 | PA      | $18595439.60   | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2021-16                                                                     | OAKC 2021-16A SUB                                                                                          | CUSIP: 67115MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    5988321 | PA      | $4190710.87    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Meyer Parent, LLC                                                                | Meyer Parent, LLC/Common Equity 3/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      12000 | NS      | $5522.38       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Tranche 5 Delayed TL 08/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      22957 | PA      | $22957.43      | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Elevation Services Parent Holdings, LLC                                          | Elevation Services Parent Holdings, LLC/Initial Term Loan 12/20                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1289321 | PA      | $1199068.42    | 0.02%             | 2028-12-18      | Floating      | 10.95%                | No            |                  3 | On Loan: No      |
| RFS Opco LLC                                                                     | RFS Opco LLC/Amendment No. 1 DDTL 12/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1300163 | PA      | $1300163.45    | 0.03%             | 2031-04-04      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| TK Elevator Midco GmbH                                                           | TK Elevator Midco GmbH/EUR Term Loan B 02/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |    7125000 | PA      | $8389556.79    | 0.17%             | 2030-04-30      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Precisely Software Incorporated (f/k/a Syncsort Incorporated)                    | Precisely Software Incorporated (f/k/a Syncsort Incorporated)/Third Amendment Term Loan (First Lien) 10/21 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13026635 | PA      | $12538136.28   | 0.25%             | 2028-04-24      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Enviva Inc.                                                                      | Enviva Inc./Private Equity                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1273882 | NS      | $22292935.00   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Celnor Group Limited                                                             | Celnor Group Limited/Senior Term Facility 08/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     879442 | PA      | $1182760.74    | 0.02%             | 2031-08-05      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc.                                  | Paris US Holdco, Inc. & 1001028292 Ontario Inc./Revolver 12/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1074319 | PA      | $1074319.00    | 0.02%             | 2031-12-02      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Plaskolite PPC Blocker LLC                                                       | Plaskolite PPC Blocker LLC/Preferred Units 10/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |          1 | NS      | $21.98         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dedomena Bidco Limited                                                           | Dedomena Bidco Limited/Acquisition Facility 06/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     294118 | PA      | $395559.14     | 0.01%             | 2032-06-25      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Great Elm Capital Corp                                                           | Great Elm Capital Corp.                                                                                    | CUSIP: 390320703<br>LEI: 549300JTA9ODXNIVFC33 | Short            | EC               | CORP              | US        |      -6618 | NS      | $-66312.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/20/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-23972058.00  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| DRS Holdings I, Inc.                                                             | DRS Holdings I, Inc./Common Stock 11/19                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $55880.36      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| USI, Inc.                                                                        | USI, Inc./Term Loan B 12/24                                                                                | CUSIP: 90351NAR6<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |    8007335 | PA      | $7996685.57    | 0.16%             | 2029-11-21      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Panther NewCo                                                                    | Panther NewCo/Tranche A Bonds 05/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    8250135 | PA      | $9686099.16    | 0.19%             | 2029-05-24      | Floating      | 7.17%                 | No            |                  3 | On Loan: No      |
| Pinnacle MEP Intermediate Holdco LLC                                             | Pinnacle MEP Intermediate Holdco LLC/Initial Term Loan 9/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1384646 | PA      | $1315413.41    | 0.03%             | 2030-10-03      | Fixed         | 9.52%                 | No            |                  3 | On Loan: No      |
| Foundation Consumer Brands, LLC                                                  | Foundation Consumer Brands, LLC/2023 Term Loan 06/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6738185 | PA      | $6738184.82    | 0.13%             | 2029-02-12      | Floating      | 9.47%                 | No            |                  3 | On Loan: No      |
| Lucida Broking Holdings Limited                                                  | Lucida Broking Holdings Limited/GBP Facility B 6/18                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     842862 | PA      | $1110893.83    | 0.02%             | 2026-06-30      | Floating      | 13.49%                | No            |                  3 | On Loan: No      |
| ExtraHop Networks, Inc.                                                          | ExtraHop Networks, Inc./Last Out Delayed Draw Term Loan 7/21                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     990313 | PA      | $990313.06     | 0.02%             | 2027-07-22      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| MS Precision Parent, LP                                                          | MS Precision Parent, LP/Common Equity 3/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     179000 | NS      | $200599.39     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Drivecentric Holdings, LLC                                                       | Drivecentric Holdings, LLC/Incremental Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     448863 | PA      | $444374.37     | 0.01%             | 2031-08-15      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Dorado Bidco, Inc.                                                               | Dorado Bidco, Inc./Revolver 9/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     698373 | PA      | $698373.00     | 0.01%             | 2031-09-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Icefall Parent, Inc.                                                             | Icefall Parent, Inc./Revolver 1/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     153724 | PA      | $153724.00     | 0.00%             | 2030-01-25      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Sixth Amendment Term Loan 2/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     643748 | PA      | $643747.60     | 0.01%             | 2028-05-17      | Fixed         | 9.32%                 | No            |                  3 | On Loan: No      |
| League One Volleyball, Inc.                                                      | League One Volleyball, Inc./Series C Preferred Stock 9/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         67 | NS      | $743.26        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/2021 Delayed Draw Term Loan 6/21                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8068366 | PA      | $8068365.88    | 0.16%             | 2028-10-04      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)                             | Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)/Revolver 3/25                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1384598 | PA      | $1384598.00    | 0.03%             | 2032-03-29      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Caister Finance DAC                                                              | CAIF 1A F                                                                                                  | CUSIP: BCC3NC515<br>LEI: 635400IBLLJ9RCTGJN46 | Long             | ABS-MBS          | CORP              | IE        |    2829000 | PA      | $3712524.60    | 0.07%             | 2035-08-17      | Floating      | 11.12%                | Yes           |                  3 | On Loan: No      |
| Confirmasoft AB                                                                  | Confirmasoft AB/Acquisition Facility 3 06/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    1441955 | PA      | $1692932.20    | 0.03%             | 2027-06-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| RB Holdings Interco, LLC                                                         | RB Holdings Interco, LLC/Term Loan 05/22                                                                   | CUSIP: 74935MAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3665929 | PA      | $3592610.18    | 0.07%             | 2028-05-04      | Floating      | 9.40%                 | No            |                  3 | On Loan: No      |
| BCC 2024-2                                                                       | BCC 2024-2A SUB                                                                                            | CUSIP: 056922AC1<br>LEI: 254900KJZFJF5PZOFD13 | Long             | ABS-O            | CORP              | JE        |    1620000 | PA      | $1200557.70    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pinnacle MEP Intermediate Holdco LLC                                             | Pinnacle MEP Intermediate Holdco LLC/Delayed Draw Term Loan 9/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1659623 | PA      | $1576642.12    | 0.03%             | 2030-10-03      | Fixed         | 9.52%                 | No            |                  3 | On Loan: No      |
| Bumble Bidco Limited                                                             | Bumble Bidco Limited/Facility B 10/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3541666 | PA      | $4763184.72    | 0.09%             | 2030-10-25      | Fixed         | 10.74%                | No            |                  3 | On Loan: No      |
| Kene Acquisition, Inc.                                                           | Kene Acquisition, Inc./Revolver 2/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     264593 | PA      | $264593.00     | 0.01%             | 2031-02-07      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Metatiedot Bidco Oy                                                              | Metatiedot Bidco Oy/Term Loan (EUR) 11/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    2757250 | PA      | $3237158.79    | 0.06%             | 2031-11-27      | Fixed         | 7.28%                 | No            |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./CAD Revolver 11/23                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $718.55        | 0.00%             | 2028-12-28      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| WSHP FC Acquisition LLC                                                          | WSHP FC Acquisition LLC/2nd Out Term Loan 8/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6379312 | PA      | $5294829.21    | 0.10%             | 2030-03-30      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Radius Aerospace Europe Limited                                                  | Radius Aerospace Europe Limited/U.K. Revolving Loan 11/19                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     372587 | PA      | $501092.45     | 0.01%             | 2027-03-29      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Cority Software Inc.                                                             | Cority Software Inc./Term Loan 6/19                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1675518 | PA      | $1675517.91    | 0.03%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| MDCP Co-Investors (Jade I), L.P.                                                 | MDCP Co-Investors (Jade I), L.P./Common Units 6/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2490000 | NS      | $3798975.47    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elliott Metron Co-Investor Aggregator L.P.                                       | Elliott Metron Co-Investor Aggregator L.P. / Limited Interest Partners                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1000000 | NS      | $1616404.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OneDigital Borrower LLC                                                          | OneDigital Borrower LLC/Term Loan 1/25                                                                     | CUSIP: 68277FAN9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   12422019 | PA      | $12406739.73   | 0.24%             | 2031-07-02      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| US Salt Investors, LLC                                                           | US Salt Investors, LLC/Initial Term Loan 7/21                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5400731 | PA      | $5400730.97    | 0.11%             | 2028-07-19      | Floating      | 9.40%                 | No            |                  3 | On Loan: No      |
| Essential Services Holding Corporation                                           | Essential Services Holding Corporation/Revolver 6/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2611562 | PA      | $2559330.76    | 0.05%             | 2030-06-17      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Term Loan 9/19                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2726583 | PA      | $2726582.87    | 0.05%             | 2026-09-18      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Wellington Bidco Inc.                                                            | Wellington Bidco Inc./Revolver 6/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     803753 | PA      | $803753.00     | 0.02%             | 2030-06-05      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| CIFC 2018-1                                                                      | CIFC 2018-1A ER                                                                                            | CUSIP: 17181RAA3<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |     830000 | PA      | $834399.83     | 0.02%             | 2038-01-18      | Floating      | 9.58%                 | Yes           |                  3 | On Loan: No      |
| ASPIRE BIDCO LIMITED                                                             | ASPIRE BIDCO LIMITED/Facility B1 GBP 09/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    3558824 | PA      | $4786260.51    | 0.09%             | 2028-09-04      | Floating      | 10.18%                | No            |                  3 | On Loan: No      |
| AllClear Military Inc.                                                           | AllClear Military Inc./First Out Revolver 5/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     162179 | PA      | $162179.21     | 0.00%             | 2030-05-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Radnet Management, Inc.                                                          | Radnet Management, Inc./Term Loan B 11/24                                                                  | CUSIP: 75049EAR5<br>LEI: 549300T3TJ6A0P5TXM13 | Long             | LON              | CORP              | US        |    8925655 | PA      | $8931813.68    | 0.18%             | 2031-04-18      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Align Precision Group, LLC                                                       | Align Precision Group, LLC/Delayed Draw Term Loan 7/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     588862 | PA      | $588861.62     | 0.01%             | 2030-07-03      | Fixed         | 10.78%                | No            |                  3 | On Loan: No      |
| PumpTech, LLC                                                                    | PumpTech, LLC/Initial Term Loan 1/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2032703 | PA      | $2007293.73    | 0.04%             | 2031-01-24      | Fixed         | 8.90%                 | No            |                  3 | On Loan: No      |
| PumpTech, LLC                                                                    | PumpTech, LLC/Revolver 1/25                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     454261 | PA      | $448582.74     | 0.01%             | 2031-01-24      | Fixed         | 8.89%                 | No            |                  3 | On Loan: No      |
| HBH Buyer, LLC                                                                   | HBH BUYER, LLC/Initial Term Loan 9/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     995757 | PA      | $983310.04     | 0.02%             | 2031-09-29      | Fixed         | 9.24%                 | No            |                  3 | On Loan: No      |
| Anaplan, Inc.                                                                    | Anaplan, Inc./2025 Term Loan 6/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7074067 | PA      | $7074067.33    | 0.14%             | 2029-06-21      | Fixed         | 8.70%                 | No            |                  3 | On Loan: No      |
| KCAKE Holdings Inc.                                                              | KCAKE Holdings Inc./Common Stock 5/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $75373.30      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Amendment No. 6 Funded Term Loan 11/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     195601 | PA      | $195600.62     | 0.00%             | 2028-09-05      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Activate holdings (US) Corp.                                                     | Activate holdings (US) Corp./Revolving Loan 07/23                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     579230 | PA      | $579230.00     | 0.01%             | 2029-07-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GSV Purchaser, Inc.                                                              | GSV Purchaser, Inc./Revolver 8/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1202333 | PA      | $1202332.89    | 0.02%             | 2030-08-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/EUR Delayed Draw Term Loan 3/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     731636 | PA      | $841799.94     | 0.02%             | 2031-03-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Viper Bidco, Inc.                                                                | Viper Bidco, Inc./Delayed Draw Term Loan 11/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     748227 | PA      | $748227.00     | 0.01%             | 2031-11-21      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Olympia TopCo, L.P.                                                              | Olympia TopCo, L.P./Class A Units 9/19                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/2024 DDTL 12/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5890353 | PA      | $5890353.00    | 0.12%             | 2028-10-02      | Fixed         | 8.78%                 | No            |                  3 | On Loan: No      |
| Bumble Bidco Limited                                                             | Bumble Bidco Limited/Facility C 10/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1666667 | PA      | $2241499.56    | 0.04%             | 2030-10-25      | Fixed         | 10.75%                | No            |                  3 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                          | BGIF IV Fearless Utility Services, Inc./Delayed Draw Term Loan 6/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     810828 | PA      | $810828.00     | 0.02%             | 2031-06-09      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ASP Dream Acquisition Co LLC                                                     | ASP Dream Acquisition Co LLC/Term Loan B 11/21                                                             | CUSIP: 00217BAB0<br>LEI: 254900DH5Q9BDS6KS803 | Long             | LON              | CORP              | US        |    5933800 | PA      | $5370088.70    | 0.11%             | 2028-12-15      | Floating      | 8.51%                 | No            |                  3 | On Loan: No      |
| Harvey Tool Company, LLC                                                         | Harvey Tool Company, LLC/EUR Term Loan 8/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     275509 | PA      | $321845.44     | 0.01%             | 2032-08-06      | Fixed         | 6.91%                 | No            |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 60 Ltd                                        | NEUB 2025-60A E                                                                                            | CUSIP: 640974AA9<br>LEI: 254900LV0LNHKC2KQJ62 | Long             | ABS-CBDO         | CORP              | KY        |    2100000 | PA      | $2162758.50    | 0.04%             | 2039-04-22      | Floating      | 10.81%                | Yes           |                  3 | On Loan: No      |
| Capnor Connery Bidco A/S                                                         | Capnor Connery Bidco A/S/Facility B Commitment 09/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   74355638 | PA      | $11694723.71   | 0.23%             | 2030-10-07      | Fixed         | 8.41%                 | No            |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                                       | TIBX 8.25% 1st lien Nts due 2032 144A                                                                      | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    3400000 | PA      | $3607987.72    | 0.07%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| WSHP FC Acquisition LLC                                                          | WSHP FC Acquisition LLC/Revolver 3/18                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2945111 | PA      | $2945111.03    | 0.06%             | 2028-03-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Priority Waste Super Holdings, LLC                                               | Priority Waste Super Holdings, LLC/Class A Warrant Units Incremental 6/24                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       1937 | NC      | $104888.36     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stonecourt IV Partners LP                                                        | StoneCourt IV Partners LP/Limited Partnership Interests                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2423676 | NS      | $2005242.88    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Flywheel Acquireco, Inc.                                                         | Flywheel Acquireco, Inc./Term Loans 05/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13541104 | PA      | $13541103.95   | 0.27%             | 2030-05-13      | Floating      | 10.66%                | No            |                  3 | On Loan: No      |
| DRSLF 2022-104                                                                   | DRSLF 2022-104A ER                                                                                         | CUSIP: 26253DAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5756000 | PA      | $5795889.08    | 0.11%             | 2034-08-20      | Floating      | 11.60%                | Yes           |                  3 | On Loan: No      |
| SFE Intermediate HoldCo LLC                                                      | SFE Intermediate HoldCo LLC/Incremental Term Loan 8/18                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1807197 | PA      | $1807197.22    | 0.04%             | 2026-07-31      | Floating      | 10.20%                | No            |                  3 | On Loan: No      |
| Creative Artists Agency, LLC                                                     | Creative Artists Agency, LLC/Term Loan 07/25                                                               | CUSIP: 22526WAU2<br>LEI: 5493008FV5TCFL3KHH96 | Long             | LON              | CORP              | US        |    8219230 | PA      | $8227777.74    | 0.16%             | 2031-10-01      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class D Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACP Avenu Buyer, LLC                                                             | ACP Avenu Buyer, LLC/Revolving Loan 10/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1056703 | PA      | $1056703.00    | 0.02%             | 2029-10-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Wilbur-Ellis Holdings II LLC                                                     | Wilbur-Ellis Holdings II LLC/ABL Revolver 6/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     725663 | PA      | $714778.06     | 0.01%             | 2030-06-24      | Fixed         | 8.58%                 | No            |                  3 | On Loan: No      |
| OHACP 2024-17                                                                    | OHACP 2024-17A SUB                                                                                         | CUSIP: 67120NAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2070000 | PA      | $1865285.28    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clermont Park CLO Ltd                                                            | CLRMPK 2025-1A M                                                                                           | CUSIP: 185836AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   12479000 | PA      | $464805.31     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1X M1                                                                                           | CUSIP: BCC30BLM8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1100000 | PA      | $17064.30      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Dynamic NC Aerospace Holdings, LLC                                               | Dynamic NC Aerospace Holdings, LLC/Initial Term Loan 12/20                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3240232 | PA      | $3240232.09    | 0.06%             | 2027-12-30      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| OLIFAN GROUP PARTNERS                                                            | OLIFAN GROUP PARTNERS/Additional Tranche Commitment 03/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     357143 | PA      | $419304.96     | 0.01%             | 2032-03-12      | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Initial Term Loans 5/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     974715 | PA      | $974714.86     | 0.02%             | 2029-05-15      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Centric Brands L.P.                                                              | Centric Brands L.P./Class A LP Interests 2/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      21364 | NS      | $249397.11     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Accommodations Plus Technologies LLC                                             | Accommodations Plus Technologies LLC/Term Loan 5/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     409637 | PA      | $405540.63     | 0.01%             | 2032-05-28      | Fixed         | 8.70%                 | No            |                  3 | On Loan: No      |
| Flexsys Cayman Holdings, LP                                                      | Flexsys Cayman Holdings, LP/Second Out Refinancing Term Loan 05/25                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8702730 | PA      | $2817508.79    | 0.06%             | 2029-08-01      | Fixed         | 9.71%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc.                                                                      | Kaseya Inc./TL 03/25                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3017438 | PA      | $3020183.37    | 0.06%             | 2032-03-22      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Knockout Intermediate Holdings I Inc.                                            | Knockout Intermediate Holdings I Inc./Preferred Stock                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       4005 | NS      | $5973666.76    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Monica Holdco (US), Inc.                                                         | Monica Holdco (US), Inc./Incremental 1st Lien Term Loan 7/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4430948 | PA      | $4430948.00    | 0.09%             | 2030-07-12      | Fixed         | 9.40%                 | No            |                  3 | On Loan: No      |
| Elliott Davis Advisory, LLC                                                      | Elliott Davis Advisory, LLC/Revolver 7/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     280032 | PA      | $277231.68     | 0.01%             | 2031-07-08      | Fixed         | 8.73%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/August 2021 Delayed Draw Term Loan 8/21                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2473394 | PA      | $2473394.29    | 0.05%             | 2028-10-04      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./First Amendment Term Loan 08/19                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     544925 | PA      | $544925.00     | 0.01%             | 2026-03-13      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| Hyland Software, Inc.                                                            | Hyland Software, Inc./Revolver Credit 09/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     594238 | PA      | $594238.00     | 0.01%             | 2029-09-19      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Account 115                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |      25565 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OPH NEP Investment, LLC                                                          | OPH NEP Investment, LLC/Initial Term Loan 5/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9256911 | PA      | $9071773.09    | 0.18%             | 2032-05-03      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Sunshine Software Holdings, Inc.                                                 | Sunshine Software Holdings, Inc./Series A Preferred Shares                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      15929 | NS      | $19559562.88   | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tikehau Ruby CLO Equity LP                                                       | Tikehau Ruby CLO Equity LP / Preferred Stock                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    3054220 | NS      | $1315388.12    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2021-5                                                                      | CIFC 2021-5A SUB                                                                                           | CUSIP: 12565HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    7301243 | PA      | $4533100.84    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BVI Medical, Inc.                                                                | BVI Medical, Inc./Closing Date Term Loan 3/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19800864 | PA      | $19404846.76   | 0.38%             | 2032-03-08      | Fixed         | 10.41%                | No            |                  3 | On Loan: No      |
| Help/Systems Holdings, Inc.                                                      | Help/Systems Holdings, Inc./Term Loan 05/21                                                                | CUSIP: 42351EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15443129 | PA      | $14541713.12   | 0.29%             | 2026-11-19      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Beacon Wellness Brands, Inc.                                                     | Beacon Wellness Brands, Inc./Revolving Credit Loan 12/21                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     205072 | PA      | $190716.96     | 0.00%             | 2027-12-22      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                                                        | eResearchTechnology, Inc./Keto Delayed Draw Term Loan 1/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4005571 | PA      | $4005571.00    | 0.08%             | 2032-01-19      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| WRE Sports Investments LLC                                                       | WRE Sports Investments LLC/Initial Issuance Note 7/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7354460 | PA      | $7354460.26    | 0.14%             | 2031-07-28      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| CIFC 2024-1                                                                      | CIFC 2024-1A E                                                                                             | CUSIP: 12570YAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     375000 | PA      | $380762.63     | 0.01%             | 2037-04-18      | Floating      | 10.93%                | Yes           |                  3 | On Loan: No      |
| HBH Buyer, LLC                                                                   | HBH BUYER, LLC/Seasonal Revolver 9/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     126771 | PA      | $125186.36     | 0.00%             | 2031-09-29      | Fixed         | 7.49%                 | No            |                  3 | On Loan: No      |
| Apex Service Partners, LLC                                                       | Apex Service Partners, LLC/Replacement Revolver 9/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2131354 | PA      | $2131354.00    | 0.04%             | 2029-10-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./2025 Delayed Draw Term Loan 6/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     646626 | PA      | $646625.96     | 0.01%             | 2029-05-01      | Fixed         | 9.58%                 | No            |                  3 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Term A Loan 12/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1525768 | PA      | $1525768.07    | 0.03%             | 2027-12-01      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| ELM15 2022-2                                                                     | ELM15 2022-2A INC                                                                                          | CUSIP: 29003LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3050000 | PA      | $1752331.75    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Schill Landscaping and Lawn Care Services, LLC                                   | Schill Landscaping and Lawn Care Services, LLC/Fifth Amendment Delayed Draw Term Loan 3/24                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     742201 | PA      | $742200.93     | 0.01%             | 2027-12-16      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/Facility B SEK Commitment 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   78159864 | PA      | $8302160.92    | 0.16%             | 2030-12-31      | Fixed         | 7.60%                 | No            |                  3 | On Loan: No      |
| EC Partners Spanish Bidco, S.L.U.                                                | EC Partners Spanish Bidco, S.L.U./Acquisition Facility 01/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     555556 | PA      | $652252.42     | 0.01%             | 2032-01-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| IMPEL CV-B, LP                                                                   | IMPEL CV-B, LP/Limited Partner Interest 3/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     130381 | NS      | $135038.34     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SSE Parent, LP                                                                   | SSE Parent, LP/Class A-2 Units 6/20                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         25 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LeanTaaS Holdings, Inc.                                                          | LeanTaaS Holdings, Inc./Tranche A Delayed Draw Term Loan 7/22                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1539062 | PA      | $1539061.66    | 0.03%             | 2028-07-12      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-468348.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Hakken Bidco B.V.                                                                | Hakken Bidco B.V./Facility B Tranche B2 07/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    3060000 | PA      | $3520751.39    | 0.07%             | 2030-07-26      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| BGI Purchaser, Inc.                                                              | BGI Purchaser, Inc./Revolver Tranche A 5/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2855917 | PA      | $2855917.17    | 0.06%             | 2030-05-31      | Floating      | 8.20%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-28                                                                     | MDPK 2018-28A SUB                                                                                          | CUSIP: 55821BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1750000 | PA      | $757482.25     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Castle, Inc.                                                             | Project Castle, Inc./Term Loan B 05/22                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8723139 | PA      | $7216216.93    | 0.14%             | 2029-06-01      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| Raptor Technologies, LLC (Sycamore Bidco Ltd)                                    | Raptor Technologies, LLC (Sycamore Bidco Ltd)/Initial Term Loan 10/21                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3127219 | PA      | $3127219.37    | 0.06%             | 2028-10-05      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| RC V Tecmo Investor LLC                                                          | RC V Tecmo Investor LLC/Common Equity 8/20                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $91369.05      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kings Buyer, LLC                                                                 | Kings Buyer, LLC/Revolving Loan 10/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     186723 | PA      | $177386.85     | 0.00%             | 2027-10-29      | Floating      | 11.50%                | No            |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs, Inc./Initial Term Loan 5/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3815304 | PA      | $3815304.00    | 0.08%             | 2028-11-08      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| WPT Intermediate Holdco, Inc.                                                    | WPT Intermediate Holdco, Inc./Initial Term Loan 5/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   21007098 | PA      | $19536600.96   | 0.38%             | 2029-05-07      | Floating      | 13.25%                | No            |                  3 | On Loan: No      |
| Royal Borrower, LLC                                                              | Royal Borrower, LLC/Revolver 7/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     805329 | PA      | $805329.00     | 0.02%             | 2030-07-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class F Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EMB Purchaser, Inc.                                                              | EMB Purchaser, Inc./Initial Term Loan 3/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   42641992 | PA      | $42641991.84   | 0.84%             | 2032-03-12      | Fixed         | 8.59%                 | No            |                  3 | On Loan: No      |
| Caister Finance DAC                                                              | CAIF 1A E                                                                                                  | CUSIP: BCC3NC507<br>LEI: 635400IBLLJ9RCTGJN46 | Long             | ABS-MBS          | CORP              | IE        |    7861000 | PA      | $10525588.80   | 0.21%             | 2035-08-17      | Floating      | 9.72%                 | Yes           |                  3 | On Loan: No      |
| NMC Skincare Intermediate Holdings II, LLC                                       | NMC Skincare Intermediate Holdings II, LLC/Delayed Draw Term Loan 10/18                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     581419 | PA      | $540719.32     | 0.01%             | 2028-10-31      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| Kene Acquisition, Inc.                                                           | Kene Acquisition, Inc./Initial Term Loan 2/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1778667 | PA      | $1778666.68    | 0.03%             | 2031-02-07      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Businessolver.com, Inc.                                                          | Businessolver.com, Inc./Initial Term Loan 12/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4163015 | PA      | $4163015.35    | 0.08%             | 2027-12-01      | Floating      | 9.60%                 | No            |                  3 | On Loan: No      |
| GLM 2022-12                                                                      | GLM 2022-12A ER                                                                                            | CUSIP: 38138YAG5<br>LEI: 549300KUSTD1I13BZ897 | Long             | ABS-CBDO         | CORP              | JE        |    2100000 | PA      | $2112866.70    | 0.04%             | 2037-07-20      | Floating      | 10.03%                | Yes           |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2024-1 Delayed Draw Term Loan 3/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     363994 | PA      | $363993.89     | 0.01%             | 2028-02-09      | Floating      | 10.02%                | No            |                  3 | On Loan: No      |
| Rubicone Bidco Limited                                                           | Rubicone Bidco Limited/Unitranche Facility 11/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2772622 | PA      | $3728897.40    | 0.07%             | 2028-12-01      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| GS SEER Group Borrower LLC                                                       | GS SEER Group Borrower LLC/Revolver 04/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      36698 | PA      | $36698.00      | 0.00%             | 2029-04-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/2024-B Delayed Draw Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3139853 | PA      | $3139853.00    | 0.06%             | 2029-12-06      | Fixed         | 9.96%                 | No            |                  3 | On Loan: No      |
| Daylight Beta Parent LLC                                                         | Daylight Beta Parent LLC/Second Out Term Loan 9/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2161032 | PA      | $186731.93     | 0.00%             | 2033-09-12      | None          |  | No            |                  3 | On Loan: No      |
| AQ Sunshine, Inc.                                                                | AQ Sunshine, Inc./Initial Term Loan 7/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   14677247 | PA      | $14677246.98   | 0.29%             | 2031-07-24      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| KPS Global LLC                                                                   | KPS Global LLC/Term Loan 9/24                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2073709 | PA      | $2073708.65    | 0.04%             | 2030-09-30      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Viper Bidco, Inc.                                                                | Viper Bidco, Inc./Revolver 11/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     618223 | PA      | $618223.00     | 0.01%             | 2031-11-21      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OMERS Wildcats Investment Holdings LLC                                           | OMERS Wildcats Investment Holdings LLC/Class A Units 1/20                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        216 | NS      | $113427.86     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./CAR Facility 3 (EUR) 02/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |   17735849 | PA      | $20822834.16   | 0.41%             | 2029-05-31      | Floating      | 7.47%                 | No            |                  3 | On Loan: No      |
| Clearstead Advisors, LLC                                                         | Clearstead Advisors, LLC/Revolver 5/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      34360 | PA      | $34016.40      | 0.00%             | 2028-02-01      | Fixed         | 8.67%                 | No            |                  3 | On Loan: No      |
| HBH Buyer, LLC                                                                   | HBH BUYER, LLC/Delayed Draw Term Loan 9/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     103003 | PA      | $102359.23     | 0.00%             | 2031-09-29      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cobalt Holdings I, LP                                                            | Cobalt Holdings I, LP/Preferred Units                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $2045.05       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Olympia Acquisition, Inc.                                                        | Olympia Acquisition, Inc./First Out Delayed Draw Term Loan 01/23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     289152 | PA      | $289151.77     | 0.01%             | 2027-02-26      | Floating      | 13.65%                | No            |                  3 | On Loan: No      |
| ATRM 14                                                                          | ATRM 14A SUB                                                                                               | CUSIP: 04965HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   17839387 | PA      | $9070632.55    | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aldinger Company                                                                 | Aldinger Company/Revolver 7/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     304316 | PA      | $304316.00     | 0.01%             | 2027-07-01      | Floating      | 9.36%                 | No            |                  3 | On Loan: No      |
| JAMS Buyer LLC                                                                   | JAMS Buyer LLC/Revolver 6/25                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     349467 | PA      | $344225.00     | 0.01%             | 2031-06-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Poseidon Intermediateco, Inc.                                                    | Poseidon Intermediateco, Inc./Revolver 6/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     117580 | PA      | $116404.20     | 0.00%             | 2031-06-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Delayed Draw Term D Loan 6/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1810384 | PA      | $1810383.53    | 0.04%             | 2028-05-17      | Floating      | 9.18%                 | No            |                  3 | On Loan: No      |
| Gotham Greens Holdings, PBC                                                      | Gotham Greens Holdings, PBC/Delayed Draw Term Loan 6/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8322439 | PA      | $8072766.12    | 0.16%             | 2026-12-29      | Floating      | 15.37%                | No            |                  3 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./ Delayed Draw Term Loan 9/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     312535 | PA      | $312535.00     | 0.01%             | 2031-06-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| GNRT 2022-10                                                                     | GNRT 2022-10A ER                                                                                           | CUSIP: 37148CAG3<br>LEI: 549300HJXIXJNOK1KU82 | Long             | ABS-CBDO         | CORP              | KY        |    2750000 | PA      | $2663262.25    | 0.05%             | 2038-01-22      | Floating      | 9.23%                 | Yes           |                  3 | On Loan: No      |
| Zeppelin US Buyer Inc.                                                           | Zeppelin US Buyer Inc./Initial Term Loan 7/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     402472 | PA      | $398447.28     | 0.01%             | 2032-08-02      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| Rawlings Sporting Goods Company, Inc.                                            | Rawlings Sporting Goods Company, Inc./First Amendment Incremental Term Loan 11/21                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1072081 | PA      | $1072081.17    | 0.02%             | 2030-11-26      | Floating      | 8.90%                 | No            |                  3 | On Loan: No      |
| Aquarian Peninsula Holdings LLC                                                  | Aquarian Peninsula Holdings LLC / Preferred Stock                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   35481024 | NS      | $43417100.22   | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brokers Alliance S.L.                                                            | Brokers Alliance S.L./Second Unitranche Facility 7/23                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |    1989362 | PA      | $2335617.26    | 0.05%             | 2029-04-09      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| Radius Aerospace Europe Limited                                                  | Radius Aerospace Europe Limited/U.K. Term Loan 11/19                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    4102958 | PA      | $4102958.45    | 0.08%             | 2027-03-29      | Floating      | 10.15%                | No            |                  3 | On Loan: No      |
| WILDPK 2024-1                                                                    | WILDPK 2024-1A E                                                                                           | CUSIP: 96820DAA5<br>LEI: 254900BZ1VFIEIOEK304 | Long             | ABS-CBDO         | CORP              | JE        |    1117500 | PA      | $1132339.28    | 0.02%             | 2037-10-20      | Floating      | 10.08%                | Yes           |                  3 | On Loan: No      |
| Dynamic NC Investment Holdings, LP                                               | Dynamic NC Investment Holdings, LP/Common Units                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $82753.05      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VetPartners Group Limited                                                        | VetPartners Group Limited/Unitranche Facility A2 09/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   20753983 | PA      | $27912020.71   | 0.55%             | 2032-09-24      | Fixed         | 9.47%                 | No            |                  3 | On Loan: No      |
| CIFC 2021-5                                                                      | CIFC 2021-5A ER                                                                                            | CUSIP: 12565HAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3883334 | PA      | $3869816.11    | 0.08%             | 2038-01-15      | Floating      | 9.42%                 | Yes           |                  3 | On Loan: No      |
| Vamos Bidco, Inc.                                                                | Vamos Bidco, Inc./Delayed Draw Term Loan 1/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1083057 | PA      | $1072226.43    | 0.02%             | 2032-01-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| AIMCO 2024-22                                                                    | AIMCO 2024-22A E                                                                                           | CUSIP: 00901VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    3000000 | PA      | $3044157.00    | 0.06%             | 2037-04-19      | Floating      | 10.83%                | Yes           |                  3 | On Loan: No      |
| VRS Buyer, Inc.                                                                  | VRS Buyer, Inc./Initial Term Loan 7/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2881642 | PA      | $2852825.58    | 0.06%             | 2032-07-19      | Fixed         | 9.08%                 | No            |                  3 | On Loan: No      |
| Kellermeyer Bergensons Services, LLC                                             | Kellermeyer Bergensons Services, LLC/Amendment No. 8 Term Loan 3/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7422708 | PA      | $7422707.54    | 0.15%             | 2028-11-06      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Galway Borrower LLC                                                              | Galway Borrower LLC/Refinancing Third Amendment Delayed Draw Term Loan 07/24                               | CUSIP: 36457WAJ0<br>LEI: 254900EKSXH6GINLK281 | Long             | LON              | CORP              | US        |    1346128 | PA      | $1346127.96    | 0.03%             | 2028-09-29      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Telle Tire & Auto Service, LLC                                                   | Telle Tire & Auto Service, LLC/Delayed Draw Term Loan 3/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     401981 | PA      | $401981.00     | 0.01%             | 2031-03-03      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| GMR Buyer Corp.                                                                  | GMR Buyer Corp./Warrants 12/21                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       1927 | NC      | $25049.90      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Voldex Entertainment Limited                                                     | Voldex Entertainment Limited/Term Loan 1/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      22304 | PA      | $22303.75      | 0.00%             | 2029-01-29      | Fixed         | 11.25%                | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/E Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rocket Parent, LLC                                                               | Rocket Parent, LLC/Class A Common Units                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      74502 | NS      | $282362.52     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CAVU 2021-1                                                                      | CAVU 2021-1A ER                                                                                            | CUSIP: 89624PAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1260280.00    | 0.02%             | 2037-07-23      | Floating      | 11.32%                | Yes           |                  3 | On Loan: No      |
| Neptune BidCo US Inc.                                                            | Neptune BidCo US Inc./Revolver 10/22                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2987699 | PA      | $2838314.05    | 0.06%             | 2027-10-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Helix Acquisition Holdings, Inc.                                                 | Helix Acquisition Holdings, Inc./Initial Term Loan 03/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     472955 | PA      | $472955.07     | 0.01%             | 2030-03-29      | Floating      | 11.26%                | No            |                  3 | On Loan: No      |
| UP Intermediate II LLC                                                           | UP Intermediate II LLC/Revolver 3/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     391843 | PA      | $391843.00     | 0.01%             | 2031-03-14      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GMP Hills, LP                                                                    | GMP Hills, LP/Limited Partnership Interest 11/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     611000 | NS      | $756944.07     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./Initial Term Loan 05/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4209821 | PA      | $4209821.28    | 0.08%             | 2029-05-01      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| QBS Parent, Inc.                                                                 | QBS Parent, Inc./Amendment No. 2 Revolving Loan 06/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     487591 | PA      | $485153.05     | 0.01%             | 2032-06-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Switch BBF, LLC                                                                  | Switch BBF, LLC/ Term Loan 1/25 (Citizens Last Out Participation)                                          | CUSIP: 87104RAB8<br>LEI: 984500FCEC5C1FC7F698 | Long             | LON              | CORP              | US        |    1341585 | PA      | $1341584.63    | 0.03%             | 2027-08-30      | Floating      | 11.42%                | No            |                  3 | On Loan: No      |
| Inszone Mid, LLC                                                                 | Inszone Mid, LLC/Amendment No. 1 Delayed Draw Term Loan 7/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9413754 | PA      | $9413754.00    | 0.19%             | 2029-11-30      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| H&F Unite Partners, L.P.                                                         | H&F Unite Partners, L.P./Limited Partnership Interests 4/19                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50032 | NS      | $127030.76     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Delayed TL 03/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     181895 | PA      | $181894.51     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| KBS Topco, LLC                                                                   | KBS Topco, LLC/Class A Common Units 3/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     901730 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EMB Purchaser, Inc.                                                              | EMB Purchaser, Inc./Delayed Draw Term Loan 3/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   25649318 | PA      | $25649318.00   | 0.50%             | 2032-03-12      | Fixed         | 8.59%                 | No            |                  3 | On Loan: No      |
| Healthco Investment Ltd                                                          | Healthco Investment Ltd/ Unitranche Facility (GBP) 08/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     641667 | PA      | $862977.07     | 0.02%             | 2032-09-09      | Fixed         | 9.73%                 | No            |                  3 | On Loan: No      |
| Voya CLO 2025-2 Ltd                                                              | VOYA 2025-2A E                                                                                             | CUSIP: 92891WAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2775409 | PA      | $2820095.86    | 0.06%             | 2038-07-15      | Floating      | 10.55%                | Yes           |                  3 | On Loan: No      |
| The Mather Group, LLC                                                            | The Mather Group, LLC/Delayed Draw Term Loan 3/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1951106 | PA      | $1951105.92    | 0.04%             | 2028-03-31      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Bausch + Lomb Corporation                                                        | Bausch + Lomb Corporation/Term Loan B 06/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   11414920 | PA      | $11405445.69   | 0.22%             | 2031-01-15      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVII Ltd                                                        | SIXST 2021-17A SUB                                                                                         | CUSIP: 83012GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6000000 | PA      | $4168884.00    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NextCare, Inc.                                                                   | NextCare, Inc./Term Loan (Second Lien) 02/18                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7889535 | PA      | $7889534.78    | 0.16%             | 2026-06-30      | Floating      | 10.90%                | No            |                  3 | On Loan: No      |
| Systems Planning and Analysis, Inc.                                              | Systems Planning and Analysis, Inc./Revolving Loan 10/21                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1003584 | PA      | $1003584.23    | 0.02%             | 2027-08-16      | Floating      | 8.90%                 | No            |                  3 | On Loan: No      |
| WRE Sports Investments LLC                                                       | WRE Sports Investments LLC/Delayed Tranche Note 7/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1954281 | PA      | $1954281.30    | 0.04%             | 2031-07-28      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment DDTL-2 07/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     131827 | PA      | $131827.40     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| League One Volleyball Clubs, LLC                                                 | League One Volleyball Clubs, LLC/Delayed Draw Term Loan 1/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       3005 | PA      | $3005.00       | 0.00%             | 2030-01-24      | Fixed         | 10.62%                | No            |                  3 | On Loan: No      |
| Riviera Loan Funding Warehouse 75, Ltd.                                          | Riviera Loan Funding Warehouse 75, Ltd. / CLO Warehouse                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |     739333 | PA      | $739333.33     | 0.01%             | 2026-04-30      | Fixed         | 24.30%                | No            |                  3 | On Loan: No      |
| Hamsard 3713 Limited                                                             | Hamsard 3713 Limited/Acquisition Facility 08/2023                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3968210 | PA      | $4658890.04    | 0.09%             | 2030-11-22      | Floating      | 10.99%                | No            |                  3 | On Loan: No      |
| BERRY 2024-1                                                                     | BERRY 2024-1A SUB                                                                                          | CUSIP: 09609VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    3580000 | PA      | $2659714.46    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Verista, Inc.                                                                    | Verista, Inc./Revolving Loan 02/22                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2000000 | PA      | $1860000.00    | 0.04%             | 2027-02-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Amendment No. 1 Delayed Draw Term  Loan 11/20                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2180241 | PA      | $2180240.98    | 0.04%             | 2026-09-18      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Talon Buyer Inc.                                                                 | Talon Buyer Inc./Initial Term Loan 7/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     800555 | PA      | $790548.06     | 0.02%             | 2032-07-15      | Fixed         | 8.82%                 | No            |                  3 | On Loan: No      |
| Delta Topco, Inc.                                                                | Delta Topco, Inc./Term Loan B 01/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12520338 | PA      | $12366963.52   | 0.24%             | 2029-11-30      | Fixed         | 7.02%                 | No            |                  2 | On Loan: No      |
| Sun TopCo, LP                                                                    | Sun TopCo, LP/Class A Units                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1000 | NS      | $150897.18     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LBC Woodlands Purchaser LLC                                                      | LBC Woodlands Purchaser LLC/Revolver 7/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     610611 | PA      | $604504.89     | 0.01%             | 2030-07-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CHPPR Holdings Inc.                                                              | CHPPR Holdings Inc. Common Stock                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       4700 | NS      | $865216.54     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Spark Purchaser, Inc.                                                            | Spark Purchaser, Inc./Revolver 4/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     281263 | PA      | $281263.00     | 0.01%             | 2030-04-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Finastra USA, Inc.                                                               | Finastra USA, Inc./Societe DH (Canada) and Finastra Europe S.a.r.l. (Lux)/Term Loan 09/23                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5217267 | PA      | $5217267.15    | 0.10%             | 2029-09-13      | Floating      | 11.29%                | No            |                  3 | On Loan: No      |
| CPFTR 2025-1                                                                     | CPFTR 2025-1                                                                                               | CUSIP: 15480EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   22762570 | PA      | $22830862.37   | 0.45%             | 2026-07-29      | Fixed         | 8.38%                 | Yes           |                  3 | On Loan: No      |
| BigHand UK Bidco Limited                                                         | BigHand UK Bidco Limited/Additional Term Facility 04/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     241935 | PA      | $325378.25     | 0.01%             | 2030-06-25      | Fixed         | 9.76%                 | No            |                  3 | On Loan: No      |
| ACTFY Buyer, Inc.                                                                | ACTFY Buyer, Inc./Delayed Draw Term Loan 5/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     491903 | PA      | $491902.74     | 0.01%             | 2031-05-01      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| Grit Buyer, Inc.                                                                 | Grit Buyer, Inc./Delayed Draw Term Loan 7/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     385168 | PA      | $382077.03     | 0.01%             | 2032-07-16      | Fixed         | 8.81%                 | No            |                  3 | On Loan: No      |
| ELMW4 2020-1                                                                     | ELMW4 2020-1A ER                                                                                           | CUSIP: 29002KAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2738000 | PA      | $2724310.00    | 0.05%             | 2037-04-18      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| Edelman Financial Engines Center, LLC, The                                       | Edelman Financial Engines Center, LLC, The/Term Loan 12/24                                                 | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |   15355292 | PA      | $15360820.08   | 0.30%             | 2028-04-07      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                            | NLSN 9.29% Secured Nts due 2029 144A                                                                       | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    8991000 | PA      | $8817383.79    | 0.17%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| WSBidCo Limited                                                                  | WSBidCo Limited/CAF 3 Facility 01/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    3419593 | PA      | $4599008.81    | 0.09%             | 2028-06-16      | Fixed         | 10.59%                | No            |                  3 | On Loan: No      |
| Adonis Acquisition Holdings LLC                                                  | Adonis Acquisition Holdings LLC/Middle Out Delayed Draw Term Loan 2/25                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1002014 | PA      | $1002013.65    | 0.02%             | 2030-02-07      | Fixed         | 11.75%                | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Second Amendment Delayed Draw Term Loan 6/24                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     721841 | PA      | $721841.00     | 0.01%             | 2029-05-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Neptune BidCo US Inc.                                                            | Neptune BidCo US Inc./ 2L Term Loan 10/22                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8834397 | PA      | $8834397.01    | 0.17%             | 2029-10-11      | Floating      | 14.18%                | No            |                  3 | On Loan: No      |
| TriplePoint Venture Growth BDC Corp                                              | TriplePoint Venture Growth BDC Corp. 8.11% Senior Notes, Due 2/28                                          | CUSIP: 89677YBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   17100000 | PA      | $17408368.58   | 0.34%             | 2028-02-12      | Fixed         | 8.11%                 | No            |                  3 | On Loan: No      |
| WorkWave Intermediate II, LLC                                                    | WorkWave Intermediate II, LLC/Initial Term Loan 6/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4962099 | PA      | $4912477.89    | 0.10%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Gapco Aiv Interholdco (CP), L.P.                                                 | Gapco Aiv Interholdco (CP), L.P./Delayed Draw Term Loan 3/31                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4200321 | PA      | $4200321.00    | 0.08%             | 2033-03-31      | Fixed         | 10.88%                | No            |                  3 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/Ninth Amendment DDTL 11/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2381579 | PA      | $2381579.00    | 0.05%             | 2029-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs Inc./Series B Redeemable Preferred Stock 6/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        776 | NS      | $808637.64     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Revival Animal Health, LLC                                                       | Revival Animal Health, LLC/Delayed Draw Term Loan 1/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1471500 | PA      | $1456784.54    | 0.03%             | 2028-01-03      | Fixed         | 10.10%                | No            |                  3 | On Loan: No      |
| Oiva Isannointi Group Oy                                                         | Oiva Isannointi Group Oy/Facility B 07/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FI        |     272277 | PA      | $319667.74     | 0.01%             | 2031-08-08      | Fixed         | 7.98%                 | No            |                  3 | On Loan: No      |
| HIG Intermediate, Inc.                                                           | HIG Intermediate, Inc./Series A Preferred Shares 12/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       5290 | NS      | $5290000.00    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                        | Zayo Group Holdings, Inc./Incremental Term Loan 04/22                                                      | CUSIP: 98919XAE1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |     729905 | PA      | $728598.76     | 0.01%             | 2027-03-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CMG Buyer Holdings, Inc.                                                         | CMG Buyer Holdings. Inc./Common Stock                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          5 | NS      | $164152.90     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RWA Wealth Partners, LLC                                                         | RWA Wealth Partners, LLC/Revolver 11/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     744263 | PA      | $744263.00     | 0.01%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| TSS Buyer, LLC                                                                   | TSS Buyer, LLC/Delayed Draw Term Loan 06/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     282494 | PA      | $282493.72     | 0.01%             | 2029-06-22      | Floating      | 9.96%                 | No            |                  3 | On Loan: No      |
| RR 29 LTD                                                                        | RRAM 2024-29RA SUB                                                                                         | CUSIP: 40256XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8025000 | PA      | $4845896.25    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arete Bidco Limited                                                              | Arete Bidco Limited/Senior Unitranche Facility 05/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2590111 | PA      | $3483438.91    | 0.07%             | 2031-05-08      | Floating      | 10.66%                | No            |                  3 | On Loan: No      |
| Lowe P27 Bidco Limited                                                           | Lowe P27 Bidco Limited/Second Additional Facility 12/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1400233 | PA      | $1883172.62    | 0.04%             | 2026-07-31      | Floating      | 8.58%                 | No            |                  3 | On Loan: No      |
| AllClear Military Inc.                                                           | AllClear Military Inc./Term Loan A 5/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     806860 | PA      | $806860.15     | 0.02%             | 2030-05-31      | Fixed         | 9.76%                 | No            |                  3 | On Loan: No      |
| FTAI Infrastructure Inc. (Railco)                                                | FTAI Infrastructure Inc. Bridge Loan                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   26817428 | PA      | $26348122.72   | 0.52%             | 2026-08-24      | Fixed         | 8.20%                 | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/2024-A Delayed Draw Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5233121 | PA      | $5233121.00    | 0.10%             | 2029-12-06      | Fixed         | 9.96%                 | No            |                  3 | On Loan: No      |
| CC Fly Holding II A/S                                                            | CC Fly Holding II A/S/Unitranche Facility B 04/18                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |    3812564 | PA      | $557668.58     | 0.01%             | 2026-05-08      | Floating      | 11.89%                | No            |                  3 | On Loan: No      |
| Saturn Purchaser Corp.                                                           | Saturn Purchaser Corp./Term Loan 07/22                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     220757 | PA      | $220756.59     | 0.00%             | 2030-07-22      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| Phoenix Operating LLC                                                            | Phoenix Operating LLC/Tranche F Loan 8/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      16471 | PA      | $0.00          | 0.00%             | 2027-12-20      | Fixed         | 11.10%                | No            |                  3 | On Loan: No      |
| Worldwide Produce Acquisition, LLC                                               | Worldwide Produce Acquisition, LLC/Tranche A DDTL 01/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      28051 | PA      | $24685.26      | 0.00%             | 2029-01-18      | Floating      | 11.91%                | No            |                  3 | On Loan: No      |
| OPH NEP Investment, LLC                                                          | OPH NEP Investment, LLC/First Amendment Term Loan 3/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1246677 | PA      | $1221743.84    | 0.02%             | 2032-05-03      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| NMC Skincare Intermediate Holdings II, LLC                                       | NMC Skincare Intermediate Holdings II, LLC/Term Loan 10/18                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1725026 | PA      | $1604274.25    | 0.03%             | 2028-10-31      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment Delayed Draw Term Loan 6/24                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     263719 | PA      | $263719.43     | 0.01%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| FEH Group, LLC.                                                                  | FEH Group, LLC/Class A Common Interest 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          8 | NS      | $65149922.58   | 1.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunvair Aerospace Group, Inc.                                                    | Sunvair Aerospace Group, Inc./Initial Term Loan 5/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1759853 | PA      | $1759852.72    | 0.03%             | 2031-05-30      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Monolith Brands Group, Inc.                                                      | Monolith Brands Group, Inc./Series A Preferred Stock 4/22                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     192811 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telle Tire & Auto Service, LLC                                                   | Telle Tire & Auto Service, LLC/Second Amendment Incremental DDTL 7/25                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     250000 | PA      | $250000.00     | 0.00%             | 2031-03-03      | Fixed         | 8.67%                 | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Second Amendment Incremental Term Loan 1/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     566923 | PA      | $566923.49     | 0.01%             | 2031-04-30      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| BVI Medical, Inc.                                                                | BVI Medical, Inc./Delayed Draw Term Loan 3/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     849936 | PA      | $832937.28     | 0.02%             | 2032-03-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Term Loan 9/19                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1306099 | PA      | $1306099.20    | 0.03%             | 2027-12-15      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| NCP MSI Co-Invest, LP                                                            | NCP MSI Co-Invest, LP/Common Units 3/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     130000 | NS      | $144697.28     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MPLC Debtco Limited                                                              | MPLC Debtco Limited/Facility B USD Tranche 12/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    1808333 | PA      | $1808333.33    | 0.04%             | 2027-01-07      | Floating      | 11.11%                | No            |                  3 | On Loan: No      |
| Phoenix YW Buyer, Inc.                                                           | Phoenix YW Buyer, Inc./Revolver 5/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     979248 | PA      | $979248.00     | 0.02%             | 2030-05-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Firebird Acquisition Corp, Inc.                                                  | Firebird Acquisition Corp, Inc./Revolver 1/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     473175 | PA      | $473175.00     | 0.01%             | 2032-02-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1X SUB                                                                                          | CUSIP: BCC308493<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1100000 | PA      | $584380.50     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Poseidon Intermediateco, Inc.                                                    | Poseidon Intermediateco, Inc./Delayed Draw Term Loan 6/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     229245 | PA      | $228098.78     | 0.00%             | 2032-06-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Kelso XI Tailwind Co-Investment, L.P.                                            | Kelso XI Tailwind Co-Investment, L.P./Limited Partner Interests                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      48023 | NS      | $66223.77      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bluejack Fire Acquisition, Inc.                                                  | Bluejack Fire Acquisition, Inc./Delayed Draw Term Loan 1/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1416432 | PA      | $1416432.00    | 0.03%             | 2031-01-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| De Hypothekers Associatie Holding B.V.                                           | De Hypothekers Associatie Holding B.V./Facility B1 09/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1526282 | PA      | $1791936.94    | 0.04%             | 2029-01-04      | Fixed         | 8.62%                 | No            |                  3 | On Loan: No      |
| Artivion, Inc.                                                                   | Artivion, Inc./Second Amendment Delayed Draw Term Loan 9/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     923316 | PA      | $923316.00     | 0.02%             | 2031-01-21      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Aero Operating LLC                                                               | Aero Operating LLC/Initial Term Loan 01/20                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2850396 | PA      | $2850395.65    | 0.06%             | 2026-02-09      | Floating      | 13.44%                | No            |                  3 | On Loan: No      |
| MAGNE 2024-44                                                                    | MAGNE 2024-44A SUB                                                                                         | CUSIP: 55955WAE8<br>LEI: 529900QN6D2QU338OD40 | Long             | ABS-O            | CORP              | US        |    4670000 | PA      | $3691326.78    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class C Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIMCO 2020-11                                                                    | AIMCO 2020-11A SUB                                                                                         | CUSIP: 00140PAC9<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-O            | CORP              | KY        |    7971282 | PA      | $6268193.69    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raptor Technologies, LLC (Sycamore Bidco Ltd)                                    | Raptor Technologies, LLC (Sycamore Bidco Ltd)/Second Amendment Term Loan 5/24                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2363420 | PA      | $2363420.08    | 0.05%             | 2028-10-05      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Airx Climate Solutions, Inc.                                                     | Airx Climate Solutions, Inc./Powrmatic Delayed Draw Term Loan 7/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     492473 | PA      | $487548.33     | 0.01%             | 2029-11-07      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Adonis Acquisition Holdings LLC                                                  | Adonis Acquisition Holdings LLC/Reinstated Term Loan 2/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2748468 | PA      | $2748468.41    | 0.05%             | 2030-02-07      | Fixed         | 9.61%                 | No            |                  3 | On Loan: No      |
| LivTech Purchaser, Inc.                                                          | LivTech Purchaser, Inc./Term Loan 11/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1290045 | PA      | $1290045.00    | 0.03%             | 2031-11-24      | Fixed         | 9.15%                 | No            |                  3 | On Loan: No      |
| Artera Services, LLC                                                             | Artera Services, LLC/First Lien Term Loan 01/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6475568 | PA      | $5768306.85    | 0.11%             | 2031-02-15      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/August 2025 Delayed Draw Term Loan 8/25                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3100285 | PA      | $3100285.00    | 0.06%             | 2028-10-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| WSC Ultimate Holdings, LLC                                                       | WSC Ultimate Holdings, LLC/Class A Common Units 5/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         95 | NS      | $42178.28      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radiant Intermediate Holding, LLC                                                | Radiant Intermediate Holding, LLC/Amendment No. 5 Term Loan 03/23                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     507642 | PA      | $461954.14     | 0.01%             | 2026-11-23      | Floating      | 10.30%                | No            |                  3 | On Loan: No      |
| Transit Technologies LLC                                                         | Transit Technologies LLC/Initial Delayed Draw Term Loan 8/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1351602 | PA      | $1351601.64    | 0.03%             | 2031-08-20      | Floating      | 8.85%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | SRT CDS Tranche 95.12 - 99.23 09/30/31                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |          1 | NC      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CP Atlas Buyer Inc                                                               | AMBATH 12.75% PIK 2nd lien Nts due 2031 144A                                                               | CUSIP: 12597YAD1<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   12163000 | PA      | $12147959.23   | 0.24%             | 2031-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Maximus BidCo AB                                                                 | Maximus BidCo AB/Facility B 04/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |  154830003 | PA      | $16446082.92   | 0.32%             | 2032-04-30      | Fixed         | 7.46%                 | No            |                  3 | On Loan: No      |
| Airx Climate Solutions, Inc.                                                     | Airx Climate Solutions, Inc./Term Loan 7/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2414355 | PA      | $2390211.03    | 0.05%             | 2029-11-07      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: NOK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-641411.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC                      | Bottomline Technologies, Inc. and Legal Spend Holdings, LLC/2025-1 Refinancing Term Loan 4/25              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19742096 | PA      | $19742095.71   | 0.39%             | 2029-05-14      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                             | Artifact Bidco, Inc./Revolver Multi-Currency 5/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      89067 | PA      | $89067.00      | 0.00%             | 2030-07-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Convera International Holdings Limited                                           | Convera International Holdings Limited/Revolver 3/22                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    1777401 | PA      | $1777401.00    | 0.03%             | 2027-03-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Lowe P27 Bidco Limited                                                           | Lowe P27 Bidco Limited/Facility B2 06/19                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     609527 | PA      | $609527.33     | 0.01%             | 2026-07-31      | Floating      | 11.34%                | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/DDTL - 4 01/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     146176 | PA      | $146175.54     | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| VOYA 2021-3                                                                      | VOYA 2021-3A ER                                                                                            | CUSIP: 92919CAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2500000 | PA      | $2555450.00    | 0.05%             | 2038-04-15      | Floating      | 10.16%                | Yes           |                  3 | On Loan: No      |
| AQ Sage Buyer, LLC                                                               | AQ Sage Buyer, LLC/Revolver 01/21                                                                          | CUSIP: 00217MAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      50136 | PA      | $49634.64      | 0.00%             | 2028-01-25      | Floating      | 10.14%                | No            |                  3 | On Loan: No      |
| Hills Distribution, Inc.                                                         | Hills Distribution, Inc./Delayed Draw Term Loan 11/23                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     311449 | PA      | $311449.32     | 0.01%             | 2029-11-08      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| LiveBarn Inc.                                                                    | LiveBarn Inc./Middle Preferred Shares 8/23                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | CA        |     648925 | NS      | $3429000.82    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./Facility B (GBP) 09/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    9567000 | PA      | $12866653.22   | 0.25%             | 2029-05-31      | Floating      | 9.62%                 | No            |                  3 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Delayed Draw Term Loan 1/20                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2379699 | PA      | $2379698.96    | 0.05%             | 2028-12-31      | Floating      | 12.13%                | No            |                  3 | On Loan: No      |
| Meyer Laboratory, LLC                                                            | Meyer Laboratory, LLC/Revolver 2/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     190296 | PA      | $178878.24     | 0.00%             | 2030-02-28      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Repairify Holdings, LLC                                                          | Repairify Holdings, LLC/Class A Common Units                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1655 | NS      | $24846.57      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Generator Buyer, Inc.                                                            | Generator Buyer, Inc./Revolver 7/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     296466 | PA      | $213024.36     | 0.00%             | 2030-07-22      | Floating      | 7.70%                 | No            |                  3 | On Loan: No      |
| Aptean Acquiror Inc.                                                             | Aptean Acquiror Inc./Term Loan 1/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4360608 | PA      | $4360607.73    | 0.09%             | 2031-01-30      | Floating      | 8.89%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Ninth Amendment Incremental Delayed Draw Term Loan 4/25                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      51817 | PA      | $51817.08      | 0.00%             | 2029-08-21      | Fixed         | 11.96%                | No            |                  3 | On Loan: No      |
| Sigma Electric Manufacturing Corporation                                         | Sigma Electric Manufacturing Corporation/Term Loan A2 10/17                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     306047 | PA      | $306047.33     | 0.01%             | 2027-12-31      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| DuraServ LLC                                                                     | DuraServ LLC/Revolver 6/24                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     227101 | PA      | $227101.00     | 0.00%             | 2030-06-10      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GC Waves Holdings, Inc.                                                          | GC Waves Holdings, Inc./2023 Replacing Revolver 7/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     173202 | PA      | $173202.00     | 0.00%             | 2030-10-04      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Sigma Electric Manufacturing Corporation                                         | Sigma Electric Manufacturing Corporation/Revolving Credit 10/17                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      82366 | PA      | $82365.59      | 0.00%             | 2027-12-31      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Olympia Acquisition, Inc.                                                        | Olympia Acquisition, Inc./Rolled Term Loan 2/22                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4106422 | PA      | $1396183.44    | 0.03%             | 2027-02-26      | None          |  | No            |                  3 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/USD Delayed Draw Term Loan 3/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     380908 | PA      | $373289.84     | 0.01%             | 2031-03-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-32                                                                     | MDPK 2018-32A SUB                                                                                          | CUSIP: 55817CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4105163 | PA      | $1801460.47    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Fifth Amendment Incremental DDTL 12/24                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4601148 | PA      | $4601148.10    | 0.09%             | 2026-12-07      | Fixed         | 9.22%                 | No            |                  3 | On Loan: No      |
| Endeavor Bidco LLC                                                               | Endeavor Bidco LLC/Tranche B Term Loan 8/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1063855 | PA      | $1058535.73    | 0.02%             | 2029-08-21      | Floating      | 8.25%                 | No            |                  3 | On Loan: No      |
| Reddy Ice LLC                                                                    | Reddy Ice LLC/Tranche B Delayed Draw Term Loan 6/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   26044905 | PA      | $26044904.85   | 0.51%             | 2029-04-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LHS Borrower, LLC                                                                | LHS Borrower, LLC/Revolver 9/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     190892 | PA      | $188028.62     | 0.00%             | 2031-09-04      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Steward Partners Global Advisory, LLC                                            | Steward Partners Global Advisory, LLC/Revolving Loan 10/22                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      85756 | PA      | $85756.00      | 0.00%             | 2028-10-14      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Cardinal Topco Holdings, LP                                                      | Cardinal Topco Holdings, LP/Promissory Note 03/23                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      10897 | PA      | $10897.31      | 0.00%             | 2027-03-15      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| Antenore Bidco SpA                                                               | ANTEN Fltg Nts due 2030 REGS                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |    3550000 | PA      | $4167889.64    | 0.08%             | 2030-10-08      | Fixed         | 8.69%                 | No            |                  3 | On Loan: No      |
| Priority Waste Holdings LLC                                                      | Priority Waste Holdings LLC/Amendment No. 2 Term Loan 6/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3368497 | PA      | $3132702.65    | 0.06%             | 2029-08-20      | Floating      | 12.29%                | No            |                  3 | On Loan: No      |
| Elevation Services Parent Holdings, LLC                                          | Elevation Services Parent Holdings, LLC/Third Amendment Incremental Delayed Draw Term Loan 5/22            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     368521 | PA      | $342724.96     | 0.01%             | 2028-12-18      | Floating      | 10.92%                | No            |                  3 | On Loan: No      |
| First Student Bidco Inc.                                                         | First Student Bidco Inc./Term Loan 08/25                                                                   | CUSIP: 33718FAN0<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |    5957594 | PA      | $5957594.21    | 0.12%             | 2030-08-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Incremental Term Loan 1/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    9207939 | PA      | $9207939.00    | 0.18%             | 2028-12-31      | Floating      | 12.13%                | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                             | Artifact Bidco, Inc./Term Loan 5/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1154093 | PA      | $1154093.00    | 0.02%             | 2031-07-28      | Floating      | 8.25%                 | No            |                  3 | On Loan: No      |
| Runway Bidco, LLC                                                                | Runway Bidco, LLC/Delayed Draw Term Loan 12/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     258210 | PA      | $255627.90     | 0.01%             | 2031-12-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Sundance Group Holdings, Inc.                                                    | Sundance Group Holdings, Inc./Revolver 9/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1500 | PA      | $1500.00       | 0.00%             | 2029-07-02      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Movares Group B.V.                                                               | Movares Group B.V./Facility B Tranche B2 07/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1363637 | PA      | $1600982.68    | 0.03%             | 2032-07-08      | Fixed         | 7.52%                 | No            |                  3 | On Loan: No      |
| Argenbright Holdings V, LLC                                                      | Argenbright Holdings V, LLC/Agreement Date DDTL 11/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     191190 | PA      | $191189.67     | 0.00%             | 2028-11-30      | Floating      | 13.52%                | No            |                  3 | On Loan: No      |
| Cambrex Corporation                                                              | Cambrex Corporation/Delayed Draw Term Loan 3/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5454397 | PA      | $5454397.00    | 0.11%             | 2032-03-05      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Flash Charm, Inc.                                                                | Flash Charm, Inc./Term Loan 06/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7824034 | PA      | $6826469.92    | 0.13%             | 2028-03-02      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| ClubCorp Holdings, Inc.                                                          | ClubCorp Holdings, Inc./Revolver 7/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     169072 | PA      | $166535.92     | 0.00%             | 2031-07-10      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Safe Home Security, Inc.                                                         | Safe Home Security, Inc./Delayed Draw Term Loan  8/20                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      50952 | PA      | $50952.36      | 0.00%             | 2025-05-30      | Floating      | 11.69%                | No            |                  3 | On Loan: No      |
| Pave America Holding, LLC                                                        | Pave America Holding, LLC/Revolver Loan 8/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     123770 | PA      | $122532.30     | 0.00%             | 2032-08-27      | Fixed         | 8.76%                 | No            |                  3 | On Loan: No      |
| Bobcat Purchaser, LLC                                                            | Bobcat Purchaser, LLC/Delayed Draw Term Loan 06/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     986484 | PA      | $986484.02     | 0.02%             | 2030-06-17      | Floating      | 8.74%                 | No            |                  3 | On Loan: No      |
| Msis Holdings, Inc.                                                              | Msis Holdings, Inc./Delayed Draw Term Loan 3/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1163756 | PA      | $1163756.00    | 0.02%             | 2031-03-10      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/ Revolver 8/22                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       3000 | PA      | $3000.00       | 0.00%             | 2029-12-06      | Floating      | 8.45%                 | No            |                  3 | On Loan: No      |
| Aerin Medical Inc.                                                               | Aerin Medical Inc./Delayed Draw Term Loan C 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     377233 | PA      | $377233.00     | 0.01%             | 2030-12-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| UPBW Blocker, LLC                                                                | UPBW Blocker, LLC/Class Ares Common Units 9/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        304 | NS      | $33210.22      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Delayed Draw Term Loan 9/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     534745 | PA      | $534744.96     | 0.01%             | 2026-09-18      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Modernizing Medicine, Inc.                                                       | Modernizing Medicine, Inc./Initial Term Loan 4/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   22610259 | PA      | $22384156.28   | 0.44%             | 2032-04-30      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Rodeo AcquisitionCo LLC                                                          | Rodeo AcquisitionCo LLC/Revolver 7/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     311454 | PA      | $311453.55     | 0.01%             | 2027-07-26      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Enverus Holdings, Inc.                                                           | Enverus Holdings, Inc./Term Loan 12/23                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8973627 | PA      | $8973626.68    | 0.18%             | 2029-12-24      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Watermill Express Holdings, LLC                                                  | Watermill Express Holdings, LLC/Class E Units                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        805 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Incremental 1L Term Loan 6/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     219276 | PA      | $219276.00     | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| ANCHC 2021-20                                                                    | ANCHC 2021-20A SUB                                                                                         | CUSIP: 03331QAE6<br>LEI: 549300AYL7KYENHY1C67 | Long             | ABS-O            | CORP              | KY        |    3500000 | PA      | $1413023.50    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oncourse Warehouse Borrower, LLC                                                 | Oncourse Warehouse Borrower, LLC/ RCF Commitment 04/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2000000 | PA      | $1990000.00    | 0.04%             | 2027-04-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2025-2 Delayed Draw Term Loan 5/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1178359 | PA      | $1178359.00    | 0.02%             | 2028-02-09      | Fixed         | 10.15%                | No            |                  3 | On Loan: No      |
| Reagent Chemical & Research, LLC                                                 | Reagent Chemical & Research, LLC/Initial Term Loan 4/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2202324 | PA      | $2202323.97    | 0.04%             | 2031-04-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Firebird Acquisition Corp, Inc.                                                  | Firebird Acquisition Corp, Inc./Term Loan 1/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2764951 | PA      | $2764951.45    | 0.05%             | 2032-02-02      | Fixed         | 9.31%                 | No            |                  3 | On Loan: No      |
| Phoenix Operating LLC                                                            | Phoenix Operating LLC/Tranche E Loan 8/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     439220 | PA      | $426043.40     | 0.01%             | 2027-12-20      | Fixed         | 11.10%                | No            |                  3 | On Loan: No      |
| Chillaton Bidco Limited                                                          | Chillaton Bidco Limited/Facility B 03/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1490526 | PA      | $2004607.63    | 0.04%             | 2031-05-09      | Floating      | 10.52%                | No            |                  3 | On Loan: No      |
| Smarsh Inc.                                                                      | Smarsh Inc./Delayed Draw Term Loan 2/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     445100 | PA      | $445099.50     | 0.01%             | 2029-02-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-216228.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Artifact Bidco, Inc.                                                             | Artifact Bidco, Inc./Revolver USD 5/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     162745 | PA      | $162745.00     | 0.00%             | 2030-07-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| TCI Buyer LLC                                                                    | TCI Buyer LLC/Term Loan 11/24                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12351157 | PA      | $12351157.32   | 0.24%             | 2030-11-25      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Priority Waste Holdings LLC                                                      | Priority Waste Holdings LLC/DDTL A 8/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1245479 | PA      | $1158295.06    | 0.02%             | 2029-08-20      | Floating      | 12.29%                | No            |                  3 | On Loan: No      |
| GMR Buyer Corp.                                                                  | GMR Buyer Corp./Series B Preferred Shares 5/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      19472 | NS      | $23797180.56   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Collision SP Subco, LLC                                                          | Collision SP Subco, LLC/Initial Term Loan 1/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     892363 | PA      | $892362.81     | 0.02%             | 2030-01-29      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Constellation Wealth Capital Fund, L.P.                                          | Constellation Wealth Capital Fund, L.P./Limited Partner Interests                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     628202 | NS      | $626512.76     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mavis Tire Express Services Topco, Corp.                                         | Mavis Tire Express Services Topco, Corp./Term Loan 01/25                                                   | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |    7897925 | PA      | $7893344.20    | 0.16%             | 2028-05-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/Facility B USD Commitment 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    8731472 | PA      | $8731471.52    | 0.17%             | 2030-12-31      | Fixed         | 9.56%                 | No            |                  3 | On Loan: No      |
| Cority Parent, Inc.                                                              | Cority Parent, Inc./Class B-1 Common Shares 6/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      47536 | NS      | $2873.11       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BSP 2024-38                                                                      | BSP 2024-38A E                                                                                             | CUSIP: 08183GAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3750000 | PA      | $3763661.25    | 0.07%             | 2038-01-25      | Floating      | 9.32%                 | Yes           |                  3 | On Loan: No      |
| Leviathan Holdings, L.P.                                                         | Leviathan Holdings, L.P./Limited Partnership Interests 12/22                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      38000 | NS      | $48370.12      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Foundation Consumer Brands, LLC                                                  | Foundation Consumer Brands, LLC/Refinancing Term Loan 02/21                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7510309 | PA      | $7510309.01    | 0.15%             | 2029-02-12      | Floating      | 9.47%                 | No            |                  3 | On Loan: No      |
| Lightbeam Bidco, Inc.                                                            | Lightbeam Bidco, Inc./First Amendment Incremental Delayed Draw Term Loan 11/23                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     260253 | PA      | $260252.98     | 0.01%             | 2030-05-06      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Wellness AcquisitionCo, Inc.                                                     | Wellness AcquisitionCo, Inc./Restatement Delayed Draw Term Loan 2/25                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     832815 | PA      | $832815.23     | 0.02%             | 2029-01-22      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| Flexera Software LLC                                                             | Flexera Software LLC/Initial Term Loan 8/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     183693 | PA      | $183233.77     | 0.00%             | 2032-08-16      | Fixed         | 8.96%                 | No            |                  3 | On Loan: No      |
| Gilfoyle Bidco AB                                                                | Gilfoyle Bidco AB/Capex Facility SEK 09/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   13034005 | PA      | $1062928.37    | 0.02%             | 2028-09-04      | None          |  | No            |                  3 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                         | Legends Hospitality Holding Company, LLC/Delayed Draw Term Loan 8/24                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     354264 | PA      | $354264.00     | 0.01%             | 2031-08-22      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| QUINTAIN INVESTMENTS HOLDINGS LIMITED                                            | QUINTAIN INVESTMENTS HOLDINGS LIMITED/B Ordinary Shares 08/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |      40631 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Enigma Acquisition B.V.                                                          | Enigma Acquisition B.V./Facility B 01/21                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    4451480 | PA      | $5226275.47    | 0.10%             | 2028-01-26      | Floating      | 7.12%                 | No            |                  3 | On Loan: No      |
| Cority Software (USA) Inc.                                                       | Cority Software (USA) Inc./Incremental 2020-1 Term Loan 1/20                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1054956 | PA      | $1054955.71    | 0.02%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Revival Animal Health, LLC                                                       | Revival Animal Health, LLC/Initial Term Loan 1/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3193154 | PA      | $3161222.46    | 0.06%             | 2028-01-03      | Fixed         | 10.10%                | No            |                  3 | On Loan: No      |
| Ristretto Bidco B.V.                                                             | Ristretto Bidco B.V./Revolver 12/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3530823 | PA      | $3495514.77    | 0.07%             | 2030-12-13      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Electron Bidco Inc.                                                              | Electron Bidco Inc./Term Loan 09/21                                                                        | CUSIP: 28542CAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13829708 | PA      | $13853357.17   | 0.27%             | 2028-11-01      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| VPP Group Holdings, L.P.                                                         | VPP Group Holdings, L.P./Common Equity 11/21                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $82519.58      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-2 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     789494 | NS      | $1209972.84    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Capstone Parent Holdings, LP                                                     | Capstone Parent Holdings, LP/Class A Units                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $80827.77      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ASPIRE BIDCO LIMITED                                                             | ASPIRE BIDCO LIMITED/Acquisition Facility A1 GBP 09/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    1941176 | PA      | $2610686.57    | 0.05%             | 2028-09-04      | Floating      | 10.18%                | No            |                  3 | On Loan: No      |
| Spitfire Bidco Limited                                                           | Spitfire Bidco Limited/Additional Capex Facility 1 04/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    7299769 | PA      | $9817455.48    | 0.19%             | 2029-09-28      | Fixed         | 10.75%                | No            |                  3 | On Loan: No      |
| Family First Bidco Limited                                                       | Family First Bidco Limited/Preference Shares 12/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | GB        |      20838 | NS      | $9456.51       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symplr Software Inc.                                                             | Symplr Software Inc./1L Term Loan 1/24                                                                     | CUSIP: 87190HAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1828051 | PA      | $1681807.01    | 0.03%             | 2027-12-22      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Waverly Advisors, LLC                                                            | Waverly Advisors, LLC/k/a WA Asset Management, LLC)/Delayed Draw Term Loan B 3/24                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3202105 | PA      | $3202105.01    | 0.06%             | 2028-03-01      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| YE Brands Holdings, LLC                                                          | YE Brands Holdings, LLC/Revolver 10/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     296885 | PA      | $296885.04     | 0.01%             | 2027-10-18      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Diamond Mezzanine 24 LLC                                                         | Diamond Mezzanine 24 LLC/Revolver 10/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     320960 | PA      | $320960.00     | 0.01%             | 2030-10-31      | Fixed         | 9.22%                 | No            |                  3 | On Loan: No      |
| Davidson Hotel Company LLC                                                       | Davidson Hotel Company LLC/Revolver 10/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     566652 | PA      | $566652.00     | 0.01%             | 2031-10-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Inszone Mid, LLC                                                                 | Inszone Mid, LLC/A&R Revolving Credit Facility 11/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1215096 | PA      | $1215096.00    | 0.02%             | 2029-11-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| DP Flores Holdings, LLC                                                          | DP Flores Holdings, LLC/Revolver 9/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     512617 | PA      | $512617.00     | 0.01%             | 2030-09-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Amendment No. 2 Incremental Delayed Draw Term Loan 6/22                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1639547 | PA      | $1639546.75    | 0.03%             | 2028-09-05      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| WAAM Topco, LLC                                                                  | WAAM Topco, LLC / Class A Units                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      41556 | NS      | $111102.64     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Forza Insurance Holdings, LLC                                                    | Forza Insurance Holdings, LLC/Term Loan 2/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5557766 | PA      | $5557765.76    | 0.11%             | 2030-02-27      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| Pregis TopCo LLC                                                                 | Pregis TopCo LLC/Term Loan 5/25                                                                            | CUSIP: 74045BAG2<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |   14482630 | PA      | $14573146.86   | 0.29%             | 2029-02-01      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./Second Amendment Term Loan 6/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2926618 | PA      | $2926618.47    | 0.06%             | 2026-03-13      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| TPG IX Cardiff Debt HoldCo I, LLC                                                | TPG IX Cardiff Debt HoldCo I, LLC/Back Leverage Term Loan 1/25                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4579097 | PA      | $4579096.88    | 0.09%             | 2033-01-03      | Fixed         | 10.30%                | No            |                  3 | On Loan: No      |
| Phoenix YW Parent, Inc.                                                          | Phoenix YW Parent, Inc./Class B Common Stock 5/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        248 | NS      | $966280.78     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Goldman Sachs                                                                    | Receive SOFR / Pay 6.25 06/07/2027                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $1642862.60    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloud Software Group, Inc.                                                       | Cloud Software Group, Inc./Term Loan B 08/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   36108734 | PA      | $36211644.13   | 0.71%             | 2032-08-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/First Tranche Revolver 11/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3383992 | PA      | $3383991.94    | 0.07%             | 2029-08-30      | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| Hub International Limited                                                        | Hub International Limited/Term Loan B 01/25                                                                | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    8514343 | PA      | $8524730.26    | 0.17%             | 2030-06-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Ardonagh Midco 3 Limited                                                         | Ardonagh Midco 3 Limited/(USD) Term Loan (First Lien) 06/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |   34825219 | PA      | $34622187.72   | 0.68%             | 2031-02-15      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| NMN Holdings III Corp.                                                           | NMN Holdings III Corp./USD Tranche Incremental Term Loan 9/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     277555 | PA      | $277555.00     | 0.01%             | 2031-07-31      | Fixed         | 9.03%                 | No            |                  3 | On Loan: No      |
| DRS Holdings III, Inc.                                                           | DRS Holdings III, Inc./Revolver 11/19                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     183255 | PA      | $183254.58     | 0.00%             | 2028-11-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| New Churchill Holdco LLC                                                         | New Churchill Holdco LLC/Initial Term Loan 11/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1194345 | PA      | $1194345.02    | 0.02%             | 2029-11-09      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Delayed Draw Term Loan 5/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     255360 | PA      | $255359.98     | 0.01%             | 2029-05-15      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Raptor Technologies, LLC (Sycamore Bidco Ltd)                                    | Raptor Technologies, LLC (Sycamore Bidco Ltd)/First Amendment Term Loan 04/23                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2737568 | PA      | $2737568.28    | 0.05%             | 2028-10-05      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Endeavor TopCo, Inc.                                                             | Endeavor TopCo, Inc./Class A Common Stock 8/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        323 | NS      | $466238.98     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Consenting Lenders 5/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1331354 | PA      | $1331353.78    | 0.03%             | 2026-09-18      | Floating      | 9.84%                 | No            |                  3 | On Loan: No      |
| RSK Group Limited                                                                | RSK Group Limited/Facility B Sterling Tranche (GBP) 07/21                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1272450 | PA      | $1711317.44    | 0.03%             | 2028-08-07      | Floating      | 11.99%                | No            |                  3 | On Loan: No      |
| Internet Truckstop Group LLC                                                     | Internet Truckstop Group LLC/Term B Loan 6/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2328348 | PA      | $2328348.00    | 0.05%             | 2027-04-02      | Floating      | 9.40%                 | No            |                  3 | On Loan: No      |
| South Florida Motorsports, LLC                                                   | South Florida Motorsports, LLC/Class A Common Interest 12/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          8 | NS      | $1728597.50    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TCI Buyer LLC                                                                    | TCI Buyer LLC/Revolver 11/24                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3017374 | PA      | $3017374.00    | 0.06%             | 2030-11-25      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OID-OL Intermediate I, LLC                                                       | OID-OL Intermediate I, LLC/TL2 05/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7762603 | PA      | $6483403.76    | 0.13%             | 2029-02-01      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| Sugar PPC Buyer LLC                                                              | Sugar PPC Buyer LLC/Initial Term Loan 10/23                                                                | CUSIP: 86489LAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2121661 | PA      | $2121660.55    | 0.04%             | 2031-10-02      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Clarion Home Services Group, LLC                                                 | Clarion Home Services Group, LLC/Delayed Draw Term Loan 12/21                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1459827 | PA      | $1401434.05    | 0.03%             | 2027-12-06      | Floating      | 12.41%                | No            |                  3 | On Loan: No      |
| Unity Purchaser, LLC                                                             | Unity Purchaser, LLC/Delayed Draw Term Loan A 1/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1455399 | PA      | $1455399.00    | 0.03%             | 2031-01-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                       | Cornerstone OnDemand, Inc./Revolver 10/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     100000 | PA      | $96000.00      | 0.00%             | 2026-10-15      | Floating      | 7.27%                 | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Effective Date Delayed Draw Term Loan 10/21                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3383202 | PA      | $3383201.54    | 0.07%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Himalaya TopCo LLC                                                               | Himalaya TopCo LLC/Amendment No. 1 Delayed Draw Term Loan 8/25                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1300615 | PA      | $1290860.39    | 0.03%             | 2032-06-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Network Bidco B.V.                                                               | Network Bidco B.V./EUR Facility B Tranche B2 04/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    5777780 | PA      | $6783422.37    | 0.13%             | 2031-05-12      | Floating      | 7.00%                 | No            |                  3 | On Loan: No      |
| Victory Buyer LLC                                                                | Victory Buyer LLC/Term Loan 1L 11/21                                                                       | CUSIP: 92643PAB0<br>LEI: 549300G9TEUHGC81N056 | Long             | LON              | CORP              | US        |    8486096 | PA      | $8486096.25    | 0.17%             | 2028-11-19      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Vertex Service Partners Holdings, LLC                                            | Vertex Service Partners Holdings, LLC/Class B Common Units 11/23                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         33 | NS      | $46839.76      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Short-Term Delayed Draw Term C1 Loan 12/22                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     123541 | PA      | $123541.33     | 0.00%             | 2028-05-17      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| Oncourse Warehouse Borrower, LLC                                                 | Oncourse Warehouse Borrower, LLC/ TL Commitment 04/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   21990000 | PA      | $21880050.00   | 0.43%             | 2027-04-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Eclipse Topco, Inc.                                                              | Eclipse Topco, Inc./Preferred Stock 9/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        118 | NS      | $1304030.44    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Novipax Parent Holding Company, L.L.C.                                           | Novipax Parent Holding Company, L.L.C./Class A Units                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $40721.15      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Interest Bearing Loan 6/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    9193314 | PA      | $10793441.64   | 0.21%             | 2029-06-22      | Floating      | 3.75%                 | Yes           |                  3 | On Loan: No      |
| MDPK 2019-34                                                                     | MDPK 2019-34A ERR                                                                                          | CUSIP: 55820HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1700000 | PA      | $1715951.10    | 0.03%             | 2037-10-16      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| Oakbridge Insurance Agency LLC                                                   | Oakbridge Insurance Agency LLC/Revolver 11/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     113415 | PA      | $113415.00     | 0.00%             | 2029-11-01      | Floating      | 10.03%                | No            |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Initial Term Loan 05/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     664067 | PA      | $664067.31     | 0.01%             | 2030-11-19      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| VOYA 2021-3                                                                      | VOYA 2021-3A D2R                                                                                           | CUSIP: 92919DAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1875000 | PA      | $1907958.75    | 0.04%             | 2038-04-15      | Fixed         | 8.15%                 | Yes           |                  3 | On Loan: No      |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)                             | Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)/Delayed Draw Term Loan 3/25                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1030161 | PA      | $1030161.00    | 0.02%             | 2032-03-29      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Himalaya TopCo LLC                                                               | Himalaya TopCo LLC/Amendment No. 1 Term Loan 8/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     448912 | PA      | $444422.88     | 0.01%             | 2032-06-03      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Varsity Brands, Inc.                                                             | Varsity Brands, Inc./Term Loan 09/25                                                                       | CUSIP: 92227QAG1<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |    5924918 | PA      | $5921955.53    | 0.12%             | 2031-08-26      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| PCMI Parent, LLC                                                                 | PCMI Parent, LLC/Revolver 3/25                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     600183 | PA      | $600183.00     | 0.01%             | 2032-03-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | COMMUNITY CDS USD SR 3Y D14 12/20/2028                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |          1 | NC      | $-537597.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SelectQuote, Inc.                                                                | SelectQuote, Inc./11th Amendment Consenting Term Loan 09/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2957668 | PA      | $2957667.87    | 0.06%             | 2027-09-30      | Fixed         | 10.76%                | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class E Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Survitec Group Holdco Limited                                                    | Survitec Group Holdco Limited/Additional Facility 06/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     520119 | PA      | $699507.15     | 0.01%             | 2027-04-06      | Floating      | 12.50%                | No            |                  3 | On Loan: No      |
| GTCR F Buyer Corp.                                                               | GTCR F Buyer Corp./Revolver 9/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      45070 | PA      | $45070.00      | 0.00%             | 2029-09-06      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/Initial Delayed Draw Term Loan 10/19                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2334811 | PA      | $2334811.47    | 0.05%             | 2028-10-04      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class A Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mamba Purchaser, Inc.                                                            | Mamba Purchaser, Inc./Term Loan B 08/25                                                                    | CUSIP: 56150KAH8<br>LEI: 549300EAB6F7TKRLOT57 | Long             | LON              | CORP              | US        |   14182720 | PA      | $14209383.27   | 0.28%             | 2031-10-14      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 08/21/2026                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-819474.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Revival Animal Health, LLC                                                       | Revival Animal Health, LLC/Revolver 1/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     306630 | PA      | $303563.70     | 0.01%             | 2028-01-03      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| ASF VII WAGNER L.P.,                                                             | ASF VII WAGNER L.P.,/Term Loan USD 12/23 (DB Participation)                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     138653 | PA      | $138652.89     | 0.00%             | 2028-08-16      | Fixed         | 10.30%                | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: PLN 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-4131973.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| ACTFY Buyer, Inc.                                                                | ACTFY Buyer, Inc./Revolver 5/24                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     475930 | PA      | $475930.00     | 0.01%             | 2030-05-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/Ordinary Shares 12/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     170559 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Invesco Vaf V Investments, LLC                                                   | Invesco Vaf V Investments, LLC/Delayed Draw Term Loan 07/23                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1666667 | PA      | $1666666.67    | 0.03%             | 2028-07-10      | Floating      | 14.50%                | No            |                  3 | On Loan: No      |
| WSHP FC Acquisition LLC                                                          | WSHP FC Acquisition LLC/First lien Term Loan 08/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   20864310 | PA      | $20864310.10   | 0.41%             | 2030-04-01      | Fixed         | 12.23%                | No            |                  3 | On Loan: No      |
| Providence Equity Partners IX-C L.P.                                             | Providence Equity Partners IX-C L.P./Common Equity 7/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      51200 | NS      | $51200.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brokers Alliance S.L.                                                            | Brokers Alliance S.L./Acquisition/ Capex Facility EUR 03/22                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |    1538917 | PA      | $1806770.41    | 0.04%             | 2029-04-09      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Amendment No. 3 Delayed Draw Term Loan 8/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2155587 | PA      | $2069363.52    | 0.04%             | 2028-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Generator Buyer, Inc.                                                            | Generator Buyer, Inc./CAD Delayed Draw Term Loan 7/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     582383 | PA      | $418468.48     | 0.01%             | 2030-07-22      | Floating      | 7.70%                 | No            |                  3 | On Loan: No      |
| RealPage, Inc.                                                                   | RealPage, Inc./Initial Term Loan 02/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19948052 | PA      | $19892995.33   | 0.39%             | 2028-04-24      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Chillaton Bidco Limited                                                          | Chillaton Bidco Limited/Committed Additional Facility 03/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1562000 | PA      | $2100732.97    | 0.04%             | 2031-05-09      | Floating      | 10.52%                | No            |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Amendment No. 1 Incremental Term Loans 11/21                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4149403 | PA      | $4149402.76    | 0.08%             | 2028-09-05      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Bellwether Buyer, L.L.C.                                                         | Bellwether Buyer, L.L.C./Term Loan 04/25                                                                   | CUSIP: 07989BAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2097074 | PA      | $2086588.63    | 0.04%             | 2032-04-15      | Fixed         | 8.64%                 | No            |                  3 | On Loan: No      |
| BSP 2024-37                                                                      | BSP 2024-37A SUB                                                                                           | CUSIP: 08182VAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6670000 | PA      | $6670520.26    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BTCP 2023-1                                                                      | BTCP 2023-1A CLN                                                                                           | CUSIP: 12415BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4240362 | PA      | $4240362.39    | 0.08%             | 2030-09-30      | Fixed         | 10.88%                | No            |                  3 | On Loan: No      |
| Proofpoint, Inc.                                                                 | Proofpoint, Inc./Term Loan 05/24                                                                           | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   35383192 | PA      | $35475542.03   | 0.70%             | 2028-08-31      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| AX VI INV3 Holding AB                                                            | AX VI INV3 Holding AB/Capex Facility 01/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   28231056 | PA      | $2998710.05    | 0.06%             | 2031-08-13      | Fixed         | 8.38%                 | No            |                  3 | On Loan: No      |
| CBTS TopCo, L.P.                                                                 | CBTS TopCo, L.P./Series A-2 Participating Preferred Units 12/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    1100000 | NS      | $1091672.92    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Banyan Software Holdings, LLC                                                    | Banyan Software Holdings, LLC/Amendment No. 1 Incremental Delayed Draw Term Loan 4/25                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2413179 | PA      | $2413179.20    | 0.05%             | 2031-01-02      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Vista Higher Learning, LLC                                                       | Vista Higher Learning, LLC/Revolver 9/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $990.00        | 0.00%             | 2031-09-16      | Fixed         | 7.52%                 | No            |                  3 | On Loan: No      |
| PCS Midco, Inc.                                                                  | PCS Midco, Inc./Delayed Draw Term Loan 1/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     340791 | PA      | $340790.62     | 0.01%             | 2030-03-01      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| VIX Option (CBOE)                                                                | VIX Call Option Nov 2025 -Strike 30                                                                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        575 | NC      | $56925.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NCP-MSI Buyer, Inc.                                                              | NCP-MSI Buyer, Inc./Tranche A Revolver 3/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     450968 | PA      | $450968.44     | 0.01%             | 2031-03-24      | Fixed         | 7.99%                 | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Amendment No. 1 Term Loan 4/22                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3254099 | PA      | $3254099.18    | 0.06%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| PerkinElmer Topco GP, L.L.C.                                                     | PerkinElmer Topco GP, L.L.C./Class A-2 Units                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        365 | NS      | $54907.68      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VRC Companies, LLC                                                               | VRC Companies, LLC/Revolving Loan 06/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1341667 | PA      | $1341666.66    | 0.03%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ASP-r-pac Holdings LP                                                            | ASP-r-pac Holdings LP/Class A Units 12/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        514 | NS      | $52378.50      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Slaine Holdings LLC                                                              | Slaine Holdings LLC/Delayed Draw Term Loan 5/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2422232 | PA      | $2398009.68    | 0.05%             | 2030-05-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Excel Fitness Holdings, Inc.                                                     | Excel Fitness Holdings, Inc./Delayed Draw Term Loan 8/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     377789 | PA      | $377788.58     | 0.01%             | 2029-04-27      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| VistaJet Malta Finance PLC / Vista Management Holding Inc                        | VSTJET 6.375% Sr Unsecured Nts due 2030 144A                                                               | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |   13163000 | PA      | $12829575.94   | 0.25%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Continental Acquisition Holdings, Inc.                                           | Continental Acquisition Holdings, Inc./2021-B Incremental Term Loan 12/21                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2253183 | PA      | $1261782.33    | 0.02%             | 2028-07-20      | None          |  | No            |                  3 | On Loan: No      |
| Reagent Chemical & Research, LLC                                                 | Reagent Chemical & Research, LLC/Revolver 4/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     564354 | PA      | $564354.00     | 0.01%             | 2030-04-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| INVCO 2021-3                                                                     | INVCO 2021-3A SUB                                                                                          | CUSIP: 46145KAE4<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-O            | CORP              | KY        |    2700000 | PA      | $1046058.30    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Calculus Acquico Sarl                                                            | Calculus Acquico Sarl/Capex and Acquisition Facility 2 05/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    1000000 | PA      | $1000000.13    | 0.02%             | 2032-05-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Wellington-Altus Financial Inc.                                                  | Wellington-Altus Financial Inc./Revolver 8/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     458333 | PA      | $329333.19     | 0.01%             | 2030-08-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Witherslack Bidco Limited                                                        | Witherslack Bidco Limited/Capex 1 Facility GBP 07/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     412138 | PA      | $554284.03     | 0.01%             | 2028-08-17      | Floating      | 10.79%                | No            |                  3 | On Loan: No      |
| LifeScan Global Corporation                                                      | LifeScan Global Corporation/2nd Lien TL 05/23                                                              | CUSIP: 53227PAR1<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |    5691795 | PA      | $3201634.93    | 0.06%             | 2027-03-31      | None          |  | No            |                  3 | On Loan: No      |
| Acrisure, LLC                                                                    | Acrisure, LLC/Term Loan B 06/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9540000 | PA      | $9520156.80    | 0.19%             | 2032-06-20      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Ristretto Bidco B.V.                                                             | Ristretto Bidco B.V./Original USD Term Loan 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   26618281 | PA      | $26352097.88   | 0.52%             | 2030-12-13      | Fixed         | 10.54%                | No            |                  3 | On Loan: No      |
| INVCO 2021-3                                                                     | INVCO 2021-3A Y                                                                                            | CUSIP: 46145KAC8<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-O            | CORP              | KY        |     270000 | PA      | $72385.92      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPBW Blocker, LLC                                                                | UPBW Blocker, LLC/Senior Preferred Units 7/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        410 | NS      | $42162.60      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Delayed Draw Term Loan 1 05/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     391680 | PA      | $391679.53     | 0.01%             | 2030-11-19      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| WCI-BXC Purchaser, LLC                                                           | WCI-BXC Purchaser, LLC/Revolver 11/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      33501 | PA      | $33501.00      | 0.00%             | 2029-11-06      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Mustang Prospects Holdco, LLC                                                    | Mustang Prospects Holdco, LLC/Class B Units 9/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      48120 | NS      | $19403.62      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lightbeam Bidco, Inc.                                                            | Lightbeam Bidco, Inc./Delayed Draw Term Loan 05/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     168867 | PA      | $168867.17     | 0.00%             | 2030-05-06      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| DOXA Insurance Holdings LLC                                                      | DOXA Insurance Holdings LLC/Initial Term Loan 12/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1239915 | PA      | $1239914.87    | 0.02%             | 2030-12-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| The Hiller Companies, LLC                                                        | The Hiller Companies, LLC/Delayed Draw Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     593435 | PA      | $589447.12     | 0.01%             | 2030-06-20      | Fixed         | 9.05%                 | No            |                  3 | On Loan: No      |
| Databricks, Inc.                                                                 | Databricks, Inc./Delayed Draw Term Loan 12/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      16692 | PA      | $16900.15      | 0.00%             | 2031-01-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Delayed Draw Term Loan 9/19                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     261220 | PA      | $261219.84     | 0.01%             | 2027-12-15      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-14156503.00  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| Spindrift Beverage Co., Inc.                                                     | Spindrift Beverage Co., Inc./Term Loan 2/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1736959 | PA      | $1736959.00    | 0.03%             | 2032-02-19      | Fixed         | 9.29%                 | No            |                  3 | On Loan: No      |
| Bamboo Health Holdings, LLC                                                      | Bamboo Health Holdings, LLC/First Lien Term Loan 5/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1419449 | PA      | $1419449.12    | 0.03%             | 2027-05-06      | Floating      | 9.02%                 | No            |                  3 | On Loan: No      |
| The Hiller Companies, LLC                                                        | The Hiller Companies, LLC/Initial Term Loan 6/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3777233 | PA      | $3777232.68    | 0.07%             | 2030-06-20      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| CGMS 2021-4                                                                      | CGMS 2021-4A SUB                                                                                           | CUSIP: 14316UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3060000 | PA      | $1850256.54    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2019-1                                                                      | CIFC 2019-1A SUB                                                                                           | CUSIP: 12553BAC5<br>LEI: 254900RRJV30GDUWIX97 | Long             | ABS-O            | CORP              | KY        |    3064688 | PA      | $1758861.22    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wellness AcquisitionCo, Inc.                                                     | Wellness AcquisitionCo, Inc./Restatement Revolver 2/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1500110 | PA      | $1500109.65    | 0.03%             | 2029-01-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Next Horizon Capital TireCo SPV, LP                                              | Next Horizon Capital TireCo SPV, LP/Limited Partnership Interests 3/25                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      48000 | NS      | $50686.90      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hanger, Inc.                                                                     | Hanger, Inc./Delayed Draw Term Loan 10/24                                                                  | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |      68415 | PA      | $68518.01      | 0.00%             | 2031-10-23      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Arete Bidco Limited                                                              | Arete Bidco Limited/Senior CAR Facility 2 06/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    3858655 | PA      | $5189503.06    | 0.10%             | 2031-05-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Higginbotham Insurance Agency, Inc.                                              | Higginbotham Insurance Agency, Inc./Amendment No. 5 Initial Term Loan 7/24                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     589323 | PA      | $589323.11     | 0.01%             | 2028-11-24      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| ESHA Research, LLC                                                               | ESHA Research, LLC/Initial Term Loan 6/22                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     472548 | PA      | $472548.16     | 0.01%             | 2028-06-08      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Third Incremental Term Loan 10/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    3641690 | PA      | $3641690.00    | 0.07%             | 2028-12-31      | Floating      | 12.13%                | No            |                  3 | On Loan: No      |
| LABL, Inc.                                                                       | LABL, Inc./Initial Dollar Term Loan 10/21                                                                  | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |   20465637 | PA      | $16730658.45   | 0.33%             | 2028-10-30      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Revolver 9/19                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     317389 | PA      | $317388.87     | 0.01%             | 2027-12-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GC Waves Holdings, Inc.                                                          | GC Waves Holdings, Inc./2024 Replacing Term Loans 10/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1868251 | PA      | $1868250.71    | 0.04%             | 2030-10-04      | Fixed         | 9.01%                 | No            |                  3 | On Loan: No      |
| Doxim Inc.                                                                       | Doxim Inc./Term Loan 9/25                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   36809894 | PA      | $36441795.06   | 0.72%             | 2027-11-30      | Fixed         | 10.65%                | No            |                  3 | On Loan: No      |
| Zeppelin US Buyer Inc.                                                           | Zeppelin US Buyer Inc./Delayed Draw Term Loan 7/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     123206 | PA      | $122589.97     | 0.00%             | 2032-08-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Chariot Buyer LLC                                                                | Chariot Buyer LLC/Revolving Credit Loan 11/21                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     100000 | PA      | $100042.00     | 0.00%             | 2029-01-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Magellan Bidco                                                                   | Magellan Bidco/Initial Tranche Commitment 10/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     833333 | PA      | $978377.46     | 0.02%             | 2031-10-31      | Fixed         | 8.37%                 | No            |                  3 | On Loan: No      |
| CWC Fund I Co-Invest (MFA) LP                                                    | CWC Fund I Co-Invest (MFA) LP//Limited Partner Interests 8/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     287000 | NS      | $287000.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Msis Holdings, Inc.                                                              | Msis Holdings, Inc./Revolver 3/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     830296 | PA      | $830296.00     | 0.02%             | 2031-03-10      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cority Software Inc.                                                             | Cority Software Inc./Replacement 2024-1 Revolver 11/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1503871 | PA      | $1503870.97    | 0.03%             | 2026-07-02      | Fixed         | 9.08%                 | No            |                  3 | On Loan: No      |
| Vertex Service Partners, LLC                                                     | Vertex Service Partners, LLC/Delayed Draw Term Loan 11/23                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1966590 | PA      | $1887926.14    | 0.04%             | 2030-11-08      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-13 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     214572 | NS      | $273899.12     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHPPR Holdings Inc.                                                              | CHPPR Holdings Inc. 4(A)(2)DOT Warrant                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       7625 | NC      | $1403675.76    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| CC Globe Holding II A/S                                                          | CC Globe Holding II A / S/Facility A 03/22                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   22526967 | PA      | $2428507.95    | 0.05%             | 2028-03-31      | None          |  | No            |                  3 | On Loan: No      |
| Resonetics, LLC                                                                  | Resonetics, LLC/Term Loan B 07/25                                                                          | CUSIP: 76118EAL2<br>LEI: 5493007F3QX6Z23QGO95 | Long             | LON              | CORP              | US        |    4943542 | PA      | $4936819.20    | 0.10%             | 2031-06-18      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Magic Topco, L.P.                                                                | Project Magic L.P./Class A Units                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         58 | NS      | $146626.10     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Himalaya TopCo LLC                                                               | Himalaya TopCo LLC/Initial Term Loan 5/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   53291367 | PA      | $52758453.56   | 1.04%             | 2032-06-03      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./First Amendment Incremental Term Loan 12/21                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2430915 | PA      | $1993350.68    | 0.04%             | 2028-06-23      | Floating      | 8.19%                 | No            |                  3 | On Loan: No      |
| Rawlings Sporting Goods Company, Inc.                                            | Rawlings Sporting Goods Company, Inc./Revolving Loan 12/20                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3147347 | PA      | $3147346.89    | 0.06%             | 2029-11-26      | Floating      | 8.13%                 | No            |                  3 | On Loan: No      |
| Wellington Bidco Inc.                                                            | Wellington Bidco Inc./Original Delayed Draw Term Loan 6/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     652982 | PA      | $652982.00     | 0.01%             | 2030-06-05      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/H Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Adonis Bidco, Inc.                                                               | Adonis Bidco, Inc./Delayed Draw Term Loan 2/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   15005420 | PA      | $15005420.00   | 0.30%             | 2032-02-25      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| GTCR F Buyer Corp.                                                               | GTCR F Buyer Corp./Delayed Draw Term Loan 9/23                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     278845 | PA      | $278844.53     | 0.01%             | 2030-09-06      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| ParentPay Group Limited                                                          | ParentPay Group Limited/ Facility B2 05/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1463682 | PA      | $1968504.86    | 0.04%             | 2028-06-30      | Floating      | 10.51%                | No            |                  3 | On Loan: No      |
| Adonis Financial Funding, LLC                                                    | Adonis Financial Funding, LLC/ Revolver 2/22                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     417312 | PA      | $57088.29      | 0.00%             | 2026-12-15      | None          |  | No            |                  3 | On Loan: No      |
| RSK Group Limited                                                                | RSK Group Limited/Incremental Term Facility 05/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   13675821 | PA      | $18392604.49   | 0.36%             | 2030-09-06      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| Toscafund Limited                                                                | Toscafund Limited/Term Loan Facility 04/19                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     700320 | PA      | $941860.00     | 0.02%             | 2026-04-02      | Floating      | 12.31%                | No            |                  3 | On Loan: No      |
| Auxadi Midco S.L.U.                                                              | Auxadi Midco S.L.U./Senior Term Facility 1 7/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     472728 | PA      | $555007.44     | 0.01%             | 2028-07-17      | Floating      | 6.75%                 | No            |                  3 | On Loan: No      |
| Databricks, Inc.                                                                 | Databricks, Inc./Term Loan 12/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      83308 | PA      | $84349.85      | 0.00%             | 2031-01-03      | Fixed         | 8.72%                 | No            |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./Delayed Draw Term Loan 4/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1062178 | PA      | $1062177.67    | 0.02%             | 2028-04-24      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| ELM24 2023-3                                                                     | ELM24 2023-3A SUB                                                                                          | CUSIP: 29002NAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1555000 | PA      | $991405.80     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Medlar Bidco Limited                                                             | Medlar Bidco Limited/CAR Facility 12/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    1210036 | PA      | $1615171.45    | 0.03%             | 2032-05-07      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Schill Landscaping and Lawn Care Services, LLC                                   | Schill Landscaping and Lawn Care Services, LLC/Initial Term Loan 12/21                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2129450 | PA      | $2129449.52    | 0.04%             | 2027-12-16      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| GB Helios Holdings, L.P.                                                         | GB Helios Holdings, L.P/Series A Common Units 5/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         59 | NS      | $98752.64      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ID.me, Inc.                                                                      | ID.me, Inc./1% Penny Warrants 1/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    1198188 | NC      | $1772838.96    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SEP Diamond Fund, L.P.                                                           | SEP Diamond Fund, L.P./Limited Partnership Interests 6/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2325548 | NS      | $3383125.84    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Himalaya TopCo LLC                                                               | Himalaya TopCo LLC/Delayed Draw Term Loan 5/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7699075 | PA      | $7641331.96    | 0.15%             | 2032-06-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Merit Financial Group, LLC                                                       | Merit Financial Group, LLC/Delayed Draw Term Loan 8/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     373303 | PA      | $371436.49     | 0.01%             | 2032-08-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Apex Clean Energy TopCo, LLC                                                     | Apex Clean Energy TopCo, LLC/Class B Common Units 7/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      12571 | NS      | $2123446.37    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./Delayed Draw Term Loan B 6/25                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1897609 | PA      | $1897609.00    | 0.04%             | 2032-02-13      | Fixed         | 9.14%                 | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/Third Amendment Term Loan 11/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4002875 | PA      | $4002875.05    | 0.08%             | 2029-05-15      | Fixed         | 9.26%                 | No            |                  3 | On Loan: No      |
| Capnor Connery Bidco A/S                                                         | Capnor Connery Bidco A/S/Additional Facility D2 06/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   10052707 | PA      | $11802415.03   | 0.23%             | 2030-10-07      | Fixed         | 7.83%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding LXXII Ltd                                                   | MDPK 2025-72A SUB                                                                                          | CUSIP: 55823EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8300000 | PA      | $8342487.70    | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| iCapital, Inc.                                                                   | iCapital, Inc./Common Units 4/25                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     295434 | NS      | $4135987.37    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BVI Medical, Inc.                                                                | BVI Medical, Inc./Revolver 3/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1586478 | PA      | $1554748.44    | 0.03%             | 2032-03-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./Term Loan 3/19                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3369571 | PA      | $3369570.51    | 0.07%             | 2026-03-13      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| CHPPR Midco Inc.                                                                 | CHPPR Midco Inc./Refinanced Facility 06/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4009986 | PA      | $4040061.09    | 0.08%             | 2029-12-31      | Floating      | 12.75%                | No            |                  2 | On Loan: No      |
| USI, Inc.                                                                        | USI, Inc./(2030) TLB 12/24                                                                                 | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |   10307684 | PA      | $10291191.69   | 0.20%             | 2030-09-27      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Draken Bidco Limited                                                             | Draken Bidco Limited/Acquisition Facility USD 02/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1440000 | PA      | $1440000.00    | 0.03%             | 2029-07-20      | Floating      | 11.26%                | No            |                  3 | On Loan: No      |
| Davidson Hotel Company LLC                                                       | Davidson Hotel Company LLC/Initial Term Loan 10/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3306095 | PA      | $3306095.00    | 0.07%             | 2031-10-31      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| IFH Franchisee Holdings, LLC                                                     | IFH Franchisee Holdings, LLC/Initial Term Loan 12/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3878717 | PA      | $3878716.96    | 0.08%             | 2029-12-20      | Fixed         | 9.71%                 | No            |                  3 | On Loan: No      |
| RFS Opco LLC                                                                     | RFS Opco LLC/Amendment No. 2 Delayed Draw Term Loan 6/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     307034 | PA      | $307034.00     | 0.01%             | 2031-04-04      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Prime Dental Alliance B.V.                                                       | Prime Dental Alliance B.V./Facility B Tranche-2 EUR Commitment 05/22                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    2200369 | PA      | $2583350.76    | 0.05%             | 2027-06-21      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| CHPPR Holdings Inc.                                                              | CHPPR Holdings Inc. Warrant Class A                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      13942 | NC      | $1210356.94    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Jewel Bidco Limited                                                              | Jewel Bidco Limited/Acquisition Facility 07/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    4011629 | PA      | $4654956.59    | 0.09%             | 2028-07-24      | None          |  | No            |                  3 | On Loan: No      |
| VistaJet Malta Finance PLC / Vista Management Holding Inc                        | VSTJET 9.5% Sr Unsecured Nts due 2028 144A                                                                 | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |    6105000 | PA      | $6356619.59    | 0.13%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Adonis Bidco, Inc.                                                               | Adonis Bidco, Inc./Multi Currency Revolver 2/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5688478 | PA      | $5688478.00    | 0.11%             | 2031-11-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| MWG BidCo ApS                                                                    | MWG BidCo ApS/Facility A 08/21                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   20065789 | PA      | $3155965.90    | 0.06%             | 2028-02-29      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| Aragorn Parent Holdings LP                                                       | Aragon Parent Holdings LP/Parent Holdco Series A Preferred Units                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      50000 | NS      | $142455.75     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rocket Co-Invest, SLP                                                            | Rocket Co-Invest, SLP/Common Equity 2/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     188027 | NS      | $259596.47     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BW Holding, Inc.                                                                 | BW Holding, Inc./Tranche B Term Loan 08/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6887002 | PA      | $5257055.18    | 0.10%             | 2030-12-14      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| INVCO 2021-2                                                                     | INVCO 2021-2A SUB                                                                                          | CUSIP: 46091AAB6<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-O            | CORP              | KY        |     440000 | PA      | $141588.92     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ferrellgas, L.P.                                                                 | Ferrellgas, L.P./Senior Preferred Units 3/21                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       8898 | NS      | $9922679.12    | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WCI-BXC Purchaser, LLC                                                           | WCI-BXC Purchaser, LLC/Initial Term Loan 11/23                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     755990 | PA      | $755990.44     | 0.01%             | 2030-11-06      | Floating      | 10.50%                | No            |                  3 | On Loan: No      |
| AI Titan Parent, Inc.                                                            | AI Titan Parent, Inc./Delayed Draw Term Loan 8/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1789184 | PA      | $1789184.00    | 0.04%             | 2031-08-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ASF VII WAGNER B L.P.,                                                           | ASF VII WAGNER B L.P.,/Term Loan USD 12/23 (DB Participation)                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      64979 | PA      | $64978.90      | 0.00%             | 2028-08-16      | Fixed         | 10.30%                | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/Second Lien A Term Loan 8/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      18267 | PA      | $18267.00      | 0.00%             | 2029-12-06      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DRS Holdings III, Inc.                                                           | DRS Holdings III, Inc./2025 Term Loan 3/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   14675160 | PA      | $14675159.60   | 0.29%             | 2028-11-01      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| KKR 2024-50                                                                      | KKR 2024-50A SUB                                                                                           | CUSIP: 481953AE7<br>LEI: 254900X4SZ7MY83NGT93 | Long             | ABS-O            | CORP              | KY        |    1948000 | PA      | $1163955.32    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BigHand UK Bidco Limited                                                         | BigHand UK Bidco Limited/Facility B1 GBP Commitment 06/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     780800 | PA      | $1050097.51    | 0.02%             | 2030-06-25      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Sixth Amendment Delayed TL-3 09/25                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      11894 | PA      | $11893.94      | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Orange Barrel Media, LLC                                                         | Orange Barrel Media, LLC/IKE Smart City, LLC/Term Loan 3/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4784000 | PA      | $4784000.00    | 0.09%             | 2027-03-17      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| Survitec Group Holdco Limited                                                    | Survitec Group Holdco Limited/PIK Facility 08/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2146764 | PA      | $2887182.33    | 0.06%             | 2027-04-06      | Floating      | 12.25%                | No            |                  3 | On Loan: No      |
| Aduro Advisors, LLC                                                              | Aduro Advisors, LLC/Original Term Loan 7/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2490509 | PA      | $2490509.34    | 0.05%             | 2030-07-11      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Family First Bidco Limited                                                       | Family First Bidco Limited/A1 Loan Notes 02/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |       2377 | PA      | $3196.97       | 0.00%             | 2029-12-31      | Floating      | 12.50%                | No            |                  3 | On Loan: No      |
| Empower CLO 2023-3 Ltd                                                           | EMPWR 2023-3A E                                                                                            | CUSIP: 29247NAA9<br>LEI: 213800DM8ZNUIQ1JCN40 | Long             | ABS-CBDO         | CORP              | JE        |     500000 | PA      | $504940.00     | 0.01%             | 2037-01-20      | Floating      | 12.15%                | Yes           |                  3 | On Loan: No      |
| WorkWave Intermediate II, LLC                                                    | WorkWave Intermediate II, LLC/First Amendment Incremental Delayed Draw Term Loan 2/22                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1724586 | PA      | $1707339.65    | 0.03%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2024-3                                                                      | CGMS 2024-3A E                                                                                             | CUSIP: 14319JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3250000 | PA      | $3307486.00    | 0.07%             | 2036-07-25      | Floating      | 10.72%                | Yes           |                  3 | On Loan: No      |
| EQT IX Co-Investment (E) SCSP                                                    | EQT IX Co-Investment (E) SCSP/Limited Partnership Interests                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       5000 | NS      | $101848.28     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cobalt Holdings I, LP                                                            | Cobalt Holdings I, LP/Class A Common Units                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        500 | NS      | $20657.04      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Revolving Loan 09/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1637812 | PA      | $1637811.51    | 0.03%             | 2027-09-06      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| SelectQuote, Inc.                                                                | SelectQuote, Inc./Unvested Warrants 10/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      57965 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Panther NewCo                                                                    | Panther NewCo/Tranche C1 Acquisition Bonds 04/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    4662969 | PA      | $5474575.06    | 0.11%             | 2029-05-24      | Fixed         | 7.75%                 | No            |                  3 | On Loan: No      |
| ZBS Mechanical Group Co-Invest Fund 2, LLC                                       | ZBS Mechanical Group Co-Invest Fund 2, LLC/Common Units                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $144485.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Amendment No. 4 Delayed Draw Term Loan 11/23                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2384586 | PA      | $2384585.56    | 0.05%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Aruba Investments, Inc.                                                          | Aruba Investments, Inc./USD 2nd Lien Term Loan 10/20                                                       | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |    4037517 | PA      | $3657990.06    | 0.07%             | 2028-11-24      | Floating      | 12.01%                | No            |                  2 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-14 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     136546 | NS      | $170105.29     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Consilio Investment Holdings, L.P.                                               | Consilio Investment Holdings, L.P./Common Units                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       5038 | NS      | $105099.22     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AQ Sunshine, Inc.                                                                | AQ Sunshine, Inc./Revolver 7/24                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1652214 | PA      | $1652214.00    | 0.03%             | 2030-07-24      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./Initial Term Loan 5/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     418726 | PA      | $418726.04     | 0.01%             | 2031-06-02      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Witherslack Bidco Limited                                                        | Witherslack Bidco Limited/Facility B1 GBP 07/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5701655 | PA      | $7668153.16    | 0.15%             | 2028-08-17      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| Echo Purchaser, Inc.                                                             | Echo Purchaser, Inc./Delayed Draw Term Loan 11/23                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     334231 | PA      | $334231.07     | 0.01%             | 2029-11-19      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Color Intermediate, LLC                                                          | Color Intermediate, LLC/Incremental Term B-1 Loan 6/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1822408 | PA      | $1822408.37    | 0.04%             | 2029-10-04      | Floating      | 8.85%                 | No            |                  3 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/Facility B GBP Commitment 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    9497886 | PA      | $12773701.50   | 0.25%             | 2030-12-31      | Fixed         | 9.47%                 | No            |                  3 | On Loan: No      |
| ST Athena Global LLC                                                             | ST Athena Global LLC/Delayed Draw Term Loan 6/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     174370 | PA      | $170882.86     | 0.00%             | 2030-06-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2022-60                                                                     | MDPK 2022-60A SUB                                                                                          | CUSIP: 557911AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     690600 | PA      | $512779.48     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OHALF 2016-1                                                                     | OHALF 2016-1A SUB                                                                                          | CUSIP: 67110VAC1<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-O            | CORP              | KY        |   10837024 | PA      | $6462745.96    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SCM Insurance Services Inc.                                                      | SCM Insurance Services Inc./CAD Revolving Credit 08/17                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |       1000 | PA      | $718.55        | 0.00%             | 2026-08-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| HPCC Parent, Inc.                                                                | HPCC Parent, Inc./Parent Stock 9/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     148775 | NS      | $1410387.45    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Olympia TopCo, L.P.                                                              | Olympia TopCo, L.P./Preferred Units 7/21                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       2184 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2021-7                                                                      | CIFC 2021-7A SUB                                                                                           | CUSIP: 12567KAC9<br>LEI: 54930089HD7KU5NUS092 | Long             | ABS-O            | CORP              | KY        |     250000 | PA      | $163125.50     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HP RSS Buyer, Inc.                                                               | HP RSS Buyer, Inc./Term Loan 12/23                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1249611 | PA      | $1249611.15    | 0.02%             | 2029-12-11      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./First Amendment Incremental Delayed Draw Term Loan 6/21                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      18577 | PA      | $18577.01      | 0.00%             | 2029-08-21      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                          | BGIF IV Fearless Utility Services, Inc./Initial Term Loan 6/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2221101 | PA      | $2221100.87    | 0.04%             | 2031-06-09      | Floating      | 9.14%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fourth Amendment Delayed Draw Term Loan 8/23                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      62110 | PA      | $62110.12      | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Indigo Acquisition B.V.                                                          | Indigo Acquisition B.V./Facility B EUR Tranche B2 08/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1267257 | PA      | $1487827.34    | 0.03%             | 2031-09-10      | Floating      | 9.08%                 | No            |                  3 | On Loan: No      |
| Meyer Laboratory, LLC                                                            | Meyer Laboratory, LLC/Initial Term Loan 2/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     656671 | PA      | $617270.47     | 0.01%             | 2030-02-28      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| Worldwide Produce Acquisition, LLC                                               | Worldwide Produce Acquisition, LLC/ Tranche B-1 DDTL 01/23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      23293 | PA      | $20497.58      | 0.00%             | 2029-01-18      | Floating      | 11.91%                | No            |                  3 | On Loan: No      |
| Aerin Medical Inc.                                                               | Aerin Medical Inc./Delayed Draw Term Loan A 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     377233 | PA      | $377233.00     | 0.01%             | 2030-12-20      | Fixed         | 11.25%                | No            |                  3 | On Loan: No      |
| UserZoom Technologies, Inc.                                                      | UserZoom Technologies, Inc./ 1L Term Loan 01/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     250000 | PA      | $250000.00     | 0.00%             | 2029-04-05      | Floating      | 11.63%                | No            |                  3 | On Loan: No      |
| Relativity ODA LLC                                                               | Relativity ODA LLC/Revolver 7/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1565 | PA      | $1565.00       | 0.00%             | 2029-05-14      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Frontline Road Safety Operations, LLC                                            | Frontline Road Safety Operations, LLC/Delayed Draw Term Loan 3/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7454151 | PA      | $7454150.82    | 0.15%             | 2032-03-04      | Fixed         | 9.32%                 | No            |                  3 | On Loan: No      |
| Andwis Group Limited                                                             | Andwis Group Limited/Acquisition/CAPEX Facility Commitment 10/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1274074 | PA      | $1713501.45    | 0.03%             | 2031-11-13      | Fixed         | 10.73%                | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-2898732.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GSV Purchaser, Inc.                                                              | GSV Purchaser, Inc./Delayed Draw Term Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2316828 | PA      | $2316828.23    | 0.05%             | 2031-08-01      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1A SUB                                                                                          | CUSIP: 77366PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1869253 | PA      | $993050.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| PSC Parent, Inc.                                                                 | PSC Parent, Inc./DDTL-1 4/24                                                                               | CUSIP: 58503UAE3<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    1054259 | PA      | $1054259.16    | 0.02%             | 2031-04-03      | Floating      | 9.15%                 | No            |                  3 | On Loan: No      |
| INSZ Holdings, LLC                                                               | INSZ Holdings, LLC/Common Equity 11/23                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1073000 | NS      | $1747899.83    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Schill Landscaping and Lawn Care Services, LLC                                   | Schill Landscaping and Lawn Care Services, LLC/Delayed Draw Term Loan 12/21                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1476911 | PA      | $1476911.31    | 0.03%             | 2027-12-16      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Continental Acquisition Holdings, Inc.                                           | CONTINENTAL ACQUISITION HOLDINGS, INC./Initial Delayed Draw Term Loan 1/21                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1601422 | PA      | $896796.29     | 0.02%             | 2028-07-20      | None          |  | No            |                  3 | On Loan: No      |
| Precision Concepts Parent Inc.                                                   | Precision Concepts Parent Inc./Initial Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     493657 | PA      | $488720.43     | 0.01%             | 2032-08-02      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Gotham Greens Holdings, PBC                                                      | Gotham Greens Holdings, PBC/Effective Date Term Loan 6/22                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6492406 | PA      | $6297633.93    | 0.12%             | 2026-12-29      | Floating      | 15.00%                | No            |                  3 | On Loan: No      |
| YE Brands Holdings, LLC                                                          | YE Brands Holdings, LLC/Initial Term Loan 10/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1043777 | PA      | $1043776.81    | 0.02%             | 2027-10-18      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| DAVIS 2022-1                                                                     | DAVIS 2022-1A SUB                                                                                          | CUSIP: 239088AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8111846 | PA      | $5762574.28    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PCIA SPV-3, LLC                                                                  | PCIA SPV-3, LLC/Term B Loan 8/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1493477 | PA      | $1493476.70    | 0.03%             | 2029-08-01      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Innovative Food Supplements Ltd                                                  | Innovative Food Supplements Ltd/ CAR Facility 08/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     882353 | PA      | $1186676.08    | 0.02%             | 2032-09-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Lowe P27 Bidco Limited                                                           | Lowe P27 Bidco Limited/Capex Facility 06/19                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     325380 | PA      | $437602.86     | 0.01%             | 2026-07-31      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| North Star Acquisitionco, LLC                                                    | North Star Acquisitionco, LLC/Multicurrency Delayed Draw Term Loan 4/24                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     495637 | PA      | $495637.06     | 0.01%             | 2029-05-03      | Floating      | 8.47%                 | No            |                  3 | On Loan: No      |
| Mercury Borrower, Inc.                                                           | Mercury Borrower, Inc./Term Loan B 12/24                                                                   | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2992046 | PA      | $2987558.04    | 0.06%             | 2028-08-02      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| NMC Skincare Intermediate Holdings II, LLC                                       | NMC Skincare Intermediate Holdings II, LLC/2022 Incremental Term Loans 5/22                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     339448 | PA      | $315686.32     | 0.01%             | 2028-10-31      | Floating      | 10.94%                | No            |                  3 | On Loan: No      |
| Steward Partners Global Advisory, LLC                                            | Steward Partners Global Advisory, LLC/Delayed Draw Term Loan 6/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     647095 | PA      | $640413.66     | 0.01%             | 2028-10-16      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC                     | Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC/Term Loan 6/25                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     537426 | PA      | $529364.61     | 0.01%             | 2032-06-28      | Fixed         | 9.68%                 | No            |                  3 | On Loan: No      |
| ASF VII WAGNER L.P.,                                                             | ASF VII WAGNER L.P.,/ Term Loan EUR 12/23 (DB Participation)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     119631 | PA      | $140453.61     | 0.00%             | 2028-08-16      | Fixed         | 7.98%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./2025 Incremental Term Loan 6/25                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     197108 | PA      | $197108.00     | 0.00%             | 2032-02-13      | Fixed         | 9.14%                 | No            |                  3 | On Loan: No      |
| Drogon Bidco Inc.                                                                | Drogon Bidco Inc./Revolver 8/24                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     445061 | PA      | $445061.00     | 0.01%             | 2030-08-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| RMCF V CIV XLIV, L.P.                                                            | RMCF V CIV XLIV, L.P./Limited Partner Interests                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         54 | NS      | $15550.53      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RWA Wealth Partners, LLC                                                         | RWA Wealth Partners, LLC/Term Loan 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3121275 | PA      | $3121275.26    | 0.06%             | 2030-11-15      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| NCP-MSI Buyer, Inc.                                                              | NCP-MSI Buyer, Inc./Initial Term Loan 3/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3881505 | PA      | $3881505.00    | 0.08%             | 2031-03-24      | Fixed         | 9.05%                 | No            |                  3 | On Loan: No      |
| Aspris Bidco Limited                                                             | Aspris Bidco Limited/Incremental Facility 01/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     778547 | PA      | $1047067.45    | 0.02%             | 2030-02-08      | Floating      | 11.32%                | No            |                  3 | On Loan: No      |
| Haveli Cascade Co-Invest I, L.P.                                                 | Haveli Cascade Co-Invest I, L.P./Interests 9/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      97000 | NS      | $97000.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Diligent Corporation                                                             | Diligent Corporation/Delayed Draw Term Loan 4/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     926056 | PA      | $916795.44     | 0.02%             | 2030-08-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Vamos Bidco, Inc.                                                                | Vamos Bidco, Inc./Term Loan 1/25                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2599359 | PA      | $2573365.41    | 0.05%             | 2032-01-30      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| ExtraHop Networks, Inc.                                                          | ExtraHop Networks, Inc./2024 Revolving Credit 03/2024                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     420072 | PA      | $420072.00     | 0.01%             | 2027-07-22      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| OMERS Wildcats Investment Holdings LLC                                           | OMERS Wildcats Investment Holdings LLC/Class A Preferred Unit 8/23                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         19 | NS      | $10022.76      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Jewel Bidco Limited                                                              | Jewel Bidco Limited/Incremental Facility B2 Commitment 04/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      68326 | PA      | $91891.88      | 0.00%             | 2028-07-24      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Cradle Lux Bidco S.a r.l                                                         | Cradle Lux Bidco S.a r.l/Delayed Draw Term Loan 11/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     983231 | PA      | $983231.00     | 0.02%             | 2031-11-28      | Fixed         | 7.60%                 | No            |                  3 | On Loan: No      |
| Mars Downstop Loan Purchaser Trust                                               | MARS DOWNSTOP LOAN PURCHASER TRUST / Class A Beneficial Interest                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    9696876 | NS      | $4404094.19    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silk Holdings III Corp.                                                          | Silk Holdings III Corp./Super Priority Tranche A Revolver 05/23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6686890 | PA      | $6686890.00    | 0.13%             | 2029-05-01      | Floating      | 7.42%                 | No            |                  3 | On Loan: No      |
| Compass Bidco Limited.                                                           | Compass Bidco Limited./CAR Facility 04/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5747158 | PA      | $7729350.41    | 0.15%             | 2031-04-15      | Floating      | 10.74%                | No            |                  3 | On Loan: No      |
| Spindrift Beverage Co., Inc.                                                     | Spindrift Beverage Co., Inc./Revolver 2/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     350445 | PA      | $350445.00     | 0.01%             | 2032-02-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DRSLF 2022-98                                                                    | DRSLF 2022-98X SUB                                                                                         | CUSIP: BCC3520F1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1000000 | PA      | $421633.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Wharf Street Ratings Acquisition LLC                                             | Wharf Street Ratings Acquisition LLC/Revolver 9/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      94526 | PA      | $93580.74      | 0.00%             | 2032-09-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Amendment No. 6 Delayed Draw Term Loan 11/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12688366 | PA      | $12688365.78   | 0.25%             | 2028-09-05      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| LBC Woodlands Purchaser LLC                                                      | LBC Woodlands Purchaser LLC/Delayed Draw Term Loan 7/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     656747 | PA      | $650179.21     | 0.01%             | 2031-07-28      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| RMCF VI CIV XLVIII, L.P.                                                         | RMCF VI CIV XLVIII, L.P./Limited Partnership Interests                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      64827 | NS      | $82198.76      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AmeriVet Partners Management, Inc.                                               | AmeriVet Partners Management, Inc./Term Loan 11/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8870386 | PA      | $7362420.03    | 0.14%             | 2030-12-02      | Floating      | 8.25%                 | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Delayed Draw Term Loan 4/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     213192 | PA      | $213191.92     | 0.00%             | 2031-04-30      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Arko Corp                                                                        | ARKO Corp./Warrants                                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         55 | NC      | $0.51          | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| RWA Wealth Partners, LLC                                                         | RWA Wealth Partners, LLC/Delayed Draw Term Loan 11/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2523072 | PA      | $2523072.34    | 0.05%             | 2030-11-15      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Avalign Technologies, Inc.                                                       | Avalign Technologies, Inc./Revolver 2/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     249409 | PA      | $219479.92     | 0.00%             | 2028-12-20      | Floating      | 10.66%                | No            |                  3 | On Loan: No      |
| Metis Topco, LP                                                                  | Metis Topco, LP/Common Stock                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $81253.98      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Severin Acquisition, LLC                                                         | Severin Acquisition, LLC/Delayed Draw Term Loan 9/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9161199 | PA      | $9069586.65    | 0.18%             | 2031-10-01      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| Steward Partners Global Advisory, LLC                                            | Steward Partners Global Advisory, LLC/Incremental Delayed Draw Term Loan 12/23                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     581019 | PA      | $581018.74     | 0.01%             | 2028-10-16      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| INVCO 2021-3                                                                     | INVCO 2021-3X Y                                                                                            | CUSIP: BCC338L00<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-O            | CORP              | KY        |      95675 | PA      | $25650.08      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GNRT 2024-18                                                                     | GNRT 2024-18A SUB                                                                                          | CUSIP: 37149XAC5<br>LEI: 213800HEENW837PB8J74 | Long             | ABS-O            | CORP              | KY        |    8160000 | PA      | $6496486.08    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Beacon Pointe Harmony, LLC                                                       | Beacon Pointe Harmony, LLC/Revolver Loan 12/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     909393 | PA      | $909393.00     | 0.02%             | 2027-12-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Antea Group Holding B.V.                                                         | Antea Group Holding B.V./Facility B 03/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    2500000 | PA      | $2935133.55    | 0.06%             | 2030-03-28      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| CC Globe Holding II A/S                                                          | CC Globe Holding II A/S/ New term facility C  06/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   20839327 | PA      | $2246964.98    | 0.04%             | 2028-03-31      | None          |  | No            |                  3 | On Loan: No      |
| SBC Aggregator LP                                                                | SBC Aggregator LP/Co-Invest Units 2/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1247 | NS      | $1586853.19    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Visual Edge Technology, Inc.                                                     | Visual Edge Technology, Inc./Senior Preferred Stock 7/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         12 | NS      | $54457.63      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lumen Technologies Inc                                                           | Lumen Technologies Inc/Term B-1 Loan 03/24                                                                 | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   34482205 | PA      | $34228416.10   | 0.67%             | 2029-04-16      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Worldwide Produce Acquisition, LLC                                               | Worldwide Produce Acquisition, LLC/ Revolver 01/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      21187 | PA      | $18644.56      | 0.00%             | 2029-01-18      | Floating      | 11.03%                | No            |                  3 | On Loan: No      |
| Serenity-Peace Park Clo Ltd                                                      | SERPK 2025-1A E                                                                                            | CUSIP: 81750HAA2<br>LEI: 3912001A818O0ZP8HP89 | Long             | ABS-CBDO         | CORP              | KY        |    1850000 | PA      | $1860578.30    | 0.04%             | 2038-10-24      | Floating      | 8.82%                 | Yes           |                  3 | On Loan: No      |
| Mustang Prospects Purchaser, LLC                                                 | Mustang Prospects Purchaser, LLC/Delayed Draw Term Loan 8/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     157921 | PA      | $157921.00     | 0.00%             | 2031-06-13      | Fixed         | 9.17%                 | No            |                  3 | On Loan: No      |
| CGMS 2024-5                                                                      | CGMS 2024-5A INC                                                                                           | CUSIP: 14319MAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2580000 | PA      | $2135504.70    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| World Insurance Associates, LLC                                                  | World Insurance Associates, LLC/Delayed Draw Term Loan 02/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     715700 | PA      | $715699.63     | 0.01%             | 2030-04-03      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Aldinger Company                                                                 | Aldinger Company/Delayed Draw Term Loan 7/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     716430 | PA      | $716430.41     | 0.01%             | 2027-07-01      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Panther NewCo                                                                    | Panther NewCo/Tranche B Bonds 05/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    2798291 | PA      | $3285343.35    | 0.06%             | 2029-05-24      | Floating      | 7.17%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-514135.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CGMS 2023-5                                                                      | CGMS 2023-5A SUB                                                                                           | CUSIP: 14319NAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3080000 | PA      | $2625918.68    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Calculus Acquico Sarl                                                            | Calculus Acquico Sarl/EUR Facility B2 05/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    1234220 | PA      | $1449039.94    | 0.03%             | 2032-05-31      | Fixed         | 8.60%                 | No            |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Revolver 7/21                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1599022 | PA      | $1247237.38    | 0.02%             | 2029-07-23      | Floating      | 6.20%                 | No            |                  3 | On Loan: No      |
| Project Ruby Ultimate Parent Corp.                                               | Project Ruby Ultimate Parent Corp./Term Loan B 07/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13247376 | PA      | $13249760.66   | 0.26%             | 2028-03-10      | Fixed         | 7.03%                 | No            |                  2 | On Loan: No      |
| Banyan Software Holdings, LLC                                                    | Banyan Software Holdings, LLC/Delayed Draw Term Loan 12/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2550801 | PA      | $2550801.45    | 0.05%             | 2031-01-02      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| VRC Companies, LLC                                                               | VRC Companies, LLC/Note 6/21                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      26833 | PA      | $26833.23      | 0.00%             | 2028-06-29      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Visual Edge Technology, Inc.                                                     | Visual Edge Technology, Inc./Junior Preferred Stock 7/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         17 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cannon Bridge Designated Activity Company                                        | Cannon Bridge Designated Activity Company/Junior Loan Note 08/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |    3970840 | PA      | $4661977.99    | 0.09%             | 2033-10-25      | Fixed         | 9.43%                 | No            |                  3 | On Loan: No      |
| Galway Borrower LLC                                                              | Galway Borrower LLC/Refinancing Tranche B Term Loan 07/24                                                  | CUSIP: 36457WAH4<br>LEI: 254900EKSXH6GINLK281 | Long             | LON              | CORP              | US        |   10565632 | PA      | $10565632.07   | 0.21%             | 2028-09-29      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| ANCHF 2019-9                                                                     | ANCHF 2019-9A SUB                                                                                          | CUSIP: 03330JAN3<br>LEI: 549300SMHL6F6G4VTM11 | Long             | ABS-O            | CORP              | KY        |     930000 | PA      | $622757.76     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CFCo, LLC                                                                        | CFCo, LLC/Class B Units                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    5035395 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MCVIII Bidco Group B.V.                                                          | MCVIII Bidco Group B.V./Facility B Tranche B2 07/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     904768 | PA      | $1062245.96    | 0.02%             | 2032-07-22      | Fixed         | 7.79%                 | No            |                  3 | On Loan: No      |
| CGMS 2023-1                                                                      | CGMS 2023-1A SUB                                                                                           | CUSIP: 14318YAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8000000 | PA      | $6174112.00    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Registrar Intermediate, LLC                                                      | Registrar Intermediate, LLC/Second Amendment Delayed Draw Term Loan A 3/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     279244 | PA      | $276451.56     | 0.01%             | 2029-08-27      | Fixed         | 9.11%                 | No            |                  3 | On Loan: No      |
| Pinnacle MEP Intermediate Holdco LLC                                             | Pinnacle MEP Intermediate Holdco LLC/Revolver 9/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     517573 | PA      | $491694.35     | 0.01%             | 2030-10-03      | Fixed         | 9.46%                 | No            |                  3 | On Loan: No      |
| Gotham Greens Holdings, PBC                                                      | Gotham Greens Holdings, PBC/Series E-1 Preferred Stock                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      76779 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Redwood Services, LP                                                             | Redwood Services, LP/Revolver 6/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     318070 | PA      | $314889.30     | 0.01%             | 2032-06-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Novipax Parent Holding Company, L.L.C.                                           | Novipax Parent Holding Company, L.L.C./Class C Units                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Netsmart Technologies, Inc.                                                      | Netsmart Technologies, Inc./Revolving Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5311302 | PA      | $5311302.00    | 0.10%             | 2031-08-25      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-15 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     711315 | NS      | $884238.93     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Medmark Services Inc                                                             | Medmark Services Inc/DDTL (Second Lien) 06/21                                                              | CUSIP: 05518PAF5<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        |    4896727 | PA      | $2252494.47    | 0.04%             | 2028-06-11      | None          |  | No            |                  3 | On Loan: No      |
| Clarios Global LP                                                                | Clarios Global LP/Term Loan B 06/24                                                                        | CUSIP: C8000CAM5<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    7778203 | PA      | $7770891.11    | 0.15%             | 2030-05-06      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Creek Parent, Inc.                                                               | Creek Parent, Inc./Initial Term Loan 12/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   41918645 | PA      | $41918644.54   | 0.82%             | 2031-12-18      | Fixed         | 9.14%                 | No            |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Term Loan 06/18                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   30372998 | PA      | $30372997.58   | 0.60%             | 2026-12-07      | Floating      | 8.87%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./2022 Delayed Draw Term Loan 2/22                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   11535008 | PA      | $11535008.30   | 0.23%             | 2028-04-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 42 Ltd                                                               | ELM42 2025-5A E                                                                                            | CUSIP: 29005EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1200000 | PA      | $1240959.60    | 0.02%             | 2038-03-31      | Floating      | 10.78%                | Yes           |                  3 | On Loan: No      |
| ProFund S.a r.l.                                                                 | ProFund S.a r.l./Acquisition Facility 12/21 (EUR)                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | PL        |      90164 | PA      | $105857.28     | 0.00%             | 2027-12-03      | Floating      | 8.04%                 | No            |                  3 | On Loan: No      |
| Bamboo Purchaser, Inc.                                                           | Bamboo Purchaser, Inc./Delayed Draw Term Loan 11/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     809101 | PA      | $275094.50     | 0.01%             | 2027-11-05      | None          |  | No            |                  3 | On Loan: No      |
| Villa Dutch Bidco B.V.                                                           | Villa Dutch Bidco B.V./Term Loan B 05/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    4000000 | PA      | $4551053.71    | 0.09%             | 2029-11-03      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| BGI Purchaser, Inc.                                                              | BGI Purchaser, Inc./Term Loan 5/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3599428 | PA      | $3599428.29    | 0.07%             | 2031-05-30      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Osmose Utilities Services, Inc.                                                  | Osmose Utilities Services, Inc./Term Loan 06/21                                                            | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | LON              | CORP              | US        |    1141024 | PA      | $1078986.58    | 0.02%             | 2028-06-23      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Hills Distribution, Inc.                                                         | Hills Distribution, Inc./Term Loan 11/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     526057 | PA      | $526056.98     | 0.01%             | 2029-11-08      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| Creek Feeder, L.P.                                                               | Creek Feeder, L.P./Common Stock 12/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1447000 | NS      | $2086822.88    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GC Waves Holdings, Inc.                                                          | GC Waves Holdings, Inc./2024 Delayed Draw Term Loans 10/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8901347 | PA      | $8901347.29    | 0.18%             | 2030-10-04      | Fixed         | 9.01%                 | No            |                  3 | On Loan: No      |
| Symplr Software Inc.                                                             | Symplr Software Inc./Second Lien Initial Term Loan 12/20                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12342660 | PA      | $11355247.25   | 0.22%             | 2028-12-22      | Floating      | 12.28%                | No            |                  3 | On Loan: No      |
| Edmunds GovTech, Inc.                                                            | Edmunds GovTech, Inc./Second Tranche Revolver 2/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      32100 | PA      | $32099.50      | 0.00%             | 2030-02-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs                                                                    | Recv Irs 6.07 04/14/2032                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $3210623.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Quick Quack Car Wash Holdings, LLC                                               | Quick Quack Car Wash Holdings, LLC/Delayed TL 08/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      13491 | PA      | $13491.46      | 0.00%             | 2031-06-10      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Flexsys Cayman Holdings, LP                                                      | Flexsys Cayman Holdings, LP/First Out Term Loan 05/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6329275 | PA      | $5383048.00    | 0.11%             | 2029-08-01      | Fixed         | 10.45%                | No            |                  2 | On Loan: No      |
| Veonet Lense GmbH                                                                | Veonet Lense GmbH/EUR Term Loan 02/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |    4111111 | PA      | $4452645.86    | 0.09%             | 2029-03-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Transit Technologies LLC                                                         | Transit Technologies LLC/Delayed Draw Term Loan 9/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      45800 | PA      | $45571.00      | 0.00%             | 2031-08-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DOXA Insurance Holdings LLC                                                      | DOXA Insurance Holdings LLC/Revolving Credit 12/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     200076 | PA      | $200076.00     | 0.00%             | 2029-12-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Idemia Group S.A.S.                                                              | Idemia Group S.A.S./EUR Term Loan 01/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    7000000 | PA      | $8229797.48    | 0.16%             | 2028-09-29      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Clearstead Advisors, LLC                                                         | Clearstead Advisors, LLC/6th Amendment Term B Loan 5/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      99190 | PA      | $98694.05      | 0.00%             | 2028-02-01      | Fixed         | 8.79%                 | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/Second Lien B Term Loan 8/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      64000 | PA      | $64000.00      | 0.00%             | 2029-12-06      | Fixed         | 10.39%                | No            |                  3 | On Loan: No      |
| Zelis Cost Management Buyer, Inc.                                                | Zelis Cost Management Buyer, Inc./Term Loan 01/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1598424 | PA      | $1593756.33    | 0.03%             | 2029-09-28      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| People Corporation                                                               | People Corporation/Initial Term Loan 02/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    7225396 | PA      | $5191777.27    | 0.10%             | 2028-02-18      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Global Medical Response, Inc.                                                    | Global Medical Response, Inc./Term Loan B 09/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   34814100 | PA      | $34815840.52   | 0.68%             | 2032-10-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SageSure Holdings, LLC                                                           | SageSure Holdings, LLC/Amendment No. 1 Delayed Draw Term Loan 1/25                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7492138 | PA      | $7492138.00    | 0.15%             | 2030-01-28      | Fixed         | 9.27%                 | No            |                  3 | On Loan: No      |
| BlauwTrust Holding B.V.                                                          | BlauwTrust Holding B.V./Facility B 04/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    5045075 | PA      | $5923187.34    | 0.12%             | 2029-01-04      | Fixed         | 9.37%                 | No            |                  3 | On Loan: No      |
| Symphony CLO XXXIII Ltd                                                          | SYMP 2022-33A E1R                                                                                          | CUSIP: 87169KAE9<br>LEI: 254900K6DKU2R9SF7M98 | Long             | ABS-CBDO         | CORP              | JE        |    2500000 | PA      | $2443380.00    | 0.05%             | 2038-01-24      | Floating      | 9.67%                 | Yes           |                  3 | On Loan: No      |
| LGDN Bidco Limited                                                               | LGDN Bidco Limited/Unitranche Acquisition Facility C 09/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     243377 | PA      | $327317.60     | 0.01%             | 2028-12-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2023-2                                                                      | CGMS 2023-2A SUB                                                                                           | CUSIP: 14318HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8376667 | PA      | $6824286.32    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cambrex Corporation                                                              | Cambrex Corporation/Dollar Term Loan 3/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   36544443 | PA      | $36544443.00   | 0.72%             | 2032-03-05      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| RSK Group Limited                                                                | RSK Group Limited/Acquisition Facility (GBP) 07/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3497464 | PA      | $4703737.62    | 0.09%             | 2030-09-06      | Floating      | 9.24%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./Delayed Draw B Term Loan 4/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6091775 | PA      | $6091775.36    | 0.12%             | 2028-04-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| CFCo, LLC                                                                        | CFCo, LLC/Third Out Term Loan 9/23                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3231333 | PA      | $0.00          | 0.00%             | 2038-09-13      | None          |  | Yes           |                  3 | On Loan: No      |
| Bulab Holdings, Inc.                                                             | Bulab Holdings, Inc./Initial EUR Term Loan 6/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3626123 | PA      | $4214689.59    | 0.08%             | 2032-07-01      | Fixed         | 6.66%                 | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Amendment No. 1 Delayed Draw Term Loan 4/22                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13118021 | PA      | $13118021.14   | 0.26%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| MCF CLO 12 LLC                                                                   | MCF CLO 12 LLC/Delayed Draw Term Loan 2/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10400000 | PA      | $10400000.00   | 0.20%             | 2034-02-13      | Fixed         | 8.38%                 | No            |                  3 | On Loan: No      |
| King Risk Partners, LLC                                                          | King Risk Partners, LLC/Revolver 4/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     260801 | PA      | $258192.99     | 0.01%             | 2031-04-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BRADYPLUS HOLDINGS, LLC                                                          | BRADYPLUS HOLDINGS, LLC/Term Loan 10/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19390283 | PA      | $19390282.72   | 0.38%             | 2029-10-31      | Fixed         | 9.31%                 | No            |                  3 | On Loan: No      |
| Rawlings Sporting Goods Company, Inc.                                            | Rawlings Sporting Goods Company, Inc./Fourth Amendment Incremental Term Loan 11/24                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     888313 | PA      | $888313.29     | 0.02%             | 2030-11-26      | Fixed         | 8.90%                 | No            |                  3 | On Loan: No      |
| Draken Bidco Limited                                                             | Draken Bidco Limited/Facility B USD 02/22                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   10560000 | PA      | $10560000.00   | 0.21%             | 2029-07-20      | Floating      | 11.48%                | No            |                  3 | On Loan: No      |
| Waverly Advisors, LLC                                                            | Waverly Advisors, LLC/k/a WA Asset Management, LLC)/Revolver 3/22                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     945392 | PA      | $945391.98     | 0.02%             | 2028-03-01      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Vamos Bidco, Inc.                                                                | Vamos Bidco, Inc./Revolver 1/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     333616 | PA      | $330279.84     | 0.01%             | 2032-01-30      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./First Amendment Incremental Term Loan 12/21 Dummy PIK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      60629 | PA      | $49715.38      | 0.00%             | 2028-06-23      | Fixed         | 8.19%                 | No            |                  3 | On Loan: No      |
| KKR Game Changer Co-Invest Feeder II L.P.                                        | KKR Game Changer Co-Invest Feeder II L.P./Common Equity 6/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     467000 | NS      | $545848.28     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 3 Step Sports LLC                                                                | 3 Step Sports LLC/Initial Term Loan 10/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1945678 | PA      | $1906764.41    | 0.04%             | 2029-10-02      | Floating      | 12.01%                | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Illinois Investment S.a.r.l./Interest Bearing Loan 9/21                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   31361801 | PA      | $2740634.92    | 0.05%             | 2026-12-31      | Floating      | 5.17%                 | No            |                  3 | On Loan: No      |
| Wharf Street Ratings Acquisition LLC                                             | Wharf Street Ratings Acquisition LLC/New Delayed Draw Term Loan 9/25                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      84633 | PA      | $84209.84      | 0.00%             | 2032-09-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| The Ultimus Group Midco, LLC                                                     | The Ultimus Group Midco, LLC/Revolver 6/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     252394 | PA      | $249870.06     | 0.00%             | 2032-07-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs, Inc./Amendment No. 1 Revolver 8/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2775966 | PA      | $2775966.00    | 0.05%             | 2028-11-08      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| MDPK 2016-20                                                                     | MDPK 2016-20A ERR                                                                                          | CUSIP: 55819UAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2727500 | PA      | $2735919.79    | 0.05%             | 2037-10-27      | Floating      | 10.71%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-208228.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class B Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stadium Coinvest (B)-III, L.P.                                                   | Stadium Coinvest (B)-III, L.P./Common Equity 2/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     650000 | NS      | $700705.85     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZocDoc, Inc.                                                                     | ZocDoc, Inc./Delayed Draw Term Loan 7/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     535792 | PA      | $535792.00     | 0.01%             | 2030-07-31      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-8 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     409637 | NS      | $546205.45     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bellwether Buyer, L.L.C.                                                         | Bellwether Buyer, L.L.C./Revolver 04/25                                                                    | CUSIP: 07989BAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     454240 | PA      | $451968.80     | 0.01%             | 2032-04-15      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Astra Service Partners, LLC                                                      | Astra Service Partners, LLC/Fourth A&R Amendment Incremental Delayed Draw Term Loan 10/24                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     178097 | PA      | $178097.00     | 0.00%             | 2027-03-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Hamilton Thorne Inc.                                                             | Hamilton Thorne Inc./Additional Delayed Draw Term Loan 4/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     729046 | PA      | $729046.00     | 0.01%             | 2031-11-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Victors Purchaser, LLC                                                           | Victors Purchaser, LLC/Delayed Draw Term Loan 8/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2922130 | PA      | $2922130.33    | 0.06%             | 2031-08-15      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Closing Date Term Loan 10/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7166892 | PA      | $6880216.37    | 0.14%             | 2028-10-02      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Bluejack Fire Acquisition, Inc.                                                  | Bluejack Fire Acquisition, Inc./Term Loan 1/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     989023 | PA      | $989023.25     | 0.02%             | 2031-01-24      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| SIG Parent Holdings, LLC                                                         | SIG Parent Holdings, LLC/Initial Term Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3762372 | PA      | $3762371.61    | 0.07%             | 2031-08-21      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Vulcan UK Bidco Limited                                                          | Vulcan UK Bidco Limited/ Term Facility 04/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     700000 | PA      | $700000.00     | 0.01%             | 2032-05-10      | Fixed         | 9.12%                 | No            |                  3 | On Loan: No      |
| Leia Finco US LLC                                                                | Leia Finco US LLC/Term Loan 2nd lien 07/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5566693 | PA      | $5559734.62    | 0.11%             | 2032-10-09      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Trustly AB                                                                       | Trustly AB/Facility D 06/18                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    2700000 | PA      | $286794.70     | 0.01%             | 2025-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Wellness AcquisitionCo, Inc.                                                     | Wellness AcquisitionCo, Inc./Restatement Term Loan 2/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5333969 | PA      | $5333968.97    | 0.10%             | 2029-01-20      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| RMS Holdco II, LLC                                                               | RMS Holdco II, LLC/Closing Date Term Loan 12/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5781530 | PA      | $5376823.02    | 0.11%             | 2028-12-15      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Buckman PPC Co-Invest LP                                                         | Buckman PPC Co-Invest LP/Limited Partnership Interests 6/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     906000 | NS      | $906000.00     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Amendment No. 1 Term Loan 11/20                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     841231 | PA      | $841231.46     | 0.02%             | 2026-09-18      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Trident TPI Holdings, Inc.                                                       | TEKNI 12.75% Sr Unsecured Nts due 2028 144A                                                                | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    6102000 | PA      | $6506080.54    | 0.13%             | 2028-12-31      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Invesco Vaf V Investments, LLC                                                   | Invesco Vaf V Investments, LLC/Term Loan 07/23                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3333333 | PA      | $3333333.33    | 0.07%             | 2028-07-10      | Floating      | 14.50%                | No            |                  3 | On Loan: No      |
| Eagle Football Holdings Limited                                                  | Eagle Football Holdings Limited/Ordinary Shares                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |         14 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astra Service Partners, LLC                                                      | Astra Service Partners, LLC/Delayed Draw Term Loan 1/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     504934 | PA      | $504934.00     | 0.01%             | 2027-03-19      | Floating      | 9.37%                 | No            |                  3 | On Loan: No      |
| Scripps Escrow II Inc                                                            | SSP 3.875% 1st lien Nts due 2029 144A                                                                      | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   10416000 | PA      | $9176323.72    | 0.18%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| The Hiller Companies, LLC                                                        | The Hiller Companies, LLC/Revolver 6/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     965143 | PA      | $965143.00     | 0.02%             | 2030-06-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BABSN 2023-1                                                                     | BABSN 2023-1A ER                                                                                           | CUSIP: 06763EAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     900000 | PA      | $928093.50     | 0.02%             | 2038-04-20      | Floating      | 11.03%                | Yes           |                  3 | On Loan: No      |
| MAGNE 2025-43                                                                    | MAGNE 2025-43A E                                                                                           | CUSIP: 559919AA3<br>LEI: 529900MX1PNEO4Y6K172 | Long             | ABS-CBDO         | CORP              | KY        |    1380000 | PA      | $1425904.32    | 0.03%             | 2038-07-15      | Floating      | 10.80%                | Yes           |                  3 | On Loan: No      |
| PestCo, LLC                                                                      | PestCo, LLC/Delayed Draw Term Loan 8/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      41947 | PA      | $41737.27      | 0.00%             | 2030-08-06      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Gula Buyer Inc.                                                                  | Gula Buyer Inc./Initial Term Loan 10/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7964035 | PA      | $7964035.01    | 0.16%             | 2031-10-27      | Fixed         | 8.72%                 | No            |                  3 | On Loan: No      |
| MAGNE 2020-28                                                                    | MAGNE 2020-28A SUB                                                                                         | CUSIP: 55955MAC4<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-O            | CORP              | KY        |    9665623 | PA      | $7023389.63    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                             | Artifact Bidco, Inc./Delayed Draw Term Loan 5/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     282470 | PA      | $282470.00     | 0.01%             | 2031-07-28      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CIFC 2015-4                                                                      | CIFC 2015-4A SUB                                                                                           | CUSIP: 12550VAE0<br>LEI: 549300ZXX0SJBZWIWI81 | Long             | ABS-O            | CORP              | KY        |    2251500 | PA      | $651554.83     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Monica Holdco (US), Inc.                                                         | Monica Holdco (US), Inc./Amendment No. 4 Incremental Term Loan 8/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2845696 | PA      | $2845696.00    | 0.06%             | 2030-07-12      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Avaya Holdings Corp.                                                             | 2261712D US Private Comp                                                                                   | CUSIP: 05351X309<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |       2607 | NS      | $29980.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QBS Parent, Inc.                                                                 | QBS Parent, Inc./Term Loan 5/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4800127 | PA      | $4776126.32    | 0.09%             | 2032-06-03      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| WSHP FC Holdings LLC                                                             | WSHP FC Holdings LLC/Common Units                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        374 | NS      | $4769.83       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HRPK 2020-1                                                                      | HRPK 2020-1A SUB                                                                                           | CUSIP: 413718AC1<br>LEI: 549300BI9STOGTECXV18 | Long             | ABS-O            | CORP              | KY        |    3985000 | PA      | $2905869.97    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Firebird Acquisition Corp, Inc.                                                  | Firebird Acquisition Corp, Inc./Delayed Draw Term Loan 1/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1510647 | PA      | $1510647.00    | 0.03%             | 2032-02-02      | Fixed         | 8.71%                 | No            |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./Revolver 4/21                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     444098 | PA      | $444097.74     | 0.01%             | 2027-04-22      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Activate holdings (US) Corp.                                                     | Activate holdings (US) Corp./Initial Term Loan 07/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10830497 | PA      | $10830497.36   | 0.21%             | 2030-07-29      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| TCI Holdings, LP                                                                 | TCI Holdings, LP/Common Equity 11/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       9050 | NS      | $1058157.06    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PHM Group Holding Oyj                                                            | PHM Group Holding Oyj/EUR Term Loan B 2/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FI        |    6216867 | PA      | $7309226.01    | 0.14%             | 2032-04-22      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Agiliti Health, Inc.                                                             | Agiliti Health, Inc./Term Loan 03/23                                                                       | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |    9668681 | PA      | $9245676.55    | 0.18%             | 2030-05-01      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | Forward Contracts: DKK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-12677475.00  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/USD Revolver 3/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     323017 | PA      | $316556.66     | 0.01%             | 2031-03-26      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Verista, Inc.                                                                    | Verista, Inc./Delayed Draw Term Loan 02/22                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1814011 | PA      | $1687029.90    | 0.03%             | 2027-02-16      | Floating      | 11.04%                | No            |                  3 | On Loan: No      |
| MC ACCELERATE CO-INVEST FEEDER LP                                                | MC ACCELERATE CO-INVEST FEEDER LP Membership Interest                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1000 | NS      | $1000.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Slaine Holdings LLC                                                              | Slaine Holdings LLC/Initial Term Loan 5/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6055581 | PA      | $5934469.38    | 0.12%             | 2030-05-23      | Fixed         | 10.91%                | No            |                  3 | On Loan: No      |
| Elevation Services Parent Holdings, LLC                                          | Elevation Services Parent Holdings, LLC/Third Amendment Incremental Term Loan 5/22                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     615142 | PA      | $572082.03     | 0.01%             | 2028-12-18      | Floating      | 10.92%                | No            |                  3 | On Loan: No      |
| Mimecast Borrowerco, Inc.                                                        | Mimecast Borrowerco, Inc./Pounds Sterling Term Loan 5/22                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6858980 | PA      | $9224638.80    | 0.18%             | 2029-05-18      | Floating      | 8.47%                 | No            |                  3 | On Loan: No      |
| Wellington-Altus Financial Inc.                                                  | Wellington-Altus Financial Inc./Delayed Draw Term Loan 8/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    1145833 | PA      | $823333.33     | 0.02%             | 2030-08-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./2025 Replacement Term Loan 6/25                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13312545 | PA      | $13312545.14   | 0.26%             | 2032-02-13      | Fixed         | 9.14%                 | No            |                  3 | On Loan: No      |
| Bobcat Purchaser, LLC                                                            | Bobcat Purchaser, LLC/Term Loan 06/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2909941 | PA      | $2909940.99    | 0.06%             | 2030-06-17      | Floating      | 8.74%                 | No            |                  3 | On Loan: No      |
| AI Titan Parent, Inc.                                                            | AI Titan Parent, Inc./Revolver 8/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1545811 | PA      | $1545811.00    | 0.03%             | 2031-08-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Emerald Debt Merger Sub LLC                                                      | Emerald Debt Merger Sub LLC/Term Loan B 04/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6431301 | PA      | $6409498.86    | 0.13%             | 2030-05-31      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Equinox Holdings, Inc.                                                           | Equinox Holdings, Inc./Initial Term Loan 3/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   43989559 | PA      | $43989558.61   | 0.87%             | 2029-03-08      | Floating      | 12.25%                | No            |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Tranche B-2 DDTL 11/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     982010 | PA      | $982010.00     | 0.02%             | 2030-09-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Two Six Labs, LLC                                                                | Two Six Labs, LLC/2023 Term Loan 9/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1317907 | PA      | $1317906.85    | 0.03%             | 2027-08-20      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Sunshine Software Holdings, Inc.                                                 | Sunshine Software Holdings, Inc./Class A-1 Common Stock                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       5000 | NS      | $75752.89      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Adonis Bidco, Inc.                                                               | Adonis Bidco, Inc./Closing Date Term Loan 2/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   50641242 | PA      | $50641242.41   | 1.00%             | 2032-02-25      | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| Denali Parent Holdings, L.P.                                                     | Denali Parent Holdings, L.P./Series A Units 8/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      94500 | NS      | $945000.00     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elmwood CLO 38 Ltd                                                               | ELM38 2025-1A E                                                                                            | CUSIP: 289909AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1501059.00    | 0.03%             | 2038-04-22      | Floating      | 8.78%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: NZD 10/17/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-3941289.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| NBLY 2021-1                                                                      | NBLY 2021-1A A2                                                                                            | CUSIP: 64016NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      23938 | PA      | $22681.78      | 0.00%             | 2051-04-30      | Fixed         | 3.58%                 | Yes           |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./2023-1 Delayed Draw Term Loan 05/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     933666 | PA      | $933666.29     | 0.02%             | 2029-05-01      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Koala Investment Holdings, Inc.                                                  | Koala Investment Holdings, Inc./Revolver 8/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      84851 | PA      | $84002.49      | 0.00%             | 2032-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/A Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 15484910 Canada Inc.                                                             | 15484910 Canada Inc./HoldCo Delayed Draw Term Loan /254                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     620215 | PA      | $445652.80     | 0.01%             | 2035-04-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Datix Bidco Limited                                                              | Datix Bidco Limited/Facility B USD 4/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5965258 | PA      | $5965258.00    | 0.12%             | 2031-04-30      | Floating      | 9.54%                 | No            |                  3 | On Loan: No      |
| LeanTaaS Holdings, Inc.                                                          | LeanTaaS Holdings, Inc./Tranche C Delayed Draw Term Loan 7/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2403252 | PA      | $2403252.00    | 0.05%             | 2028-07-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| VIX Option (CBOE)                                                                | VIX Call Option Nov 2025 -Strike 40                                                                        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -575 | NC      | $-35650.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ID.me, Inc.                                                                      | ID.me, Inc./Series E Preferred Stock 8/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    1872803 | NS      | $2770999.32    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Accommodations Plus Technologies LLC                                             | Accommodations Plus Technologies LLC/Revolver 5/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      63022 | PA      | $62391.78      | 0.00%             | 2032-05-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Victors Purchaser, LLC                                                           | Victors Purchaser, LLC/Initial Term Loan 8/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12200826 | PA      | $12200826.32   | 0.24%             | 2031-08-15      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Systems Planning and Analysis, Inc.                                              | Systems Planning and Analysis, Inc./Term Loan 10/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4375941 | PA      | $4375940.91    | 0.09%             | 2027-08-16      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| Air Medical Buyer Corp                                                           | Air Medical Warrants                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |        122 | NC      | $1585.63       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Football Holdings Limited                                                  | Eagle Football Holdings Limited/Warrant instrument A 03/23                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |          5 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RRAM 2023-26                                                                     | RRAM 2023-26A SUB                                                                                          | CUSIP: 74989RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   14482501 | PA      | $10709954.31   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lackawanna Energy Center LLC                                                     | Lackawanna Energy Center LLC/Term Loan B 07/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2792521 | PA      | $2812766.83    | 0.06%             | 2032-08-05      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIC Matterhorn CF, LP                                                            | FIC Matterhorn CF, LP/Common Stock 6/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     807179 | NS      | $807178.84     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Diamond Mezzanine 24 LLC                                                         | Diamond Mezzanine 24 LLC/Term A Loan 10/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6080199 | PA      | $6080199.01    | 0.12%             | 2030-10-31      | Fixed         | 9.31%                 | No            |                  3 | On Loan: No      |
| Activate holdings (US) Corp.                                                     | Activate holdings (US) Corp./2024 Term Loan 9/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2408963 | PA      | $2408963.28    | 0.05%             | 2030-07-29      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-145560627.00 | -2.86%            |  |  |  | No            |                  2 | On Loan: No      |
| AllClear Military Inc.                                                           | AllClear Military Inc./Term Loan C 5/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     465163 | PA      | $111639.11     | 0.00%             | 2030-05-31      | Fixed         | 11.16%                | No            |                  3 | On Loan: No      |
| FL Hawk Intermediate Holdings, Inc.                                              | FL Hawk Intermediate Holdings, Inc./Amendment No. 2 Incremental Term Loan 10/24                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1051518 | PA      | $1051517.99    | 0.02%             | 2030-02-22      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| CGMS 2020-1                                                                      | CGMS 2020-1A DRR                                                                                           | CUSIP: 14317XBS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3750000 | PA      | $3773696.25    | 0.07%             | 2038-01-20      | Floating      | 9.28%                 | Yes           |                  3 | On Loan: No      |
| GSV PracticeTek Holdings, LLC                                                    | GSV PracticeTek Holdings, LLC/Class A Units 3/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     269272 | NS      | $274040.59     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Paris US Holdco, Inc. & 1001028292 Ontario Inc.                                  | Paris US Holdco, Inc. & 1001028292 Ontario Inc./Delayed Draw Term Loan 12/24                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1515637 | PA      | $1515637.00    | 0.03%             | 2031-12-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Apex Clean Energy TopCo, LLC                                                     | Apex Clean Energy TopCo, LLC/Class A Common Units                                                          | CUSIP: EQST04019<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     149776 | NS      | $25251012.58   | 0.50%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./Facility B (EUR) 09/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    6010039 | PA      | $7056106.72    | 0.14%             | 2028-10-02      | Floating      | 7.51%                 | No            |                  3 | On Loan: No      |
| Majesco                                                                          | Majesco/Revolving Credit Loan 09/20                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     624322 | PA      | $624322.19     | 0.01%             | 2027-09-21      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/DDTL-1 07/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     156234 | PA      | $156233.84     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Spaceship Purchaser, Inc.                                                        | Spaceship Purchaser, Inc./Revolver 10/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1411126 | PA      | $1411125.65    | 0.03%             | 2031-10-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class G Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IVC Acquisition Ltd                                                              | IVC Acquisition Ltd/EUR Term Loan B 01/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    6022236 | PA      | $7094961.46    | 0.14%             | 2028-12-12      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Revival Animal Health, LLC                                                       | Revival Animal Health, LLC/Delayed Draw Term Loan 4/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     266201 | PA      | $263538.99     | 0.01%             | 2028-01-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Acrisure, LLC                                                                    | Acrisure, LLC/Term Loan B6 11/24                                                                           | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    9678740 | PA      | $9651542.74    | 0.19%             | 2030-11-06      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| Lowe P27 Bidco Limited                                                           | Lowe P27 Bidco Limited/First Additional Facility 06/22                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     325380 | PA      | $437602.86     | 0.01%             | 2026-07-31      | Floating      | 10.77%                | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-26234650.00  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| Drivecentric Holdings, LLC                                                       | Drivecentric Holdings, LLC/Initial Term Loan 8/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3671861 | PA      | $3671861.00    | 0.07%             | 2031-08-15      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| GHP-VGS Purchaser LLC                                                            | GHP-VGS Purchaser LLC/Delayed Draw Term Loan 4/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     925787 | PA      | $921158.07     | 0.02%             | 2032-04-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OAKC 2019-3                                                                      | OAKC 2019-3A SUB                                                                                           | CUSIP: 67112TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3110000 | PA      | $2482143.87    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Continental Acquisition Holdings, Inc.                                           | CONTINENTAL ACQUISITION HOLDINGS, INC./Initial Term Loan 01/21                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4342868 | PA      | $2432006.28    | 0.05%             | 2028-07-20      | None          |  | No            |                  3 | On Loan: No      |
| Sabseg Group, S.L.                                                               | Sabseg Group, S.L./Third Acquisition/CAPEX Facility 01/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |   12457768 | PA      | $14626085.12   | 0.29%             | 2029-04-09      | Fixed         | 8.18%                 | No            |                  3 | On Loan: No      |
| Pluralsight, LLC                                                                 | Pluralsight, LLC/First-Priority Term Loan 8/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2147440 | PA      | $2147439.81    | 0.04%             | 2029-08-22      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| Broadstreet Partners, Inc.                                                       | Broadstreet Partners, Inc./Term Loan B4 05/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9807180 | PA      | $9814927.77    | 0.19%             | 2031-06-13      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs                                                                    | Receive SOFR / Pay 6.35 07/03/2029                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $1476525.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DOXA Insurance Holdings LLC                                                      | DOXA Insurance Holdings LLC/Delayed Draw 2 Term Loan 5/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2317821 | PA      | $2317821.00    | 0.05%             | 2030-12-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Schill Landscaping and Lawn Care Services, LLC                                   | Schill Landscaping and Lawn Care Services, LLC/Revolving Credit Loan 12/21                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     719794 | PA      | $719794.00     | 0.01%             | 2027-12-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Badia Spices, LLC                                                                | Badia Spices, LLC/Revolver 10/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     526276 | PA      | $526276.00     | 0.01%             | 2030-11-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | CDX.NA.HY S43 Tranche 15-25 12/20/29                                                                       | CUSIP: CXPHYS431<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |          1 | NC      | $-949140.79    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Enverus Holdings, Inc.                                                           | Enverus Holdings, Inc./Delayed Draw Term Loan 12/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     116094 | PA      | $116094.38     | 0.00%             | 2029-12-24      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Heavy Construction Systems Specialists, LLC                                      | Heavy Construction Systems Specialists, LLC/2024 Term Loan 3/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2909414 | PA      | $2909413.98    | 0.06%             | 2028-11-16      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Sixth Amendment Incremental DDTL 4/25                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2477668 | PA      | $2477668.39    | 0.05%             | 2026-12-07      | Fixed         | 8.87%                 | No            |                  3 | On Loan: No      |
| Vantage Data Centers Europe S.a r.l.                                             | Vantage Data Centers Europe S.a r.l./Delayed Draw Term Loan 02/24                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    6530000 | PA      | $7666568.83    | 0.15%             | 2029-05-14      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Clearstead Advisors, LLC                                                         | Clearstead Advisors, LLC/3rd Amendment Term B Loan 5/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     334086 | PA      | $332415.57     | 0.01%             | 2028-02-01      | Fixed         | 8.79%                 | No            |                  3 | On Loan: No      |
| PSC Parent, Inc.                                                                 | PSC Parent, Inc./DDTL-2 4/24                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     733966 | PA      | $733965.66     | 0.01%             | 2031-04-03      | Floating      | 9.15%                 | No            |                  3 | On Loan: No      |
| Medmark Services Inc                                                             | Medmark Services Inc/Term Loan 06/21                                                                       | CUSIP: 05518PAB4<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        |    1749814 | PA      | $1487342.21    | 0.03%             | 2027-06-11      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Fourth Incremental Term Loan 10/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   15868571 | PA      | $15868571.00   | 0.31%             | 2028-12-31      | Fixed         | 12.13%                | No            |                  3 | On Loan: No      |
| People Corporation                                                               | People Corporation/Revolver 2/21                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     897551 | PA      | $644931.62     | 0.01%             | 2027-02-18      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| DecoPac, Inc.                                                                    | DecoPac, Inc./2024 Term B Loan 9/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   27859873 | PA      | $27859873.04   | 0.55%             | 2030-05-14      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| US Salt Investors, LLC                                                           | US Salt Investors, LLC/Revolver 7/21                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     678868 | PA      | $678867.96     | 0.01%             | 2026-07-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./2024 Delayed Draw Term Loan 3/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1986267 | PA      | $1986266.78    | 0.04%             | 2028-04-14      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Heavy Construction Systems Specialists, LLC                                      | Heavy Construction Systems Specialists, LLC/Revolver 11/21                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     410065 | PA      | $410065.24     | 0.01%             | 2027-11-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | CMBX.NA.BBB-.9                                                                                             | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | N/A              | DCR              | CORP              | US        |          1 | NC      | $198532.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| People Corporation                                                               | People Corporation/Delayed Draw 3 Term Loan 9/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2172370 | PA      | $1560946.88    | 0.03%             | 2028-02-18      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/Delayed Draw Term Loan 1/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     685206 | PA      | $685205.51     | 0.01%             | 2028-10-02      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Confirmasoft AB                                                                  | Confirmasoft AB/ Acquisition Facility / 05/21                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    1505376 | PA      | $1767391.84    | 0.03%             | 2027-06-03      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| HGC Holdings, LLC                                                                | HGC Holdings, LLC/Revolver 6/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2605645 | PA      | $2586102.66    | 0.05%             | 2029-06-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Werner FinCo LP                                                                  | Werner FinCo LP/Initial Term Loan 6/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   38909981 | PA      | $38326331.53   | 0.75%             | 2031-06-16      | Fixed         | 9.52%                 | No            |                  3 | On Loan: No      |
| King Risk Partners, LLC                                                          | King Risk Partners, LLC/Term Loan 4/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1202790 | PA      | $1190762.10    | 0.02%             | 2031-04-23      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Global Music Rights, LLC                                                         | Global Music Rights, LLC/Term Loan 12/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   64370100 | PA      | $64370100.00   | 1.27%             | 2031-12-22      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| 15484880 Canada Inc.                                                             | 15484880 Canada Inc./Delayed Draw Term Loan 4/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    1031812 | PA      | $741404.04     | 0.01%             | 2031-04-02      | Fixed         | 8.27%                 | No            |                  3 | On Loan: No      |
| North Star Acquisitionco, LLC                                                    | North Star Acquisitionco, LLC/Multicurrency Krone Term Loan 4/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5241662 | PA      | $525240.31     | 0.01%             | 2029-05-03      | Floating      | 8.64%                 | No            |                  3 | On Loan: No      |
| Automotive Keys Group, LLC                                                       | Automotive Keys Group, LLC/Term Loan 11/20                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     489034 | PA      | $425459.86     | 0.01%             | 2026-08-06      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| GTCR F Buyer Corp.                                                               | GTCR F Buyer Corp./Initial Term Loan 9/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     885543 | PA      | $885542.58     | 0.02%             | 2030-09-06      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| CIFC 2018-1                                                                      | CIFC 2018-1A SUB                                                                                           | CUSIP: 12547WAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-O            | CORP              | KY        |    3981857 | PA      | $1500021.28    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/Initial Term Loan 2/22                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1549725 | PA      | $1549725.02    | 0.03%             | 2028-02-09      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Amendment No. 3 CAD/USD Delayed Draw Term Loan 10/24                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1965844 | PA      | $1965844.00    | 0.04%             | 2028-12-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class I Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Iron Mountain Inc                                                                | IRM 5.25% Sr Unsecured Nts due 2030 144A                                                                   | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    4089000 | PA      | $4043361.44    | 0.08%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sixth Street CLO 28 Ltd                                                          | SIXST 2025-28A SUB                                                                                         | CUSIP: 83013UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1703000 | PA      | $1359596.86    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Monica Holdco (US), Inc.                                                         | Monica Holdco (US), Inc./Revolving Credit Loan 01/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2347470 | PA      | $2347470.00    | 0.05%             | 2030-07-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Forward Keystone Holdings, LP                                                    | Forward Keystone Holdings, LP/Back Leverage Term Loan 3/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3684890 | PA      | $3684890.18    | 0.07%             | 2029-03-19      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Neptune BidCo US Inc.                                                            | Neptune BidCo US Inc./Term Loan B 10/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   15708913 | PA      | $14937291.59   | 0.29%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| IGEA BIDCO S.P.A                                                                 | IGEA BIDCO S.P.A/Delayed Issue Notes Commitment 09/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IT        |     873016 | PA      | $1024967.42    | 0.02%             | 2030-09-25      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/Seventh Amendment Delayed Draw Term Loan 10/23                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     301118 | PA      | $301118.04     | 0.01%             | 2029-08-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Activate holdings (US) Corp.                                                     | Crosspoint Capital AS SPV, LP/Preferred Equity 07/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      50000 | NS      | $70720.30      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Revolving Credit 05/22                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1464296 | PA      | $1464296.00    | 0.03%             | 2030-11-19      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| LBC Woodlands Holdings LP                                                        | LBC Woodlands Holdings LP/Class A-1 7/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     108000 | NS      | $82214.89      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CGMS 2018-3                                                                      | CGMS 2018-3A SUB                                                                                           | CUSIP: 14317TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     750000 | PA      | $46209.75      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Music Rights, LLC                                                         | Global Music Rights, LLC/Revolver 12/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6441900 | PA      | $6441900.00    | 0.13%             | 2031-12-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./Initial Term Loan 6/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8166637 | PA      | $6696642.26    | 0.13%             | 2028-06-23      | Floating      | 8.19%                 | No            |                  3 | On Loan: No      |
| Patriot Container Corp.                                                          | Patriot Container Corp./Initial Delayed Draw Term Loan 9/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2252223 | PA      | $2252222.89    | 0.04%             | 2030-09-09      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| Mustang Prospects Holdco, LLC                                                    | Mustang Prospects Holdco, LLC/Class A Units 9/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         48 | NS      | $46199.20      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| pH Beauty Holdings III, Inc.                                                     | pH Beauty Holdings III, Inc./Term Loan 2/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3616868 | PA      | $3616868.24    | 0.07%             | 2027-09-28      | Fixed         | 9.27%                 | No            |                  3 | On Loan: No      |
| ACP Avenu Buyer, LLC                                                             | ACP Avenu Buyer, LLC/Delayed Draw Term Loan 2/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2973362 | PA      | $2973362.00    | 0.06%             | 2029-10-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ANCHF 2015-1                                                                     | ANCHF 2015-1A SBR2                                                                                         | CUSIP: 03329RAJ7<br>LEI: 5493003H2Z81X25TJR71 | Long             | ABS-O            | CORP              | KY        |    4860000 | PA      | $3842840.88    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Football Holdings BidCo Limited                                            | Eagle Football Holdings BidCo Limited/Original Series B2 Bridge HoldCo Note 11/22                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |        401 | PA      | $400.65        | 0.00%             | 2028-12-13      | Fixed         | 19.00%                | No            |                  3 | On Loan: No      |
| WU Holdco, Inc.                                                                  | WU Holdco, Inc./Term Loan 4/25                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1467044 | PA      | $1459708.78    | 0.03%             | 2032-04-19      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Mimecast Borrowerco, Inc.                                                        | Mimecast Borrowerco, Inc./Delayed Draw Term Loan 5/22                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3787240 | PA      | $3787240.05    | 0.07%             | 2029-05-18      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Illinois Investment S.a.r.l./Interest Bearing Loan 02/24                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   10050000 | PA      | $1067513.60    | 0.02%             | 2029-04-03      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Sunbit Receivables Trust IV                                                      | Sunbit Receivables Trust IV/ Class B Revolver 04/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5060000 | PA      | $5060000.00    | 0.10%             | 2029-04-23      | Fixed         | 11.17%                | No            |                  3 | On Loan: No      |
| IFH Franchisee Holdings, LLC                                                     | IFH Franchisee Holdings, LLC/Delayed Draw Term Loan 12/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     880198 | PA      | $880198.00     | 0.02%             | 2029-12-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Perigon Wealth Management, LLC                                                   | Perigon Wealth Management, LLC/Delayed Draw Term Loan 3/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1745150 | PA      | $1745149.62    | 0.03%             | 2031-03-28      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| JAMS Buyer LLC                                                                   | JAMS Buyer LLC/Delayed Draw Term Loan 6/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     625378 | PA      | $620687.67     | 0.01%             | 2032-06-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Amendment No. 1 Delayed Draw Term Loan 11/23                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1173794 | PA      | $1173794.11    | 0.02%             | 2028-12-28      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Meyer Laboratory, LLC                                                            | Meyer Laboratory, LLC/Delayed Draw Term Loan 2/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     223362 | PA      | $209960.32     | 0.00%             | 2030-02-28      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| Truist Insurance Holdings, LLC                                                   | Truist Insurance Holdings, LLC/Term Loan B 12/24                                                           | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     137903 | PA      | $137688.10     | 0.00%             | 2031-05-06      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-10937069.00  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| ANCHF 2018-6                                                                     | ANCHF 2018-6A SUB2                                                                                         | CUSIP: 03330MAC0<br>LEI: 5493009BD57D5LVN7Y80 | Long             | ABS-O            | CORP              | KY        |    1800000 | PA      | $106480.80     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Perigon Wealth Management, LLC                                                   | Perigon Wealth Management, LLC/Revolver 3/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     250000 | PA      | $250000.00     | 0.00%             | 2031-03-28      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Maltese Bidco 1 Limited                                                          | Maltese Bidco 1 Limited/Additional Facility 03/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1542857 | PA      | $2074987.56    | 0.04%             | 2029-02-14      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Amendment No. 1 Delayed Draw Term Loan 08/20                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     261220 | PA      | $261219.84     | 0.01%             | 2027-12-15      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Pixley Park CLO Ltd                                                              | PXLY 2024-1A SUB                                                                                           | CUSIP: 72583VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   40225152 | PA      | $29172768.56   | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spruce Bidco II Inc.                                                             | Spruce Bidco II Inc./Revolver 1/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   11656836 | PA      | $11656836.00   | 0.23%             | 2032-01-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Initial Term Loan 5/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     594931 | PA      | $594930.60     | 0.01%             | 2030-05-24      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| VetPartners Group Limited                                                        | VetPartners Group Limited/Unitranche Acquisition Facility A2 09/25                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    9246017 | PA      | $12434963.35   | 0.24%             | 2032-09-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| GTCR F Buyer Corp.                                                               | GTCR F Buyer Corp./Delayed Draw Term B Loan 11/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     267140 | PA      | $267140.29     | 0.01%             | 2030-09-06      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| CPTPK 2024-1                                                                     | CPTPK 2024-1A E                                                                                            | CUSIP: 14074FAA6<br>LEI: 254900T5FZQKDOCWVD69 | Long             | ABS-CBDO         | CORP              | JE        |    1750000 | PA      | $1771243.25    | 0.03%             | 2037-07-20      | Floating      | 10.33%                | Yes           |                  3 | On Loan: No      |
| CBTS BORROWER, LLC                                                               | CBTS BORROWER, LLC/Delayed Draw Term Loan USD Commitment 12/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1900000 | PA      | $1900000.00    | 0.04%             | 2030-12-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BGI Purchaser, Inc.                                                              | BGI Purchaser, Inc./Delayed Draw Term Loan 5/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1595270 | PA      | $1595270.00    | 0.03%             | 2031-05-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Tandarts Today Holding B.V.                                                      | Tandarts Today Holding B.V./Acquisition/ Capex Facility 02/22                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    3380018 | PA      | $3968321.71    | 0.08%             | 2028-02-24      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| APG Holdings, LLC                                                                | APG Holdings, LLC/Class A Units 1/20                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $38820.50      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Delayed Draw Term Loan 7/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     536065 | PA      | $536065.00     | 0.01%             | 2030-11-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OAKC 2012-7                                                                      | OAKC 2012-7A SUB                                                                                           | CUSIP: 67102UAB5<br>LEI: 549300LXLBAFTIMXZT54 | Long             | ABS-O            | CORP              | KY        |     500000 | PA      | $271332.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IHS Parent Holdings, L.P.                                                        | IHS Parent Holdings, L.P./Class A Common Equity Units 12/22                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      25000 | NS      | $29568.15      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./Delayed Draw Term Loan C 6/25                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     940963 | PA      | $940963.00     | 0.02%             | 2032-02-13      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Monica Holdco (US), Inc.                                                         | Monica Holdco (US), Inc./Initial Term Loan 01/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7890957 | PA      | $7890956.66    | 0.16%             | 2030-07-12      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Creek Parent, Inc.                                                               | Creek Parent, Inc./Multi-Currency Revolver 12/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7992037 | PA      | $7992037.00    | 0.16%             | 2031-12-18      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Bamboo Purchaser, Inc.                                                           | Bamboo Purchaser, Inc./Term Loan 11/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3429890 | PA      | $1166162.60    | 0.02%             | 2027-11-05      | None          |  | No            |                  3 | On Loan: No      |
| Viper Bidco, Inc.                                                                | Viper Bidco, Inc./Amendment No. 1 Delayed Draw Term Loan 9/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1819866 | PA      | $1819866.00    | 0.04%             | 2031-11-21      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PCS Midco, Inc.                                                                  | PCS Midco, Inc./Term Loan 1/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1015145 | PA      | $1015145.05    | 0.02%             | 2030-03-01      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| PRG III, LLC                                                                     | PRG III, LLC/Class A Units                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       2250 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Witherslack Bidco Limited                                                        | Witherslack Bidco Limited/CAPEX Tranche Commitment 12/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2641554 | PA      | $3552624.57    | 0.07%             | 2028-08-17      | Fixed         | 10.02%                | No            |                  3 | On Loan: No      |
| CIFC SPEAR III WH LTD.                                                           | CIFC SPEAR III WH LTD. / WH                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    1249333 | PA      | $1249333.33    | 0.02%             | 2028-09-25      | Fixed         | 23.20%                | No            |                  3 | On Loan: No      |
| KKR 2024-53                                                                      | KKR 2024-53A E                                                                                             | CUSIP: 48256TAA4<br>LEI: 25490093V4SBSCAGOF34 | Long             | ABS-CBDO         | CORP              | KY        |    2235000 | PA      | $2285097.53    | 0.04%             | 2038-01-15      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| Continental Acquisition Holdings, Inc.                                           | Continental Acquisition Holdings, Inc./Revolving Credit Loan 01/21                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1375 | PA      | $1375.00       | 0.00%             | 2028-01-20      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| GMR Buyer Corp.                                                                  | GMR Buyer Corp./Warrants 5/24                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     959055 | NC      | $12469950.56   | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Delayed Draw Term Loan 11/23                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2374280 | PA      | $2374279.94    | 0.05%             | 2030-11-19      | Floating      | 8.65%                 | No            |                  3 | On Loan: No      |
| Hamsard 3713 Limited                                                             | Hamsard 3713 Limited/Facility B 08/2023                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    8540683 | PA      | $10027217.75   | 0.20%             | 2030-11-22      | Floating      | 8.61%                 | No            |                  3 | On Loan: No      |
| AeriTek Global US Acquisition Inc.                                               | AeriTek Global US Acquisition Inc./First Lien Term Loan 8/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     641483 | PA      | $631860.76     | 0.01%             | 2030-08-27      | Fixed         | 10.70%                | No            |                  3 | On Loan: No      |
| PestCo Holdings, LLC                                                             | PestCo Holdings, LLC/Class A Units 01/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          2 | NS      | $40359.36      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cascade Parent Inc.                                                              | Cascade Parent Inc./Revolver 9/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      51790 | PA      | $51013.15      | 0.00%             | 2030-09-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Ordinary Shares                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |        590 | NS      | $40928.85      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brokers Alliance S.L.                                                            | Brokers Alliance S.L./Second Acquisition/ Capex Facility 7/23                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |    3191489 | PA      | $3746978.57    | 0.07%             | 2029-04-09      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| Zinc Buyer Corporation                                                           | Zinc Buyer Corporation/Delayed Draw Term Loan 7/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     215281 | PA      | $215280.88     | 0.00%             | 2031-07-24      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Thermostat Purchaser III, Inc.                                                   | Thermostat Purchaser III, Inc./Second Lien Term Loan 8/21                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3575323 | PA      | $3575323.01    | 0.07%             | 2029-08-31      | Floating      | 11.60%                | No            |                  3 | On Loan: No      |
| Internet Truckstop Group LLC                                                     | Internet Truckstop Group LLC/Revolving Credit Loan 6/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     302102 | PA      | $302102.00     | 0.01%             | 2027-04-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Shur-Co Acquisition, Inc.                                                        | Shur-Co Acquisition, Inc./ First Amendment Incremental Term Loan 6/22                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     270487 | PA      | $270487.24     | 0.01%             | 2030-07-01      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Delayed Draw Term Loan 10/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2403315 | PA      | $2307182.58    | 0.05%             | 2028-10-02      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Gapco Aiv Interholdco (CP), L.P.                                                 | Gapco Aiv Interholdco (CP), L.P./Term Loan 3/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2550403 | PA      | $2550402.90    | 0.05%             | 2033-03-31      | Fixed         | 10.88%                | No            |                  3 | On Loan: No      |
| SFE Intermediate HoldCo LLC                                                      | SFE Intermediate HoldCo LLC/Term Loan 7/17                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     223589 | PA      | $223588.97     | 0.00%             | 2026-07-31      | Floating      | 10.20%                | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-7 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     938771 | NS      | $1370519.97    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ASPIRE BIDCO LIMITED                                                             | ASPIRE BIDCO LIMITED/Additional Facility B1 07/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    4218289 | PA      | $5673174.74    | 0.11%             | 2028-09-04      | Floating      | 10.18%                | No            |                  3 | On Loan: No      |
| Divisions Holding Corporation                                                    | Divisions Holding Corporation/Term B Loan 4/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1394755 | PA      | $1394755.00    | 0.03%             | 2032-04-19      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Gotham Greens Holdings, PBC                                                      | Gotham Greens Holdings, PBC/Warrant Shares                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      31842 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Watt Holdco Limited                                                              | Watt Holdco Limited/Acqusition Facility Commitment 08/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |     440000 | PA      | $516583.50     | 0.01%             | 2031-09-17      | Floating      | 7.27%                 | No            |                  3 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Revolver A 5/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     762035 | PA      | $762034.71     | 0.01%             | 2030-05-24      | Floating      | 8.00%                 | No            |                  3 | On Loan: No      |
| HBH Buyer, LLC                                                                   | HBH BUYER, LLC/Initial Revolver First Tranche 9/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     158483 | PA      | $156501.96     | 0.00%             | 2031-09-29      | Fixed         | 7.49%                 | No            |                  3 | On Loan: No      |
| TI VI Holdings 1, L.P.                                                           | TI VI Holdings 1, L.P./Preference Shares 06/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | GB        |       1406 | NS      | $1395514.55    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telle Tire & Auto Service, LLC                                                   | Telle Tire & Auto Service, LLC/Term Loan 3/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     133659 | PA      | $133659.02     | 0.00%             | 2031-03-03      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| Cezanne Bidco                                                                    | Cezanne Bidco/Facility B 10/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    5761671 | PA      | $6764509.54    | 0.13%             | 2031-10-30      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Ellucian Holdings Inc.                                                           | Ellucian Holdings Inc./Term Loan B 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   11715338 | PA      | $11708074.45   | 0.23%             | 2029-10-09      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Brokers Alliance S.L.                                                            | Brokers Alliance S.L./Unitranche Facility EUR 03/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     746167 | PA      | $876039.50     | 0.02%             | 2029-04-09      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| MDPK 2021-59                                                                     | MDPK 2021-59X SUB                                                                                          | CUSIP: BCC3491H2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1500000 | PA      | $844819.50     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ELM35 2024-11                                                                    | ELM35 2024-11A SUB                                                                                         | CUSIP: 29004RAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1990000 | PA      | $1499703.80    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GSV Purchaser, Inc.                                                              | GSV Purchaser, Inc./Initial Term Loan 8/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3680392 | PA      | $3680391.83    | 0.07%             | 2031-08-01      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| Inspiring Generations B.V.                                                       | Inspiring Generations B.V./ Facility B Tranche B2 07/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     488600 | PA      | $573642.50     | 0.01%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| ANCHF 2020-12                                                                    | ANCHF 2020-12A E                                                                                           | CUSIP: 03332HAA3<br>LEI: 5493008VFWRM4UWVV341 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $909575.00     | 0.02%             | 2038-10-25      | Fixed         | 6.91%                 | Yes           |                  3 | On Loan: No      |
| CentralSquare Technologies, LLC                                                  | CentralSquare Technologies, LLC/Revolver 4/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3401724 | PA      | $3401724.14    | 0.07%             | 2030-04-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/I Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IRI Group Holdings, Inc.                                                         | IRI Group Holdings, Inc./2025 Revolver 4/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1884646 | PA      | $1884646.00    | 0.04%             | 2028-12-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PDDS Holdco, Inc.                                                                | PDDS Holdco, Inc./Initial Term Loan 7/22                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     732908 | PA      | $732908.00     | 0.01%             | 2028-07-18      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| WorkWave Intermediate II, LLC                                                    | WorkWave Intermediate II, LLC/Revolver 6/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     459884 | PA      | $455285.66     | 0.01%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| HBH Buyer, LLC                                                                   | HBH BUYER, LLC/Initial Revolver Second Tranche 9/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     317042 | PA      | $313078.98     | 0.01%             | 2031-09-29      | Fixed         | 7.49%                 | No            |                  3 | On Loan: No      |
| DCert Buyer, Inc.                                                                | DCert Buyer, Inc./Revolver 7/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     184752 | PA      | $181980.72     | 0.00%             | 2030-07-10      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Vertex Service Partners, LLC                                                     | Vertex Service Partners, LLC/Term Loan 11/23                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1031116 | PA      | $989871.26     | 0.02%             | 2030-11-08      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Healthco Investment Ltd                                                          | Healthco Investment Ltd/ CAR Facility 08/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     641667 | PA      | $862977.61     | 0.02%             | 2032-09-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Zinc Buyer Corporation                                                           | Zinc Buyer Corporation/Revolver 7/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     407178 | PA      | $407178.00     | 0.01%             | 2031-07-24      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Symplr Software Inc.                                                             | Symplr Software Inc./First Lien Term Loan 12/20                                                            | CUSIP: 87190HAC3<br>LEI: 254900NR8M8HYDVR0M34 | Long             | LON              | CORP              | US        |    3415965 | PA      | $3063164.48    | 0.06%             | 2027-12-22      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| Symplr Software Intermediate Holdings, Inc.                                      | Symplr Software Intermediate Holdings, Inc./Series C-1 Preferred Shares                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $71356.97      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zeppelin US Buyer Inc.                                                           | Zeppelin US Buyer Inc./Initial Tranche A Revolver 7/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      63484 | PA      | $62849.16      | 0.00%             | 2032-08-02      | Fixed         | 8.92%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-146167849.00 | -2.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | CDX HY CDSI S41 5Y PRC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              | CORP              | US        |          1 | NC      | $-800039.04    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Plaskolite PPC Intermediate II LLC                                               | Plaskolite PPC Intermediate II LLC/Term Loan 5/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   34679694 | PA      | $33986099.65   | 0.67%             | 2030-05-09      | Fixed         | 12.22%                | No            |                  3 | On Loan: No      |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.                                   | Gestion ABS Bidco Inc./ABS Bidco Holdings Inc./Delayed Draw Term Loan 2/24                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     322911 | PA      | $232026.30     | 0.00%             | 2031-03-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Melody TopCo LP                                                                  | Melody TopCo LP Class A-1 Preferred Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       1199 | NS      | $2165154.20    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/Facility B EUR Commitment 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    2828933 | PA      | $3321318.73    | 0.07%             | 2030-12-31      | Fixed         | 7.53%                 | No            |                  3 | On Loan: No      |
| NEP Group, Inc.                                                                  | NEP Group, Inc./PIK Term Loan B 12/23                                                                      | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18270105 | PA      | $18117915.50   | 0.36%             | 2026-08-19      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.                                   | Gestion ABS Bidco Inc./ABS Bidco Holdings Inc./Initial Term Loan 2/24                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     644316 | PA      | $462970.29     | 0.01%             | 2031-03-03      | Fixed         | 7.80%                 | No            |                  3 | On Loan: No      |
| Wellington-Altus Financial Inc.                                                  | Wellington-Altus Financial Inc./Purchased Shares 8/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      74001 | NS      | $3208554.84    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Unifi Aviation North America, LLC                                                | Unifi Aviation North America, LLC/Initial Term Loan 3/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2006060 | PA      | $2006059.76    | 0.04%             | 2028-09-29      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| athenahealth Group Inc.                                                          | athenahealth Group Inc./Revolving Credit 02/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2100000 | PA      | $2100000.00    | 0.04%             | 2027-02-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                                          | BCPE Pequod Buyer, Inc./Term Loan 07/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1340839 | PA      | $1342514.87    | 0.03%             | 2031-11-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Delayed Draw Term B Loan 5/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     271167 | PA      | $271167.00     | 0.01%             | 2030-05-24      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| EC Partners Spanish Bidco, S.L.U.                                                | EC Partners Spanish Bidco, S.L.U./Facility B1 01/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     259474 | PA      | $304636.64     | 0.01%             | 2032-01-30      | Fixed         | 7.85%                 | No            |                  3 | On Loan: No      |
| Clarion Home Services Group, LLC                                                 | Clarion Home Services Group, LLC/Revolver 12/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     416279 | PA      | $395465.08     | 0.01%             | 2027-12-06      | Floating      | 10.30%                | No            |                  3 | On Loan: No      |
| athenahealth Group Inc.                                                          | athenahealth Group Inc./Term Loan B 01/22                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   14298395 | PA      | $14262649.31   | 0.28%             | 2029-02-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. Ltd.                                                                | BHCCN 10.0% 1st lien Nts due 2032 144A                                                                     | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    7500000 | PA      | $7687890.30    | 0.15%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Celnor Group Limited                                                             | Celnor Group Limited/Incremental Facility Commitment 10/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1142132 | PA      | $1536053.06    | 0.03%             | 2031-08-05      | Fixed         | 9.64%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 40 Ltd                                                               | ELM40 2025-3A E                                                                                            | CUSIP: 29004GAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1750000 | PA      | $1772617.00    | 0.03%             | 2038-03-22      | Floating      | 9.53%                 | Yes           |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Delayed Draw Term Loan 7/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     298716 | PA      | $232998.25     | 0.00%             | 2029-07-23      | Floating      | 5.86%                 | No            |                  3 | On Loan: No      |
| Apex Service Partners, LLC                                                       | Apex Service Partners, LLC/Replacement DDTL 9/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5707733 | PA      | $5707733.20    | 0.11%             | 2030-10-24      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| 3 Step Sports LLC                                                                | 3 Step Sports LLC/Revolver 10/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     123730 | PA      | $121255.40     | 0.00%             | 2028-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2016-22                                                                     | MDPK 2016-22A SUB                                                                                          | CUSIP: 55819VAC0<br>LEI: 254900YXXBTCF4NGD347 | Long             | ABS-O            | CORP              | KY        |   10434020 | PA      | $4977079.71    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomi Health, Inc.                                                                | Nomi Health, Inc./Series B Warrant                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       2174 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Two Six Labs, LLC                                                                | Two Six Labs, LLC/Delayed Draw Term Loan 08/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2810054 | PA      | $2810054.23    | 0.06%             | 2027-08-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Rawlings Sporting Goods Company, Inc.                                            | Rawlings Sporting Goods Company, Inc./Initial Term Loan 12/20                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4871711 | PA      | $4871710.85    | 0.10%             | 2030-11-26      | Floating      | 8.90%                 | No            |                  3 | On Loan: No      |
| Cradle Lux Bidco S.a r.l                                                         | Cradle Lux Bidco S.a r.l/Term Loan (USD) 11/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     721028 | PA      | $721028.00     | 0.01%             | 2031-11-28      | Fixed         | 9.77%                 | No            |                  3 | On Loan: No      |
| NCP-MSI Buyer, Inc.                                                              | NCP-MSI Buyer, Inc./Delayed Draw Term Loan 3/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     998078 | PA      | $998078.00     | 0.02%             | 2031-03-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CST Holding Company                                                              | CST Holding Company/Term Loan 11/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1052292 | PA      | $1052292.15    | 0.02%             | 2028-11-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs                                                                    | Receive SOFR / Pay 6.35 06/07/2029                                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $1454390.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | Forward Contracts: SEK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-40526365.00  | -0.80%            |  |  |  | No            |                  2 | On Loan: No      |
| LABL, Inc.                                                                       | LABL 8.625% Secured Nts due 2031 144A                                                                      | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $3673168.50    | 0.07%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Essential Services Holding Corporation                                           | Essential Services Holding Corporation/Initial Term Loan 6/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   21310914 | PA      | $20884695.72   | 0.41%             | 2031-06-17      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| Diligent Preferred Issuer, Inc.                                                  | Diligent Preferred Issuer, Inc./Perpetual Preferred Stock                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       1476 | NS      | $2256814.41    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Doxim Inc.                                                                       | Doxim Inc./Revolver 9/25                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2197606 | PA      | $2175629.94    | 0.04%             | 2027-11-30      | Fixed         | 10.65%                | No            |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                                       | Cloud Software Group, Inc./Tenth Amendment Tranche B-2 Term Loan 09/22                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   25467522 | PA      | $25555129.77   | 0.50%             | 2031-03-21      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./First Amendment Incremental Delayed Term Loan 12/21                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     782689 | PA      | $641804.91     | 0.01%             | 2028-06-23      | Floating      | 8.19%                 | No            |                  3 | On Loan: No      |
| Ivanti Security Holdings LLC                                                     | Ivanti Security Holdings LLC/Revolving Credit Loan 05/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     460000 | PA      | $460000.00     | 0.01%             | 2029-06-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BCC 2018-1                                                                       | BCC 2018-1A SUB                                                                                            | CUSIP: 05683MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1420000 | PA      | $27552.26      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| People Corporation                                                               | People Corporation/Delayed Draw 4 Term Loan 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    6840788 | PA      | $4915418.83    | 0.10%             | 2028-02-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Vertex Service Partners, LLC                                                     | Vertex Service Partners, LLC/Delayed Draw Term Loan 10/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6023069 | PA      | $5661685.14    | 0.11%             | 2030-11-08      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| PCIA SPV-3, LLC                                                                  | PCIA SPV-3, LLC/Revolver Loan 8/23                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     320644 | PA      | $320644.00     | 0.01%             | 2029-08-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| DAVIS 2022-1                                                                     | DAVIS 2022-1A M1                                                                                           | CUSIP: 239088AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8111846 | PA      | $69518.52      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Compex Legal Services, Inc.                                                      | Compex Legal Services, Inc./Initial Term Loan 02/20                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1250828 | PA      | $1225811.24    | 0.02%             | 2026-02-09      | Floating      | 9.84%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./Revolver 4/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     687542 | PA      | $687541.55     | 0.01%             | 2027-04-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Bulab Holdings, Inc.                                                             | Bulab Holdings, Inc./Delayed Draw Term Loan 6/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4995674 | PA      | $4970695.63    | 0.10%             | 2032-07-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Repairify, Inc.                                                                  | Repairify, Inc./Amendment No. 5 Incremental Term Loan 5/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     555496 | PA      | $555496.00     | 0.01%             | 2027-06-14      | Fixed         | 9.40%                 | No            |                  3 | On Loan: No      |
| WSBidCo Limited                                                                  | WSBidCo Limited/Facility B 05/22                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2678571 | PA      | $3602408.71    | 0.07%             | 2028-06-16      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Mustang Prospects Purchaser, LLC                                                 | Mustang Prospects Purchaser, LLC/Delayed Draw Term (USD) Loan 6/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     354209 | PA      | $354209.00     | 0.01%             | 2031-06-13      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Two Six Labs, LLC                                                                | Two Six Labs, LLC/Revolving Credit Loan 08/21                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2560976 | PA      | $2560975.61    | 0.05%             | 2027-08-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./CAR Facility 1 (EUR) 09/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    2453077 | PA      | $2880043.48    | 0.06%             | 2029-05-31      | Floating      | 7.51%                 | No            |                  3 | On Loan: No      |
| Jewel Bidco Limited                                                              | Jewel Bidco Limited/CVR 05/25                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |        253 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Convera International Holdings Limited                                           | Convera International Holdings Limited/Incremental Term Loan 06/23                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    4405860 | PA      | $4405860.48    | 0.09%             | 2028-03-01      | Floating      | 10.15%                | No            |                  3 | On Loan: No      |
| Priority Waste Super Holdings, LLC                                               | Priority Waste Super Holdings, LLC/ Class A Warrant Units 8/23                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       4247 | NC      | $230009.11     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Talon Holdings SCSP                                                              | Talon Holdings SCSP/Class A Capital Units 7/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     319000 | NS      | $319000.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LH Equity Investors, L.P.                                                        | LH Equity Investors, L.P./Limited Partnership Interest 9/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     693200 | NS      | $667205.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMERS Bluejay Investment Holdings LP                                             | OMERS Bluejay Investment Holdings LP/Class A Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         25 | NS      | $57205.59      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                                                    | Pye-Barker Fire & Safety, LLC/Delayed Draw 2 Term Loan 5/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1359333 | PA      | $1359333.00    | 0.03%             | 2031-05-26      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/D Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sapphire Software Buyer, Inc.                                                    | Sapphire Software Buyer, Inc./Initial Term Loan 9/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10375900 | PA      | $10375900.28   | 0.20%             | 2031-09-30      | Fixed         | 8.87%                 | No            |                  3 | On Loan: No      |
| 6DG TOPCO LIMITED                                                                | 6DG TOPCO LIMITED/Priority Shares 01/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | GB        | 1371829990 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| U.S. Urology Partners, LLC                                                       | U.S. Urology Partners, LLC/Initial Term Loan 4/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1504777 | PA      | $1504777.00    | 0.03%             | 2032-04-08      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: AUD 10/17/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-4161733.00   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Priority Waste Holdings LLC                                                      | Priority Waste Holdings LLC/Initial Term Loan 08/23                                                        | CUSIP: 68371YAP8<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | US        |    1871091 | PA      | $1740114.62    | 0.03%             | 2029-08-20      | Floating      | 12.29%                | No            |                  3 | On Loan: No      |
| Wellington Bidco Inc.                                                            | Wellington Bidco Inc./Original Term Loan 6/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3296907 | PA      | $3296906.92    | 0.06%             | 2030-06-05      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Octagon 63 Ltd                                                                   | OCT63 2024-2A E                                                                                            | CUSIP: 67578WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1166667 | PA      | $1187621.51    | 0.02%             | 2037-07-20      | Floating      | 10.83%                | Yes           |                  3 | On Loan: No      |
| Einstein Parent, Inc.                                                            | Einstein Parent, Inc./Term Loan 1/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5031242 | PA      | $5031242.00    | 0.10%             | 2031-01-22      | Fixed         | 10.83%                | No            |                  3 | On Loan: No      |
| CIFC 2022-2                                                                      | CIFC 2022-2A SUBB                                                                                          | CUSIP: 12567QAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1900000 | PA      | $1349779.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Viant Medical Holdings, Inc. (f/k/a MedPlast Holdings Inc.)                      | Viant Medical Holdings, Inc. (f/k/a MedPlast Holdings Inc.)/Initial 1L Term Loan 10/24                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8580536 | PA      | $8582337.64    | 0.17%             | 2031-10-29      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./Term Loan 1/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1102115 | PA      | $1102115.18    | 0.02%             | 2026-03-13      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/USD Term Loan 3/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     976858 | PA      | $957320.55     | 0.02%             | 2031-03-26      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| LeanTaaS Holdings, Inc.                                                          | LeanTaaS Holdings, Inc./Initial Term Loan 7/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2634778 | PA      | $2634778.00    | 0.05%             | 2028-07-12      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| CWC Fund I Co-Invest (Prism) LP                                                  | CWC Fund I Co-Invest (Prism) LP/Common Stock 3/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2374000 | NS      | $2485473.54    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevation Services Parent Holdings, LLC                                          | Elevation Services Parent Holdings, LLC/Delayed Draw Term Loan 12/20                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1723820 | PA      | $1603152.44    | 0.03%             | 2028-12-18      | Floating      | 10.95%                | No            |                  3 | On Loan: No      |
| Edmunds GovTech, Inc.                                                            | Edmunds GovTech, Inc./Initial Term Loan 2/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     330878 | PA      | $330877.80     | 0.01%             | 2031-02-26      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| MAGNE 2025-48                                                                    | MAGNE 2025-48A SUB                                                                                         | CUSIP: 55956FAE4<br>LEI: 529900GIGHYFX3L5AN76 | Long             | ABS-O            | CORP              | KY        |    9560000 | PA      | $8658157.40    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avaya Holdings Corp.                                                             | 2264841D US Private Comp                                                                                   | CUSIP: 05351X507<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |      76384 | NS      | $878416.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Revolver 7/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     544763 | PA      | $544762.92     | 0.01%             | 2031-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Merit Financial Group, LLC                                                       | Merit Financial Group, LLC/Initial Term Loan 8/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     693105 | PA      | $686173.95     | 0.01%             | 2032-08-27      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| LGDN Bidco Limited                                                               | LGDN Bidco Limited/Unitranche Facility 11/22                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2195462 | PA      | $2952676.26    | 0.06%             | 2028-12-08      | Floating      | 13.47%                | No            |                  3 | On Loan: No      |
| Spark Purchaser, Inc.                                                            | Spark Purchaser, Inc./Initial Term Loan 4/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1293204 | PA      | $1293203.68    | 0.03%             | 2031-04-01      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Kaseya Inc.                                                                      | Kaseya Inc./Second Lien Term Loan 03/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   44975000 | PA      | $44956110.50   | 0.88%             | 2033-03-21      | Fixed         | 9.16%                 | No            |                  2 | On Loan: No      |
| ID.me, LLC                                                                       | ID.me, LLC/Term Loan 1/25                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18902549 | PA      | $17201319.44   | 0.34%             | 2031-01-22      | Fixed         | 10.25%                | No            |                  3 | On Loan: No      |
| ANCHC 2021-20                                                                    | ANCHC 2021-20X SUB                                                                                         | CUSIP: BCC335MC9<br>LEI: 549300AYL7KYENHY1C67 | Long             | ABS-O            | CORP              | KY        |    1150000 | PA      | $464279.15     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Beacon Pointe Harmony, LLC                                                       | Beacon Pointe Harmony, LLC/Initial Term Loan 12/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5939378 | PA      | $5939378.01    | 0.12%             | 2028-12-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Collision SP Subco, LLC                                                          | Collision SP Subco, LLC/Revolver 1/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      87681 | PA      | $87681.00      | 0.00%             | 2030-01-29      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| HGC Holdings, LLC                                                                | HGC Holdings, LLC/Delayed Draw Term Loan A 6/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   11671335 | PA      | $11623816.68   | 0.23%             | 2029-06-20      | Fixed         | 8.64%                 | No            |                  3 | On Loan: No      |
| BCC 2019-2                                                                       | BCC 2019-2A SUB                                                                                            | CUSIP: 05682MAC9<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-O            | CORP              | KY        |     810000 | PA      | $261091.35     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Artivion, Inc.                                                                   | Artivion, Inc./Initial Term Loan 1/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2277668 | PA      | $2277668.00    | 0.04%             | 2031-01-20      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| ModMed Software Midco Holdings, Inc.                                             | ModMed Software Midco Holdings, Inc./Series A Preferred Stock 4/25                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      13000 | NS      | $12950377.05   | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OHACP 2024-17                                                                    | OHACP 2024-17A E                                                                                           | CUSIP: 67120NAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3000000 | PA      | $3030006.00    | 0.06%             | 2038-01-18      | Floating      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| CASCADE INTERMEDIATE II, INC.                                                    | CASCADE INTERMEDIATE II, INC./Holdco Term Loan 9/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     440000 | PA      | $431200.00     | 0.01%             | 2033-09-26      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/EUR Revolver 3/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     196666 | PA      | $226278.80     | 0.00%             | 2031-03-26      | Floating      | 7.41%                 | No            |                  3 | On Loan: No      |
| Coupa Holdings, LLC                                                              | Coupa Holdings, LLC/Initial Term Loan 02/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     226304 | PA      | $226304.10     | 0.00%             | 2030-02-27      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Argenbright Holdings V, LLC                                                      | Argenbright Holdings V, LLC/Delayed Draw Term Loan 7/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      52609 | PA      | $52608.93      | 0.00%             | 2028-11-30      | Floating      | 13.68%                | No            |                  3 | On Loan: No      |
| Centric Brands TopCo, LLC                                                        | Centric Brands TopCo, LLC/Tranche A-2 Term Loan 2/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     992355 | PA      | $992354.88     | 0.02%             | 2031-02-06      | Floating      | 12.25%                | No            |                  3 | On Loan: No      |
| ASP-r-pac Acquisition Co LLC                                                     | ASP-r-pac Acquisition Co LLC/Initial Term Loan 12/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6041306 | PA      | $6041305.62    | 0.12%             | 2027-12-29      | Floating      | 10.57%                | No            |                  3 | On Loan: No      |
| EC Partners Spanish Bidco, S.L.U.                                                | EC Partners Spanish Bidco, S.L.U./Facility B2 01/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     184970 | PA      | $217164.36     | 0.00%             | 2032-01-30      | Fixed         | 7.85%                 | No            |                  3 | On Loan: No      |
| Bluejack Fire Holdings, LLC                                                      | Bluejack Fire Holdings, LLC/Common Equity 1/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        195 | NS      | $223439.06     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Phoenix YW Buyer, Inc.                                                           | Phoenix YW Buyer, Inc./Term Loan 5/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5242109 | PA      | $5242109.47    | 0.10%             | 2030-05-31      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Bellwether Buyer, L.L.C.                                                         | Bellwether Buyer, L.L.C./Delayed Draw Term Loan 04/25                                                      | CUSIP: 07989BAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1092226 | PA      | $1089495.44    | 0.02%             | 2032-04-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Magic Topco, L.P.                                                                | Project Magic L.P./Class B Units                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      12975 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avaya Inc.                                                                       | Avaya Inc./New Money Term Loan Exit 04/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7805625 | PA      | $6868949.77    | 0.14%             | 2028-08-01      | Floating      | 11.66%                | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Second Amendment Incremental DDTL 1/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     208442 | PA      | $208441.81     | 0.00%             | 2031-04-30      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| Crown CT HoldCo Inc.                                                             | Crown CT HoldCo Inc./Class A Common Stock                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          5 | NS      | $63860.74      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vertex Service Partners, LLC                                                     | Vertex Service Partners, LLC/Revolver 11/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     209975 | PA      | $201576.00     | 0.00%             | 2030-11-08      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Waverly Advisors, LLC                                                            | Waverly Advisors, LLC/k/a WA Asset Management, LLC)/Delayed Draw Term Loan 3/22                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1462346 | PA      | $1462346.21    | 0.03%             | 2028-03-01      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Survitec Group Holdco Limited                                                    | Survitec Group Holdco Limited/Unitranche Facility (GBP)                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    8569227 | PA      | $11524748.71   | 0.23%             | 2027-04-06      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| SIXST 2022-21                                                                    | SIXST 2022-21A SUB                                                                                         | CUSIP: 83012TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4161000 | PA      | $2707912.22    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aldinger Company                                                                 | Aldinger Company/Term Loan 7/24                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1245365 | PA      | $1245364.56    | 0.02%             | 2027-07-01      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| PPC CHG Blocker LLC                                                              | PPC CHG Blocker LLC/Common Stock 12/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          1 | NS      | $84594.76      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-296435.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Delayed Draw Term Loan 11/20                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     423586 | PA      | $423586.42     | 0.01%             | 2028-12-31      | Floating      | 12.13%                | No            |                  3 | On Loan: No      |
| BrightStar Group Holdings, Inc.                                                  | BrightStar Group Holdings, Inc./Revolver 2/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     505432 | PA      | $505432.00     | 0.01%             | 2032-03-01      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Perigon Wealth Management, LLC                                                   | Perigon Wealth Management, LLC/Delayed Draw Term Loan 8/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     272277 | PA      | $272277.00     | 0.01%             | 2031-03-28      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Spaceship Purchaser, Inc.                                                        | Spaceship Purchaser, Inc./A Dollar Term Loan 9/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5431301 | PA      | $5431301.05    | 0.11%             | 2031-10-17      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| FLAT 2023-2                                                                      | FLAT 2023-2A E                                                                                             | CUSIP: 33882HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     750000 | PA      | $763021.50     | 0.02%             | 2037-01-15      | Floating      | 12.15%                | Yes           |                  3 | On Loan: No      |
| Metatiedot Bidco Oy                                                              | Metatiedot Bidco Oy/Revolver (EUR) 11/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     562311 | PA      | $660183.18     | 0.01%             | 2030-11-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ANCHF 2018-5                                                                     | ANCHF 2018-5A SUB2                                                                                         | CUSIP: 03331DAE5<br>LEI: 549300LZ7OB1D07M7N27 | Long             | ABS-O            | CORP              | KY        |    4682375 | PA      | $314599.41     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Reddy Ice LLC                                                                    | Reddy Ice LLC/Initial Term Loan 4/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   33237999 | PA      | $33237998.55   | 0.65%             | 2029-04-23      | Floating      | 9.79%                 | No            |                  3 | On Loan: No      |
| Symplr Software Inc.                                                             | Symplr Software Inc./Revolving Credit Loan 12/20                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1300 | PA      | $1157.00       | 0.00%             | 2027-12-22      | Floating      | 8.06%                 | No            |                  3 | On Loan: No      |
| Redwood Services, LP                                                             | Redwood Services, LP/Closing Date Term Loan 6/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2341351 | PA      | $2317937.49    | 0.05%             | 2032-06-16      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment DDTL-1 07/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     174158 | PA      | $174157.57     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Tranche 3 Delayed Draw Term Loan 06/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      36471 | PA      | $36471.01      | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Victors Purchaser, LLC                                                           | Victors Purchaser, LLC/Revolver 8/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2222535 | PA      | $2222535.00    | 0.04%             | 2031-08-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-10 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     253585 | NS      | $334390.35     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC                      | Bottomline Technologies, Inc. and Legal Spend Holdings, LLC/Revolver 5/22                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1912043 | PA      | $1912043.00    | 0.04%             | 2028-05-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Envisage Dental UK Limited                                                       | Envisage Dental UK Limited/Incremental Facility 10/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2778089 | PA      | $3736250.42    | 0.07%             | 2031-04-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BNZ TopCo B.V.                                                                   | BNZ TopCo B.V./Facility A 08/24                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |   10714086 | PA      | $12327331.12   | 0.24%             | 2030-10-09      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| Bamboo Purchaser, Inc.                                                           | Bamboo Purchaser, Inc./Revolver 11/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2026-11-05      | Floating      | 7.19%                 | No            |                  3 | On Loan: No      |
| Optio Group Limited                                                              | Optio Group Limited/GBP Facility B 03/19                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     360248 | PA      | $484497.94     | 0.01%             | 2026-03-16      | Floating      | 10.74%                | No            |                  3 | On Loan: No      |
| Clarion Home Services Group, LLC                                                 | Clarion Home Services Group, LLC/Closing Date Term Loan 12/21                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2571407 | PA      | $2468550.68    | 0.05%             | 2027-12-06      | Floating      | 12.41%                | No            |                  3 | On Loan: No      |
| 285 Schermerhorn LLC                                                             | 285 Schermerhorn LLC/Senior Loan 3/22                                                                      | CUSIP: 285S59208<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9565046 | PA      | $5938649.87    | 0.12%             | 2025-12-31      | None          |  | No            |                  3 | On Loan: No      |
| Mimecast Borrowerco, Inc.                                                        | Mimecast Borrowerco, Inc./Dollar Term Loan 5/22                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   37411367 | PA      | $37411367.40   | 0.74%             | 2029-05-18      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Registrar Intermediate, LLC                                                      | Registrar Intermediate, LLC/Initial Term Loan 8/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4143265 | PA      | $4101832.23    | 0.08%             | 2029-08-27      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Cority Software (USA) Inc.                                                       | Cority Software (USA) Inc./Incremental 2020-2 Term Loan 9/20                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     134042 | PA      | $134041.51     | 0.00%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Aduro Advisors, LLC                                                              | Aduro Advisors, LLC/Revolver 7/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     596863 | PA      | $596863.00     | 0.01%             | 2030-07-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | ARGID 4.125% 1st lien Nts due 2026 144A                                                                    | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    4224000 | PA      | $4055040.00    | 0.08%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Smarsh Inc.                                                                      | Smarsh Inc./2025 Refinance Term Loan 1/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4682146 | PA      | $4682145.50    | 0.09%             | 2029-02-16      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Floss Bidco Limited                                                              | Floss Bidco Limited/Facility B2 12/22                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     360939 | PA      | $466010.15     | 0.01%             | 2026-09-07      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Pluralsight, LLC                                                                 | Pluralsight, LLC/Second-Priority Term Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3584255 | PA      | $3584255.10    | 0.07%             | 2029-08-22      | Floating      | 5.85%                 | No            |                  3 | On Loan: No      |
| Astra Service Partners, LLC                                                      | Astra Service Partners, LLC/Delay Draw Term Loan 8/23                                                      | CUSIP: 16384YAJ6<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |     924240 | PA      | $924240.04     | 0.02%             | 2027-03-19      | Floating      | 9.09%                 | No            |                  3 | On Loan: No      |
| Aerin Medical Inc.                                                               | Aerin Medical Inc./Delayed Draw Term Loan B 12/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     377233 | PA      | $377233.00     | 0.01%             | 2030-12-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| HP RSS Buyer, Inc.                                                               | HP RSS Buyer, Inc./First Amendment DDTL 3/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     804339 | PA      | $804339.33     | 0.02%             | 2029-12-11      | Floating      | 8.87%                 | No            |                  3 | On Loan: No      |
| Team Health Holdings, Inc.                                                       | Team Health Holdings, Inc./Term Loan B 07/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   12468750 | PA      | $12434959.69   | 0.24%             | 2028-06-30      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| DFC Global Facility Borrower III LLC                                             | DFC Global Facility Borrower III LLC/Revolving Credit AXOS (MPL) 01/25 (Leverage)                          | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |  -12170290 | PA      | $-12109438.15  | -0.24%            | 2028-01-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Redwood Services, LP                                                             | Redwood Services, LP/Delayed Draw Term Loan 6/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     739374 | PA      | $735677.13     | 0.01%             | 2032-06-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Cradle Lux Bidco S.a r.l                                                         | Cradle Lux Bidco S.a r.l/Term Loan (EUR) 11/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    1958777 | PA      | $2299708.83    | 0.05%             | 2031-11-28      | Fixed         | 7.60%                 | No            |                  3 | On Loan: No      |
| Celnor Group Limited                                                             | Celnor Group Limited/Acquisition/Capex Facility 08/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1370558 | PA      | $1843263.06    | 0.04%             | 2031-08-05      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| Beacon Pointe Harmony, LLC                                                       | Beacon Pointe Harmony, LLC/Delayed Draw Term Loan 12/21                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2329588 | PA      | $2329587.82    | 0.05%             | 2028-12-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Fifth Amendment Incremental Term Loan 12/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    3792750 | PA      | $3792750.00    | 0.07%             | 2028-12-31      | Fixed         | 12.88%                | No            |                  3 | On Loan: No      |
| Pikes Peak CLO 18                                                                | PIPK 2025-18A E                                                                                            | CUSIP: 720917AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1278207.50    | 0.03%             | 2038-04-20      | Floating      | 10.04%                | Yes           |                  3 | On Loan: No      |
| CPIG Holdco Inc.                                                                 | CPIG Holdco Inc./Initial Term Loan 04/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3795385 | PA      | $3795385.16    | 0.07%             | 2028-04-28      | Floating      | 11.39%                | No            |                  3 | On Loan: No      |
| CVP Holdco, Inc.                                                                 | CVP Holdco, Inc./Revolver 6/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3538579 | PA      | $3538579.00    | 0.07%             | 2030-06-28      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Metatiedot Bidco Oy                                                              | Metatiedot Bidco Oy/Term Loan (USD) 11/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    2065330 | PA      | $2065330.00    | 0.04%             | 2031-11-27      | Fixed         | 9.45%                 | No            |                  3 | On Loan: No      |
| Goldeneye Parent, LLC                                                            | Goldeneye Parent, LLC/Initial Term Loan 3/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2473092 | PA      | $2460726.54    | 0.05%             | 2032-03-31      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Tranche B-1 DDTL 11/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     982010 | PA      | $982010.00     | 0.02%             | 2030-09-30      | Fixed         | 9.48%                 | No            |                  3 | On Loan: No      |
| Coupa Holdings, LLC                                                              | Coupa Holdings, LLC/Delayed Draw Term Loan 02/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      20410 | PA      | $20410.00      | 0.00%             | 2030-02-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CBTS BORROWER, LLC                                                               | CBTS BORROWER, LLC/Term B USD Commitment 12/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8361778 | PA      | $8361777.81    | 0.16%             | 2030-12-02      | Fixed         | 14.50%                | No            |                  3 | On Loan: No      |
| PCS Midco, Inc.                                                                  | PCS Midco, Inc./Revolver 1/24                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      74543 | PA      | $74543.00      | 0.00%             | 2030-03-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Alfred AcquiCo B.V.                                                              | Alfred AcquiCo B.V./Facility B1 07/22                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1718750 | PA      | $2017904.31    | 0.04%             | 2029-09-17      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| MDPK 2023-63A                                                                    | MDPK 2023-63A SUB                                                                                          | CUSIP: 55821JAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6408160 | PA      | $5373581.79    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Airx Climate Solutions, Inc.                                                     | Airx Climate Solutions, Inc./Revolver 11/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     463351 | PA      | $463351.00     | 0.01%             | 2029-11-07      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2022-53                                                                     | MDPK 2022-53A SUB                                                                                          | CUSIP: 558201AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6000000 | PA      | $2905872.00    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spaceship Purchaser, Inc.                                                        | Spaceship Purchaser, Inc./Delayed Draw Term Loan PIK 10/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1293167 | PA      | $1293167.41    | 0.03%             | 2031-10-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                                                    | Pye-Barker Fire & Safety, LLC/Delayed Draw 3 Term Loan 5/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1553531 | PA      | $1553531.00    | 0.03%             | 2031-05-26      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Bobcat Topco, L.P.                                                               | Bobcat Topco, L.P./Class A-1 Units                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      56770 | NS      | $62512.60      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HuFriedy Group Acquisition LLC                                                   | HuFriedy Group Acquisition LLC/Delayed Draw Term Loan 5/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4178842 | PA      | $4178842.21    | 0.08%             | 2031-05-30      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc./2L Term Loan 8/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9246491 | PA      | $9246490.93    | 0.18%             | 2030-11-12      | Floating      | 12.76%                | No            |                  3 | On Loan: No      |
| Modernizing Medicine, Inc.                                                       | Modernizing Medicine, Inc./Revolver 4/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2110505 | PA      | $2089399.95    | 0.04%             | 2032-04-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Consilio Investment Holdings, L.P.                                               | Consilio Investment Holdings, L.P./Series A Common Units                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        243 | NS      | $5072.46       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pegasus (Bidco) Limited                                                          | Pegasus (Bidco) Limited / Capex / Acquisition Facility                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     821596 | PA      | $1104964.35    | 0.02%             | 2029-04-04      | Floating      | 11.06%                | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Account 115                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     106292 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment DDTL-6 05/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     257852 | PA      | $257852.44     | 0.01%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Cascade Parent Inc.                                                              | Cascade Parent Inc./Initial Term Loan 9/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     544017 | PA      | $535856.75     | 0.01%             | 2031-09-24      | Fixed         | 9.91%                 | No            |                  3 | On Loan: No      |
| The Mather Group, LLC                                                            | The Mather Group, LLC/Revolver 3/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     750000 | PA      | $750000.00     | 0.01%             | 2028-03-31      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| MDPK 2021-50                                                                     | MDPK 2021-50A SUB                                                                                          | CUSIP: 55821DAC6<br>LEI: 549300XQII222AK58E79 | Long             | ABS-O            | CORP              | KY        |    2500000 | PA      | $1273175.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Metatiedot Bidco Oy                                                              | Metatiedot Bidco Oy/Delayed Draw Term Loan (EUR) 11/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     870672 | PA      | $1022215.44    | 0.02%             | 2031-11-27      | Fixed         | 7.28%                 | No            |                  3 | On Loan: No      |
| Practicetek Midco, LLC                                                           | Practicetek Midco, LLC/Holdco PIK Note 8/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   10434682 | PA      | $10434682.39   | 0.21%             | 2030-08-30      | Fixed         | 14.00%                | No            |                  3 | On Loan: No      |
| Blazing Star Shields Direct Parent, LLC                                          | Blazing Star Shields Direct Parent, LLC/Term Loan 8/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   11535820 | PA      | $11362782.70   | 0.22%             | 2030-08-28      | Fixed         | 11.21%                | No            |                  3 | On Loan: No      |
| Galileo Co-Investment Trust I                                                    | Galileo Co-Investment Trust I/Common Stock                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |      50000 | NS      | $25864.70      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/Delayed Draw Term Loan 2/22                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     782871 | PA      | $782870.93     | 0.02%             | 2028-02-09      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Floss Bidco Limited                                                              | Floss Bidco Limited/Facility B1 12/22                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     451272 | PA      | $582639.50     | 0.01%             | 2026-09-07      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Revival Animal Health, LLC                                                       | Revival Animal Health, LLC/Tranche B-1 Term Loan 4/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     354048 | PA      | $350507.18     | 0.01%             | 2028-01-03      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Revolver 4/21                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     561191 | PA      | $561191.18     | 0.01%             | 2031-04-30      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| GNRT 2                                                                           | GNRT 2A ER2                                                                                                | CUSIP: 370911AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249156.00     | 0.00%             | 2037-10-22      | Fixed         | 11.68%                | No            |                  3 | On Loan: No      |
| Fitness Ventures Holdings, Inc.                                                  | Fitness Ventures Holdings, Inc./Tranche A Revolver 8/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      70458 | PA      | $70458.00      | 0.00%             | 2030-08-01      | Floating      | 8.15%                 | No            |                  3 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Uncommitted Additional Facility 12/23                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5082664 | PA      | $6835672.19    | 0.13%             | 2028-12-11      | Floating      | 11.57%                | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./Delayed Draw Term Loan 6/21                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2713667 | PA      | $2225206.65    | 0.04%             | 2028-06-23      | Floating      | 8.19%                 | No            |                  3 | On Loan: No      |
| KKR 2024-53                                                                      | KKR 2024-53A SUB                                                                                           | CUSIP: 48256TAE6<br>LEI: 25490093V4SBSCAGOF34 | Long             | ABS-O            | CORP              | KY        |    7000000 | PA      | $5480664.00    | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AP Adhesives Holdings, LLC                                                       | AP Adhesives Holdings, LLC/Delayed Draw Term Loan 4/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1209848 | PA      | $1203798.45    | 0.02%             | 2032-04-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Radius Aerospace, Inc.                                                           | Radius Aerospace, Inc./Initial Term Loan 03/19                                                             | CUSIP: 75046TAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4683728 | PA      | $4683727.64    | 0.09%             | 2027-03-29      | Floating      | 10.15%                | No            |                  3 | On Loan: No      |
| Colosseum Dental Finance BV                                                      | Colosseum Dental Finance BV/EUR TLB B2-A 09/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    5995450 | PA      | $7046510.74    | 0.14%             | 2032-03-22      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                              | ZB TopCo LLC                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $88897.09      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-242128.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | Forward Contracts: DKK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-6301601.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Datix Bidco Limited                                                              | Datix Bidco Limited/CAR Facility 4/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     890744 | PA      | $890744.00     | 0.02%             | 2031-04-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Mr. Greens Intermediate, LLC                                                     | Mr. Greens Intermediate, LLC/Revolver 05/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     146012 | PA      | $146012.00     | 0.00%             | 2031-05-01      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Denali Intermediate Holdings, Inc.                                               | Denali Intermediate Holdings, Inc./Initial Term Loan 8/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   67794807 | PA      | $67116858.93   | 1.32%             | 2032-08-26      | Fixed         | 9.67%                 | No            |                  3 | On Loan: No      |
| Calculus Acquico Sarl                                                            | Calculus Acquico Sarl/USD Facility B2 05/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     600000 | PA      | $600000.00     | 0.01%             | 2032-05-31      | Fixed         | 10.77%                | No            |                  3 | On Loan: No      |
| Highline PPC Blocker LLC                                                         | Highline PPC Blocker LLC/Common Units                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        500 | NS      | $98379.05      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DOXA Insurance Holdings LLC                                                      | DOXA Insurance Holdings LLC/Delayed Draw Term Loan 12/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1179168 | PA      | $1179167.78    | 0.02%             | 2030-12-20      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| OCP 2024-34                                                                      | OCP 2024-34A SUB                                                                                           | CUSIP: 67570NAC2<br>LEI: 213800MLX1S56O7NHK45 | Long             | ABS-O            | CORP              | US        |     750000 | PA      | $588451.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Medlar Bidco Limited                                                             | Medlar Bidco Limited/Facility B (GBP) 12/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    3784676 | PA      | $5013657.95    | 0.10%             | 2032-05-07      | Fixed         | 9.13%                 | No            |                  3 | On Loan: No      |
| Enviva Partners LP / Enviva Partners Finance Corp                                | EVA 6.5% Sr Unsecured Nts due 2026 144A/Escrow                                                             | CUSIP: 294ESCAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   17217000 | PA      | $0.00          | 0.00%             | 2026-01-15      | None          |  | Yes           |                  3 | On Loan: No      |
| GCM HVAC TOPCO, LLC                                                              | GCM HVAC TOPCO, LLC Class A Units (Airtron)                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     756697 | NS      | $1110962.30    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Plaskolite PPC Blocker LLC                                                       | Plaskolite PPC Blocker LLC/Preferred Units 5/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       3271 | NS      | $51000.03      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sugar PPC Buyer LLC                                                              | Sugar PPC Buyer LLC/Delayed Draw Term Loan 10/23                                                           | CUSIP: 86489LAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     589350 | PA      | $589349.87     | 0.01%             | 2031-10-02      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Seventh Amendment Incremental Delayed Draw Term Loan 5/24                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     571481 | PA      | $571481.44     | 0.01%             | 2029-08-21      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| BSP 2016-9                                                                       | BSP 2016-9A ER2                                                                                            | CUSIP: 08181CAQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3125000 | PA      | $3174381.25    | 0.06%             | 2037-10-20      | Floating      | 10.23%                | Yes           |                  3 | On Loan: No      |
| OLIFAN GROUP PARTNERS                                                            | OLIFAN GROUP PARTNERS/Initial Tranche Commitment 03/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    1089286 | PA      | $1278879.95    | 0.03%             | 2032-03-12      | Fixed         | 8.29%                 | No            |                  3 | On Loan: No      |
| OAKC 2019-2                                                                      | OAKC 2019-2A SUB                                                                                           | CUSIP: 67707FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     670000 | PA      | $595130.85     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-12 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     702235 | NS      | $913326.61     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BCC Blueprint Investments, LLC                                                   | BCC Blueprint Investments, LLC/Common Units                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     902790 | NS      | $1619828.93    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WEC US Holdings Ltd.                                                             | WEC US Holdings Ltd./Term Loan B 01/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   21651421 | PA      | $21657266.53   | 0.43%             | 2031-01-27      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Nordic Ferry Infrastructure AS                                                   | Nordic Ferry Infrastructure AS/Facility B2 EUR Commitment 10/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NO        |   17458869 | PA      | $20497644.85   | 0.40%             | 2031-11-28      | Fixed         | 7.03%                 | No            |                  3 | On Loan: No      |
| CC Fly Holding II A/S                                                            | CC Fly Holding II A/S/Unitranche Facility A 04/18                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |    3722734 | PA      | $544528.98     | 0.01%             | 2026-05-08      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Sixth Street CLO 29 Ltd                                                          | SIXST 2025-29A SUB                                                                                         | CUSIP: 83013CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     480000 | PA      | $440712.96     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Integrum Grit Co-Invest LP                                                       | Integrum Grit Co-Invest LP/LP Interest 7/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      65250 | NS      | $52346.62      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OPH NEP Investment, LLC                                                          | OPH NEP Investment, LLC/Class B Common Units 5/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          2 | NS      | $826835.70     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aston Bidco (Holding) Limited                                                    | Aston Bidco (Holding) Limited/ Revolving Facility 07/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |       1000 | PA      | $1344.90       | 0.00%             | 2032-01-30      | Fixed         | 9.97%                 | No            |                  3 | On Loan: No      |
| Maple Acquisition Holdings, LP                                                   | Maple Acquisition Holdings, LP/Class A2 Units 11/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      13871 | NS      | $343917.64     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Term Loan 9/19                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1941199 | PA      | $1514135.10    | 0.03%             | 2029-07-23      | Floating      | 5.90%                 | No            |                  3 | On Loan: No      |
| Aston Bidco (Holding) Limited                                                    | Aston Bidco (Holding) Limited/ Unitranche Facility 07/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2155076 | PA      | $2898360.57    | 0.06%             | 2032-07-30      | Fixed         | 10.32%                | No            |                  3 | On Loan: No      |
| Spruce Bidco II Inc.                                                             | Spruce Bidco II Inc./JPY Term Loan 1/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 1001314773 | PA      | $6770901.53    | 0.13%             | 2032-01-30      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC                                                                 | KNPC Holdco, LLC/New Term Loan 4/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2022827 | PA      | $2022827.36    | 0.04%             | 2029-10-22      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| ABPCI 2023-12                                                                    | ABPCI 2023-12A ER                                                                                          | CUSIP: 00112TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2850000 | PA      | $2872651.80    | 0.06%             | 2037-07-29      | Floating      | 12.54%                | Yes           |                  3 | On Loan: No      |
| WP Victors Co-Investment, L.P.                                                   | WP Victors Co-Investment, L.P./Partnership Units 8/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     461000 | NS      | $540617.01     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SG Acquisition, Inc.                                                             | SG Acquisition, Inc./Multi-Currency Revolver 4/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     417735 | PA      | $417735.00     | 0.01%             | 2030-04-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2024-5                                                                      | CGMS 2024-5A E                                                                                             | CUSIP: 14319LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1516279.50    | 0.03%             | 2036-10-25      | Floating      | 9.97%                 | Yes           |                  3 | On Loan: No      |
| 1261229 B.C. Ltd.                                                                | 1261229 B.C. Ltd./Term Loan 3/25                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   25935000 | PA      | $25521596.10   | 0.50%             | 2030-10-08      | Fixed         | 10.41%                | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | TEP 6.0% Sr Unsecured Nts due 2030 144A                                                                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   10093000 | PA      | $9970775.28    | 0.20%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MWG BidCo ApS                                                                    | MWG BidCo ApS/ CAF Facility B2 DKK 12/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |    1712329 | PA      | $269316.69     | 0.01%             | 2028-02-29      | Floating      | 9.43%                 | No            |                  3 | On Loan: No      |
| Prairie ECI Acquiror LP                                                          | Prairie ECI Acquiror LP/Term Loan B 07/25                                                                  | CUSIP: 73955HAF1<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |    7215047 | PA      | $7248092.36    | 0.14%             | 2029-08-01      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Optio Group Limited                                                              | Optio Group Limited/Acquisition Facility 01/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     279766 | PA      | $376257.40     | 0.01%             | 2026-03-16      | Floating      | 8.54%                 | No            |                  3 | On Loan: No      |
| AP Adhesives Holdings, LLC                                                       | AP Adhesives Holdings, LLC/Revolver 4/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     628669 | PA      | $622382.07     | 0.01%             | 2031-04-11      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Nelipak Holding Company                                                          | Nelipak Holding Company/EUR Term Loan 3/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1876317 | PA      | $2158838.37    | 0.04%             | 2031-03-26      | Floating      | 7.48%                 | No            |                  3 | On Loan: No      |
| Mustang Prospects Purchaser, LLC                                                 | Mustang Prospects Purchaser, LLC/Multi-Currency Delayed Draw Term Loan 6/24                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     366380 | PA      | $366380.00     | 0.01%             | 2031-06-13      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| HighPeak Energy, Inc.                                                            | HighPeak Energy, Inc./Term Loan 09/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   14902531 | PA      | $14902531.40   | 0.29%             | 2028-09-29      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| Madison IAQ LLC                                                                  | Madison IAQ LLC/Initial Term Loan 06/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13527273 | PA      | $13529572.36   | 0.27%             | 2028-06-21      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| RSK Group Limited                                                                | RSK Group Limited/Incremental Term Facility Commitment 05/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    4779447 | PA      | $6427875.07    | 0.13%             | 2030-09-06      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Leviathan Intermediate Holdco, LLC                                               | Leviathan Intermediate Holdco, LLC/Term Loan 1/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      61873 | PA      | $61873.08      | 0.00%             | 2027-12-27      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A Common Units 4/21                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      88605 | NS      | $281759.72     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Football Holdings Limited                                                  | Eagle Football Holdings Limited/Warrant instrument B1 03/23                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | GB        |          5 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HP RSS Buyer, Inc.                                                               | HP RSS Buyer, Inc./Special Purpose DDTL 12/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     267096 | PA      | $267095.54     | 0.01%             | 2029-12-11      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| GS SEER Group Holdings LLC                                                       | GS SEER Group Holdings LLC/Class A Common Units 04/23                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         25 | NS      | $17352.84      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1A M2                                                                                           | CUSIP: 77366PAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1000000 | PA      | $22863.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/Interest bearing Loan 12/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    5607121 | PA      | $4871532.14    | 0.10%             | 2034-11-29      | None          |  | No            |                  3 | On Loan: No      |
| Aventine Holdings II LLC                                                         | Aventine Holdings II LLC/PIK Notes 12/21                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   15561998 | PA      | $12138358.19   | 0.24%             | 2030-12-23      | Fixed         | 10.25%                | No            |                  3 | On Loan: No      |
| Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)                             | Horizon Avionics Buyer, LLC (Horizon CTS Buyer, LLC)/Initial Term Loan 3/25                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5459852 | PA      | $5459852.00    | 0.11%             | 2032-03-29      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| Grit Buyer, Inc.                                                                 | Grit Buyer, Inc./Term Loan 7/25                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     770335 | PA      | $758779.98     | 0.01%             | 2032-07-16      | Fixed         | 8.81%                 | No            |                  3 | On Loan: No      |
| Transocean Inc.                                                                  | RIG 6.8% Sr Unsecured Nts due 2038                                                                         | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    8968000 | PA      | $7609178.59    | 0.15%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Neovia Acquisition, LLC                                                          | Neovia Acquisition, LLC/Class B Preferred                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        718 | NS      | $1009402.27    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astra Service Partners, LLC                                                      | Astra Service Partners, LLC/Revolving Loan 8/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       2259 | PA      | $2259.00       | 0.00%             | 2027-03-19      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./CAR Facility 2 (EUR) 09/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     629078 | PA      | $738571.15     | 0.01%             | 2029-05-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Project Boost Purchaser, LLC                                                     | Project Boost Purchaser, LLC/Term Loan First Lien 7/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   30818994 | PA      | $30722838.85   | 0.60%             | 2031-07-16      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Hyland Software, Inc.                                                            | Hyland Software, Inc./Closing Date Term Loan 09/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9537127 | PA      | $9537126.57    | 0.19%             | 2030-09-19      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| Jams Holdings LP                                                                 | JAMS Holdings LP/Preferred Units 6/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     139000 | NS      | $178939.43     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Central Parent Inc.                                                              | Central Parent Inc./Term Loan B 05/24                                                                      | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12744612 | PA      | $10995669.13   | 0.22%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Delayed Draw Term Loan 09/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7427544 | PA      | $7427544.29    | 0.15%             | 2028-09-05      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| WSBidCo Limited                                                                  | WSBidCo Limited/Acquisition/ Capex Facility 05/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2678571 | PA      | $3602408.71    | 0.07%             | 2028-06-16      | Floating      | 10.63%                | No            |                  3 | On Loan: No      |
| ProFund S.a r.l.                                                                 | ProFund S.a r.l./Facility A1 12/21 (PLN)                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | PL        |   15023007 | PA      | $4133274.61    | 0.08%             | 2027-12-03      | Floating      | 10.95%                | No            |                  3 | On Loan: No      |
| Waystar Technologies, Inc.                                                       | Waystar Technologies, Inc./Add-on TLB 08/25                                                                | CUSIP: 63939WAN3<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |    4356381 | PA      | $4354551.35    | 0.09%             | 2029-10-22      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| ACP Avenu Buyer, LLC                                                             | ACP Avenu Buyer, LLC/Fourth Amendment Term Loan 8/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5019035 | PA      | $5019035.00    | 0.10%             | 2029-10-02      | Fixed         | 9.32%                 | No            |                  3 | On Loan: No      |
| Slaine Holdings LLC                                                              | Slaine Holdings LLC/Revolver 5/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     437546 | PA      | $428795.08     | 0.01%             | 2030-05-23      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Bizzdesign Holding B.V.                                                          | Bizzdesign Holding B.V./Facility B Tranche B2 Commitment 08/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1000000 | PA      | $1174053.42    | 0.02%             | 2031-10-17      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| CGMS 2018-4                                                                      | CGMS 2018-4A SUB                                                                                           | CUSIP: 14315QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3487000 | PA      | $1502276.31    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ABPCI 2025-20A                                                                   | ABPCI 2025-20A E                                                                                           | CUSIP: 00112KAL4<br>LEI: 2549003WLB9U31X83N26 | Long             | ABS-CBDO         | CORP              | US        |    1450000 | PA      | $1455482.45    | 0.03%             | 2037-04-30      | Floating      | 10.56%                | Yes           |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs, Inc./Delayed Draw Term Loan 5/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1635131 | PA      | $1635131.00    | 0.03%             | 2028-11-08      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| Nexus Buyer LLC                                                                  | Nexus Buyer LLC/Amendment No. 3 Incremental 2L TL 8/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2287930 | PA      | $2282782.16    | 0.04%             | 2032-02-16      | Fixed         | 9.91%                 | No            |                  2 | On Loan: No      |
| PFL MMA, Inc.                                                                    | PFL MMA, Inc./Warrants                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     115111 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clermont Park CLO Ltd                                                            | CLRMPK 2025-1A SUB                                                                                         | CUSIP: 185836AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   12479000 | PA      | $10682111.35   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-1707875.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Relativity ODA LLC                                                               | Relativity ODA LLC/Term B-1 Loan 7/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9193419 | PA      | $9193418.57    | 0.18%             | 2029-05-14      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Edmunds GovTech, Inc.                                                            | Edmunds GovTech, Inc./First Tranche Revolver 2/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      32100 | PA      | $32099.50      | 0.00%             | 2030-02-26      | Floating      | 7.75%                 | No            |                  3 | On Loan: No      |
| CIFC 2024-5                                                                      | CIFC 2024-5A E                                                                                             | CUSIP: 17179GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $4036596.00    | 0.08%             | 2038-01-22      | Floating      | 9.48%                 | Yes           |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./Revolver 05/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     964556 | PA      | $964556.00     | 0.02%             | 2029-05-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-258751.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Incremental Term Loan 06/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2485525 | PA      | $2386104.42    | 0.05%             | 2028-10-02      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Aduro Advisors, LLC                                                              | Aduro Advisors, LLC/Original Delayed Draw Term Loan 7/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1006266 | PA      | $1006266.00    | 0.02%             | 2030-07-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| AQ Sage Buyer, LLC                                                               | AQ Sage Buyer, LLC/Second Amendment Delayed Draw Term Loan 5/22                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     251053 | PA      | $248542.89     | 0.00%             | 2028-01-25      | Floating      | 10.12%                | No            |                  3 | On Loan: No      |
| Orbit Private Holdings I Ltd                                                     | Orbit Private Holdings I Ltd/GBP Term Loan B 10/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    4914530 | PA      | $6543453.19    | 0.13%             | 2028-12-11      | Floating      | 9.62%                 | No            |                  3 | On Loan: No      |
| SQ ABS Issuer, LLC                                                               | SQ ABS Issuer, LLC/Class B Asset-Backed Note 10/24                                                         | CUSIP: 78474QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     488979 | PA      | $488979.18     | 0.01%             | 2039-10-20      | Fixed         | 9.65%                 | No            |                  3 | On Loan: No      |
| SPEAK 2024-11                                                                    | SPEAK 2024-11A SUB                                                                                         | CUSIP: 82667DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3300000 | PA      | $2710877.40    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ELM24 2023-3                                                                     | ELM24 2023-3A ER                                                                                           | CUSIP: 29002NAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2000676.00    | 0.04%             | 2038-01-17      | Floating      | 9.42%                 | Yes           |                  3 | On Loan: No      |
| Apex Service Partners, LLC                                                       | Apex Service Partners, LLC/First Amendment Incremental DDTL 9/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6169590 | PA      | $6169590.22    | 0.12%             | 2030-10-24      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| QUINTAIN INVESTMENTS HOLDINGS LIMITED                                            | QUINTAIN INVESTMENTS HOLDINGS LIMITED/B1 Preference Shares 08/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | JE        |   25546032 | NS      | $38276597.98   | 0.75%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Waverly Advisors, LLC                                                            | Waverly Advisors, LLC/k/a WA Asset Management, LLC)/Delayed Draw Term Loan C 1/25                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5848790 | PA      | $5848790.00    | 0.12%             | 2028-03-01      | Fixed         | 9.21%                 | No            |                  3 | On Loan: No      |
| DuraServ LLC                                                                     | DuraServ LLC/Term Loan 6/24                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     589264 | PA      | $589264.13     | 0.01%             | 2031-06-10      | Floating      | 8.89%                 | No            |                  3 | On Loan: No      |
| ATRM 14                                                                          | ATRM 14A ER                                                                                                | CUSIP: 557912AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5600000 | PA      | $5658760.80    | 0.11%             | 2037-10-16      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | ARGID 5.25% Sr Unsecured Nts due 2027 144A                                                                 | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    5946000 | PA      | $2259480.00    | 0.04%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| TPG IX Cardiff CI II, L.P.                                                       | TPG IX Cardiff CI II, L.P./Partnership Units 11/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2299421 | NS      | $2698816.63    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Captive Resources Midco, LLC                                                     | Captive Resources Midco, LLC/Revolver 6/22                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     185458 | PA      | $185458.00     | 0.00%             | 2028-07-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Third Amendment Incremental Term Loan 10/20                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3439203 | PA      | $2682578.71    | 0.05%             | 2029-07-23      | Floating      | 5.90%                 | No            |                  3 | On Loan: No      |
| GTCR (D) Investors LP                                                            | GTCR (D) Investors LP/Limited Partners Interest                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      39339 | NS      | $78322.85      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lucida Broking Holdings Limited                                                  | Lucida Broking Holdings Limited/Incremental Facility 03/21                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     541416 | PA      | $713587.22     | 0.01%             | 2026-06-30      | Floating      | 13.49%                | No            |                  3 | On Loan: No      |
| Elemica Parent, Inc.                                                             | Elemica Parent, Inc./Amendment No. 4 Increase Revolving Commitment 5/24                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1357588 | PA      | $1357588.00    | 0.03%             | 2026-09-18      | Floating      | 9.83%                 | No            |                  3 | On Loan: No      |
| Lumen Technologies Inc                                                           | Lumen Technologies Inc/Term B-2 Loan 03/24                                                                 | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    2500000 | PA      | $2481600.00    | 0.05%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| YE Brands Holdings, LLC                                                          | YE Brands Holdings, LLC/2023 Incremental Term Loan 9/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     414531 | PA      | $414531.47     | 0.01%             | 2027-10-18      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-32                                                                     | MDPK 2018-32A ER2                                                                                          | CUSIP: 55817CAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6050000 | PA      | $6083861.85    | 0.12%             | 2037-07-22      | Floating      | 10.73%                | Yes           |                  3 | On Loan: No      |
| HGC Holdings, LLC                                                                | HGC Holdings, LLC/Initial Term Loan 6/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   23283665 | PA      | $23109037.46   | 0.45%             | 2029-06-20      | Fixed         | 8.64%                 | No            |                  3 | On Loan: No      |
| Fertitta Entertainment, LLC                                                      | Fertitta Entertainment, LLC/Term Loan B 01/22                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5752618 | PA      | $5742493.75    | 0.11%             | 2029-01-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| PDI TA Holdings, Inc.                                                            | PDI TA Holdings, Inc./Revolver 2/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     184756 | PA      | $184756.00     | 0.00%             | 2031-02-03      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Novipax Buyer, L.L.C.                                                            | Novipax Buyer, L.L.C./Incremental 1L Term Loan 12/22                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     241863 | PA      | $241862.61     | 0.00%             | 2026-12-01      | Floating      | 12.63%                | No            |                  3 | On Loan: No      |
| CGMS 2021-2                                                                      | CGMS 2021-2A SUB                                                                                           | CUSIP: 14316PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6457000 | PA      | $4265700.82    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg VII Co-Invest ERT                                                         | Astorg VII Co-Invest ERT/Limited Partnership Interests 1/20                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    1208500 | NS      | $2966694.04    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LeanTaaS Holdings, Inc.                                                          | LeanTaaS Holdings, Inc./Tranche B Delayed Draw Term Loan 7/22                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2371300 | PA      | $2371300.00    | 0.05%             | 2028-07-12      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| Alpha Luxco 2 Sarl                                                               | Alpha Luxco 2 Sarl/Facility B                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    1057852 | PA      | $1241974.50    | 0.02%             | 2027-01-08      | Floating      | 9.34%                 | No            |                  3 | On Loan: No      |
| Silk Holdings III Corp.                                                          | Silk Holdings III Corp./Super Priority Tranche B Revolver 05/23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5349512 | PA      | $5349512.00    | 0.11%             | 2029-05-01      | Floating      | 7.42%                 | No            |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Repriced USD Delayed Draw Term Loan 11/24                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     406152 | PA      | $406152.10     | 0.01%             | 2030-09-30      | Fixed         | 9.56%                 | No            |                  3 | On Loan: No      |
| BCC 2017-2                                                                       | BCC 2017-2A SUB                                                                                            | CUSIP: 05682TAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    5050756 | PA      | $2425463.94    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| TCI Buyer LLC                                                                    | TCI Buyer LLC/Delayed Draw Term Loan 11/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6705479 | PA      | $6705479.00    | 0.13%             | 2030-11-25      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                                                        | eResearchTechnology, Inc./Initial Delayed Draw Term Loan 1/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4551785 | PA      | $4551785.00    | 0.09%             | 2032-01-19      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| ST Athena Global LLC                                                             | ST Athena Global LLC/Initial Term Loan 6/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4143163 | PA      | $4060299.45    | 0.08%             | 2030-06-26      | Floating      | 9.51%                 | No            |                  3 | On Loan: No      |
| Unity Purchaser, LLC                                                             | Unity Purchaser, LLC/Closing Date Term Loan 1/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1248514 | PA      | $1248513.89    | 0.02%             | 2031-01-27      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs, Inc./Revolver 5/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     869442 | PA      | $869442.00     | 0.02%             | 2028-11-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Heavy Construction Systems Specialists, LLC                                      | Heavy Construction Systems Specialists, LLC/Initial Term Loan 11/21                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4053357 | PA      | $4053357.47    | 0.08%             | 2028-11-16      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Leviathan Intermediate Holdco, LLC                                               | Leviathan Intermediate Holdco, LLC/Term Loan 12/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1297849 | PA      | $1297849.40    | 0.03%             | 2027-12-27      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc./1L Delayed Draw Term Loan 8/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     518165 | PA      | $518165.00     | 0.01%             | 2029-11-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Platinum Credit Bidco Limited                                                    | Platinum Credit Bidco Limited/Interim Unitranche Facility 08/2024                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    8917041 | PA      | $11992523.70   | 0.24%             | 2029-11-09      | Floating      | 10.22%                | No            |                  3 | On Loan: No      |
| Premier Specialties, Inc.                                                        | Premier Specialties, Inc./Revolver 8/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     385433 | PA      | $354598.65     | 0.01%             | 2027-08-20      | Floating      | 11.26%                | No            |                  3 | On Loan: No      |
| TSS Buyer, LLC                                                                   | TSS Buyer, LLC/2023 Incremental Term Loan 06/22                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     256422 | PA      | $256421.71     | 0.01%             | 2029-06-22      | Floating      | 9.96%                 | No            |                  3 | On Loan: No      |
| Worldwide Produce Acquisition, LLC                                               | Worldwide Produce Acquisition, LLC/ Term Loans 01/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     143058 | PA      | $125891.32     | 0.00%             | 2029-01-18      | Floating      | 11.91%                | No            |                  3 | On Loan: No      |
| Coupa Holdings, LLC                                                              | Coupa Holdings, LLC/Revolver 02/23                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2029-02-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BCPE Empire Holdings, Inc.                                                       | BCPE Empire Holdings, Inc./Term Loan B 02/25                                                               | CUSIP: 05550HAQ8<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |    2461366 | PA      | $2456369.03    | 0.05%             | 2030-12-11      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Pallas Funding Trust No.2                                                        | Pallas Funding Trust No.2/ Class C Delay Draw Loan AUD 02/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |    3586338 | PA      | $2373078.14    | 0.05%             | 2027-02-07      | Floating      | 11.41%                | No            |                  3 | On Loan: No      |
| OCP 2021-21                                                                      | OCP 2021-21A SUB                                                                                           | CUSIP: 670897AC1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-O            | CORP              | KY        |    1480000 | PA      | $898994.92     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NMC Skincare Intermediate Holdings II, LLC                                       | NMC Skincare Intermediate Holdings II, LLC/4th Amendment RC PIK Loan 10/23                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       7970 | PA      | $7412.03       | 0.00%             | 2028-10-31      | Floating      | 10.85%                | No            |                  3 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./Revolver 3/19                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     469563 | PA      | $469563.38     | 0.01%             | 2026-03-13      | Floating      | 10.26%                | No            |                  3 | On Loan: No      |
| Rodeo AcquisitionCo LLC                                                          | Rodeo AcquisitionCo LLC/Initial Term Loan 7/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2043983 | PA      | $2043982.88    | 0.04%             | 2027-07-26      | Floating      | 9.85%                 | No            |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./2024 Delayed Draw Term Loan 4/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1698185 | PA      | $1698185.34    | 0.03%             | 2028-04-24      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| Erasmus Acquisition Holding B.V.                                                 | Erasmus Acquisition Holding B.V./Facility B Tranche B2 02/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    3323474 | PA      | $3901935.63    | 0.08%             | 2030-03-13      | Floating      | 7.66%                 | No            |                  3 | On Loan: No      |
| DRSLF 2022-98                                                                    | DRSLF 2022-98A SUB                                                                                         | CUSIP: 26248CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4000000 | PA      | $1686532.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shout! Factory, LLC                                                              | Shout! Factory, LLC/Revolver 6/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      83124 | PA      | $81877.14      | 0.00%             | 2031-06-30      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-323920.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Crossco (1469) Limited                                                           | Crossco (1469) Limited/Facility C Commitment 12/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     774194 | PA      | $1041213.10    | 0.02%             | 2030-12-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Ristretto Bidco B.V.                                                             | Ristretto Bidco B.V./Original Delayed Draw Term Loan 12/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5859088 | PA      | $5800497.00    | 0.11%             | 2030-12-13      | Fixed         | 10.54%                | No            |                  3 | On Loan: No      |
| Drivecentric Holdings, LLC                                                       | Drivecentric Holdings, LLC/Delayed Draw Term Loan 7/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     448863 | PA      | $446618.69     | 0.01%             | 2031-08-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Osmose Utilities Services, Inc.                                                  | Osmose Utilities Services, Inc./Second Lien Term Loan 6/21                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8237180 | PA      | $7990064.99    | 0.16%             | 2029-06-25      | Floating      | 11.03%                | No            |                  3 | On Loan: No      |
| Sigma Electric Manufacturing Corporation                                         | Sigma Electric Manufacturing Corporation/Fourteenth Amendment Tranche A-2 Term Loan 3/25                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2291486 | PA      | $2291485.62    | 0.05%             | 2027-12-31      | Fixed         | 10.01%                | No            |                  3 | On Loan: No      |
| Shur-Co HoldCo, Inc.                                                             | Shur-Co HoldCo, Inc./Common Stock                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        500 | NS      | $110858.94     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Msis Holdings, Inc.                                                              | Msis Holdings, Inc./Term Loan 3/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3569605 | PA      | $3569604.62    | 0.07%             | 2031-03-10      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Andwis Group Limited                                                             | Andwis Group Limited/Facility B1  Commitment 10/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2074074 | PA      | $2789421.02    | 0.05%             | 2031-11-13      | Fixed         | 10.77%                | No            |                  3 | On Loan: No      |
| HAMLN 2024-1                                                                     | HAMLN 2024-1A E                                                                                            | CUSIP: 407908AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2017500 | PA      | $2035360.93    | 0.04%             | 2037-10-20      | Floating      | 9.73%                 | Yes           |                  3 | On Loan: No      |
| LJ Perimeter Buyer, Inc.                                                         | LJ Perimeter Buyer, Inc./Delay Draw Term Loan 10/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     410413 | PA      | $377580.23     | 0.01%             | 2028-10-31      | Floating      | 10.93%                | No            |                  3 | On Loan: No      |
| AI Titan Parent, Inc.                                                            | AI Titan Parent, Inc./Term Loan 8/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8945918 | PA      | $8945918.00    | 0.18%             | 2031-08-29      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Revalize, Inc.                                                                   | Revalize, Inc./Tranche 3 Delayed Draw Term Loan 04/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     909666 | PA      | $782313.00     | 0.02%             | 2029-04-16      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| MDPK 2018-31                                                                     | MDPK 2018-31A SUB                                                                                          | CUSIP: 55819EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6205750 | PA      | $2924949.94    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment DDTL-5 05/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      63868 | PA      | $63867.58      | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| ELMW8 2021-1                                                                     | ELMW8 2021-1A ER                                                                                           | CUSIP: 290021AL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3482500.00    | 0.07%             | 2037-04-20      | Floating      | 10.58%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-3000344.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| ST Athena Global LLC                                                             | ST Athena Global LLC/Initial UK Term Loan 6/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1875081 | PA      | $2471359.26    | 0.05%             | 2030-06-26      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| Reddy Ice LLC                                                                    | Reddy Ice LLC/Revolver 4/24                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8412775 | PA      | $8412775.00    | 0.17%             | 2029-04-23      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| CGMS 2021-5                                                                      | CGMS 2021-5A SUB                                                                                           | CUSIP: 14318AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     500000 | PA      | $279944.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aspris Bidco Limited                                                             | Aspris Bidco Limited/Facility B GBP 08/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3234375 | PA      | $4349909.22    | 0.09%             | 2028-08-23      | Floating      | 10.81%                | No            |                  3 | On Loan: No      |
| Mitchell International, Inc.                                                     | Mitchell International, Inc./Eight-Year Second-Lien Term Loan 06/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18269527 | PA      | $18032023.61   | 0.35%             | 2032-06-17      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| Beacon Pointe Harmony, LLC                                                       | Beacon Pointe Harmony, LLC/Third Amendment Delayed Draw Term Loan 6/24                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7790322 | PA      | $7790322.27    | 0.15%             | 2028-12-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| ID.me, LLC                                                                       | ID.me, LLC/Delayed Draw Term Loan 1/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4617321 | PA      | $4617321.00    | 0.09%             | 2031-01-22      | Fixed         | 10.25%                | No            |                  3 | On Loan: No      |
| Octagon 61 Ltd                                                                   | OCT61 2023-2A ER                                                                                           | CUSIP: 675948AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     850000 | PA      | $887921.90     | 0.02%             | 2038-04-20      | Floating      | 12.22%                | Yes           |                  3 | On Loan: No      |
| CIFC 2022-7                                                                      | CIFC 2022-7A ER                                                                                            | CUSIP: 12569GAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     687500 | PA      | $695501.13     | 0.01%             | 2038-01-22      | Floating      | 9.68%                 | Yes           |                  3 | On Loan: No      |
| Bluejack Fire Acquisition, Inc.                                                  | Bluejack Fire Acquisition, Inc./Revolver 1/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     294195 | PA      | $294195.00     | 0.01%             | 2031-01-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LifeScan Global Corporation                                                      | LifeScan Global Corporation/TL 05/23                                                                       | CUSIP: 53227PAP5<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |    1465615 | PA      | $1399662.33    | 0.03%             | 2026-12-31      | None          |  | No            |                  2 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Revolver 05/22                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      13116 | PA      | $13116.00      | 0.00%             | 2028-05-17      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| OAKC 2016-13                                                                     | OAKC 2016-13X SUB                                                                                          | CUSIP: BCC2CCTV7<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-O            | CORP              | KY        |    1100000 | PA      | $746023.30     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| RR 31 Ltd                                                                        | RRAM 2024-31A SUB                                                                                          | CUSIP: 74988BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6230000 | PA      | $5082253.33    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Family First Bidco Limited                                                       | Family First Bidco Limited/A Ordinary Shares 12/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |        176 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OCP CLO 2025-43 Ltd                                                              | OCP 2025-43A E                                                                                             | CUSIP: 67121GAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     600000 | PA      | $616985.40     | 0.01%             | 2038-07-20      | Floating      | 10.78%                | Yes           |                  3 | On Loan: No      |
| Packers Software Intermediate Holdings, Inc.                                     | Packers Software Intermediate Holdings, Inc./Series A Preferred Shares                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $79000.73      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Equinox Holdings, Inc.                                                           | Equinox Holdings, Inc./2L Term Loan 3/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4111295 | PA      | $4111294.75    | 0.08%             | 2027-06-30      | Floating      | 16.00%                | No            |                  3 | On Loan: No      |
| Healthco Investment Ltd                                                          | Healthco Investment Ltd/ Unitranche Facility (EUR) 08/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2969376 | PA      | $3486206.47    | 0.07%             | 2032-09-09      | Fixed         | 7.85%                 | No            |                  3 | On Loan: No      |
| STKPK 2022-1                                                                     | STKPK 2022-1A M                                                                                            | CUSIP: 862179AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   17520000 | PA      | $520186.32     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fitness Ventures Holdings, Inc.                                                  | Fitness Ventures Holdings, Inc./Tranche B Revolver 8/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      70458 | PA      | $70458.00      | 0.00%             | 2030-08-01      | Floating      | 8.15%                 | No            |                  3 | On Loan: No      |
| Fastsigns Holdings Inc.                                                          | Fastsigns Holdings Inc./Common Stock 3/19                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $90933.80      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aldinger Company                                                                 | Aldinger Company/Delayed Draw Term Loan 8/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     409289 | PA      | $409289.00     | 0.01%             | 2027-07-01      | Fixed         | 9.45%                 | No            |                  3 | On Loan: No      |
| The Ultimus Group Midco, LLC                                                     | The Ultimus Group Midco, LLC/Initial Term Loan 7/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1946541 | PA      | $1927075.59    | 0.04%             | 2032-07-01      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                        | Zayo Group Holdings, Inc./Initial Dollar Term Loan 02/20                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10257964 | PA      | $10097735.00   | 0.20%             | 2027-03-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Hakken Bidco B.V.                                                                | Hakken Bidco B.V./Acquisition/ Capex Facility Tranche A2 07/23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1224000 | PA      | $1408300.56    | 0.03%             | 2030-07-26      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| Witherslack Bidco Limited                                                        | Witherslack Bidco Limited/ Acquisition Tranche Commitment 12/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    6163626 | PA      | $8289457.33    | 0.16%             | 2028-08-17      | Fixed         | 10.62%                | No            |                  3 | On Loan: No      |
| KNPAK Holdings, LP                                                               | KNPAK Holdings, LP/Class A Units 7/19                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     100000 | NS      | $95113.10      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FTAI Infrastructure Inc. (Railco)                                                | FIP RR Holdings LLC Warrant                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       2103 | NC      | $731460.87     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Apex Service Partners Holdings, LLC                                              | Apex Service Partners Holdings, LLC/Series B Common Units 10/23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      44263 | NS      | $1920993.93    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIG Parent Holdings, LLC                                                         | SIG Parent Holdings, LLC/Delayed Draw Term Loan 8/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2180820 | PA      | $2180819.83    | 0.04%             | 2031-08-21      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Bizzdesign Holding B.V.                                                          | Bizzdesign Holding B.V./Additional Facility Commitment 11/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1750000 | PA      | $2054593.48    | 0.04%             | 2031-10-17      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| CHPPR Holdings Inc.                                                              | CHPPR Holdings Inc. 1145 DOT Warrant                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       3054 | NC      | $562206.66     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Northwinds Holding, Inc.                                                         | Northwinds Holding, Inc./2023-2 Delayed Draw Term Loan 05/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1911101 | PA      | $1911101.38    | 0.04%             | 2029-05-01      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Insight PDI Holdings, LLC                                                        | Insight PDI Holdings, LLC Class A Units                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      26548 | NS      | $64836.68      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DAVIS 2022-1                                                                     | DAVIS 2022-1A M2                                                                                           | CUSIP: 239088AF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8111846 | PA      | $165165.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Therapy Brands Holdings LLC                                                      | Therapy Brands Holdings LLC/Initial Term Loan (Second Lien) 05/21                                          | CUSIP: N/A<br>LEI: 2549001BWHNUX335M838       | Long             | LON              | CORP              | US        |    4334023 | PA      | $3683919.89    | 0.07%             | 2029-05-18      | Floating      | 11.03%                | No            |                  3 | On Loan: No      |
| BSP 2018-14                                                                      | BSP 2018-14A ER                                                                                            | CUSIP: 08181NAE3<br>LEI: 5493008E17UEFI73RC63 | Long             | ABS-CBDO         | CORP              | KY        |    5500000 | PA      | $5586075.00    | 0.11%             | 2037-10-20      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| PFL MMA, Inc.                                                                    | PFL MMA, Inc./Warrants 11/22                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       2457 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G702 Buyer, Inc.                                                                 | G702 Buyer, Inc./Tranche B Term Loan 7/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     385054 | PA      | $379278.19     | 0.01%             | 2031-07-02      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| GreatBear Bidco Limited                                                          | GreatBear Bidco Limited/Acquisition/Capex Facility 2 08/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     500465 | PA      | $673075.11     | 0.01%             | 2031-01-18      | Fixed         | 8.97%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: CAD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-15575114.00  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| Rockland Park Clo Ltd                                                            | Rockland Park CLO, Ltd.                                                                                    | CUSIP: 77366PAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     869253 | PA      | $13484.72      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Seventh Amendment Incremental Delayed Draw Term Loan 6/25              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     291279 | PA      | $291279.00     | 0.01%             | 2027-06-16      | Fixed         | 9.24%                 | No            |                  3 | On Loan: No      |
| Celnor Group Limited                                                             | Celnor Group Limited/Acquisition/Capex Facility 3 07/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5231161 | PA      | $7035385.65    | 0.14%             | 2031-08-05      | Fixed         | 9.26%                 | No            |                  3 | On Loan: No      |
| Northwinds Services Group LLC                                                    | Northwinds Services Group LLC/Common Units 05/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      60684 | NS      | $109901.08     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATRM 14                                                                          | ATRM 14X SUB                                                                                               | CUSIP: BCC2HBBW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     510400 | PA      | $259518.49     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Eclipse Buyer, Inc.                                                              | Eclipse Buyer, Inc./Revolver 8/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4350682 | PA      | $4350682.00    | 0.09%             | 2031-09-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GHP-VGS Purchaser LLC                                                            | GHP-VGS Purchaser LLC/Revolver 4/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     285393 | PA      | $282539.07     | 0.01%             | 2032-04-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ASP-r-pac Acquisition Co LLC                                                     | ASP-r-pac Acquisition Co LLC/Initial Revolving Loan 12/21                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     839233 | PA      | $839233.09     | 0.02%             | 2027-12-29      | Floating      | 10.28%                | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series C Common Units 4/21                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     563740 | NS      | $1792662.63    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WideOpenWest Finance, LLC                                                        | WideOpenWest Finance, LLC/First Out New Money Term Loan 10/24                                              | CUSIP: 96758DBG7<br>LEI: 54930045JY28O5B5WE54 | Long             | LON              | CORP              | US        |    2186702 | PA      | $2229408.28    | 0.04%             | 2028-12-11      | Floating      | 11.58%                | No            |                  2 | On Loan: No      |
| Cardinal Parent, Inc.                                                            | Cardinal Parent, Inc./Revolver 11/20                                                                       | CUSIP: N/A<br>LEI: 5493009YXQNPN3HQQH84       | Long             | LON              | CORP              | US        |       1000 | PA      | $990.83        | 0.00%             | 2027-08-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| VRS Buyer, Inc.                                                                  | VRS Buyer, Inc./Revolver 7/25                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     397030 | PA      | $393059.70     | 0.01%             | 2032-07-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Florida Food Products, LLC                                                       | Florida Food Products, LLC/Second Lien Term Loan 10/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7298716 | PA      | $4817152.69    | 0.09%             | 2029-10-18      | None          |  | No            |                  3 | On Loan: No      |
| Orange Barrel Media, LLC                                                         | Orange Barrel Media, LLC/IKE Smart City, LLC/IKE Smart City, LLC/Revolver 3/24                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2080000 | PA      | $2080000.00    | 0.04%             | 2027-03-17      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| TVG-TMG Topco, Inc.                                                              | TVG-TMG Topco, Inc./Holdco PIK Term Loan 3/22                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4060740 | PA      | $4060739.61    | 0.08%             | 2029-03-30      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| Avalign Technologies, Inc.                                                       | Avalign Technologies, Inc./Initial Term Loan 2/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1720416 | PA      | $1513965.99    | 0.03%             | 2028-12-20      | Floating      | 11.45%                | No            |                  3 | On Loan: No      |
| Shur-Co Acquisition, Inc.                                                        | Shur-Co Acquisition, Inc./Initial Term Loan 6/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2636006 | PA      | $2636005.90    | 0.05%             | 2030-07-01      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Magnesium Co- Invest SCSp                                                        | Magnesium Co- Invest SCSp/Common Stock 5/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |          5 | NS      | $57197.76      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                         | Legends Hospitality Holding Company, LLC/Term Loan 08/2024                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6165818 | PA      | $6165818.42    | 0.12%             | 2031-08-22      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Denali Intermediate Holdings, Inc.                                               | Denali Intermediate Holdings, Inc./Multi Currency Revolver 8/25                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7443193 | PA      | $7368761.07    | 0.14%             | 2032-08-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Eighth Amendment Incremental Delayed Draw Term Loan 3/25                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      52071 | PA      | $52070.83      | 0.00%             | 2029-08-21      | Fixed         | 11.65%                | No            |                  3 | On Loan: No      |
| LJ Perimeter Buyer, Inc.                                                         | LJ Perimeter Buyer, Inc./Term Loan 10/22                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3192273 | PA      | $2936891.17    | 0.06%             | 2028-10-31      | Floating      | 10.93%                | No            |                  3 | On Loan: No      |
| Jewel Bidco Limited                                                              | Jewel Bidco Limited/Facility B 07/21                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    6863737 | PA      | $7964444.95    | 0.16%             | 2028-07-24      | None          |  | No            |                  3 | On Loan: No      |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | ARGID 5.25% Sr Unsecured Nts due 2027 144A                                                                 | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   21699000 | PA      | $8245620.00    | 0.16%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SSE Parent, LP                                                                   | SSE Parent, LP/Class A-1 Units 6/20                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         25 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./2023 DDTL B 9/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     856794 | PA      | $856793.79     | 0.02%             | 2028-04-24      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Amendment No 2 Term Loan 12/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2487188 | PA      | $2487187.70    | 0.05%             | 2027-12-15      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc./1L Term Loan 8/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   17964219 | PA      | $17964219.27   | 0.35%             | 2029-11-13      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| Meaningful Partners Fitness Ventures Co-Investment LP                            | Meaningful Partners Fitness Ventures Co-Investment LP/Common Stock 7/24                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     686000 | NS      | $701546.82     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Ordinary Shares                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    1310564 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GS SEER Group Borrower LLC                                                       | GS SEER Group Borrower LLC/Delayed Term Loan 04/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     136409 | PA      | $136409.07     | 0.00%             | 2030-04-29      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| Plaskolite PPC Intermediate II LLC                                               | Plaskolite PPC Intermediate II LLC/Revolver 5/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2712650 | PA      | $2658397.32    | 0.05%             | 2030-02-07      | Fixed         | 11.22%                | No            |                  3 | On Loan: No      |
| Sun Acquirer Corp.                                                               | Sun Acquirer Corp./Initial Term Loan 09/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10506520 | PA      | $10506520.17   | 0.21%             | 2028-09-05      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/ 2025 Additional ACF 09/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     163765 | PA      | $192268.86     | 0.00%             | 2030-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Nomi Health, Inc.                                                                | Nomi Health, Inc./Amendment No. 2 Incremental Term Loan 6/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1494475 | PA      | $1536737.29    | 0.03%             | 2028-07-21      | Floating      | 12.54%                | No            |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2025-1 Delayed Draw Term Loan 1/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     522742 | PA      | $522742.00     | 0.01%             | 2028-02-09      | Fixed         | 10.23%                | No            |                  3 | On Loan: No      |
| G702 Buyer, Inc.                                                                 | G702 Buyer, Inc./Revolver 7/25                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      71174 | PA      | $70106.39      | 0.00%             | 2031-07-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Pluralsight, LLC                                                                 | Pluralsight, LLC/Revolver 8/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     528662 | PA      | $528662.00     | 0.01%             | 2029-08-22      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| TVG-TMG Holdings, LLC                                                            | TVG-TMG Holdings, LLC/Common Units 3/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAK-System Group Limited                                                         | MAK-System Group Limited/Facility B 01/20                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   27786065 | PA      | $26674622.10   | 0.52%             | 2027-02-18      | Floating      | 11.08%                | No            |                  3 | On Loan: No      |
| IQN Holding Corp.                                                                | IQN Holding Corp./Initial Term Loan 5/22                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6721591 | PA      | $6721591.40    | 0.13%             | 2029-05-02      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| CAVU 2022-2                                                                      | CAVU 2022-2A ER                                                                                            | CUSIP: 895969AE3<br>LEI: 549300JHXVOIVLAKRV03 | Long             | ABS-CBDO         | CORP              | KY        |    2950000 | PA      | $3009560.50    | 0.06%             | 2038-03-27      | Floating      | 10.78%                | Yes           |                  3 | On Loan: No      |
| Tandarts Today Holding B.V.                                                      | Tandarts Today Holding B.V./Facility B Commitment 02/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     643210 | PA      | $755162.45     | 0.01%             | 2028-02-24      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| CIFC Funding 2019-VII Ltd                                                        | CIFC 2019-7A SUBR                                                                                          | CUSIP: 171932AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6791963 | PA      | $2377628.53    | 0.05%             | 2038-10-19      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| YE Brands Holdings, LLC                                                          | YE Brands Holdings, LLC/2024 Delayed Draw Term Loan 1/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     401412 | PA      | $401411.84     | 0.01%             | 2027-10-18      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| OAKC 2019-3                                                                      | OAKC 2019-3A ER2                                                                                           | CUSIP: 67112TAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     783334 | PA      | $788312.09     | 0.02%             | 2038-01-20      | Floating      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: AUD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-1264749.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Neovia Logistics, LP                                                             | Neovia Logistics, LP/New 1L Term Loan 09/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     484968 | PA      | $484967.88     | 0.01%             | 2027-11-01      | Floating      | 13.18%                | No            |                  3 | On Loan: No      |
| AIMCO 2021-16                                                                    | AIMCO 2021-16A SUB                                                                                         | CUSIP: 00901GAC8<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-O            | CORP              | KY        |    5881700 | PA      | $4029193.89    | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 15484880 Canada Inc.                                                             | 15484880 Canada Inc./Revolver 4/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     414168 | PA      | $297598.62     | 0.01%             | 2031-04-02      | Fixed         | 8.06%                 | No            |                  3 | On Loan: No      |
| Emerald Lake Pearl Acquisition-A, L.P.                                           | Emerald Lake Pearl Acquisition-A, L.P./Limited Partner Interests                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      43500 | NS      | $81637.28      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)    | Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)/Term Loan 02/23              | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   23486794 | PA      | $23450154.83   | 0.46%             | 2031-07-31      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| EuroParcs Topholding B.V.                                                        | EuroParcs Topholding B.V./Facility B3 03/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     590516 | PA      | $693297.48     | 0.01%             | 2029-07-31      | Fixed         | 10.28%                | No            |                  3 | On Loan: No      |
| Premise Health Holding Corp.                                                     | Premise Health Holding Corp./Revolver 2/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     386548 | PA      | $386548.00     | 0.01%             | 2030-03-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2021-59                                                                     | MDPK 2021-59A SUB                                                                                          | CUSIP: 55822FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    5865244 | PA      | $3303381.67    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CAVU 2022-2                                                                      | CAVU 2022-2A D2R                                                                                           | CUSIP: 89625BAW3<br>LEI: 549300JHXVOIVLAKRV03 | Long             | ABS-CBDO         | CORP              | KY        |    2575000 | PA      | $2619758.65    | 0.05%             | 2038-03-27      | Fixed         | 8.34%                 | Yes           |                  3 | On Loan: No      |
| Empower Payments Investor, LLC                                                   | Empower Payments Investor, LLC/Delayed Draw Term Loan 3/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      67359 | PA      | $67359.18      | 0.00%             | 2031-03-12      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Roman New Bidco Limited                                                          | Roman New Bidco Limited/Facility B2 05/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     994319 | PA      | $1337259.09    | 0.03%             | 2028-12-29      | Fixed         | 9.89%                 | No            |                  3 | On Loan: No      |
| Automotive Keys Investor, LLC                                                    | Automotive Keys Investor, LLC/Class A Common Units 11/20                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      62749 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LGDN Bidco Limited                                                               | LGDN Bidco Limited/Unitranche Additional  Acquisition Facility 11/22                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     215589 | PA      | $289945.49     | 0.01%             | 2028-12-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Restatement Date Term Loan 7/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4098811 | PA      | $3197072.33    | 0.06%             | 2029-07-23      | Floating      | 5.86%                 | No            |                  3 | On Loan: No      |
| Raven Acquisition Holdings, LLC                                                  | Raven Acquisition Holdings, LLC/Revolver 11/24                                                             | CUSIP: 75419XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1423768 | PA      | $1423768.00    | 0.03%             | 2029-11-19      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MRI Software LLC                                                                 | MRI Software LLC/Revolving Loan 02/20                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     540545 | PA      | $540544.60     | 0.01%             | 2027-02-10      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Flexera Software LLC                                                             | Flexera Software LLC/Revolver 8/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      14842 | PA      | $14804.90      | 0.00%             | 2032-08-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Proofpoint, Inc.                                                                 | Proofpoint, Inc./Dollar Revolving Credit Loan 06/21                                                        | CUSIP: 74345HAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     240000 | PA      | $240000.00     | 0.00%             | 2026-08-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Leviathan Intermediate Holdco, LLC                                               | Leviathan Intermediate Holdco, LLC/Revolver 12/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      12932 | PA      | $12932.00      | 0.00%             | 2027-12-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Trinity Capital Inc                                                              | Trinity Capital Inc. 7.54% Series A Senior Note, Tranche A, Due 10/27                                      | CUSIP: 896442AX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   20300000 | PA      | $20542347.29   | 0.40%             | 2027-10-30      | Fixed         | 7.54%                 | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC                                                                 | KNPC Holdco, LLC/Tranche D-1 Incremental Term Loan 11/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7321908 | PA      | $7321908.35    | 0.14%             | 2029-10-22      | Fixed         | 10.05%                | No            |                  3 | On Loan: No      |
| eCapital Finance Corp.                                                           | eCapital Finance Corp./Term Loan 1/20                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2022744 | PA      | $2022744.11    | 0.04%             | 2028-12-31      | Floating      | 12.13%                | No            |                  3 | On Loan: No      |
| Bracket Intermediate Holding Corp.                                               | Bracket Intermediate Holding Corp./Term Loan B 12/24                                                       | CUSIP: 10378RAM5<br>LEI: 54930011OZELK2VOFB56 | Long             | LON              | CORP              | US        |   14152755 | PA      | $14218423.90   | 0.28%             | 2028-05-08      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| Rockland Park Clo Ltd                                                            | Rockland Park CLO, Ltd.                                                                                    | CUSIP: 77366PAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     869253 | PA      | $19873.73      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2016-13                                                                     | OAKC 2016-13A ER2                                                                                          | CUSIP: 67090VAF8<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-CBDO         | CORP              | KY        |    1220000 | PA      | $1230128.44    | 0.02%             | 2037-10-21      | Floating      | 10.08%                | Yes           |                  3 | On Loan: No      |
| Sunk Rock Foundry Partners LP                                                    | Sunk Rock Foundry Partners LP/Term Loan A1 10/17                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     216930 | PA      | $216930.29     | 0.00%             | 2027-12-31      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Envisage Dental UK Limited                                                       | Envisage Dental UK Limited/Facility B 02/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2562791 | PA      | $3446696.71    | 0.07%             | 2031-04-08      | Floating      | 11.18%                | No            |                  3 | On Loan: No      |
| CWC Fund I Co-Invest (AlTi) LP                                                   | CWC Fund I Co-Invest (AlTi) LP/Common Equity 3/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    3276000 | NS      | $3799196.86    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2020-5                                                                      | OAKC 2020-5A SUB                                                                                           | CUSIP: 67113NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3370000 | PA      | $2816885.27    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIXST 2023-22                                                                    | SIXST 2023-22A SUB                                                                                         | CUSIP: 83011NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    7000000 | PA      | $5026609.00    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2018-5                                                                      | CIFC 2018-5A ER                                                                                            | CUSIP: 12551XAE5<br>LEI: 2549007CW2XYI54L0R94 | Long             | ABS-CBDO         | CORP              | KY        |     650000 | PA      | $657050.55     | 0.01%             | 2038-07-15      | Floating      | 10.92%                | Yes           |                  3 | On Loan: No      |
| Royal Borrower, LLC                                                              | Royal Borrower, LLC/Delayed Draw Term Loan 7/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1345449 | PA      | $1345449.00    | 0.03%             | 2030-07-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2024-66                                                                     | MDPK 2024-66A E                                                                                            | CUSIP: 55790AAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2500000 | PA      | $2523882.50    | 0.05%             | 2037-10-21      | Floating      | 9.83%                 | Yes           |                  3 | On Loan: No      |
| 15484880 Canada Inc.                                                             | 15484880 Canada Inc./Term Loan 4/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    4332553 | PA      | $3113137.44    | 0.06%             | 2031-04-02      | Fixed         | 8.27%                 | No            |                  3 | On Loan: No      |
| Medline Borrower, LP                                                             | Medline Borrower, LP/Incremental Term Loan 07/25                                                           | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   12113470 | PA      | $12105960.12   | 0.24%             | 2030-10-23      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| DFC Global Facility Borrower III LLC                                             | DFC Global Facility Borrower III LLC/Revolving Credit (MPL) Everbank 01/25 (Leverage)                      | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |   -7119619 | PA      | $-7084021.32   | -0.14%            | 2028-01-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Sixth Street CLO 28 Ltd                                                          | SIXST 2025-28A E                                                                                           | CUSIP: 83013UAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     425000 | PA      | $431416.23     | 0.01%             | 2038-04-21      | Floating      | 9.78%                 | Yes           |                  3 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.                                              | Capstone Acquisition Holdings, Inc./2L Delayed Draw Term Loan 8/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1667753 | PA      | $1667753.00    | 0.03%             | 2030-11-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Perigon Wealth Management, LLC                                                   | Perigon Wealth Management, LLC/Term Loan 3/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2006145 | PA      | $2006144.75    | 0.04%             | 2031-03-28      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Amendment No. 6 Term Loan 3/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     370924 | PA      | $370923.78     | 0.01%             | 2027-12-15      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| SageSure Holdings, LLC                                                           | SageSure Holdings, LLC/Amendment No. 1 Incremental Term Loan 1/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7722521 | PA      | $7722521.31    | 0.15%             | 2030-01-28      | Fixed         | 9.03%                 | No            |                  3 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Amendment No. 3 Incremental Term Loan 8/24                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1067016 | PA      | $1024335.42    | 0.02%             | 2028-10-02      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Waverly Advisors, LLC                                                            | Waverly Advisors, LLC/k/a WA Asset Management, LLC)/Term Loan 3/22                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2000158 | PA      | $2000158.40    | 0.04%             | 2028-03-01      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| AIMCO 2025-23                                                                    | AIMCO 2025-23A SUB                                                                                         | CUSIP: 00901KAC9<br>LEI: 254900JY4GSBXW978G85 | Long             | ABS-O            | CORP              | KY        |    8870000 | PA      | $8655851.59    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HP RSS Buyer, Inc.                                                               | HP RSS Buyer, Inc./Second Amendment Delayed Draw Term Loan 7/25                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     433799 | PA      | $433799.00     | 0.01%             | 2029-12-11      | Fixed         | 8.92%                 | No            |                  3 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                        | ZAYO 4.0% 1st lien Nts due 2027 144A                                                                       | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |   15719000 | PA      | $15236073.02   | 0.30%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs, Inc./E-5 Preferred Stock 8/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      59428 | NS      | $320714.08     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Automotive Keys Investor, LLC                                                    | Automotive Keys Investor, LLC/Preferred Units                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      37749 | NS      | $1848.26       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merit Financial Group, LLC                                                       | Merit Financial Group, LLC/Revolver 8/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     197980 | PA      | $196000.20     | 0.00%             | 2032-08-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Family First Bidco Limited                                                       | Family First Bidco Limited/Loan Notes 12/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      28634 | PA      | $38510.28      | 0.00%             | 2029-12-31      | Floating      | 12.50%                | Yes           |                  3 | On Loan: No      |
| HighTower Holding, LLC                                                           | HighTower Holding, LLC/Amendment No. 10 Replacement Term Loan B 07/25                                      | CUSIP: 43117LAP8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | LON              | CORP              | US        |    6678093 | PA      | $6665605.34    | 0.13%             | 2032-02-03      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Harbourvest Global Private Equity Limited                                        | Harbourvest Global Private Equity Limited/ Revolving Facility 05/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GG        |   24000000 | PA      | $24000000.00   | 0.47%             | 2029-06-05      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| Automotive Keys Group, LLC                                                       | Automotive Keys Group, LLC/2021 Incremental Term Loan 12/21                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     884854 | PA      | $769822.71     | 0.02%             | 2026-08-06      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| ZocDoc, Inc.                                                                     | ZocDoc, Inc./Term Loan 5/24                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2393877 | PA      | $2345999.74    | 0.05%             | 2030-07-31      | Floating      | 9.46%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: NZD 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-11208854.00  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| Team Health Holdings, Inc.                                                       | TMH 8.375% Secured Nts due 2028 144A                                                                       | CUSIP: 87817AAE7<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    6000000 | PA      | $6129000.00    | 0.12%             | 2028-06-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Neovia Acquisition, LLC                                                          | Neovia Acquisition, LLC/Common Stock                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          6 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Safe Home Security, Inc.                                                         | Safe Home Security, Inc./Initial Term Loan 08/20                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     644430 | PA      | $644429.76     | 0.01%             | 2025-05-30      | Floating      | 11.69%                | No            |                  3 | On Loan: No      |
| Premiere Buyer, LLC                                                              | Premiere Buyer, LLC/Revolver 5/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1061845 | PA      | $1061845.00    | 0.02%             | 2030-05-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Premier Specialties, Inc.                                                        | Premier Specialties, Inc./Initial Term Loan 8/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3105866 | PA      | $2857396.89    | 0.06%             | 2027-08-20      | Floating      | 11.26%                | No            |                  3 | On Loan: No      |
| FIP RR Holdings LLC                                                              | FIP RR Holdings LLC Series A Preferred Shares 8/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      12191 | NS      | $11459540.00   | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| ELMW2 2019-2                                                                     | ELMW2 2019-2A ERR                                                                                          | CUSIP: 29001RAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1400000 | PA      | $1405245.80    | 0.03%             | 2037-10-20      | Floating      | 10.08%                | Yes           |                  3 | On Loan: No      |
| AIMCO 2023-20                                                                    | AIMCO 2023-20A SUB                                                                                         | CUSIP: 00901TAC0<br>LEI: 2549009AFNTQKXTAWE65 | Long             | ABS-O            | CORP              | KY        |    1500000 | PA      | $1237333.50    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Drogon Bidco Inc.                                                                | Drogon Bidco Inc./Term Loan 8/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1364674 | PA      | $1364674.34    | 0.03%             | 2031-08-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Dedomena Bidco Limited                                                           | Dedomena Bidco Limited/Senior Term Facility 06/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     705882 | PA      | $949340.33     | 0.02%             | 2032-06-25      | Fixed         | 9.49%                 | No            |                  3 | On Loan: No      |
| Netsmart Technologies, Inc.                                                      | Netsmart Technologies, Inc./Initial Delayed Draw Term Loan 8/24                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4473030 | PA      | $4473030.00    | 0.09%             | 2031-08-25      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| WorkWave Intermediate II, LLC                                                    | WorkWave Intermediate II, LLC/Delayed Draw Term Loan 6/21                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1620542 | PA      | $1604336.33    | 0.03%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Aptean Acquiror Inc.                                                             | Aptean Acquiror Inc./Revolver 1/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     372521 | PA      | $372521.00     | 0.01%             | 2031-01-30      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/2020 Delayed Draw Term Loan 11/20                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2403824 | PA      | $2403824.38    | 0.05%             | 2028-10-04      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Empower Payments Investor, LLC                                                   | Empower Payments Investor, LLC/Second Amendment Incremental Term Loan 6/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     116528 | PA      | $116527.95     | 0.00%             | 2031-03-12      | Fixed         | 8.74%                 | No            |                  3 | On Loan: No      |
| United Digestive MSO Parent, LLC                                                 | United Digestive MSO Parent, LLC/Revolver 03/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     168162 | PA      | $168162.00     | 0.00%             | 2029-03-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MWG BidCo ApS                                                                    | MWG BidCo ApS/Facility B 08/21                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |    4934211 | PA      | $776057.28     | 0.02%             | 2028-02-29      | Floating      | 9.63%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-32                                                                     | MDPK 2018-32X SUB                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | KY        |     710000 | PA      | $311567.88     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| AX VI INV3 Holding AB                                                            | AX VI INV3 Holding AB/ Capex Facility 2 06/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    2071372 | PA      | $2431901.38    | 0.05%             | 2031-08-13      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Convera International Holdings Limited                                           | Convera International Holdings Limited/Term Loan 11/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2746879 | PA      | $2746878.59    | 0.05%             | 2028-03-01      | Fixed         | 10.15%                | No            |                  3 | On Loan: No      |
| SPDR S&P Homebuilders ETF                                                        | XHB US Put Option Oct 2025 -Strike 106                                                                     | CUSIP: N/A<br>LEI: 549300MSE80LL1UJS132       | N/A              | DE               | CORP              | US        |        449 | NC      | $51635.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sugar PPC Buyer LLC                                                              | Sugar PPC Buyer LLC/Delayed Draw Term Loan 7/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1172278 | PA      | $1172278.00    | 0.02%             | 2031-10-02      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Adonis Acquisition Holdings LLC                                                  | Adonis Acquisition Holdings LLC/ABL Revolver 2/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |        818 | PA      | $817.55        | 0.00%             | 2028-08-07      | Fixed         | 9.38%                 | No            |                  3 | On Loan: No      |
| Berner Food & Beverage, LLC                                                      | Berner Food & Beverage, LLC/Revolver 7/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     261817 | PA      | $261816.80     | 0.01%             | 2026-07-30      | Floating      | 10.96%                | No            |                  3 | On Loan: No      |
| CST Holding Company                                                              | CST Holding Company/Revolver 11/22                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      79358 | PA      | $79358.00      | 0.00%             | 2028-11-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| PDI TA Holdings, Inc.                                                            | PDI TA Holdings, Inc./Initial Term Loan 2/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2560206 | PA      | $2560205.73    | 0.05%             | 2031-02-03      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| ExtraHop Networks, Inc.                                                          | ExtraHop Networks, Inc./2023 Incremental Last Out Term Loan 03/23                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     379541 | PA      | $379540.77     | 0.01%             | 2027-07-22      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| Mr. Greens Intermediate, LLC                                                     | Mr. Greens Intermediate, LLC/Delayed Draw Term Loan 05/23                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     969332 | PA      | $969331.54     | 0.02%             | 2031-05-01      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Cezanne Bidco                                                                    | Cezanne Bidco/Incremental Acquisition/Capex Facility Notes 03/25                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    2466091 | PA      | $2895322.57    | 0.06%             | 2031-10-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OAKC 2015-12                                                                     | OAKC 2015-12A SUB                                                                                          | CUSIP: 67110BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   12070000 | PA      | $6454010.05    | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kairos Bidco Limited                                                             | Kairos Bidco Limited/Specified Acquisition Delayed Draw Term Loan 7/25                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     960857 | PA      | $951248.43     | 0.02%             | 2032-07-21      | Fixed         | 9.06%                 | No            |                  3 | On Loan: No      |
| CIFC 2020-4                                                                      | CIFC 2020-4A ER                                                                                            | CUSIP: 12547GAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5500000 | PA      | $5542289.50    | 0.11%             | 2040-01-15      | Floating      | 9.22%                 | Yes           |                  3 | On Loan: No      |
| Neptune BidCo US Inc.                                                            | Neptune BidCo US Inc./Term Loan A 10/22                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   13431667 | PA      | $12760083.25   | 0.25%             | 2028-10-11      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./Multi-Currency Revolver 5/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     587594 | PA      | $587593.91     | 0.01%             | 2031-06-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-215885317.00 | -4.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Repairify, Inc.                                                                  | Repairify, Inc./Revolver 6/21                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     765748 | PA      | $765748.39     | 0.02%             | 2027-06-14      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Chariot Buyer LLC                                                                | Chariot Buyer LLC/Term Loan B 07/25                                                                        | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    6930749 | PA      | $6933660.36    | 0.14%             | 2032-09-08      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| PointClickCare Technologies Inc.                                                 | PointClickCare Technologies Inc./Term Loan 07/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2487500 | PA      | $2488893.00    | 0.05%             | 2031-11-03      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS SEER Group Borrower LLC                                                       | GS SEER Group Borrower LLC/Term Loan 04/23                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     319173 | PA      | $319173.24     | 0.01%             | 2030-04-29      | Floating      | 10.75%                | No            |                  3 | On Loan: No      |
| Talon Buyer Inc.                                                                 | Talon Buyer Inc./Revolver 7/25                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     224024 | PA      | $221223.70     | 0.00%             | 2032-07-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: EUR 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-3491132.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Third Amendment Incremental Delayed Draw Term 9/23                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     187367 | PA      | $187367.01     | 0.00%             | 2026-12-07      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| WSHP FC Holdings LLC                                                             | WSHP FC Holdings LLC/Class A Preferred Units 11/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |          5 | NS      | $61.41         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bamboo Health Holdings, LLC                                                      | Bamboo Health Holdings, LLC/Revolver 5/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     211867 | PA      | $211867.29     | 0.00%             | 2027-05-06      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Precision Concepts Parent Inc.                                                   | Precision Concepts Parent Inc./Revolver 7/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     132375 | PA      | $131051.25     | 0.00%             | 2032-08-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Enverus Holdings, Inc.                                                           | Enverus Holdings, Inc./Revolver 12/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     744469 | PA      | $744469.00     | 0.01%             | 2029-12-24      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class E Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pallas Funding Trust No.2                                                        | Pallas Funding Trust No.2/ Class A-2 Delay Draw Loan AUD 10/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |    2049178 | PA      | $1355940.08    | 0.03%             | 2027-10-17      | Fixed         | 11.41%                | No            |                  3 | On Loan: No      |
| Badia Spices, LLC                                                                | Badia Spices, LLC/Initial Term B Loan 10/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8829707 | PA      | $8829707.41    | 0.17%             | 2030-11-01      | Fixed         | 8.38%                 | No            |                  3 | On Loan: No      |
| Oiva Isannointi Group Oy                                                         | Oiva Isannointi Group Oy/Capex/Acquisition Facility 07/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FI        |     198020 | PA      | $232486.06     | 0.00%             | 2031-08-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ExtraHop Networks, Inc.                                                          | ExtraHop Networks, Inc./Last Out Term Loan 7/21                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2267292 | PA      | $2267291.66    | 0.04%             | 2027-07-22      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| Himalaya TopCo LLC                                                               | Himalaya TopCo LLC/Revolver 5/25                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9314399 | PA      | $9158848.65    | 0.18%             | 2032-06-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Magellan Bidco                                                                   | Magellan Bidco/Additional Tranche Commitment 10/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     166667 | PA      | $195675.96     | 0.00%             | 2031-10-31      | Fixed         | 8.62%                 | No            |                  3 | On Loan: No      |
| Rubicone Bidco Limited                                                           | Rubicone Bidco Limited/Unitranche Acquisition Facility 11/21                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1698033 | PA      | $2283683.36    | 0.04%             | 2028-12-01      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Rubicone Bidco Limited                                                           | Rubicone Bidco Limited/Incremental Unitranche Facility 05/22                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     169772 | PA      | $228325.90     | 0.00%             | 2028-12-01      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| ASF VII WAGNER B L.P.,                                                           | ASF VII WAGNER B L.P.,/ Term Loan EUR 12/23 (DB Participation)                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      56065 | PA      | $65822.84      | 0.00%             | 2028-08-16      | Fixed         | 8.36%                 | No            |                  3 | On Loan: No      |
| MDPK 2024-67                                                                     | MDPK 2024-67A SUB                                                                                          | CUSIP: 55822KAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     264752 | PA      | $210395.24     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INVCO 2021-3                                                                     | INVCO 2021-3X SUB                                                                                          | CUSIP: BCC338KZ4<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-O            | CORP              | KY        |     956750 | PA      | $370672.70     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| ProFund S.a r.l.                                                                 | ProFund S.a r.l./Facility A2 12/21 (EUR)                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | PL        |    2163934 | PA      | $2540574.62    | 0.05%             | 2027-12-03      | Floating      | 8.04%                 | No            |                  3 | On Loan: No      |
| ACTFY Buyer, Inc.                                                                | ACTFY Buyer, Inc./Term Loan 5/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1498711 | PA      | $1498710.73    | 0.03%             | 2031-05-01      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| SageSure Holdings, LLC                                                           | SageSure Holdings, LLC/Delayed Draw A Term Loan 8/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3566133 | PA      | $3566132.84    | 0.07%             | 2030-01-28      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Andwis Group Limited                                                             | Andwis Group Limited/Additional Facility 05/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2962963 | PA      | $3984887.36    | 0.08%             | 2031-11-13      | Fixed         | 10.76%                | No            |                  3 | On Loan: No      |
| Envisage Dental UK Limited                                                       | Envisage Dental UK Limited/Acquisition/Capex 02/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1837537 | PA      | $2471302.00    | 0.05%             | 2031-04-08      | Floating      | 11.18%                | No            |                  3 | On Loan: No      |
| RRAM 2024-30                                                                     | RRAM 2024-30A SUB                                                                                          | CUSIP: 780933AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6000000 | PA      | $4916700.00    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Odevo AB                                                                         | Odevo AB/Facility D Commitment 11/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     498660 | PA      | $585453.00     | 0.01%             | 2030-12-31      | Fixed         | 7.41%                 | No            |                  3 | On Loan: No      |
| 760203 N.B. LTD.                                                                 | 760203 N.B. LTD./CAD Term Loan 12/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    9514774 | PA      | $6836799.64    | 0.13%             | 2030-12-31      | Fixed         | 8.04%                 | No            |                  3 | On Loan: No      |
| CC Globe Holding II A/S                                                          | CC Globe Holding II A / S/Facility B 03/22                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |   12687325 | PA      | $1367750.43    | 0.03%             | 2028-03-31      | None          |  | No            |                  3 | On Loan: No      |
| MDPK 2024-66                                                                     | MDPK 2024-66A SUB                                                                                          | CUSIP: 55790AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1910000 | PA      | $1762931.91    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Semper Holding BV                                                                | Semper Holding BV/Facility B1 01/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    7500000 | PA      | $8805400.65    | 0.17%             | 2031-02-10      | Floating      | 7.70%                 | No            |                  3 | On Loan: No      |
| Trustly AB                                                                       | Trustly AB/Facility B 06/18                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    5500000 | PA      | $584211.42     | 0.01%             | 2026-06-30      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| CIFC 2019-5                                                                      | CIFC 2019-5A INC                                                                                           | CUSIP: 12554YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1230000 | PA      | $750313.53     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Inszone Mid, LLC                                                                 | Inszone Mid, LLC/A&R Term Loan 11/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2037222 | PA      | $2037222.31    | 0.04%             | 2029-11-30      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| Wellington-Altus Financial Inc.                                                  | Wellington-Altus Financial Inc./Term Loan 8/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    1134375 | PA      | $815100.01     | 0.02%             | 2030-08-16      | Fixed         | 7.99%                 | No            |                  3 | On Loan: No      |
| TVG-MGT UPPER INTERMEDIATE HOLDINGS, LLC                                         | TVG-MGT UPPER INTERMEDIATE HOLDINGS, LLC/ PIK Note 08/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     452345 | PA      | $438774.65     | 0.01%             | 2031-08-26      | Fixed         | 14.00%                | No            |                  3 | On Loan: No      |
| Oakbridge Insurance Agency LLC                                                   | Oakbridge Insurance Agency LLC/Delayed Draw Term Loan 11/23                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     623938 | PA      | $623937.70     | 0.01%             | 2029-11-01      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| DFC Global Facility Borrower III LLC                                             | DFC Global Facility Borrower III LLC/Revolving Credit (SPL) 01/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6389402 | PA      | $4591077.13    | 0.09%             | 2028-01-14      | Fixed         | 13.03%                | No            |                  3 | On Loan: No      |
| Linden Structured Capital Fund II-A LP                                           | Linden Structured Capital Fund II-A LP/Limited Partnership Interests 6/24                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     324828 | NS      | $258976.26     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RRAM 2025-38                                                                     | RRAM 2025-38A SUB                                                                                          | CUSIP: 74988GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2240000 | PA      | $1975496.32    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Football Holdings BidCo Limited                                            | Eagle Football Holdings BidCo Limited/Original Series A HoldCo Note 11/22                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |    1688244 | PA      | $968714.49     | 0.02%             | 2028-12-13      | None          |  | No            |                  3 | On Loan: No      |
| UP Intermediate II LLC                                                           | UP Intermediate II LLC/Amendment No. 1 Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     776097 | PA      | $776096.85     | 0.02%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| BW Holding, Inc.                                                                 | BW Holding, Inc./Tranche A Term Loan 08/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1725078 | PA      | $1770360.79    | 0.03%             | 2030-12-14      | Fixed         | 10.65%                | No            |                  2 | On Loan: No      |
| Elmwood CLO 44 Ltd                                                               | ELM44 2025-7A SUB                                                                                          | CUSIP: 29004XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   11760000 | PA      | $10353080.64   | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class B Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BCPE Co-Invest (A), LP                                                           | BCPE Co-Invest (A), LP/Class A Common Stock                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      45000 | NS      | $63715.32      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Repriced EUR Term Loan 11/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2125639 | PA      | $2495613.54    | 0.05%             | 2030-09-30      | Fixed         | 7.28%                 | No            |                  3 | On Loan: No      |
| Armorica Lux S.a.r.l.                                                            | Armorica Lux S.a.r.l./EUR Term Loan 06/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    6500000 | PA      | $7347918.99    | 0.14%             | 2028-07-28      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Dorado Bidco, Inc.                                                               | Dorado Bidco, Inc./Delayed Draw Term Loan 9/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2232055 | PA      | $2232054.95    | 0.04%             | 2031-09-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Waystar Technologies, Inc.                                                       | Waystar Technologies, Inc./Term Loan B 08/25                                                               | CUSIP: 63939WAP8<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |     419529 | PA      | $419353.01     | 0.01%             | 2029-10-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Compass Bidco Limited.                                                           | Compass Bidco Limited./Unitranche Facility 04/24                                                           | CUSIP: 58503UAE3<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | GB        |   12356412 | PA      | $16618131.99   | 0.33%             | 2031-04-15      | Floating      | 10.74%                | No            |                  3 | On Loan: No      |
| ASE Royal Aggregator, LLC                                                        | ASE Royal Aggregator, LLC/Class A Preferred 8/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    1646000 | NS      | $2093560.57    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Erasmus Acquisition Holding B.V.                                                 | Erasmus Acquisition Holding B.V./Additional Facility 06/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     630327 | PA      | $740037.57     | 0.01%             | 2030-03-13      | Fixed         | 7.66%                 | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/Initial Term Loan 09/20                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6025350 | PA      | $6025349.80    | 0.12%             | 2027-09-15      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Visual Edge Technology, Inc.                                                     | Visual Edge Technology Inc. (Common)                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      27334 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hg Saturn 2 SumoCo Limited                                                       | Hg Saturn 2 SumoCo Limited/ Term Loan 1/22                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GG        |   19533788 | PA      | $19533788.11   | 0.38%             | 2029-01-19      | Floating      | 11.33%                | No            |                  3 | On Loan: No      |
| Grit Buyer, Inc.                                                                 | Grit Buyer, Inc./Revolver 7/25                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      94224 | PA      | $92810.64      | 0.00%             | 2031-07-16      | Fixed         | 8.82%                 | No            |                  3 | On Loan: No      |
| KNPC Holdco, LLC                                                                 | KNPC Holdco, LLC/Term Loan Tranche C-1 10/23                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     470302 | PA      | $470302.04     | 0.01%             | 2029-10-22      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| OMERS Mahomes Investment Holdings LLC                                            | OMERS Mahomes Investment Holdings LLC/Preferred Units 06/23                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |          2 | NS      | $22697.14      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| World Insurance Associates, LLC                                                  | World Insurance Associates, LLC/Revolver Loan 02/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      59839 | PA      | $59839.00      | 0.00%             | 2030-04-03      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Edelman Financial Engines Center, LLC, The                                       | Edelman Financial Engines Center, LLC, The/Second Lien Term Loan 05/24                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18500000 | PA      | $18505735.00   | 0.36%             | 2028-10-06      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Initial Term Loan 7/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1430526 | PA      | $1430526.17    | 0.03%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Sapphire Software Buyer, Inc.                                                    | Sapphire Software Buyer, Inc./Revolver 9/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1490807 | PA      | $1490807.00    | 0.03%             | 2031-09-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PSP Registrar Co-Investment Fund, L.P.                                           | PSP Registrar Co-Investment Fund, L.P./Class A Common Units                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $37621.18      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pallas NZ Funding Trust No. 1                                                    | Pallas NZ Funding Trust No. 1/ Revolver 7/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NZ        |    6264815 | PA      | $3632029.47    | 0.07%             | 2026-07-10      | Floating      | 9.36%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, LLC/Last Out Tranche A Term Loan 09/20                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1067631 | PA      | $309613.04     | 0.01%             | 2029-08-21      | None          |  | No            |                  3 | On Loan: No      |
| The Ultimus Group Midco, LLC                                                     | The Ultimus Group Midco, LLC/Delayed Draw Term Loan 7/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     648847 | PA      | $645602.77     | 0.01%             | 2032-07-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Banyan Software Intermediate, Inc.                                               | Banyan Software Intermediate, Inc./Series A Preferred Shares 1/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      44662 | NS      | $48482531.47   | 0.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MC CIF WEALTH MANAGEMENT (UK) LTD.                                               | MC CIF WEALTH MANAGEMENT (UK) LTD.  Z2 Preferred Shares                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | GB        |        639 | NS      | $632610.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TVG-TMG Holdings, LLC                                                            | TVG-TMG Holdings, LLC/Series A Preferred Units 3/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $47212.59      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Park Funding Lxviii Ltd                                                  | MDPK 2024-68A E                                                                                            | CUSIP: 55823AAA4<br>LEI: 213800XCOFXF5X7M9P78 | Long             | ABS-CBDO         | CORP              | KY        |    2375000 | PA      | $2384521.38    | 0.05%             | 2038-01-20      | Floating      | 9.43%                 | Yes           |                  3 | On Loan: No      |
| Aventine Intermediate LLC                                                        | Aventine Intermediate LLC/Term Loan 12/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1366400 | PA      | $1298079.67    | 0.03%             | 2029-06-18      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| Visual Edge Technology, Inc.                                                     | Visual Edge Technology, Inc./Last Out  Term Loan B 7/23                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2218627 | PA      | $2218627.27    | 0.04%             | 2025-12-31      | Floating      | 11.35%                | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/First Amendment Delayed Draw Term Loan 12/20                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     887136 | PA      | $887135.61     | 0.02%             | 2027-09-15      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| GTCR Everest Borrower, LLC                                                       | GTCR Everest Borrower, LLC/Multi-Currency Revolver 9/24                                                    | CUSIP: 36269YAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     211403 | PA      | $211403.00     | 0.00%             | 2029-09-05      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Texas Debt Capital CLO 2024-II Ltd                                               | TCIFC 2024-2A E                                                                                            | CUSIP: 88238GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4100000 | PA      | $4142500.60    | 0.08%             | 2037-01-24      | Floating      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| RRAM 2022-21                                                                     | RRAM 2022-21A SUB                                                                                          | CUSIP: 78090GAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |   13070000 | PA      | $7500572.39    | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHPPR Holdings Inc.                                                              | CHPPR Holdings Inc. Warrant Class B                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       6604 | NC      | $429161.52     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| GNZ Energy Bidco Limited                                                         | GNZ Energy Bidco Limited/Facility C 5/22                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NZ        |    1962048 | PA      | $1137498.26    | 0.02%             | 2027-07-26      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GHP-VGS Purchaser LLC                                                            | GHP-VGS Purchaser LLC/Term Loan 4/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1981184 | PA      | $1961372.16    | 0.04%             | 2032-04-30      | Fixed         | 9.06%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs                                                                    | Recv Irs 5.94 01/15/2030                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $3029304.69    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MDPK 2015-17                                                                     | MDPK 2015-17A SUB                                                                                          | CUSIP: 55819AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   35192026 | PA      | $4963307.39    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Generator Buyer, Inc.                                                            | Generator Buyer, Inc./Term A Loan 7/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2024861 | PA      | $1454954.94    | 0.03%             | 2030-07-22      | Fixed         | 7.70%                 | No            |                  3 | On Loan: No      |
| Melody Holdings LP                                                               | Melody Holdings LP Class A-2 Common Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        484 | NS      | $96800.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Closing Date Term Loan 12/22                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3323864 | PA      | $3323863.70    | 0.07%             | 2028-12-28      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Saturn Purchaser Corp.                                                           | Saturn Purchaser Corp./Delayed Draw Term Loan 1/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      52275 | PA      | $52275.00      | 0.00%             | 2030-07-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Clarion Home Services Group, LLC                                                 | Clarion Home Services Group, LLC/Amendment No. 1 Delayed Draw Term Loan 03/23                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     264974 | PA      | $254374.67     | 0.01%             | 2027-12-06      | Floating      | 12.38%                | No            |                  3 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Additional Facility 11/21                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1258966 | PA      | $1693182.22    | 0.03%             | 2028-12-11      | Floating      | 11.86%                | No            |                  3 | On Loan: No      |
| Spindrift Beverage Co., Inc.                                                     | Spindrift Beverage Co., Inc./Delayed Draw Term Loan 2/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     195296 | PA      | $195296.00     | 0.00%             | 2032-02-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2022-5                                                                      | CGMS 2022-5A ER                                                                                            | CUSIP: 14318NAG2<br>LEI: 549300FMPRIVFSDJTS63 | Long             | ABS-CBDO         | CORP              | KY        |    4190000 | PA      | $4264933.96    | 0.08%             | 2037-10-15      | Floating      | 11.42%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 08/21/2026                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-3706352.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Higginbotham Insurance Agency, Inc.                                              | Higginbotham Insurance Agency, Inc./Amendment No. 4 Delayed Draw Term Loan 3/24                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     627892 | PA      | $627892.22     | 0.01%             | 2028-11-24      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Wellness AcquisitionCo, Inc.                                                     | Wellness AcquisitionCo, Inc./Amendment No. 1 Delayed Draw Term Loan 2/25                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     539902 | PA      | $539901.96     | 0.01%             | 2029-01-20      | Fixed         | 8.93%                 | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/New Incremental Term Loan 4/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     571052 | PA      | $571052.00     | 0.01%             | 2031-04-30      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| 15484910 Canada Inc.                                                             | 15484910 Canada Inc./HoldCo Term Loan 4/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2191089 | PA      | $1574397.77    | 0.03%             | 2035-04-02      | Fixed         | 14.00%                | No            |                  3 | On Loan: No      |
| Lightbeam Bidco, Inc.                                                            | Lightbeam Bidco, Inc./Revolver 05/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2029-05-04      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Next Holdco, LLC                                                                 | Next Holdco, LLC/Delayed Draw Term Loan 11/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     255379 | PA      | $255379.00     | 0.01%             | 2030-11-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Alcami Corporation                                                               | Alcami Corporation/Revolver 12/22                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      27398 | PA      | $27398.00      | 0.00%             | 2028-12-21      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Cardinal Parent, Inc.                                                            | Cardinal Parent, Inc./Second Lien Term Loan 11/20                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10547240 | PA      | $10547239.95   | 0.21%             | 2028-11-13      | Floating      | 11.91%                | No            |                  3 | On Loan: No      |
| MAGNE 2024-42                                                                    | MAGNE 2024-42A E                                                                                           | CUSIP: 55955YAA2<br>LEI: 5299008QF7XUGQ5EZC63 | Long             | ABS-CBDO         | CORP              | KY        |    2125000 | PA      | $2146768.50    | 0.04%             | 2038-01-25      | Floating      | 9.32%                 | Yes           |                  3 | On Loan: No      |
| Collision SP Subco, LLC                                                          | Collision SP Subco, LLC/Delayed Draw Term Loan 1/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     520591 | PA      | $520590.72     | 0.01%             | 2030-01-29      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Cority Software Inc.                                                             | Cority Software Inc./Incremental 2024-1 Term Loan 11/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     401308 | PA      | $401308.38     | 0.01%             | 2026-07-02      | Fixed         | 9.04%                 | No            |                  3 | On Loan: No      |
| WU Holdco, Inc.                                                                  | WU Holdco, Inc./Revolver 4/25                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     131621 | PA      | $130962.90     | 0.00%             | 2032-04-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Radius Aerospace, Inc.                                                           | Radius Aerospace, Inc./Revolving Loan 03/19                                                                | CUSIP: 75046TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     859641 | PA      | $859641.43     | 0.02%             | 2027-03-29      | Floating      | 10.29%                | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Revolver 10/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3846654 | PA      | $3846654.19    | 0.08%             | 2029-10-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Oakbridge Insurance Agency LLC                                                   | Oakbridge Insurance Agency LLC/Term A Loan 11/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1274027 | PA      | $1274027.08    | 0.03%             | 2029-11-01      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| Melody Holdings LP                                                               | Melody Holdings LP Class A-1 Common Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        484 | NS      | $871200.00     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Viper Bidco, Inc.                                                                | Viper Bidco, Inc./Initial Term Loan (USD) 11/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4765390 | PA      | $4765390.32    | 0.09%             | 2031-11-21      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| Mountaineer Merger Corporation                                                   | Mountaineer Merger Corporation/Revolver 9/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5374807 | PA      | $5106066.65    | 0.10%             | 2027-10-01      | Fixed         | 9.31%                 | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./First Amendment Incremental Delayed Term Loan 12/21 Dummy PIK               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      19259 | PA      | $15792.55      | 0.00%             | 2028-06-23      | Fixed         | 8.19%                 | No            |                  3 | On Loan: No      |
| Titan BW Borrower L.P.                                                           | Titan BW Borrower L.P./Revolver 7/25                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5366955 | PA      | $5313285.45    | 0.10%             | 2032-07-26      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ANCHF 2016-3                                                                     | ANCHF 2016-3A SUBR                                                                                         | CUSIP: 001011AJ4<br>LEI: 5493003NNQWXMTSTMF21 | Long             | ABS-O            | CORP              | KY        |    3360000 | PA      | $2282700.00    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Long-Term Delayed Draw Term C2 Loan 12/22                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      71744 | PA      | $71743.61      | 0.00%             | 2028-05-17      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| Medmark Services Inc                                                             | Medmark Services Inc/DDTL 06/21                                                                            | CUSIP: 05518PAC2<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        |    1496685 | PA      | $1272182.34    | 0.03%             | 2027-06-11      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/G Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Collision SP Subco, LLC                                                          | Collision SP Subco, LLC/Term Loan 4/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      28450 | PA      | $28450.00      | 0.00%             | 2030-01-29      | Fixed         | 9.04%                 | No            |                  3 | On Loan: No      |
| Polaris Newco, LLC                                                               | Polaris Newco, LLC/USD Term Loan B 05/21                                                                   | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   19661821 | PA      | $18927255.17   | 0.37%             | 2028-06-02      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| United Digestive MSO Parent, LLC                                                 | United Digestive MSO Parent, LLC/Term Loan B 03/23                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3097868 | PA      | $3097867.59    | 0.06%             | 2029-03-30      | Floating      | 9.76%                 | No            |                  3 | On Loan: No      |
| LBC Breeze Holdings LLC                                                          | LBC Breeze Holdings LLC/Class A Units 12/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $31890.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BSP 2025-39                                                                      | BSP 2025-39A E                                                                                             | CUSIP: 081931AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1825000 | PA      | $1832613.90    | 0.04%             | 2038-04-15      | Floating      | 8.76%                 | Yes           |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/B Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Skywalker TopCo, LLC                                                             | Skywalker TopCo, LLC/Units                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      25407 | NS      | $140888.67     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Roman New Bidco Limited                                                          | Roman New Bidco Limited/Acquisition Capex Facility 2 05/25                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1034091 | PA      | $1390748.44    | 0.03%             | 2028-12-29      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| 285 Mezz LLC                                                                     | 285 Mezz LLC/Mezz Loan 3/22                                                                                | CUSIP: 285S59207<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4972452 | PA      | $2950503.84    | 0.06%             | 2025-12-31      | None          |  | No            |                  3 | On Loan: No      |
| Titan BW Borrower L.P.                                                           | Titan BW Borrower L.P./Term Loan 7/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   29808337 | PA      | $29510253.31   | 0.58%             | 2032-07-26      | Fixed         | 9.45%                 | No            |                  3 | On Loan: No      |
| Argenbright Holdings V, LLC                                                      | Argenbright Holdings V, LLC/Initial Term Loan 11/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3074703 | PA      | $3074702.63    | 0.06%             | 2028-11-30      | Floating      | 13.52%                | No            |                  3 | On Loan: No      |
| Talon Buyer Inc.                                                                 | Talon Buyer Inc./Delayed Draw Term Loan 7/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     615812 | PA      | $611963.18     | 0.01%             | 2032-07-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| VRS Buyer, Inc.                                                                  | VRS Buyer, Inc./Delayed Draw Term Loan 7/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     590097 | PA      | $587146.52     | 0.01%             | 2032-07-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Apex Service Partners, LLC                                                       | Apex Service Partners, LLC/Replacement Term Loan 9/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   23921085 | PA      | $23921085.20   | 0.47%             | 2030-10-24      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| Goldeneye Parent, LLC                                                            | Goldeneye Parent, LLC/Revolver 3/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     372874 | PA      | $371009.63     | 0.01%             | 2032-03-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Midcap Financial Issuer Trust                                                    | MIDCAP 6.5% Sr Unsecured Nts due 2028 144A                                                                 | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11483000 | PA      | $11405608.02   | 0.22%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco Inc.                                                         | First Student Bidco Inc./Term Loan C 08/25                                                                 | CUSIP: 33718FAP5<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |    1299862 | PA      | $1300408.34    | 0.03%             | 2030-08-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Medlar Bidco Limited                                                             | Medlar Bidco Limited/Facility B (EUR) 12/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    5394508 | PA      | $6238439.25    | 0.12%             | 2032-05-07      | Fixed         | 6.97%                 | No            |                  3 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./Incremental Term Loan 9/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     101574 | PA      | $101574.00     | 0.00%             | 2031-06-02      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| GNRT 2024-15                                                                     | GNRT 2024-15A E                                                                                            | CUSIP: 37148AAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1075000 | PA      | $1085576.93    | 0.02%             | 2037-07-20      | Floating      | 11.03%                | Yes           |                  3 | On Loan: No      |
| DP Flores Holdings, LLC                                                          | DP Flores Holdings, LLC/Closing Date Term Loan 9/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3957743 | PA      | $3957742.76    | 0.08%             | 2030-09-27      | Floating      | 10.66%                | No            |                  3 | On Loan: No      |
| HIG Finance 2 Limited                                                            | HIG Finance 2 Limited/2025-2 Dollar Refinancing Term Loan 12/17                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    9925000 | PA      | $9923114.25    | 0.20%             | 2031-02-15      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./Delayed Draw Term Loan 6/21 Dummy PIK                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      67680 | PA      | $55498.00      | 0.00%             | 2028-06-23      | Fixed         | 8.19%                 | No            |                  3 | On Loan: No      |
| CST Holding Company                                                              | CST Holding Company/Amendment No. 2 Incremental Term Loan 7/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      10311 | PA      | $10310.84      | 0.00%             | 2028-11-01      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Cambrex Corporation                                                              | Cambrex Corporation/Revolver 3/25                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5889207 | PA      | $5889207.00    | 0.12%             | 2032-03-05      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Service Logic Acquisition, Inc.                                                  | Service Logic Acquisition, Inc./Revolving Credit 10/20                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1007000 | PA      | $1007000.00    | 0.02%             | 2025-10-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| 15484910 Canada Inc.                                                             | 15484910 Canada Inc./Common Equity 4/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    2225693 | NS      | $1599262.05    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arete Bidco Limited                                                              | Arete Bidco Limited/Senior CAR Facility 04/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |    2552000 | PA      | $3432183.44    | 0.07%             | 2031-05-08      | Floating      | 10.67%                | No            |                  3 | On Loan: No      |
| PDDS Holdco, Inc.                                                                | PDDS Holdco, Inc./Revolver 7/22                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      58213 | PA      | $58213.00      | 0.00%             | 2028-07-18      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Automotive Keys Group, LLC                                                       | Automotive Keys Group, LLC/2020 Incremental Term Loan 12/20                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     120797 | PA      | $105093.49     | 0.00%             | 2026-08-06      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| CFC Funding LLC                                                                  | CFC Funding LLC/Loan Investment Units 7/23                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       4270 | NS      | $5165539.38    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HuFriedy Group Acquisition LLC                                                   | HuFriedy Group Acquisition LLC/Revolver 5/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2102377 | PA      | $2102377.00    | 0.04%             | 2030-05-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| AX VI INV3 Holding AB                                                            | AX VI INV3 Holding AB/Facility B 01/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   34026563 | PA      | $3614310.31    | 0.07%             | 2031-08-13      | Fixed         | 8.35%                 | No            |                  3 | On Loan: No      |
| PCMI Ultimate Holdings, LP                                                       | PCMI Ultimate Holdings, LP/Class B Units 3/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      34526 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class H Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROCKP 2021-1                                                                     | ROCKP 2021-1X M2                                                                                           | CUSIP: BCC30BLN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1100000 | PA      | $25149.30      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./Initial Term Loan 5/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     513999 | PA      | $513998.84     | 0.01%             | 2031-06-02      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Fever Labs, Inc.                                                                 | Fever Labs Inc./Warrants 6/25                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      15704 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Laboratories Topco LLC                                                           | Laboratories Topco LLC/Class A Units                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      33333 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BPCP Pinnacle Holdings, Inc.                                                     | BPCP Pinnacle Holdings, Inc./Common Stock 9/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        189 | NS      | $66644.34      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CC Fly Holding II A/S                                                            | CC Fly Holding II A/S/Accordion Facility 2 11/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |     803541 | PA      | $117534.96     | 0.00%             | 2026-05-08      | Floating      | 11.89%                | No            |                  3 | On Loan: No      |
| Watermill Express, LLC                                                           | Watermill Express, LLC/Third Amendment Incremental DDTL 8/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     469054 | PA      | $469054.06     | 0.01%             | 2031-04-30      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| People Corporation                                                               | People Corporation/Delayed Draw 2 Term Loan 9/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    4280996 | PA      | $3076091.15    | 0.06%             | 2028-02-18      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Flint Opco, LLC                                                                  | Flint Opco, LLC/2025 Incremental Delayed Draw Term Loan 6/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1164534 | PA      | $1164534.00    | 0.02%             | 2030-08-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2024-1                                                                      | CGMS 2024-1A E                                                                                             | CUSIP: 142924AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1096000 | PA      | $1111177.41    | 0.02%             | 2037-04-15      | Floating      | 11.24%                | Yes           |                  3 | On Loan: No      |
| Premiere Buyer, LLC                                                              | Premiere Buyer, LLC/Amendment Upsize Delayed Draw Term Loan 4/25                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     150350 | PA      | $150350.00     | 0.00%             | 2031-05-01      | Fixed         | 8.83%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Sixth Amendment DDTL-1 07/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      15273 | PA      | $15273.05      | 0.00%             | 2031-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Diligent Corporation                                                             | Diligent Corporation/Revolver 4/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     669111 | PA      | $662419.89     | 0.01%             | 2030-08-02      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Celnor Group Limited                                                             | Celnor Group Limited/Incremental Facility 04/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1153786 | PA      | $1551726.18    | 0.03%             | 2031-08-05      | Fixed         | 9.64%                 | No            |                  3 | On Loan: No      |
| Einstein Parent, Inc.                                                            | Einstein Parent, Inc./Revolver 1/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     537445 | PA      | $537445.00     | 0.01%             | 2031-01-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Chobani, LLC                                                                     | Chobani, LLC/ Term Loan 1/25                                                                               | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |    8929107 | PA      | $8949554.82    | 0.18%             | 2027-10-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp.                                                                | IRB Holding Corp./Term Loan 12/24                                                                          | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |   16640217 | PA      | $16641048.89   | 0.33%             | 2027-12-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CGMS 2019-3                                                                      | CGMS 2019-3A SUB                                                                                           | CUSIP: 14314KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4600417 | PA      | $2750147.68    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Premiere Buyer, LLC                                                              | Premiere Buyer, LLC/Term Loan 5/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3543407 | PA      | $3543407.00    | 0.07%             | 2031-05-01      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| VRC Companies, LLC                                                               | VRC Companies, LLC/Term Loan 6/21                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   16277891 | PA      | $16277890.70   | 0.32%             | 2027-06-29      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Aerin Medical Inc.                                                               | Aerin Medical Inc./Initial Term Loan 12/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2310442 | PA      | $2310442.14    | 0.05%             | 2030-12-20      | Fixed         | 11.25%                | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class I Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Burgess Point Purchaser Corporation                                              | Burgess Point Purchaser Corporation/Term Loan 07/22                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4083174 | PA      | $3529822.16    | 0.07%             | 2029-07-25      | Floating      | 9.51%                 | No            |                  2 | On Loan: No      |
| OAKC 2018-1                                                                      | OAKC 2018-1A SUB                                                                                           | CUSIP: 67115XAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1912500 | PA      | $1491707.93    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Fifth Amendment DDTL-3 12/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      30298 | PA      | $30298.09      | 0.00%             | 2027-07-16      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| AVE Holdings LP                                                                  | AVE Holdings LP/Class C Units 11/23                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        983 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bedrock Parent Holdings, LP                                                      | Bedrock Parent Holdings, LP/Class A Units 4/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        644 | NS      | $67675.31      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KOLN Co-Invest Unblocked, LP                                                     | KOLN Co-Invest Unblocked, LP/Class A Common Equity                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $78274.83      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raven Acquisition Holdings, LLC                                                  | Raven Acquisition Holdings, LLC/Term Loan 10/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8988313 | PA      | $8982740.23    | 0.18%             | 2031-11-19      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| CIFC 2021-4                                                                      | CIFC 2021-4A ER                                                                                            | CUSIP: 12547GAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1012242.00    | 0.02%             | 2037-07-23      | Floating      | 10.52%                | Yes           |                  3 | On Loan: No      |
| ELMW8 2021-1                                                                     | ELMW8 2021-1A SUB                                                                                          | CUSIP: 290021AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2002941 | PA      | $640474.43     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eclipse Investor Parent, L.P.                                                    | Eclipse Investor Parent, L.P./Class A Common Stock 9/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        102 | NS      | $111119.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Prime Dental Alliance B.V.                                                       | Prime Dental Alliance B.V./Additional Term Facility 2 09/23                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    3590098 | PA      | $4214966.83    | 0.08%             | 2027-06-21      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Delayed Draw Term Loan 12/21                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     458750 | PA      | $458749.58     | 0.01%             | 2027-12-01      | Floating      | 10.01%                | No            |                  3 | On Loan: No      |
| Sunvair Aerospace Group, Inc.                                                    | Sunvair Aerospace Group, Inc./Delayed Draw Term Loan 5/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1682587 | PA      | $1682586.66    | 0.03%             | 2031-05-30      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| PDDS Holdco, Inc.                                                                | PDDS Holdco, Inc./Delayed Draw Tranche B Term Loan 7/22                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     388004 | PA      | $388003.77     | 0.01%             | 2028-07-18      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Trident TPI Holdings, Inc.                                                       | Trident TPI Holdings, Inc./Term Loan 10/24                                                                 | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |   18190887 | PA      | $17842167.41   | 0.35%             | 2028-09-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Airx Climate Solutions, Inc.                                                     | Airx Climate Solutions, Inc./Incremental Term Loan 11/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1490430 | PA      | $1490430.08    | 0.03%             | 2029-11-07      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Guidepoint Security Holdings, LLC                                                | Guidepoint Security Holdings, LLC/Delayed Draw Term Loan 10/23                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     295486 | PA      | $295486.00     | 0.01%             | 2029-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| 3 Step Sports LLC                                                                | 3 Step Sports LLC/Delayed Draw Term Loan 10/2023                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1719303 | PA      | $1684917.20    | 0.03%             | 2029-10-02      | Floating      | 12.01%                | No            |                  3 | On Loan: No      |
| OAKC 2020-6                                                                      | OAKC 2020-6A ER2                                                                                           | CUSIP: 67098QAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1100000 | PA      | $1104548.50    | 0.02%             | 2037-10-20      | Floating      | 9.58%                 | Yes           |                  3 | On Loan: No      |
| AIMCO CLO 28, LTD.                                                               | AIMCO CLO 28, LTD./ CLO Warehouse                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    1711200 | PA      | $1711200.00    | 0.03%             | 2099-07-01      | Fixed         | 19.60%                | No            |                  3 | On Loan: No      |
| Mimecast Borrowerco, Inc.                                                        | Mimecast Borrowerco, Inc./Amendment No. 2 Delayed Draw Term Loan 3/24                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     418699 | PA      | $418698.72     | 0.01%             | 2029-05-18      | Floating      | 8.66%                 | No            |                  3 | On Loan: No      |
| The Hiller Companies, LLC                                                        | The Hiller Companies, LLC/Delayed Draw Term Loan 6/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1044384 | PA      | $1044384.18    | 0.02%             | 2030-06-20      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| Patriot Growth Insurance Services, LLC                                           | Patriot Growth Insurance Services, LLC/Revolver 10/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     250173 | PA      | $250173.46     | 0.00%             | 2028-10-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ITT Holdings LLC                                                                 | INTMAT 6.5% Sr Unsecured Nts due 2029 144A                                                                 | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   14264000 | PA      | $14023413.39   | 0.28%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Visual Edge Technology, Inc.                                                     | Visual Edge Technology, Inc./Delayed Draw Term Loan 7/23                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      18750 | PA      | $18750.00      | 0.00%             | 2025-12-31      | Floating      | 16.48%                | No            |                  3 | On Loan: No      |
| CPIG Holdco Inc.                                                                 | CPIG Holdco Inc./Revolver 04/23                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2028-04-28      | Floating      | 9.14%                 | No            |                  3 | On Loan: No      |
| Excelitas Technologies Corp.                                                     | Excelitas Technologies Corp./Second Amendment DDTL 5/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2091578 | PA      | $2091578.00    | 0.04%             | 2029-08-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ANCHF 2019-8                                                                     | ANCHF 2019-8A SUB                                                                                          | CUSIP: 03331YAC3<br>LEI: 549300XI0H54XLMCG667 | Long             | ABS-O            | CORP              | KY        |     404456 | PA      | $196639.23     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sterilex LLC                                                                     | Sterilex LLC/Revolver 9/25                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $987.50        | 0.00%             | 2030-09-19      | Fixed         | 7.77%                 | No            |                  3 | On Loan: No      |
| 22 HoldCo Limited                                                                | 22 HoldCo Limited/Series B Note 7/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2169108 | PA      | $2917232.47    | 0.06%             | 2033-08-23      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| SQ ABS Issuer, LLC                                                               | SQ ABS Issuer, LLC/Class A Asset-Backed Note 10/24                                                         | CUSIP: 78474QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     733469 | PA      | $733469.16     | 0.01%             | 2039-10-20      | Fixed         | 7.80%                 | No            |                  3 | On Loan: No      |
| Galway Borrower LLC                                                              | Galway Borrower LLC/Revolver 9/21                                                                          | CUSIP: 36457WAB7<br>LEI: 254900EKSXH6GINLK281 | Long             | LON              | CORP              | US        |    1143224 | PA      | $1143223.79    | 0.02%             | 2028-09-29      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| Confirmasoft AB                                                                  | Confirmasoft AB/Acquisition Facility 2 / 1/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |    1635170 | PA      | $1919776.93    | 0.04%             | 2027-06-03      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| FIC Matterhorn CF Feeder, LP                                                     | FIC Matterhorn CF Feeder, LP/Common Stock 6/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        684 | NS      | $684.05        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/C Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KPS Global LLC                                                                   | KPS Global LLC/Revolver 9/24                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1358766 | PA      | $1358766.00    | 0.03%             | 2030-09-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Spaceship Purchaser, Inc.                                                        | Spaceship Purchaser, Inc./Delayed Draw Term Loan 10/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3103600 | PA      | $3103600.47    | 0.06%             | 2031-10-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OAKC 2015-11                                                                     | OAKC 2015-11A SUB                                                                                          | CUSIP: 67109HAE1<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-O            | CORP              | KY        |     500000 | PA      | $267468.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GreatBear Bidco Limited                                                          | GreatBear Bidco Limited/Facility B3 08/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     299535 | PA      | $402844.46     | 0.01%             | 2031-01-18      | Fixed         | 9.22%                 | No            |                  3 | On Loan: No      |
| VOYA 2024-1                                                                      | VOYA 2024-1A SUB                                                                                           | CUSIP: 92920EAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3104000 | PA      | $2425943.62    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Severin Acquisition, LLC                                                         | Severin Acquisition, LLC/Initial Term Loan 9/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   44175963 | PA      | $43734203.51   | 0.86%             | 2031-10-01      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| ESHA Research, LLC                                                               | ESHA Research, LLC/Revolver 6/22                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      75407 | PA      | $75407.00      | 0.00%             | 2028-06-08      | Floating      | 9.72%                 | No            |                  3 | On Loan: No      |
| Network Investco BV                                                              | Network Investco B.V./Ordinary Shares 06/22                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NL        |    1073830 | NS      | $2647540.95    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cority Software Inc.                                                             | Cority Software Inc./Incremental 2025-1 Term Loan 1/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     872436 | PA      | $872436.44     | 0.02%             | 2026-07-02      | Fixed         | 9.04%                 | No            |                  3 | On Loan: No      |
| Viper Bidco, Inc.                                                                | Viper Bidco, Inc./Initial Term Loan (GBP) 11/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2203190 | PA      | $2963068.66    | 0.06%             | 2031-11-21      | Fixed         | 8.72%                 | No            |                  3 | On Loan: No      |
| Mustang Prospects Purchaser, LLC                                                 | Mustang Prospects Purchaser, LLC/Initial Term Loan 6/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1505388 | PA      | $1505388.00    | 0.03%             | 2031-06-13      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| PX HoldCo3 Limited                                                               | PX HoldCo3 Limited/Facility B 04/21                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2947368 | PA      | $3963913.66    | 0.08%             | 2027-04-27      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Box Bidco Limited                                                                | Box Bidco Limited/ Facility B3 / 11/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1690625 | PA      | $1690625.00    | 0.03%             | 2028-11-24      | Floating      | 10.38%                | No            |                  3 | On Loan: No      |
| ClubCorp Holdings, Inc.                                                          | ClubCorp Holdings, Inc./Closing Date Term B Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1489218 | PA      | $1481771.91    | 0.03%             | 2032-07-09      | Fixed         | 9.16%                 | No            |                  3 | On Loan: No      |
| PestCo, LLC                                                                      | PestCo, LLC/Revolver 8/25                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      16779 | PA      | $16695.11      | 0.00%             | 2030-08-06      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| YCLO 2019-2                                                                      | GNRT 7A SUB                                                                                                | CUSIP: 98625FAC9<br>LEI: 25490036G9JNQQPHIX69 | Long             | ABS-O            | CORP              | KY        |    4000000 | PA      | $1860452.00    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class G Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hanger, Inc.                                                                     | Hanger, Inc./TL 10/24                                                                                      | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |     530230 | PA      | $531025.39     | 0.01%             | 2031-10-23      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Unitranche Uncommitted Additional Facility 03/25                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    2366965 | PA      | $3183329.97    | 0.06%             | 2028-12-11      | Fixed         | 11.40%                | No            |                  3 | On Loan: No      |
| Compex Legal Services, Inc.                                                      | Compex Legal Services, Inc./Revolving Loan 02/20                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     900000 | PA      | $882000.00     | 0.02%             | 2026-02-09      | Floating      | 9.78%                 | No            |                  3 | On Loan: No      |
| OKANAGAN 2024-1                                                                  | OKANAGAN 2024-1 Series A CLN Due 2033                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   14903705 | PA      | $14604140.36   | 0.29%             | 2032-12-20      | Fixed         | 12.48%                | No            |                  3 | On Loan: No      |
| HP RSS Buyer, Inc.                                                               | HP RSS Buyer, Inc./General Purpose DDTL 12/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     804182 | PA      | $804182.32     | 0.02%             | 2029-12-11      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Quick Quack Car Wash Holdings, LLC                                               | Quick Quack Car Wash Holdings, LLC/2025 Incremental Delayed Draw Term Loan 6/25                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     661082 | PA      | $661081.54     | 0.01%             | 2031-06-10      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| BCTO Ignition Purchaser, Inc.                                                    | BCTO Ignition Purchaser, Inc./Term Loan 04/23                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1067367 | PA      | $1067366.56    | 0.02%             | 2030-10-18      | Floating      | 11.83%                | No            |                  3 | On Loan: No      |
| Drogon Bidco Inc.                                                                | Drogon Bidco Inc./Delayed Draw Term Loan 8/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1151726 | PA      | $1151725.63    | 0.02%             | 2031-08-29      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| SG Acquisition, Inc.                                                             | SG Acquisition, Inc./2024 Term Loan 4/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5382030 | PA      | $5382029.91    | 0.11%             | 2030-04-03      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Eternal Aus Bidco Pty Ltd                                                        | Eternal Aus Bidco Pty Ltd/Facility B Term Loan 11/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |    1834417 | PA      | $1213832.83    | 0.02%             | 2029-11-23      | Floating      | 9.85%                 | No            |                  3 | On Loan: No      |
| Pathstone Family Office LLC                                                      | Pathstone Family Office LLC/First Amendment Term Loan 9/23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2565160 | PA      | $2565160.13    | 0.05%             | 2029-05-15      | Floating      | 9.26%                 | No            |                  3 | On Loan: No      |
| Silk Holdings I Corp.                                                            | Silk Holdings I Corp./Common Stock 05/23                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $98809.42      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Innovative Food Supplements Ltd                                                  | Innovative Food Supplements Ltd/ Bridge Revolving Facility 08/25                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     758853 | PA      | $1020581.00    | 0.02%             | 2026-03-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./Term B Loan 4/21                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4614680 | PA      | $4614679.52    | 0.09%             | 2028-04-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| CIFC 2024-4                                                                      | CIFC 2024-4A SUB                                                                                           | CUSIP: 17181XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3570000 | PA      | $2980617.99    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| People Corporation                                                               | People Corporation/Delayed Draw Term Loan 2/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    2362217 | PA      | $1697360.45    | 0.03%             | 2028-02-18      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| MC CIF WEALTH MANAGEMENT (UK) LTD.                                               | MC CIF WEALTH MANAGEMENT (UK) LTD.  Z1 Preferred Shares                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | GB        |        639 | NS      | $632610.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| RSK Group Limited                                                                | RSK Group Limited/Facility B EuroTranche 07/21                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1061271 | PA      | $1245988.31    | 0.02%             | 2030-09-06      | Floating      | 7.06%                 | No            |                  3 | On Loan: No      |
| Pixley Park CLO Ltd                                                              | PXLY 2024-1A E                                                                                             | CUSIP: 72583VAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6550000 | PA      | $6622089.30    | 0.13%             | 2037-01-15      | Floating      | 9.32%                 | Yes           |                  3 | On Loan: No      |
| Olympia Acquisition, Inc.                                                        | Olympia Acquisition, Inc./Second Amendment Term Loan 02/22                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     177108 | PA      | $60216.59      | 0.00%             | 2027-02-26      | None          |  | No            |                  3 | On Loan: No      |
| Unifi Aviation North America, LLC                                                | Unifi Aviation North America, LLC/Aggregate Date DDTL 3/24                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     564569 | PA      | $564569.00     | 0.01%             | 2028-09-29      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| Box Bidco Limited                                                                | Box Bidco Limited/ Facility B2 / 10/27                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     878325 | PA      | $1031200.47    | 0.02%             | 2028-11-24      | Floating      | 9.23%                 | No            |                  3 | On Loan: No      |
| Aldinger Company                                                                 | Aldinger Company/Amendment No. 1 Delayed Draw Term Loan 3/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     588420 | PA      | $588419.79     | 0.01%             | 2027-07-01      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Pluralsight, LLC                                                                 | Pluralsight, LLC/2024 Term Loan 8/24                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1073720 | PA      | $1073719.90    | 0.02%             | 2029-08-22      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| MAGNE 2024-38A                                                                   | MAGNE 2024-38A SUB                                                                                         | CUSIP: 55952HAB0<br>LEI: 529900R1XWW85WSHQ318 | Long             | ABS-O            | CORP              | US        |     362000 | PA      | $276310.62     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eclipse Buyer, Inc.                                                              | Eclipse Buyer, Inc./Initial Term Loan 8/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   45018982 | PA      | $45018982.00   | 0.89%             | 2031-09-08      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/Second Tranche Revolver 11/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2610508 | PA      | $2610508.06    | 0.05%             | 2029-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-3 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     389813 | NS      | $593106.14     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symplr Software Intermediate Holdings, Inc.                                      | Symplr Software Intermediate Holdings, Inc./Series C-2 Preferred Shares                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       5980 | NS      | $8091167.33    | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VS Buyer, LLC                                                                    | VS Buyer, LLC/2025-1 Initial Term Loan 07/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7523654 | PA      | $7502512.73    | 0.15%             | 2031-04-12      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                       | Cornerstone OnDemand, Inc./Term Loan                                                                       | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    5038902 | PA      | $4835783.91    | 0.10%             | 2028-10-16      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| North Haven Fairway Buyer, LLC                                                   | North Haven Fairway Buyer, LLC/Term Loan B 05/22                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      43948 | PA      | $43947.66      | 0.00%             | 2028-05-17      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| ABPCI 2022-11                                                                    | ABPCI 2022-11A ER                                                                                          | CUSIP: 00091UBA0<br>LEI: 25490071811YW79W8G10 | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $6915118.00    | 0.14%             | 2038-01-27      | Floating      | 11.31%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: AUD 10/17/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-285169.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Transit Technologies LLC                                                         | Transit Technologies LLC/Revolver 8/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     838611 | PA      | $838611.00     | 0.02%             | 2030-08-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| PSC Parent, Inc.                                                                 | PSC Parent, Inc./Revolver 4/24                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     992876 | PA      | $992876.00     | 0.02%             | 2030-04-03      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Eagle Parent Corp.                                                               | Eagle Parent Corp./Term Loan 03/22                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   10211180 | PA      | $10190451.44   | 0.20%             | 2029-04-02      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| ATRM 15                                                                          | ATRM 15A ER                                                                                                | CUSIP: 55822TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3350000 | PA      | $3377694.45    | 0.07%             | 2037-07-16      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| Skyliner S.a r.l.                                                                | Skyliner S.a r.l./ Term Loan 05/25                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    1650655 | PA      | $1937957.15    | 0.04%             | 2031-06-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DuraServ LLC                                                                     | DuraServ LLC/Delayed Draw Term Loan 3/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     228680 | PA      | $228680.02     | 0.00%             | 2031-06-10      | Fixed         | 8.89%                 | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class D Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Churchill Holdco LLC                                                         | New Churchill Holdco LLC/Delayed Draw Term Loan 11/23                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2154101 | PA      | $2154101.46    | 0.04%             | 2029-11-09      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Rubicone Bidco Limited                                                           | Rubicone Bidco Limited/Accordion Facility (PIK )10/23                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     573718 | PA      | $771592.82     | 0.02%             | 2028-12-01      | Floating      | 12.36%                | No            |                  3 | On Loan: No      |
| Forward Keystone Holdings, LP                                                    | Forward Keystone Holdings, LP/Common Equity 3/25                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     588000 | NS      | $617587.57     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2023-1 Term Loan 8/23                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     377370 | PA      | $377370.39     | 0.01%             | 2028-02-09      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| RMS Holdco II, LLC                                                               | RMS Holdco II, LLC/Revolving Loan 11/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     883035 | PA      | $821222.88     | 0.02%             | 2028-12-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| DFC Global Facility Borrower III LLC                                             | DFC Global Facility Borrower III LLC/Revolving Credit (MPL) 01/25                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   33644766 | PA      | $24175300.42   | 0.48%             | 2028-01-14      | Fixed         | 6.80%                 | No            |                  3 | On Loan: No      |
| Proofpoint, Inc.                                                                 | Proofpoint, Inc./Term Loan 5/25                                                                            | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    5242300 | PA      | $5255982.14    | 0.10%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Mustang Prospects Purchaser, LLC                                                 | Mustang Prospects Purchaser, LLC/Revolver 6/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     283639 | PA      | $283639.00     | 0.01%             | 2031-06-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2022-60                                                                     | MDPK 2022-60A ER                                                                                           | CUSIP: 557911AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5625000 | PA      | $5689816.88    | 0.11%             | 2037-10-25      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                          | BGIF IV Fearless Utility Services, Inc./Revolver 6/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     709452 | PA      | $709452.00     | 0.01%             | 2030-06-07      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Tranche 4 Delayed Draw Term Loan 06/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     200590 | PA      | $200590.46     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| ELMW8 2021-1                                                                     | ELMW8 2021-1X SUB                                                                                          | CUSIP: BCC2QMEU8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     385000 | PA      | $123110.30     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rust Investment Sarl                                                             | Rust Investment Sarl/F Ordinary Shares 12/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3354688 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WebPT, Inc.                                                                      | WebPT, Inc./Initial Term Loan 08/19                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2036537 | PA      | $1955075.19    | 0.04%             | 2028-01-18      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| MDPK 2015-17                                                                     | MDPK 2015-17X SUB                                                                                          | CUSIP: BCC295FN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3660000 | PA      | $516188.10     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Panther NewCo                                                                    | Panther NewCo/Tranche C1 Capex Bonds 04/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    1034300 | PA      | $1214323.45    | 0.02%             | 2029-05-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Sterilex LLC                                                                     | Sterilex LLC/Delayed Draw Term Loan 9/25                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      54112 | PA      | $54112.00      | 0.00%             | 2030-09-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2023-1 Delayed Draw Term Loan 8/23                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     474594 | PA      | $474593.71     | 0.01%             | 2028-02-09      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                                                    | Pye-Barker Fire & Safety, LLC/Delayed Draw 1 Term Loan 5/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1947070 | PA      | $1947070.50    | 0.04%             | 2031-05-26      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Silk Holdings III Corp.                                                          | Silk Holdings III Corp./2025 Refinancing Term Lender 7/25                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5279915 | PA      | $5279915.02    | 0.10%             | 2029-05-01      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| AI Aqua Merger Sub, Inc.                                                         | AI Aqua Merger Sub, Inc./Term Loan B 12/24                                                                 | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   31490277 | PA      | $31546644.65   | 0.62%             | 2028-07-31      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Mr. Greens Intermediate, LLC                                                     | Mr. Greens Intermediate, LLC/Second Amendment Incremental Term Loan 6/25                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     576782 | PA      | $576782.00     | 0.01%             | 2031-05-01      | Fixed         | 10.17%                | No            |                  3 | On Loan: No      |
| Icefall Parent, Inc.                                                             | Icefall Parent, Inc./Term Loan 1/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2255251 | PA      | $2255250.77    | 0.04%             | 2030-01-25      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| Restaurant Produce and Services Blocker, LLC                                     | Restaurant Produce and Services Blocker, LLC/Tranche B 05/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $45728.55      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDPK 2023-63                                                                     | MDPK 2023-63A ER                                                                                           | CUSIP: 55821JAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1522303.50    | 0.03%             | 2038-07-21      | Floating      | 10.33%                | Yes           |                  3 | On Loan: No      |
| ECG Bidco S.A.S.                                                                 | ECG Bidco S.A.S./CAR Facility 4 (EUR) 02/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    2264151 | PA      | $2658234.22    | 0.05%             | 2029-05-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: JPY 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-6788008.00   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| SIXST 2024-27                                                                    | SIXST 2024-27A E                                                                                           | CUSIP: 83013HAA1<br>LEI: 2138005QZ5GFFQO8G389 | Long             | ABS-CBDO         | CORP              | KY        |    1750000 | PA      | $1767221.75    | 0.03%             | 2038-01-17      | Floating      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| Shur-Co Acquisition, Inc.                                                        | Shur-Co Acquisition, Inc./Sixth Amendment Incremental Term Loan 7/24                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1529422 | PA      | $1529421.65    | 0.03%             | 2030-07-01      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| WSC Ultimate Holdings, LLC                                                       | WSC Ultimate Holdings, LLC/Class A Preferred Units 5/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       1020 | NS      | $116577.98     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REP WWP Coinvest IV, L.P.                                                        | REP WWP Coinvest IV, L.P. / Common Equity 01/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      25000 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raptor Technologies, LLC (Sycamore Bidco Ltd)                                    | Raptor Technologies, LLC (Sycamore Bidco Ltd)/Revolver 10/21                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1679075 | PA      | $1679075.29    | 0.03%             | 2027-10-05      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| North Star Acquisitionco, LLC                                                    | North Star Acquisitionco, LLC/Multicurrency Revolver 4/24                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     621162 | PA      | $621162.00     | 0.01%             | 2029-05-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Datix Bidco Limited                                                              | Datix Bidco Limited/Revolver 4/24                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1423134 | PA      | $1423134.00    | 0.03%             | 2030-10-30      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CDI Holdings I Corp.                                                             | CDI Holdings I Corp./Common Stock 12/21                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         50 | NS      | $21453.34      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2021-2                                                                      | CIFC 2021-2A SUB                                                                                           | CUSIP: 12565TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3080000 | PA      | $1646568.00    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EZ Elemica Holdings, Inc.                                                        | EZ Elemica Holdings, Inc./Preferred Equity 9/19                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         50 | NS      | $63407.04      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Amendment No. 3 USD Delayed Draw Term Loan 10/24                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3729878 | PA      | $3729878.23    | 0.07%             | 2028-12-28      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| AmeriVet Partners Management, Inc.                                               | AmeriVet Partners Management, Inc./Delayed Draw Term Loan 11/23                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1365227 | PA      | $1133138.22    | 0.02%             | 2030-12-02      | Floating      | 8.25%                 | No            |                  3 | On Loan: No      |
| DCert Buyer, Inc.                                                                | DCert Buyer, Inc./Incremental Term Loan 7/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1845958 | PA      | $1818268.63    | 0.04%             | 2030-07-10      | Fixed         | 9.91%                 | No            |                  3 | On Loan: No      |
| Revalize, Inc.                                                                   | Revalize, Inc./Tranche 2 Delayed Draw Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1760003 | PA      | $1513602.33    | 0.03%             | 2029-04-16      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| RMS Group Holdings, Inc.                                                         | RMS Group Holdings, Inc./Common Stock 12/21                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |          6 | NS      | $22574.20      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RRAM 2023-27                                                                     | RRAM 2023-27A SUB                                                                                          | CUSIP: 78110WAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    3160000 | PA      | $2606083.60    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bulab Holdings, Inc.                                                             | Bulab Holdings, Inc./USD Revolver 6/25                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6101083 | PA      | $6040072.17    | 0.12%             | 2032-07-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-1 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    3898354 | NS      | $6054903.57    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Marcone Yellowstone Holdings, LLC                                                | Marcone Yellowstone Holdings, LLC/Class A Units                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         96 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Registrar Intermediate, LLC                                                      | Registrar Intermediate, LLC/Second Amendment Term Loan 3/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     335093 | PA      | $331742.07     | 0.01%             | 2029-08-27      | Fixed         | 9.11%                 | No            |                  3 | On Loan: No      |
| Echo Purchaser, Inc.                                                             | Echo Purchaser, Inc./Revolving Credit 11/23                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     213029 | PA      | $213029.00     | 0.00%             | 2029-11-19      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Unity Purchaser, LLC                                                             | Unity Purchaser, LLC/Class A Units 1/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     358000 | NS      | $440116.61     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lowe P27 Bidco Limited                                                           | Lowe P27 Bidco Limited/Facility B1 06/19                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1705510 | PA      | $2293739.17    | 0.05%             | 2026-07-31      | Floating      | 10.77%                | No            |                  3 | On Loan: No      |
| Olympia Acquisition, Inc.                                                        | Olympia Acquisition, Inc./Preferred Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        472 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Inszone Mid, LLC                                                                 | Inszone Mid, LLC/A&R Delayed Draw Term Loan Facility 11/23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2050641 | PA      | $2050641.21    | 0.04%             | 2029-11-30      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| Ballyrock CLO 21 Ltd                                                             | BALLY 2022-21X SUB                                                                                         | CUSIP: BCC37WFC4<br>LEI: 254900FOV48Z8K26JH50 | Long             | ABS-O            | CORP              | JE        |    2730000 | PA      | $2225102.88    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class H Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Skyliner S.a r.l.                                                                | Skyliner S.a r.l./ Acquisition Facility 05/25                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     174672 | PA      | $205074.85     | 0.00%             | 2031-06-24      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Collision SP Subco, LLC                                                          | Collision SP Subco, LLC/Delayed Draw Term Loan 4/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     711240 | PA      | $711240.00     | 0.01%             | 2030-01-29      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| SiroMed Equity Holdings, LLC                                                     | SiroMed Equity Holdings, LLC\Common Units                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       3703 | NS      | $15478.45      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PCMI Parent, LLC                                                                 | PCMI Parent, LLC/Initial Term Loan 3/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3024605 | PA      | $3024605.00    | 0.06%             | 2032-03-15      | Fixed         | 9.52%                 | No            |                  3 | On Loan: No      |
| CGMS 2022-2                                                                      | CGMS 2022-2A ER                                                                                            | CUSIP: 143113AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2850000 | PA      | $2903186.70    | 0.06%             | 2038-01-20      | Floating      | 11.28%                | Yes           |                  3 | On Loan: No      |
| Packers Software Intermediate Holdings, Inc.                                     | Packers Software Intermediate Holdings, Inc./Series A-3 Preferred Shares                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         24 | NS      | $33191.69      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ELM11 2021-4                                                                     | ELM11 2021-4A SUB                                                                                          | CUSIP: 29002MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4320000 | PA      | $3459663.36    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sandlot Action Sports, LLC                                                       | Sandlot Action Sports, LLC/Common Stock 4/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       3384 | NS      | $21747.78      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symplr Software Inc.                                                             | Symplr Software Inc./2L Term Loan 2/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5793046 | PA      | $5619254.83    | 0.11%             | 2028-12-22      | Floating      | 14.41%                | No            |                  3 | On Loan: No      |
| Bamboo US BidCo LLC                                                              | Bamboo US BidCo LLC/Repriced USD Term Loan 11/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2654527 | PA      | $2654527.35    | 0.05%             | 2030-09-30      | Fixed         | 9.56%                 | No            |                  3 | On Loan: No      |
| TVG-MGT UPPER INTERMEDIATE HOLDINGS, LLC                                         | TVG-MGT UPPER INTERMEDIATE HOLDINGS, LLC / Class A Common Equity 08/25                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         49 | NS      | $75395.43      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MDPK 2022-55                                                                     | MDPK 2022-55A SUB                                                                                          | CUSIP: 55818AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3025000 | PA      | $2216913.60    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| World Insurance Associates, LLC                                                  | World Insurance Associates, LLC/Term Loan 02/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1851199 | PA      | $1851198.77    | 0.04%             | 2030-04-03      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Professional Fighters League, LLC                                                | Professional Fighters League, LLC/2L Delayed Draw Term Loan 11/22                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       8400 | PA      | $8399.53       | 0.00%             | 2026-01-20      | Floating      | 16.00%                | No            |                  3 | On Loan: No      |
| CVP Holdco, Inc.                                                                 | CVP Holdco, Inc./Initial Term Loan 6/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   19710166 | PA      | $19710166.00   | 0.39%             | 2031-06-30      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Registrar Intermediate, LLC                                                      | Registrar Intermediate, LLC/Second Amendment Delayed Draw Term Loan B 3/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     279244 | PA      | $276451.56     | 0.01%             | 2029-08-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| General Atlantic (USU) Blocker Collection Holdco, L.P.                           | General Atlantic (USU) Blocker Collection Holdco, L.P./Partnership Units 4/25                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     305000 | NS      | $418826.61     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Empower Payments Investor, LLC                                                   | Empower Payments Investor, LLC/Second Amendment Delayed Draw Term Loan 6/25                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      66492 | PA      | $66492.00      | 0.00%             | 2031-03-12      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Essential Services Holding Corporation                                           | Essential Services Holding Corporation/Delayed Draw Term Loan 6/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4178524 | PA      | $4094953.52    | 0.08%             | 2031-06-17      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Victory Topco, LP                                                                | Victory Topco, LP/Class A-2 Common Equity 11/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       2510 | NS      | $583149.46     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Empower Payments Investor, LLC                                                   | Empower Payments Investor, LLC/Closing Date Revolving Facility 3/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      59693 | PA      | $59693.00      | 0.00%             | 2030-03-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MDPK 2019-37                                                                     | MDPK 2019-37A SUB                                                                                          | CUSIP: 55817FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    9908662 | PA      | $5172381.02    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| City Line Distributors LLC                                                       | City Line Distributors LLC/Delayed Draw Term Loan 08/2023                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     124226 | PA      | $124225.53     | 0.00%             | 2028-08-31      | Floating      | 10.54%                | No            |                  3 | On Loan: No      |
| Vista Higher Learning, LLC                                                       | Vista Higher Learning, LLC/First Out Term Loan 9/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $990.00        | 0.00%             | 2031-09-16      | Fixed         | 7.52%                 | No            |                  3 | On Loan: No      |
| PracticeTek Purchaser, LLC                                                       | PracticeTek Purchaser, LLC/Delayed Draw Term Loan 8/23                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     107607 | PA      | $107607.39     | 0.00%             | 2029-08-30      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| HH-Stella, Inc.                                                                  | HH-Stella, Inc./2023 DDTL A 9/23                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     907319 | PA      | $907318.61     | 0.02%             | 2028-04-24      | Floating      | 9.66%                 | No            |                  3 | On Loan: No      |
| Quick Quack Car Wash Holdings, LLC                                               | Quick Quack Car Wash Holdings, LLC/Revolver 6/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     366130 | PA      | $366130.00     | 0.01%             | 2031-06-10      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Ensono, Inc.                                                                     | Ensono, Inc./Initial Term loan 05/21                                                                       | CUSIP: 29359DAB3<br>LEI: 5493003GTMBHX0VZAW67 | Long             | LON              | CORP              | US        |   24057357 | PA      | $24070828.84   | 0.47%             | 2028-05-26      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Amendment No. 4 Delayed Draw Term Loan 3/24                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     335250 | PA      | $335249.74     | 0.01%             | 2027-12-01      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| United Digestive MSO Parent, LLC                                                 | United Digestive MSO Parent, LLC/2024 Delayed Draw Term Loan 10/24                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     613184 | PA      | $613184.00     | 0.01%             | 2029-03-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Infinity Home Services HoldCo, Inc.                                              | Infinity Home Services HoldCo, Inc./Closing Date Delayed Draw Term Loan 12/22                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1029714 | PA      | $1029713.52    | 0.02%             | 2028-12-28      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| GCM HVAC HOLDCO, LLC                                                             | GCM HVAC HOLDCO, LLC/GCM Term Loan 09/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1508123 | PA      | $1508123.12    | 0.03%             | 2031-09-16      | Fixed         | 14.00%                | No            |                  3 | On Loan: No      |
| Pave America Holding, LLC                                                        | Pave America Holding, LLC/Delayed Draw Term Loan 8/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     142425 | PA      | $141712.88     | 0.00%             | 2032-08-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/DDTL-2 07/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     473578 | PA      | $473578.03     | 0.01%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/Second Amendment Term Loans 2/21                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     778073 | PA      | $778072.56     | 0.02%             | 2027-09-15      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| WU Holdco, Inc.                                                                  | WU Holdco, Inc./Delayed Draw Term Loan 4/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     348125 | PA      | $347254.74     | 0.01%             | 2032-04-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Aero Operating LLC                                                               | Aero Operating LLC/Third Amendment Incremental Term Loan 12/21                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      90462 | PA      | $90461.76      | 0.00%             | 2026-02-09      | Floating      | 13.44%                | No            |                  3 | On Loan: No      |
| Demakes Borrower, LLC                                                            | Demakes Borrower, LLC/Term Loan B 12/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     944041 | PA      | $944040.76     | 0.02%             | 2029-12-12      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| Airx Climate Solutions, Inc.                                                     | Airx Climate Solutions, Inc./General Delayed Draw Term Loan 7/24                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2159772 | PA      | $2138174.48    | 0.04%             | 2029-11-07      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| OID-OL Intermediate I, LLC                                                       | OID-OL Intermediate I, LLC/25 S+600                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1626343 | PA      | $1676157.75    | 0.03%             | 2029-02-01      | Fixed         | 10.31%                | No            |                  2 | On Loan: No      |
| OCPA 2025-41                                                                     | OCPA 2025-41A D2                                                                                           | CUSIP: 675953AN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1506336.00    | 0.03%             | 2037-04-21      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Sundance Group Holdings, Inc.                                                    | Sundance Group Holdings, Inc./Term Loan 9/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2566192 | PA      | $2566192.28    | 0.05%             | 2029-07-02      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Network Bidco B.V.                                                               | Network Bidco B.V./Acquisition/Capex Facility Tranche 2 04/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1761905 | PA      | $2068570.59    | 0.04%             | 2031-05-12      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Stepstone Group MidCo 2 GmbH, The                                                | Stepstone Group MidCo 2 GmbH, The/Term Loan 11/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6000000 | PA      | $6914775.46    | 0.14%             | 2032-04-26      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Polymer Solutions Group, LLC                                                     | Polymer Solutions Group, LLC/Initial Term Loan 11/19                                                       | CUSIP: 73178TAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     635281 | PA      | $635281.46     | 0.01%             | 2026-11-26      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| Destiny Digital Holdings, L.P.                                                   | Destiny Digital Holdings, L.P./Common Stock                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       3076 | NS      | $55868.86      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BALLY 2024-26                                                                    | BALLY 2024-26A SUB                                                                                         | CUSIP: 05876PAC8<br>LEI: 254900KWGJ97WUSMSQ74 | Long             | ABS-O            | CORP              | KY        |    2760000 | PA      | $1738926.96    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Novipax Buyer, L.L.C.                                                            | Novipax Buyer, L.L.C./Initial Term Loan 11/20                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4052098 | PA      | $4052097.53    | 0.08%             | 2026-12-01      | Floating      | 12.63%                | No            |                  3 | On Loan: No      |
| OCP 2015-10                                                                      | OCP 2015-10A ER3                                                                                           | CUSIP: 67092EAL1<br>LEI: 254900FZYL5HDKV64882 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1010022.00    | 0.02%             | 2038-01-26      | Floating      | 9.66%                 | Yes           |                  3 | On Loan: No      |
| AIMCO 2024-22                                                                    | AIMCO 2024-22A SUB                                                                                         | CUSIP: 00901VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |     700000 | PA      | $540548.40     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CC Fly Holding II A/S                                                            | CC Fly Holding II A/S/Accordion Facility 3/19                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |     775569 | PA      | $113443.46     | 0.00%             | 2026-05-08      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Flexential Topco Corporation                                                     | Flexential Topco Corporation/Revolving Facility 08/22                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3000000 | PA      | $3000000.00    | 0.06%             | 2027-08-25      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| OCP 2023-30                                                                      | OCP 2023-30A SUB                                                                                           | CUSIP: 67117QAC5<br>LEI: 2138008RM9AHM8ZQ8119 | Long             | ABS-O            | CORP              | JE        |    3850000 | PA      | $2752750.00    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./2025 Replacement Revolver 6/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1473818 | PA      | $1473818.00    | 0.03%             | 2031-02-13      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BR PJK Produce, LLC                                                              | BR PJK Produce, LLC/Term A-6 Term Loan 9/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      94900 | PA      | $94899.88      | 0.00%             | 2027-11-15      | Floating      | 10.69%                | No            |                  3 | On Loan: No      |
| Superman Holdings, LLC                                                           | Superman Holdings, LLC/ Revolver 8/24                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1259158 | PA      | $1259158.00    | 0.02%             | 2031-08-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| PSC Parent, Inc.                                                                 | PSC Parent, Inc./Initial Term Loan 4/24                                                                    | CUSIP: 58503UAE3<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    4403796 | PA      | $4403795.95    | 0.09%             | 2031-04-03      | Floating      | 9.15%                 | No            |                  3 | On Loan: No      |
| Excelitas Technologies Corp.                                                     | Excelitas Technologies Corp./Closing Date USD Term Loan 08/22                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2091578 | PA      | $2091578.00    | 0.04%             | 2029-08-12      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Oakbridge Insurance Agency LLC                                                   | Oakbridge Insurance Agency LLC/Delayed Draw Term Loan B 6/25                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     626737 | PA      | $626737.00     | 0.01%             | 2029-11-01      | Fixed         | 9.27%                 | No            |                  3 | On Loan: No      |
| SCM Insurance Services Inc.                                                      | SCM Insurance Services Inc./CAD New Term Loan 6/22                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     178260 | PA      | $128087.98     | 0.00%             | 2026-08-31      | Floating      | 8.89%                 | No            |                  3 | On Loan: No      |
| Foundation Risk Partners, Corp.                                                  | Foundation Risk Partners, Corp./Initial Term Loan 10/21                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   15515304 | PA      | $15515304.38   | 0.31%             | 2030-10-29      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Amendment No. 3 Delayed Draw Term Loan 7/23                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2563833 | PA      | $2563833.43    | 0.05%             | 2027-12-01      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| Wharf Street Ratings Acquisition LLC                                             | Wharf Street Ratings Acquisition LLC/Initial Term Loan 9/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     761699 | PA      | $754082.01     | 0.01%             | 2032-09-16      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| Excel Fitness Holdings, Inc.                                                     | Excel Fitness Holdings, Inc./Fourth Amendment Delayed Draw Term Loan 5/24                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     151993 | PA      | $151992.86     | 0.00%             | 2029-04-27      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| MDPK 2018-30                                                                     | MDPK 2018-30A SUB                                                                                          | CUSIP: 55822HAE2<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-O            | CORP              | KY        |   12920900 | PA      | $6092346.48    | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Uncommitted Additional Term Facility 11/22                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3575813 | PA      | $4809108.43    | 0.09%             | 2028-12-11      | Floating      | 12.11%                | No            |                  3 | On Loan: No      |
| GNZ Energy Bidco Limited                                                         | GNZ Energy Bidco Limited/Facility B 5/22                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NZ        |   19293476 | PA      | $11185401.64   | 0.22%             | 2027-07-26      | Floating      | 9.24%                 | No            |                  3 | On Loan: No      |
| Cority Software Inc.                                                             | Cority Software Inc./Incremental 2021-1 Term Loan 4/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     125090 | PA      | $125089.77     | 0.00%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| GNRT 6                                                                           | GNRT 6A ER2                                                                                                | CUSIP: 37148HAC1<br>LEI: 254900V675MOVWK0HA08 | Long             | ABS-CBDO         | CORP              | KY        |    1820000 | PA      | $1842811.88    | 0.04%             | 2037-10-22      | Floating      | 11.58%                | Yes           |                  3 | On Loan: No      |
| ELM32 2024-8                                                                     | ELM32 2024-8A SUB                                                                                          | CUSIP: 29004EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3450000 | PA      | $2696016.30    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VPP Intermediate Holdings, LLC                                                   | VPP Intermediate Holdings, LLC/Amendment No. 5 Delayed Draw Term Loan 1/25                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1991464 | PA      | $1991463.68    | 0.04%             | 2027-12-01      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Pluralsight, LLC                                                                 | Pluralsight, LLC/Delayed Draw Term Loan 8/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1321656 | PA      | $1321656.00    | 0.03%             | 2029-08-22      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/2025-2 Term Loan 5/25                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     353508 | PA      | $353508.00     | 0.01%             | 2028-02-09      | Fixed         | 10.15%                | No            |                  3 | On Loan: No      |
| OAKC 2020-6                                                                      | OAKC 2020-6A SUB                                                                                           | CUSIP: 67098QAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3209000 | PA      | $3187011.93    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZB Holdco LLC                                                                    | ZB Holdco LLC/Revolver 2/22                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1073666 | PA      | $1073666.00    | 0.02%             | 2028-02-09      | Floating      | 9.89%                 | No            |                  3 | On Loan: No      |
| Endeavor Bidco LLC                                                               | Endeavor Bidco LLC/Amendment No. 1 Term Loan 6/25                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     250000 | PA      | $248750.00     | 0.00%             | 2029-08-21      | Fixed         | 8.25%                 | No            |                  3 | On Loan: No      |
| Koala Investment Holdings, Inc.                                                  | Koala Investment Holdings, Inc./Delayed Draw Term Loan 8/25                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     180792 | PA      | $179888.04     | 0.00%             | 2032-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| New Mountain CLO 2 Ltd                                                           | NMC CLO-2A ER                                                                                              | CUSIP: 64754KAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     937500 | PA      | $943410.00     | 0.02%             | 2038-01-15      | Floating      | 10.02%                | Yes           |                  3 | On Loan: No      |
| DCert Buyer, Inc.                                                                | DCert Buyer, Inc./2nd Lien TL 02/21                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7661999 | PA      | $6953264.18    | 0.14%             | 2029-02-16      | Floating      | 11.16%                | No            |                  2 | On Loan: No      |
| Plaskolite PPC Blocker LLC                                                       | Plaskolite PPC Blocker LLC/Co-Invest Units                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         10 | NS      | $250.35        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kings Buyer, LLC                                                                 | Kings Buyer, LLC/Second Amendment Term Loan 10/21                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3376216 | PA      | $3207405.08    | 0.06%             | 2027-10-29      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| CC Fly Holding II A/S                                                            | CC Fly Holding II A/S/Accordion Facility 3 11/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DK        |    1566241 | PA      | $229096.04     | 0.00%             | 2026-05-08      | Floating      | 9.73%                 | No            |                  3 | On Loan: No      |
| Superman Holdings, LLC                                                           | Superman Holdings, LLC/ Delayed Draw Term Loan 8/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2834358 | PA      | $2834357.94    | 0.06%             | 2031-08-29      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Aventine Intermediate LLC                                                        | Aventine Intermediate LLC/Delayed Draw Term Loan 12/21                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     540932 | PA      | $513885.10     | 0.01%             | 2029-06-18      | Floating      | 10.10%                | No            |                  3 | On Loan: No      |
| Bulab Holdings, Inc.                                                             | Bulab Holdings, Inc./Initial USD Term Loan 6/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   21588448 | PA      | $21372563.52   | 0.42%             | 2032-07-01      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| QF Holdings, Inc.                                                                | QF Holdings, Inc./Amendment No. 4 Term Loan 12/23                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     390835 | PA      | $390835.00     | 0.01%             | 2027-12-15      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Spruce Bidco II Inc.                                                             | Spruce Bidco II Inc./CAD Term Loan 1/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9364656 | PA      | $6728933.15    | 0.13%             | 2032-01-30      | Fixed         | 7.68%                 | No            |                  3 | On Loan: No      |
| Foundation Consumer Brands, LLC                                                  | Foundation Consumer Brands, LLC/Refinancing Revolving Loan 02/21                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     788328 | PA      | $788327.57     | 0.02%             | 2029-02-12      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/Initial Term Loan 10/19                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3502623 | PA      | $3502622.77    | 0.07%             | 2028-10-04      | Floating      | 8.79%                 | No            |                  3 | On Loan: No      |
| Kene Holdings, L.P.                                                              | Kene Holdings, L.P./Class A Units 8/19                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $102775.40     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2017-15                                                                     | OAKC 2017-15A SUB                                                                                          | CUSIP: 67707AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   10142064 | PA      | $4824123.45    | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AUTHB 2021-1                                                                     | AUTHB 2021-1 A2                                                                                            | CUSIP: 00091JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      23743 | PA      | $22463.41      | 0.00%             | 2051-07-30      | Fixed         | 3.73%                 | Yes           |                  3 | On Loan: No      |
| NMN Holdings III Corp.                                                           | NMN Holdings III Corp./CAD Tranche Incremental Term Loan 9/25                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     714699 | PA      | $513543.87     | 0.01%             | 2031-07-31      | Fixed         | 7.76%                 | No            |                  3 | On Loan: No      |
| Lightbeam Bidco, Inc.                                                            | Lightbeam Bidco, Inc./Term Loan 05/23                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1114524 | PA      | $1114524.42    | 0.02%             | 2030-05-06      | Floating      | 9.31%                 | No            |                  3 | On Loan: No      |
| Medmark Services Inc                                                             | Medmark Services Inc/Term Loan (Second Lien) 06/21                                                         | CUSIP: 05518PAE8<br>LEI: 549300473BJ7030DKO17 | Long             | LON              | CORP              | US        |    9139095 | PA      | $4203983.70    | 0.08%             | 2028-06-11      | None          |  | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC and Ecco Holdings Corp.                                      | Truck-Lite Co., LLC and Ecco Holdings Corp./Delayed Draw Term Loan A 6/25                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     490463 | PA      | $490463.32     | 0.01%             | 2032-02-13      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                                                        | eResearchTechnology, Inc./Revolver 1/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2724183 | PA      | $2724183.00    | 0.05%             | 2031-10-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Gainwell Acquisition Corp.                                                       | Gainwell Acquisition Corp./Term B Loan 10/20                                                               | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21925762 | PA      | $21547542.17   | 0.42%             | 2027-10-01      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Cambrex Corporation                                                              | Cambrex Corporation/Amendment No. 1 Delayed Draw Term Loan 9/25                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1291102 | PA      | $1291102.00    | 0.03%             | 2032-03-05      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Allclear Group LLC                                                               | Allclear Group LLC/Limited Partnership                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1146 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMERS Mahomes Investment Holdings LLC                                            | OMERS Mahomes Investment Holdings LLC/Class A Units                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         16 | NS      | $72166.49      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.                                   | Gestion ABS Bidco Inc./ABS Bidco Holdings Inc./Revolver 2/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |      98938 | PA      | $71091.47      | 0.00%             | 2031-03-03      | Floating      | 7.57%                 | No            |                  3 | On Loan: No      |
| City Line Investments LLC                                                        | City Line Investments LLC/Class A Units 8/23                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      30038 | NS      | $37807.72      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Next Holdco, LLC                                                                 | Next Holdco, LLC/Revolver 11/23                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      36840 | PA      | $36840.00      | 0.00%             | 2029-11-09      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Royal Borrower, LLC                                                              | Royal Borrower, LLC/Initial Term Loan 7/24                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2376735 | PA      | $2376735.46    | 0.05%             | 2030-07-01      | Floating      | 9.43%                 | No            |                  3 | On Loan: No      |
| Marcone Yellowstone Buyer Inc.                                                   | Marcone Yellowstone Buyer Inc./Initial Term Loan 6/21 Dummy PIK                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     203681 | PA      | $167018.35     | 0.00%             | 2028-06-23      | Fixed         | 8.19%                 | No            |                  3 | On Loan: No      |
| INVCO 2021-2                                                                     | INVCO 2021-2A Y                                                                                            | CUSIP: 46091AAC4<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-O            | CORP              | KY        |      44000 | PA      | $10896.07      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aspris Bidco Limited                                                             | Aspris Bidco Limited/Acquisition Facility GBP 08/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1406250 | PA      | $1891264.88    | 0.04%             | 2028-08-23      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| Chemours Company, The                                                            | CC 5.75% Sr Unsecured Nts due 2028 144A                                                                    | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    2864000 | PA      | $2793428.75    | 0.05%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CVP Holdco, Inc.                                                                 | CVP Holdco, Inc./Delayed Draw Term Loan 6/24                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5232788 | PA      | $5232788.00    | 0.10%             | 2031-06-30      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| MCVIII Bidco Group B.V.                                                          | MCVIII Bidco Group B.V./Acquisition Facility 07/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |      95232 | PA      | $111807.46     | 0.00%             | 2032-07-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CEDF 2019-10                                                                     | CEDF 2019-10A ER2                                                                                          | CUSIP: 15034MAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1003400.00    | 0.02%             | 2037-10-20      | Floating      | 11.08%                | Yes           |                  3 | On Loan: No      |
| Spitfire Bidco Limited                                                           | Spitfire Bidco Limited/Facility B 09/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   15150780 | PA      | $15150779.65   | 0.30%             | 2029-09-28      | Floating      | 10.95%                | No            |                  3 | On Loan: No      |
| BCC Blueprint Investments, LLC                                                   | BCC Blueprint Investments, LLC/Promissory Note 9/21                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     873622 | PA      | $873621.56     | 0.02%             | 2026-09-15      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| Enviva Inc.                                                                      | Enviva Inc./Exit Term Loan 10/24                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   39225749 | PA      | $40010263.76   | 0.79%             | 2029-12-06      | Fixed         | 12.63%                | No            |                  2 | On Loan: No      |
| Cardinal Parent, Inc.                                                            | Cardinal Parent, Inc./Term Loan B 10/20                                                                    | CUSIP: 14153EAC9<br>LEI: 5493009YXQNPN3HQQH84 | Long             | LON              | CORP              | US        |    4298868 | PA      | $4258587.95    | 0.08%             | 2027-11-12      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Revalize, Inc.                                                                   | Revalize, Inc./Revolving Loan 04/21                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     227000 | PA      | $195220.00     | 0.00%             | 2029-04-16      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| Royal Parent, LP                                                                 | Royal Parent, LP/Class A Units 7/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     293000 | NS      | $303410.29     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Automotive Keys Group, LLC                                                       | Automotive Keys Group, LLC/2022 Incremental Term Loan 12/22                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     207706 | PA      | $180703.83     | 0.00%             | 2026-08-06      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| Radius Aerospace, Inc.                                                           | Radius Aerospace, Inc./Initial PIK Term Loan 03/19                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       9286 | PA      | $9285.53       | 0.00%             | 2027-03-29      | Fixed         | 10.45%                | No            |                  3 | On Loan: No      |
| Unity Purchaser, LLC                                                             | Unity Purchaser, LLC/Delayed Draw Term Loan B 1/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     580705 | PA      | $580704.60     | 0.01%             | 2031-01-27      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| Cority Software (USA) Inc.                                                       | Cority Software (USA) Inc./Incremental 2019-1 Term Loans 10/19                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     521272 | PA      | $521272.18     | 0.01%             | 2026-07-02      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Registrar Intermediate, LLC                                                      | Registrar Intermediate, LLC/Revolver 8/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     781891 | PA      | $774072.22     | 0.02%             | 2029-08-27      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| BALLY 2024-26                                                                    | BALLY 2024-26A D                                                                                           | CUSIP: 05876PAA2<br>LEI: 254900KWGJ97WUSMSQ74 | Long             | ABS-CBDO         | CORP              | KY        |    1800000 | PA      | $1826143.20    | 0.04%             | 2037-07-25      | Floating      | 10.42%                | Yes           |                  3 | On Loan: No      |
| ConnectWise, LLC                                                                 | ConnectWise, LLC/Term Loan B 09/21                                                                         | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5556812 | PA      | $5562758.14    | 0.11%             | 2028-09-29      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Conservice Midco, LLC                                                            | Conservice Midco, LLC/Term Loan 07/25                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5869253 | PA      | $5881460.61    | 0.12%             | 2030-05-13      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Elliott Davis Advisory, LLC                                                      | Elliott Davis Advisory, LLC/Delayed Draw Term Loan 7/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     192443 | PA      | $191480.79     | 0.00%             | 2031-07-08      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Primo Water Holdings Inc / Triton Water Holdings Inc                             | PRMWCN 6.25% Sr Unsecured Nts due 2029 144A                                                                | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     100000 | PA      | $99940.36      | 0.00%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Spruce Bidco II Inc.                                                             | Spruce Bidco II Inc./USD Term Loan 1/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   46108568 | PA      | $46108567.68   | 0.91%             | 2032-01-30      | Fixed         | 9.13%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-5 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     347693 | NS      | $520252.89     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Excel Fitness Holdings, Inc.                                                     | Excel Fitness Holdings, Inc./Series No. 3 New Term Loan 8/23                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     751779 | PA      | $751779.28     | 0.01%             | 2029-04-27      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| ANCHC 2019-13                                                                    | ANCHC 2019-13A ERR                                                                                         | CUSIP: 03329CAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5000000 | PA      | $5066790.00    | 0.10%             | 2038-04-15      | Floating      | 10.82%                | Yes           |                  3 | On Loan: No      |
| ANCHF 2020-10                                                                    | ANCHF 2020-10A SUB                                                                                         | CUSIP: 03332BAL2<br>LEI: 549300FU018PJDVE5C16 | Long             | ABS-O            | CORP              | KY        |    1731475 | PA      | $1151425.68    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Second Amendment Delayed Draw Term Loan 8/21                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     165216 | PA      | $165216.22     | 0.00%             | 2029-08-21      | Floating      | 11.65%                | No            |                  3 | On Loan: No      |
| Isthmus Capital LLC                                                              | Isthmus Capital LLC / DDTL Upside Participation 5/23                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         11 | NS      | $59371.51      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NMC Skincare Intermediate Holdings II, LLC                                       | NMC Skincare Intermediate Holdings II, LLC/Revolver 10/18                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     332080 | PA      | $308834.62     | 0.01%             | 2028-10-31      | Floating      | 10.74%                | No            |                  3 | On Loan: No      |
| PumpTech, LLC                                                                    | PumpTech, LLC/Delayed Draw Term Loan 1/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1455569 | PA      | $1446471.69    | 0.03%             | 2031-01-24      | Fixed         | 8.90%                 | No            |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-11 Preferred Units                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     331611 | NS      | $435134.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Nest Co-Invest L.P.                                                          | KKR Nest Co-Invest L.P./Limited Partnership Interests                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      50000 | NS      | $67572.25      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIXST 2022-21                                                                    | SIXST 2022-21A ER                                                                                          | CUSIP: 83012TAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2025000 | PA      | $2051237.93    | 0.04%             | 2037-10-21      | Floating      | 10.08%                | Yes           |                  3 | On Loan: No      |
| Olympia Acquisition, Inc.                                                        | Olympia Acquisition, Inc./Second Amendment Delayed Draw Term Loan 2/22                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     658144 | PA      | $223768.99     | 0.00%             | 2027-02-26      | None          |  | No            |                  3 | On Loan: No      |
| BCC 2021-2                                                                       | BCC 2021-2A SUB                                                                                            | CUSIP: 05684TAC2<br>LEI: 254900REGRH89UW3BK51 | Long             | ABS-O            | CORP              | KY        |    1000000 | PA      | $345832.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                                                    | Pye-Barker Fire & Safety, LLC/Revolver 5/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     689013 | PA      | $689013.00     | 0.01%             | 2030-05-24      | Floating      | 8.50%                 | No            |                  3 | On Loan: No      |
| Laboratories Bidco LLC                                                           | Laboratories Bidco LLC/Second Amendment Incremental Term Loan 4/20                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     596083 | PA      | $464944.47     | 0.01%             | 2029-07-23      | Floating      | 9.90%                 | No            |                  3 | On Loan: No      |
| OAKC 2021-9                                                                      | OAKC 2021-9A SUB                                                                                           | CUSIP: 67114DAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1190000 | PA      | $1093193.50    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ANCHF 2019-7                                                                     | ANCHF 2019-7A SUB2                                                                                         | CUSIP: 03331WAC7<br>LEI: 549300MWYGL7NRZK0P37 | Long             | ABS-O            | CORP              | KY        |    1420000 | PA      | $758441.88     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-9 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      97533 | NS      | $129803.53     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Titan DI Preferred Holdings, Inc.                                                | Titan DI Preferred Holdings, Inc./Cumulative Preferred Stock 2/20                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |          0 | NS      | $86611.82      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Delayed Draw Term Loan 6/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      46412 | PA      | $46411.92      | 0.00%             | 2031-07-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Florida Food Products, LLC                                                       | Florida Food Products, LLC/Initial Term Loan 10/21                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      36224 | PA      | $24270.07      | 0.00%             | 2028-10-18      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| Gilfoyle Bidco AB                                                                | Gilfoyle Bidco AB/Facility B SEK 09/21                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |   76754127 | PA      | $6259329.96    | 0.12%             | 2028-09-04      | None          |  | No            |                  3 | On Loan: No      |
| Align Precision Topco, L.P.                                                      | Align Precision Topco, LP/Common Shares Class A-2 7/25                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       1486 | NS      | $82592.01      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2021-10R                                                                    | OAKC 2021-10RA E                                                                                           | CUSIP: 67121WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1800000 | PA      | $1809399.60    | 0.04%             | 2038-07-18      | Floating      | 9.13%                 | Yes           |                  3 | On Loan: No      |
| WebPT, Inc.                                                                      | WebPT, Inc./Revolving Loan 08/19                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     216015 | PA      | $207374.60     | 0.00%             | 2028-01-18      | Floating      | 10.55%                | No            |                  3 | On Loan: No      |
| Service Logic Acquisition, Inc.                                                  | Service Logic Acquisition, Inc./Term Loan 02/25                                                            | CUSIP: 81759AAH3<br>LEI: 25490008CFAWEVHSQF88 | Long             | LON              | CORP              | US        |   19784931 | PA      | $19797395.59   | 0.39%             | 2027-10-29      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Berner Food & Beverage, LLC                                                      | Berner Food & Beverage, LLC/Second Amendment Incremental Term Loan 12/24                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     216528 | PA      | $216527.92     | 0.00%             | 2027-07-30      | Fixed         | 10.96%                | No            |                  3 | On Loan: No      |
| Eagle Football Holdings BidCo Limited                                            | Eagle Football Holdings BidCo Limited/Series C Note 7/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     209638 | PA      | $120290.16     | 0.00%             | 2027-01-07      | None          |  | No            |                  3 | On Loan: No      |
| RRAM 2024-33                                                                     | RRAM 2024-33A SUB                                                                                          | CUSIP: 78110RAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    3850000 | PA      | $3093717.55    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDPK 2019-34                                                                     | MDPK 2019-34A SUB                                                                                          | CUSIP: 55820HAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     870110 | PA      | $419310.36     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DCert Preferred Holdings, Inc.                                                   | DCert Preferred Holdings, Inc./Series A Preferred Shares                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      22284 | NS      | $29156986.82   | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2016-13                                                                     | OAKC 2016-13A SUB                                                                                          | CUSIP: 67090VAB7<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-O            | CORP              | KY        |    2320000 | PA      | $1573430.96    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-4882314.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Highline Aftermarket Acquisition, LLC                                            | Highline Aftermarket Acquisition, LLC/Revolving Credit Loan 08/24                                          | CUSIP: 43110HAE9<br>LEI: 254900Q5W6G5KG3GHJ04 | Long             | LON              | CORP              | US        |       1640 | PA      | $1640.00       | 0.00%             | 2028-11-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BRADYPLUS HOLDINGS, LLC                                                          | BRADYPLUS HOLDINGS, LLC/Tranche B Delayed Draw Term Loan 10/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     572711 | PA      | $572711.21     | 0.01%             | 2029-10-31      | Fixed         | 9.31%                 | No            |                  3 | On Loan: No      |
| CIFC 2024-3                                                                      | CIFC 2024-3A SUB                                                                                           | CUSIP: 12576JAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     680000 | PA      | $525816.80     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PestCo, LLC                                                                      | PestCo, LLC/Term Loan 8/25                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     191276 | PA      | $190319.62     | 0.00%             | 2030-08-06      | Fixed         | 8.91%                 | No            |                  3 | On Loan: No      |
| INVCO 2023-1                                                                     | INVCO 2023-1A SUB                                                                                          | CUSIP: 46146KAG8<br>LEI: 54930008KXQ75MGXPQ71 | Long             | ABS-O            | CORP              | JE        |    2695000 | PA      | $1600463.48    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shout! Factory, LLC                                                              | Shout! Factory, LLC/Initial Term Loan 6/25                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     673064 | PA      | $662968.04     | 0.01%             | 2031-06-30      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Project Alliance Buyer, LLC                                                      | Project Alliance Buyer, LLC/Closing Date Term Loan 8/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     210000 | PA      | $206850.00     | 0.00%             | 2031-08-27      | Fixed         | 9.20%                 | No            |                  3 | On Loan: No      |
| Unifi Aviation North America, LLC                                                | Unifi Aviation North America, LLC/Revolver 3/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2028-09-29      | Floating      | 7.19%                 | No            |                  3 | On Loan: No      |
| Raven Acquisition Holdings, LLC                                                  | Raven Acquisition Holdings, LLC/Delayed Draw Term Loan 10/24                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     643631 | PA      | $643232.38     | 0.01%             | 2031-11-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Precision Concepts Parent Inc.                                                   | Precision Concepts Parent Inc./Initial Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     225781 | PA      | $223523.19     | 0.00%             | 2032-08-02      | Fixed         | 8.95%                 | No            |                  3 | On Loan: No      |
| Cardinal Topco Holdings, LP                                                      | Cardinal Topco Holdings, L.P./Class A Units 9/20                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         83 | NS      | $123342.66     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPBW Blocker, LLC                                                                | UPBW Blocker, LLC/Common Units 3/24                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       4700 | NS      | $512617.40     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CB-SDG Limited                                                                   | CB-SDG Limited/Facility B GBP 03/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1898507 | PA      | $896599.70     | 0.02%             | 2028-04-02      | None          |  | No            |                  3 | On Loan: No      |
| City Line Distributors LLC                                                       | City Line Distributors LLC/Term Loan 8/23                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     308990 | PA      | $308990.36     | 0.01%             | 2028-08-31      | Floating      | 10.54%                | No            |                  3 | On Loan: No      |
| Artivion, Inc.                                                                   | Artivion, Inc./Revolver 1/24                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     335000 | PA      | $335000.00     | 0.01%             | 2031-01-20      | Floating      | 7.79%                 | No            |                  3 | On Loan: No      |
| Two Six Labs, LLC                                                                | Two Six Labs, LLC/2024 Delayed Draw Term Loan 3/24                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3767635 | PA      | $3767635.00    | 0.07%             | 2027-08-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Wealth Enhancement Group, LLC                                                    | Wealth Enhancement Group, LLC/Revolving Loan 10/19                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1377981 | PA      | $1377980.82    | 0.03%             | 2028-10-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| BERRY 2024-1                                                                     | BERRY 2024-1A M                                                                                            | CUSIP: 09609VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    3580000 | PA      | $206136.40     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/Delayed Draw Term Loan 7/21                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     261120 | PA      | $261119.51     | 0.01%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Access CIG, LLC                                                                  | Access CIG, LLC/Term Loan 8/25                                                                             | CUSIP: 00435CAV0<br>LEI: 5493002EU9Z6IQMPAN35 | Long             | LON              | CORP              | US        |   17973875 | PA      | $18006407.46   | 0.35%             | 2030-08-16      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                                                      | Epicor Software Corporation/Term Loan 05/24                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   15955357 | PA      | $15967642.97   | 0.31%             | 2031-05-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Drivecentric Holdings, LLC                                                       | Drivecentric Holdings, LLC/Revolver 8/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     517554 | PA      | $517554.00     | 0.01%             | 2031-08-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/Ninth Amendment Incremental Term Loan 11/24                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     544987 | PA      | $544987.37     | 0.01%             | 2029-08-30      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| INVCO 2023-1                                                                     | INVCO 2023-1A Y                                                                                            | CUSIP: 46146KAE3<br>LEI: 54930008KXQ75MGXPQ71 | Long             | ABS-O            | CORP              | JE        |     269500 | PA      | $98982.50      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telle Tire & Auto Service, LLC                                                   | Telle Tire & Auto Service, LLC/Revolver 3/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      70290 | PA      | $70290.00      | 0.00%             | 2031-03-03      | Fixed         | 9.14%                 | No            |                  3 | On Loan: No      |
| Datix Bidco Limited                                                              | Datix Bidco Limited/Facility B GBP 4/24                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3289344 | PA      | $4423837.00    | 0.09%             | 2031-04-30      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| ID.me, LLC                                                                       | ID.me, LLC/Revolver 1/25                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2308646 | PA      | $2308646.00    | 0.05%             | 2031-01-22      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/DDTL-4 07/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      11450 | PA      | $11449.87      | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| OAKC 2021-9                                                                      | OAKC 2021-9A ER                                                                                            | CUSIP: 67114DAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2050000 | PA      | $2067939.55    | 0.04%             | 2037-10-19      | Floating      | 9.83%                 | Yes           |                  3 | On Loan: No      |
| Crown CT Parent Inc.                                                             | Crown CT Parent Inc./Term Loan 3/22                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    8047989 | PA      | $8047989.08    | 0.16%             | 2029-03-08      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| CGMS 2024-3                                                                      | CGMS 2024-3A SUB                                                                                           | CUSIP: 14319JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3750000 | PA      | $2697161.25    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Revalize, Inc.                                                                   | Revalize, Inc./Tranche 4 Delayed Draw Term Loan 04/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     201671 | PA      | $173437.33     | 0.00%             | 2029-04-16      | Floating      | 10.65%                | No            |                  3 | On Loan: No      |
| FL Hawk Intermediate Holdings, Inc.                                              | FL Hawk Intermediate Holdings, Inc./Amendment No. 2 Refinancing Term Loan 10/24                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9821637 | PA      | $9821636.52    | 0.19%             | 2030-02-22      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Cezanne Bidco                                                                    | Cezanne Bidco/Acquisition/Capex Notes Facility 10/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    2457002 | PA      | $2884651.60    | 0.06%             | 2031-10-30      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| MPLC Debtco Limited                                                              | MPLC Debtco Limited/Incremental Facility GBP Commitment 09/22                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     148305 | PA      | $199455.44     | 0.00%             | 2027-01-07      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| Eagle Football Holdings BidCo Limited                                            | Eagle Football Holdings BidCo Limited/Original Series B1 Bridge HoldCo Note 11/22                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |      16975 | PA      | $16975.26      | 0.00%             | 2028-12-13      | Fixed         | 19.00%                | No            |                  3 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                         | Legends Hospitality Holding Company, LLC/Revolver 8/24                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     599311 | PA      | $599311.00     | 0.01%             | 2030-08-22      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| Metis Holdco, Inc.                                                               | Metis Holdco, Inc./Class A Preferred Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       7959 | NS      | $10806995.29   | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fitness Ventures Holdings, Inc.                                                  | Fitness Ventures Holdings, Inc./Delayed Draw Term Loan 8/24                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1264593 | PA      | $1264592.77    | 0.02%             | 2031-08-01      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| MPLC Debtco Limited                                                              | MPLC Debtco Limited/Facility B GBP Tranche 12/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     599520 | PA      | $806294.61     | 0.02%             | 2027-01-07      | Floating      | 10.51%                | No            |                  3 | On Loan: No      |
| DRSLF 2021-95                                                                    | DRSLF 2021-95A SUB                                                                                         | CUSIP: 262485AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1500000 | PA      | $625528.50     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Storm Investment S.a.r.l.                                                        | Storm Investment S.a.r.l./Class A Shares                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |     491621 | NS      | $679990.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pixley Park CLO Ltd                                                              | PXLY 2024-1A M                                                                                             | CUSIP: 72583VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   40225152 | PA      | $1678756.49    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Convey Health Solutions, Inc.                                                    | Convey Health Solutions, Inc./Term Loan 8/19                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1868085 | PA      | $1494468.22    | 0.03%             | 2029-07-02      | Floating      | 9.35%                 | No            |                  3 | On Loan: No      |
| Banyan Software Holdings, LLC                                                    | Banyan Software Holdings, LLC/Initial Term Loan 12/24                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4755413 | PA      | $4755412.67    | 0.09%             | 2031-01-02      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| IRI Group Holdings, Inc.                                                         | IRI Group Holdings, Inc./2025 Term Loan 4/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   25698816 | PA      | $25698816.41   | 0.51%             | 2029-12-03      | Fixed         | 8.66%                 | No            |                  3 | On Loan: No      |
| Innovative Food Supplements Ltd                                                  | Innovative Food Supplements Ltd/ Unitranche Facility (GBP) 08/25                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3617647 | PA      | $4865371.53    | 0.10%             | 2032-09-09      | Fixed         | 9.73%                 | No            |                  3 | On Loan: No      |
| Granite France Bidco SAS                                                         | Granite France Bidco SAS/EUR Term Loan B 07/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    4038735 | PA      | $4146323.49    | 0.08%             | 2028-10-17      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| ST Athena Global LLC                                                             | ST Athena Global LLC/Revolver 6/24                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     695596 | PA      | $681684.08     | 0.01%             | 2029-06-26      | Floating      | 9.52%                 | No            |                  3 | On Loan: No      |
| Businessolver.com, Inc.                                                          | Businessolver.com, Inc./Initial Delayed Draw Term Loan 12/21                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     615707 | PA      | $615707.39     | 0.01%             | 2027-12-01      | Floating      | 9.60%                 | No            |                  3 | On Loan: No      |
| ParentPay Group Limited                                                          | ParentPay Group Limited/ Facility B1 05/21                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    5528571 | PA      | $7435372.78    | 0.15%             | 2028-06-30      | Floating      | 10.51%                | No            |                  3 | On Loan: No      |
| Evolent Health LLC                                                               | Evolent Health LLC/First Lien Incremental Term Loan 8/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     902651 | PA      | $902651.00     | 0.02%             | 2029-12-06      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Project Optimus Bidco Limited                                                    | Project Optimus Bidco Limited/ Unitranche Facility 05/25                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     308824 | PA      | $415337.23     | 0.01%             | 2031-05-16      | Fixed         | 9.47%                 | No            |                  3 | On Loan: No      |
| Netsmart Technologies, Inc.                                                      | Netsmart Technologies, Inc./Closing Date Term Loan 8/24                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   34358183 | PA      | $34358183.45   | 0.68%             | 2031-08-25      | Floating      | 9.11%                 | No            |                  3 | On Loan: No      |
| Highline Aftermarket Acquisition, LLC                                            | Highline Aftermarket Acquisition, LLC/2025-1 Refinancing Term Loan 2/25                                    | CUSIP: 43110HAF6<br>LEI: 254900Q5W6G5KG3GHJ04 | Long             | LON              | CORP              | US        |   16541667 | PA      | $16577892.93   | 0.33%             | 2030-02-19      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Asclepius Holdings LLC                                                           | Asclepius Holdings LLC/Common Units                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        448 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZBS Mechanical Group Co-Invest II Fund 2, LLC                                    | ZBS Mechanical Group Co-Invest II Fund 2, LLC/Common Units 2/25                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       4767 | NS      | $13773.87      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CFG Investments WH Limited                                                       | CFG Investments WH Limited/25 RC                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5100000 | PA      | $5100000.00    | 0.10%             | 2031-03-12      | Fixed         | 10.39%                | No            |                  3 | On Loan: No      |
| Raptor Technologies, LLC                                                         | Raptor Technologies, LLC/Third Amendment Term Loan 12/24                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6604685 | PA      | $6604684.63    | 0.13%             | 2028-10-05      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| Network Bidco B.V.                                                               | Network Bidco B.V./Acquisition / Capex  EUR 02/22                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    2222220 | PA      | $2609004.99    | 0.05%             | 2031-05-12      | Floating      | 7.03%                 | No            |                  3 | On Loan: No      |
| Platinum Credit Bidco Limited                                                    | Platinum Credit Bidco Limited/Interim Unitranche Facility 05/22                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |   27960244 | PA      | $37603717.17   | 0.74%             | 2029-11-09      | Floating      | 10.23%                | No            |                  3 | On Loan: No      |
| LHS Borrower, LLC                                                                | LHS Borrower, LLC/Term Loan 9/25                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1118044 | PA      | $1106863.56    | 0.02%             | 2031-09-04      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| Patriot Growth Insurance Services, LLC                                           | Patriot Growth Insurance Services, LLC/Closing Date Term Loan 10/21                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1747306 | PA      | $1747305.55    | 0.03%             | 2028-10-16      | Floating      | 9.15%                 | No            |                  3 | On Loan: No      |
| SV Newco 2, Inc.                                                                 | SV Newco 2, Inc./Initial Delayed Draw Term Loan 5/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     586781 | PA      | $586780.83     | 0.01%             | 2031-06-02      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| North Star Acquisitionco, LLC                                                    | North Star Acquisitionco, LLC/Multicurrency Sterling Term Loan 4/24                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     239158 | PA      | $321642.89     | 0.01%             | 2029-05-03      | Floating      | 8.47%                 | No            |                  3 | On Loan: No      |
| Radius Aerospace, Inc.                                                           | Radius Aerospace, Inc./Revolving Loan 10/24 PIK Facility                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |        623 | PA      | $622.56        | 0.00%             | 2027-03-29      | Fixed         | 10.29%                | No            |                  3 | On Loan: No      |
| Enverus Holdings, Inc.                                                           | Enverus Holdings, Inc./Class B Revolving Credit Loan 12/23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     308508 | PA      | $308507.95     | 0.01%             | 2029-12-24      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| JAMS Buyer LLC                                                                   | JAMS Buyer LLC/Term Loan 6/25                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2001211 | PA      | $1971192.84    | 0.04%             | 2032-06-02      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: GBP 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-140815889.00 | -2.77%            |  |  |  | No            |                  2 | On Loan: No      |
| Aimbridge Topco, LLC                                                             | Aimbridge Topco, LLC/Reorganized Equity 3/25                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      11970 | NS      | $718902.62     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Box Bidco Limited                                                                | Box Bidco Limited/ Incremental Facility 04/24                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     536087 | PA      | $536087.00     | 0.01%             | 2028-11-24      | Floating      | 12.05%                | No            |                  3 | On Loan: No      |
| CIFC 2025-4                                                                      | CIFC 2025-4A SUB                                                                                           | CUSIP: 12575PAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    8240000 | PA      | $7288939.20    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Maltese Bidco 1 Limited                                                          | Maltese Bidco 1 Limited/EUR Unitranche Term Loan 01/22                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    3600000 | PA      | $4226592.31    | 0.08%             | 2029-02-14      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Alcami Corporation                                                               | Alcami Corporation/Delayed Draw Term Loan 12/22                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      14745 | PA      | $14745.48      | 0.00%             | 2028-12-21      | Floating      | 11.34%                | No            |                  3 | On Loan: No      |
| MidOcean CLO Equity Fund I, LP                                                   | MidOcean CLO Equity Fund I, LP / Class A Equity Interest 10/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   24673230 | NS      | $24673230.00   | 0.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC 2018-5                                                                      | CIFC 2018-5A SUB                                                                                           | CUSIP: 12551XAC9<br>LEI: 2549007CW2XYI54L0R94 | Long             | ABS-O            | CORP              | KY        |     500000 | PA      | $265411.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PracticeTek Purchaser, LLC                                                       | PracticeTek Purchaser, LLC/Initial Term Loan 8/23                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7482597 | PA      | $7482597.17    | 0.15%             | 2029-08-30      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| Mister Car Wash Holdings, Inc.                                                   | Mister Car Wash Holdings, Inc./Term Loan 03/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7457205 | PA      | $7463842.00    | 0.15%             | 2031-03-27      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Cority Parent, Inc.                                                              | Cority Parent, Inc./Class A-1 Common Shares 6/19                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | CA        |         50 | NS      | $280669.81     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Professional Fighters League, LLC                                                | Professional Fighters League, LLC/Term Loan 1/21                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     848220 | PA      | $848220.44     | 0.02%             | 2026-01-20      | Floating      | 14.00%                | No            |                  3 | On Loan: No      |
| Boost Newco Borrower, LLC                                                        | Boost Newco Borrower, LLC/Term Loan B 01/25                                                                | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |   18407689 | PA      | $18415419.82   | 0.36%             | 2031-01-31      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BCC Blueprint Holdings I, LLC                                                    | BCC Blueprint Holdings I, LLC/Initial Term Loan 9/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7377069 | PA      | $7377069.45    | 0.15%             | 2027-09-15      | Floating      | 10.92%                | No            |                  3 | On Loan: No      |
| Optio Group Limited                                                              | Optio Group Limited/Acquisition Facility 2 08/24                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1398917 | PA      | $1881402.73    | 0.04%             | 2026-03-16      | Fixed         | 10.83%                | No            |                  3 | On Loan: No      |
| Illinois Investment S.a.r.l.                                                     | Illinois Investment S.a.r.l./Class F Shares                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    3400700 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKC 2017-14                                                                     | OAKC 2017-14A SUB                                                                                          | CUSIP: 67706YAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3042552 | PA      | $2221318.53    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DP Flores Holdings, LLC                                                          | DP Flores Holdings, LLC/Delayed Draw Term Loan 9/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1114966 | PA      | $1114966.00    | 0.02%             | 2030-09-27      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| High Street Buyer, Inc.                                                          | High Street Buyer, Inc./Delayed Draw A Term Loan 4/21                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2671713 | PA      | $2671713.45    | 0.05%             | 2028-04-14      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| HighTower Holding, LLC                                                           | HIGTOW 6.75% Sr Unsecured Nts due 2029 144A                                                                | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    3280000 | PA      | $3236136.20    | 0.06%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| New Insight Holdings, Inc.                                                       | New Insight Holdings, Inc./Warrants 7/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       5104 | NC      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WAX 2022-1                                                                       | WAX 2022-1A A2                                                                                             | CUSIP: 26929HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18382500 | PA      | $18152946.69   | 0.36%             | 2052-03-15      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: SEK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-13899.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Drogon Aggregator LP                                                             | Drogon Aggregator LP/Class A-2 Unit 8/24                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     186000 | NS      | $189039.61     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aero Operating LLC                                                               | Aero Operating LLC/Delayed Draw Term Loan 01/20                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     817865 | PA      | $817865.33     | 0.02%             | 2026-02-09      | Floating      | 13.44%                | No            |                  3 | On Loan: No      |
| Cobalt Buyer Sub, Inc.                                                           | Cobalt Buyer Sub, Inc./Revolver 10/21                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1194608 | PA      | $1146823.20    | 0.02%             | 2027-10-01      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Flexera Software LLC                                                             | Flexera Software LLC/Initial EUR Term Loan 8/25                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      57421 | PA      | $67246.79      | 0.00%             | 2032-08-16      | Fixed         | 6.63%                 | No            |                  3 | On Loan: No      |
| Dorado Bidco, Inc.                                                               | Dorado Bidco, Inc./Initial Term Loan 9/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3076516 | PA      | $3076515.91    | 0.06%             | 2031-09-12      | Floating      | 8.41%                 | No            |                  3 | On Loan: No      |
| Production Resource Group, L.L.C.                                                | Production Resource Group, L.L.C./Tenth Amendment Delayed Draw Term Loan 7/25                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      50579 | PA      | $50579.30      | 0.00%             | 2029-08-21      | Fixed         | 9.97%                 | No            |                  3 | On Loan: No      |
| TransMontaigne Operating Company L.P.                                            | TransMontaigne Operating Company L.P./Term Loan B 10/21                                                    | CUSIP: 89376WAH1<br>LEI: 549300V4T155OZCUJ734 | Long             | LON              | CORP              | US        |    6910486 | PA      | $6912420.88    | 0.14%             | 2028-11-17      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Saldon Holdings, Inc.                                                            | Saldon Holdings, Inc./Delayed Draw Term Loan 1/24                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     234961 | PA      | $234961.00     | 0.00%             | 2026-03-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Frontline Road Safety Operations, LLC                                            | Frontline Road Safety Operations, LLC/Revolver 3/25                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5513159 | PA      | $5513159.00    | 0.11%             | 2032-03-04      | Fixed         | 9.07%                 | No            |                  3 | On Loan: No      |
| Oiva Isannointi Group Oy                                                         | Oiva Isannointi Group Oy/Bridge Facility 07/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FI        |      29703 | PA      | $34872.91      | 0.00%             | 2026-02-09      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| MRI Software LLC                                                                 | MRI Software LLC/Tranche B Term 02/20                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    7380142 | PA      | $7380141.56    | 0.15%             | 2027-02-10      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| RRAM 2021-17                                                                     | RRAM 2021-17A SUB                                                                                          | CUSIP: 74980YAC8<br>LEI: 549300H1BYT42IUZDL59 | Long             | ABS-O            | CORP              | KY        |    1000000 | PA      | $412692.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Paradigmatic Holdco LLC                                                          | Paradigmatic Holdco LLC/Common Units 8/24                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    1057325 | NS      | $549521.41     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomi Health, Inc.                                                                | Nomi Health, Inc./Class A Warrant 6/24                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       4857 | NC      | $0.03          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bobtail AcquisitionCo, LLC                                                       | Bobtail AcquisitionCo, LLC/Delayed Draw  Term Loan 8/25                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     730647 | PA      | $726993.77     | 0.01%             | 2031-09-02      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CGMS 2021-8                                                                      | CGMS 2021-8A SUBA                                                                                          | CUSIP: 143117AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1162462 | PA      | $690022.33     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elliott Davis Advisory, LLC                                                      | Elliott Davis Advisory, LLC/Initial Term Loan 7/25                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1231633 | PA      | $1219316.67    | 0.02%             | 2031-07-08      | Fixed         | 8.87%                 | No            |                  3 | On Loan: No      |
| Divisions Holding Corporation                                                    | Divisions Holding Corporation/Revolver 4/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      98552 | PA      | $98552.00      | 0.00%             | 2032-04-19      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| The Mather Group, LLC                                                            | The Mather Group, LLC/Term Loan 3/22                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4850000 | PA      | $4850000.00    | 0.10%             | 2028-03-31      | Floating      | 9.65%                 | No            |                  3 | On Loan: No      |
| CNT Holdings I Corp                                                              | CNT Holdings I Corp/Term Loan 01/25                                                                        | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |    6552468 | PA      | $6546767.23    | 0.13%             | 2032-11-08      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Solar Bidco Limited                                                              | Solar Bidco Limited/Acquisition/Capex Faility 11/23                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1500000 | PA      | $2017349.20    | 0.04%             | 2029-11-23      | Floating      | 7.66%                 | No            |                  3 | On Loan: No      |
| AP Adhesives Holdings, LLC                                                       | AP Adhesives Holdings, LLC/Term Loan 4/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3629544 | PA      | $3593248.60    | 0.07%             | 2032-04-09      | Fixed         | 9.08%                 | No            |                  3 | On Loan: No      |
| RRAM 2021-19                                                                     | RRAM 2021-19A SUB                                                                                          | CUSIP: 74983BAC5<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-O            | CORP              | KY        |    1226244 | PA      | $979889.13     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROSE 2024-3                                                                     | PROSE 2024-3 M1                                                                                            | CUSIP: 74167XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25000000 | PA      | $25831807.50   | 0.51%             | 2054-10-30      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| SageSure Holdings, LLC                                                           | SageSure Holdings, LLC/Delayed Draw B Term Loan 8/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    5113290 | PA      | $5113289.74    | 0.10%             | 2030-01-28      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| AllClear Military Inc.                                                           | AllClear Military Inc./Term Loan B 5/25                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     130864 | PA      | $31407.24      | 0.00%             | 2030-05-31      | Fixed         | 10.92%                | No            |                  3 | On Loan: No      |
| Solar Bidco Limited                                                              | Solar Bidco Limited/Incremental Facility 03/24                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1350000 | PA      | $1815614.28    | 0.04%             | 2029-11-23      | Floating      | 7.67%                 | No            |                  3 | On Loan: No      |
| SERV 2020-1                                                                      | SERV 2020-1 A2II                                                                                           | CUSIP: 81761TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      23448 | PA      | $20777.85      | 0.00%             | 2051-01-30      | Fixed         | 3.34%                 | Yes           |                  3 | On Loan: No      |
| KNPC Holdco, LLC                                                                 | KNPC Holdco, LLC/Incremental Term Loan B-1 12/22                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     483017 | PA      | $483016.95     | 0.01%             | 2029-10-22      | Floating      | 11.30%                | No            |                  3 | On Loan: No      |
| MDPK 2025-71                                                                     | MDPK 2025-71A SUB                                                                                          | CUSIP: 558182AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3000000 | PA      | $3147168.00    | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                              | Shermco Intermediate Holdings, Inc./Revolving Loan 06/18                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2506658 | PA      | $2506658.00    | 0.05%             | 2026-12-07      | Floating      | 8.87%                 | No            |                  3 | On Loan: No      |
| ELM26 2024-1                                                                     | ELM26 2024-1A SUB                                                                                          | CUSIP: 29004DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     800000 | PA      | $521062.40     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LivTech Purchaser, Inc.                                                          | LivTech Purchaser, Inc./Delayed Draw Term Loan 11/24                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1474337 | PA      | $1474337.00    | 0.03%             | 2031-11-24      | Fixed         | 9.15%                 | No            |                  3 | On Loan: No      |
| ZocDoc, Inc.                                                                     | ZocDoc, Inc./Term Loan 7/25                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $975.00        | 0.00%             | 2030-07-31      | Fixed         | 7.71%                 | No            |                  3 | On Loan: No      |
| Eternal Aus Bidco Pty Ltd                                                        | Eternal Aus Bidco Pty Ltd/Facility C Delayed Draw TL 11/23                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |     353241 | PA      | $233739.40     | 0.00%             | 2029-11-23      | Floating      | 9.85%                 | No            |                  3 | On Loan: No      |
| SIXST 2025-30                                                                    | SIXST 2025-30A SUB                                                                                         | CUSIP: 83013MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     485000 | PA      | $426356.23     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| North Haven Stack Buyer, LLC                                                     | North Haven Stack Buyer, LLC/DDTL-3 07/21                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     156889 | PA      | $156889.39     | 0.00%             | 2027-07-16      | Floating      | 8.95%                 | No            |                  3 | On Loan: No      |
| Prime Dental Alliance B.V.                                                       | Prime Dental Alliance B.V. / Acquisition / Capex EUR Commitment                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    1654410 | PA      | $1942365.72    | 0.04%             | 2027-06-21      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                                                          | CDX.NA.HY S39 Tranche 15-25 12/20/27                                                                       | CUSIP: CXPHY5391<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |          1 | NC      | $-427964.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Isthmus Capital LLC                                                              | Isthmus Capital LLC/ Delay Draw Term Loan 5/23                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3267315 | PA      | $3267315.45    | 0.06%             | 2030-06-13      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| CIFC Funding 2025-III Ltd                                                        | CIFC 2025-3A SUB                                                                                           | CUSIP: 12574PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    7712000 | PA      | $7070546.69    | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JMG Group Investments Limited                                                    | JMG Group Investments Limited/Uncommitted Additional Term Facility 05/22                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    1573707 | PA      | $2116477.40    | 0.04%             | 2028-12-11      | Floating      | 11.86%                | No            |                  3 | On Loan: No      |
| WorkWave Intermediate II, LLC                                                    | WorkWave Intermediate II, LLC/Third Amendment Incremental Delayed Draw Term Loan 3/24                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     473579 | PA      | $468842.92     | 0.01%             | 2027-06-29      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Peachtree Parent, Inc.                                                           | Peachtree Parent, Inc./Series A Preferred Shares                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |         25 | NS      | $59325.59      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GNRT 9                                                                           | GNRT 9A ER                                                                                                 | CUSIP: 37147MAE7<br>LEI: 549300OYEZ11WGJ2SS19 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1970130.00    | 0.04%             | 2038-01-20      | Floating      | 10.68%                | Yes           |                  3 | On Loan: No      |
| Project Optimus Bidco Limited                                                    | Project Optimus Bidco Limited/ Unitranche Acquisition Facility 05/25                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JE        |     441176 | PA      | $593337.37     | 0.01%             | 2031-05-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP-MSI Buyer, Inc.                                                              | NCP-MSI Buyer, Inc./Tranche B Revolver 3/25                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     579817 | PA      | $579816.56     | 0.01%             | 2031-03-24      | Fixed         | 7.99%                 | No            |                  3 | On Loan: No      |
| Project Alliance Buyer, LLC                                                      | Project Alliance Buyer, LLC/Revolver 8/25                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      40000 | PA      | $39400.00      | 0.00%             | 2031-08-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Lightbeam Bidco, Inc.                                                            | Lightbeam Bidco, Inc./First Amendment Incremental Term Loan 11/23                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     129468 | PA      | $129467.96     | 0.00%             | 2030-05-06      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| TCP Hawker Intermediate LLC                                                      | TCP Hawker Intermediate LLC/Rollover Ninth Amendment Incremental Term Loan 12/24                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6274697 | PA      | $6274697.30    | 0.12%             | 2029-08-30      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| CMG HoldCo, LLC                                                                  | CMG HoldCo, LLC/Delayed Draw Term Loan 2 05/22                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     984831 | PA      | $984830.82     | 0.02%             | 2030-11-19      | Floating      | 8.63%                 | No            |                  3 | On Loan: No      |
| Voya CLO 2025-2 Ltd                                                              | VOYA 2025-2A SUB                                                                                           | CUSIP: 92891WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    9503000 | PA      | $8661243.27    | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Guidepoint Security Holdings, LLC                                                | Guidepoint Security Holdings, LLC/Term A Loan 12/24                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     401264 | PA      | $401263.60     | 0.01%             | 2029-10-02      | Fixed         | 9.41%                 | No            |                  3 | On Loan: No      |
| WPCG Aspire Holdings, LLC                                                        | WPCG Aspire Holdings, LLC/Delayed Draw Term Loan 7/25                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18600000 | PA      | $18321000.00   | 0.36%             | 2033-07-15      | Fixed         | 11.50%                | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/Fourth Amendment Term Loan 9/21                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    4652283 | PA      | $4652283.36    | 0.09%             | 2027-09-15      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Hills Distribution, Inc.                                                         | Hills Distribution, Inc./Revolver 11/23                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1000 | PA      | $1000.00       | 0.00%             | 2029-11-08      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| N/A                                                                              | Forward Contracts: SEK 10/24/2025                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |          1 | NC      | $-4690419.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Forward Keystone Holdings, LP                                                    | Forward Keystone Holdings, LP/Back Leverage Delayed Draw Term Loan 3/25                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1374408 | PA      | $1374407.67    | 0.03%             | 2029-03-19      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| BCPE Hyperlink Holdings, LP                                                      | BCPE Hyperlink Holdings, LP/Class A Units 8/25                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       4800 | NS      | $48000.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| W.S. Connelly & Co., LLC                                                         | W.S. Connelly & Co., LLC/Amendment No. 1 Delayed Draw Term Loan 4/25                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1187579 | PA      | $1187578.83    | 0.02%             | 2030-05-24      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| North American Science Associates, LLC                                           | North American Science Associates, LLC/Revolver 9/21                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    2499000 | PA      | $2499000.00    | 0.05%             | 2027-03-15      | Floating      | 8.69%                 | No            |                  3 | On Loan: No      |
| BSP 2022-28                                                                      | BSP 2022-28A ER                                                                                            | CUSIP: 08181RAE4<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $503974.50     | 0.01%             | 2037-10-20      | Floating      | 9.73%                 | Yes           |                  3 | On Loan: No      |
| Quick Quack Car Wash Holdings, LLC                                               | Quick Quack Car Wash Holdings, LLC/Delayed Draw Term Loan 6/24                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     124759 | PA      | $124759.00     | 0.00%             | 2031-06-10      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| ATRM 15                                                                          | ATRM 15A SUB                                                                                               | CUSIP: 04965EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    4080000 | PA      | $1712253.60    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clarity Technologies Holdings, LP                                                | Clarity Technologies Holdings, LP/Class A Units 9/25                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       4541 | NS      | $454052.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Street HoldCo LLC                                                           | High Street HoldCo LLC/Series A-4 Preferred Units                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    1480301 | NS      | $2233035.66    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Antenore Bidco SpA                                                               | Antenore Bidco SpA/Principal Further Bond 10/23                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IT        |     450000 | PA      | $528324.04     | 0.01%             | 2031-11-02      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Transit Technologies LLC                                                         | Transit Technologies LLC/Initial Term Loan 8/24                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3790435 | PA      | $3790435.00    | 0.07%             | 2031-08-20      | Floating      | 8.85%                 | No            |                  3 | On Loan: No      |
| City Line Distributors LLC                                                       | City Line Distributors LLC/Revolver 08/2023                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       1500 | PA      | $1500.00       | 0.00%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Bobcat Purchaser, LLC                                                            | Bobcat Purchaser, LLC/Revolver 06/23                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     306256 | PA      | $306256.00     | 0.01%             | 2030-06-17      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |

### Signature

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

**Name of Applicant:** CION Ares Diversified Credit Fund

**Signature:** Scott Lem

**Name of Signer:** Scott Lem

**Title:** Chief Accounting Officer