# EDGAR Filing Document

**Accession Number:** 0001937073
**File Stem:** 0001193125-26-077717
**Filing Date:** 2026-2
**Character Count:** 293157
**Document Hash:** 343c504d4f90b51a3f3958767ad9e51a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-077717.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-077717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Aksia Alternative Credit & Income Fund
- **CENTRAL INDEX KEY:** 0001937073

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23815
- **FILM NUMBER:** 26691110

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630.245.7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Calamos Aksia Alternative Credit Fund
- **DATE OF NAME CHANGE:** 20220707

## Nport-Ex

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **ASSET-BACKED SECURITIES — 0.6%** |  |
|  | **FINANCIAL SERVICES — 0.6%** |  |
| 3238360 | BNP Paribas<br> 10.019% (3-Month Term EURIBOR+800 basis points), 9/26/2031<sup>1,2,3</sup> | $3805806 |
| $500000 | Post CLO 2024-1 Ltd.<br> 0.000% 4/20/2037<sup>4,5,6,7</sup> | 335000 |
| 1000000 | Post CLO VI Ltd.<br> 0.000% 1/20/2038<sup>4,5,6,7</sup> | 720000 |
| 211576 | Sandstone Peak II Ltd.<br> 0.000% 7/20/2038<sup>4,5,6,7</sup> | 196110 |
| 500000 | Sandstone Peak III Ltd.<br> 0.000% 4/25/2037<sup>4,5,6,7</sup> | 400000 |
|  |  | **5456916** |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $5,678,973) | **5456916** |
|  | **COMMON STOCKS — 0.0%** |  |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.0%** |  |
| 67218 | Norvax LLC Stabled Security <sup>3</sup> |  |
| 80864 | VB Spine, LLC Stabled Security<sup>3</sup> | 183722 |
|  |  | **183722** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $0) | **183722** |
|  | **CORPORATE LOANS — 92.4%** |  |
|  | **AEROSPACE & DEFENSE — 2.2%** |  |
|  | Electro-Methods, L.P. |  |
| 1935000 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 2/20/2032<sup>3,8,9</sup> | (36963) |
| 8024675 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.619% (3-Month Term SOFR+475 basis points), 2/20/2032<sup>1,3,8</sup> | 7871662 |
|  | Jeppesen Holdings, LLC |  |
| 714286 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.375%, 11/1/2032<sup>3,9</sup> | (3571) |
| 14285714 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.590% (3-Month Term SOFR+475 basis points), 11/1/2032<sup>1,3</sup> | 14214286 |
|  |  | **22045414** |
|  | **AIR FREIGHT & LOGISTICS — 1.1%** |  |
|  | RJW Group Holdings, Inc. |  |
| 1811594 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 11/26/2031<sup>3,9</sup> | (8764) |
| 10688406 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.672% (3-Month Term SOFR+500 basis points), 11/26/2031<sup>1,3</sup> | 10583258 |
|  |  | **10574494** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **AUTOMOBILE COMPONENTS — 0.3%** |  |
|  | American Axle & Manufacturing, Inc. |  |
| $1743655 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 6.761% (1-Month Term SOFR+300 basis points), 12/13/2029<sup>1,5</sup> | $1752914 |
| 1000000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 6.980% (1-Month Term SOFR+325 basis points), 9/20/2032<sup>1,5</sup> | 1002080 |
|  | First Brands Group Intermediate LLC |  |
| 2846859 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 13.843% (3-Month Term SOFR +1,845 basis points), PIK Rate 2.50%, 6/29/2026<sup>1,3,8,10,11</sup> | 498200 |
| 10209154 | &nbsp;&nbsp;&nbsp;Letter of Credit, 0.000%, 3/30/2027<sup>3,6,8,10</sup> | 130473 |
|  |  | **3383667** |
|  | **BANKS — 0.1%** |  |
| 990000 | Dragon Buyer, Inc.<br> First Lien Term Loan, 6.422% (3-Month Term SOFR+275 basis points), 9/30/2031<sup>1,5</sup> | **991945** |
|  | **BIOTECHNOLOGY — 0.1%** |  |
| 1000000 | Genmab A/S<br> First Lien Term Loan, 6.733% (1-Month Term SOFR+300 basis points), 11/12/2032<sup>1,5</sup> | **1005940** |
|  | **BUILDING PRODUCTS — 0.0%** |  |
| 394020 | MIWD Holding Company LLC<br> First Lien Term Loan, 6.916% (1-Month Term SOFR+350 basis points), 3/28/2031<sup>1,5</sup> | **394879** |
|  | **CAPITAL MARKETS — 0.4%** |  |
|  | ECP GOM III, LLC |  |
| 735294 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 4.000%, 4/13/2029<sup>3,9</sup> | 13401 |
| 3625000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.235% (3-Month Term SOFR+625 basis points), 4/13/2029<sup>1,3</sup> | 3691065 |
|  |  | **3704466** |
|  | **CHEMICALS — 0.5%** |  |
| 2734895 | Chemours Co.<br> First Lien Term Loan, 7.416% (1-Month Term SOFR+350 basis points), 10/15/2032<sup>1,5</sup> | 2710965 |
| 1734350 | INEOS U.S. Finance LLC<br> First Lien Term Loan, 7.166% (1-Month Term SOFR+325 basis points), 2/19/2030<sup>1,5</sup> | 1411760 |
| 997500 | WR Grace Holdings LLC<br> First Lien Term Loan, 6.686% (1-Month Term SOFR+300 basis points), 8/9/2032<sup>1,5</sup> | 1000303 |
|  |  | **5123028** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **COMMERCIAL SERVICES & SUPPLIES — 7.6%** |  |
|  | Allied Power Group, LLC |  |
| $380879 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 5/16/2030<sup>3,9</sup> | $(3599) |
| 2285274 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 5/16/2030<sup>3,9</sup> | (4460) |
| 7213847 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.927% (3-Month Term SOFR+500 basis points), 5/16/2030<sup>1,3</sup> | 7145665 |
|  | Arcmont Asset Management - Commercial Services & Supplies |  |
| 1229864 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.459% (3-Month Term SONIA+550 basis points), 7/21/2031<sup>1,2,3,8</sup> | 1612096 |
| 4097423 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.459% (3-Month Term SONIA+550 basis points), 7/21/2031<sup>1,2,3,8</sup> | 5370869 |
| 591213 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.512% (3-Month Term SONIA+550 basis points), 7/21/2031<sup>1,2,3,8</sup> | 774957 |
|  | Associations, Inc. |  |
| 230572 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 7/2/2028<sup>3,9</sup> |  |
| 3666370 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.662% (3-Month Term SOFR+676 basis points), 7/2/2028<sup>1,3</sup> | 3703040 |
| 286634 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 10.662% (3-Month Term SOFR+676 basis points), 7/2/2028<sup>1,3,12</sup> | 125701 |
| 949780 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 14.250%, PIK Rate 14.250%, 5/3/2030<sup>3,11</sup> | 968776 |
| 4974811 | AWP Group Holdings<br> First Lien Term Loan, 8.422% (1-Month Term SOFR+450 basis points), 12/23/2030<sup>1,3,8</sup> | 4972593 |
|  | DMT Solutions Global Corporation |  |
| 172941 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.789% (3-Month Term SOFR+810 basis points), 8/30/2027<sup>1,3</sup> | 172170 |
| 235294 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.938% (3-Month Term SOFR+810 basis points), 8/30/2027<sup>1,3</sup> | 233949 |
| 440294 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 12.016% (1-Month Term SOFR+810 basis points), 8/30/2027<sup>1,3</sup> | 437776 |
|  | Kidde-Fenwal, LLC |  |
| 2721774 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 0.000%, 7/17/2030<sup>3,8,9</sup> | (5134) |
| 12247530 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.792% (3-Month Term SOFR+600 basis points), 7/17/2030<sup>1,3,8</sup> | 12102935 |
|  | Lynx Franchising, LLC |  |
| 274688 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.596% (6-Month Term SOFR+575 basis points), 12/23/2026<sup>1,3,8</sup> | 274690 |
| 454273 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.166% (6-Month Term SOFR+575 basis points), 12/23/2026<sup>1,3,8</sup> | 454278 |
|  | Nordic Climate Group |  |
| 1861225 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.319% (3-Month Term EURIBOR+525 basis points), 5/29/2031<sup>1,2,3</sup> | 2192510 |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **COMMERCIAL SERVICES & SUPPLIES (Continued)** |  |
| 2762818 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.608% (3-Month Term EURIBOR+525 basis points), 5/29/2031<sup>1,2,3</sup> | $300801 |
| 7534999 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.652% (3-Month Term EURIBOR+525 basis points), 5/29/2031<sup>1,2,3</sup> | 820370 |
| 14229711 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.802% (3-Month Term STIBOR+540 basis points), 5/29/2031<sup>1,2,3</sup> | 1549289 |
| $4950000 | Purple Cow Buyer LLC<br> First Lien Term Loan, 8.901% (3-Month Term SOFR+500 basis points), 11/5/2030<sup>1,3</sup> | 4884181 |
| 3254397 | Security Services Acquisition Corp.<br> First Lien Term Loan, 9.766% (1-Month Term SOFR+585 basis points), 9/30/2027<sup>1,3</sup> | 3231711 |
|  | SEI Holdings I Corporation |  |
| 76313 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.716% (1-Month Term SOFR+500 basis points), 3/27/2028<sup>1,3,8</sup> | 75540 |
| 46412 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.750% (1-Month Term SOFR+500 basis points), 3/27/2028<sup>1,3,8</sup> | 45941 |
| 852803 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.916% (1-Month Term SOFR+500 basis points), 3/27/2028<sup>1,3,8</sup> | 844162 |
| 6906487 | Spectrum Safety Solutions Purchaser, LLC<br> First Lien Term Loan, 8.172% (3-Month Term SOFR+450 basis points), 7/1/2031<sup>1,3</sup> | 6957219 |
|  | VRC Companies LLC |  |
| 6405117 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.090% (3-Month Term SOFR+525 basis points), 6/29/2027<sup>1,3</sup> | 6405117 |
| 493403 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.195% (3-Month Term SOFR+550 basis points), 6/29/2027<sup>1,3,8</sup> | 493403 |
| 5937556 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.195% (3-Month Term SOFR+550 basis points), 6/29/2027<sup>1,3,8</sup> | 5937556 |
| 2884500 | World Water Works, Inc.<br> First Lien Term Loan, 12.292% (3-Month Term SOFR+850 basis points), 7/3/2029<sup>1,3</sup> | 2898644 |
|  |  | **74972746** |
|  | **COMMUNICATIONS EQUIPMENT — 0.3%** |  |
| 2997462 | Connect Finco SARL<br> First Lien Term Loan, 8.416% (1-Month Term SOFR+450 basis points), 9/28/2029<sup>1,5</sup> | **2997045** |
|  | **CONSTRUCTION MATERIALS — 0.0%** |  |
| 245501 | ACProducts Holdings, Inc.<br> First Lien Term Loan, 8.184% (3-Month Term SOFR+425 basis points), 5/17/2028<sup>1,5</sup> | **201332** |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **CONSTRUCTION & ENGINEERING — 2.6%** |  |
| $342466 | BNP Associates Buyer, Inc.<br> First Lien Revolver, 9.232% (1-Month Term SOFR+575 basis points), 8/19/2030<sup>1,3,12</sup> | $273973 |
| 5912546 | Novel Mezzanine Borrower LLC<br> Mezzanine Delay Draw, 13.750% (1-Month Term SOFR+1,375 basis points), 7/11/2030<sup>1,3,12</sup> | 6161007 |
|  | NRO Holdings III Corp. |  |
| 42857 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 8.977% (1-Month Term SOFR+525 basis points), 7/15/2030<sup>1,3</sup> | 41887 |
| 557143 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.000% (1-Month Term SOFR+525 basis points), 7/15/2030<sup>1,3,12</sup> | 415962 |
| 557143 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.010% (3-Month Term SOFR+525 basis points), 7/15/2031<sup>1,3</sup> | 544533 |
| 129959 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.115% (3-Month Term SOFR+525 basis points), 7/15/2031<sup>1,3</sup> | 127018 |
| 4062857 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.155% (3-Month Term SOFR+525 basis points), 7/15/2031<sup>1,3</sup> | 3970906 |
| 597712 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.185% (3-Month Term SOFR+525 basis points), 7/15/2031<sup>1,3,12</sup> | 105590 |
|  | OSR Intermediate LLC |  |
| 3740625 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.190% (3-Month Term SOFR+550 basis points), 3/15/2029<sup>1,3</sup> | 3712640 |
| 374000 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.422% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3,12</sup> | 369611 |
| 158400 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.440% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 157212 |
| 2620000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.478% (1-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 2600396 |
| 80000 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.483% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 79400 |
| 26666 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.523% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 26467 |
| 80000 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.572% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 79400 |
| 106667 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.615% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 105867 |
| 1818667 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.637% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3,12</sup> | 225037 |
| 106667 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.684% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 105867 |
| 80000 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.686% (3-Month Term SOFR+575 basis points), 3/15/2029<sup>1,3</sup> | 79400 |
|  | Southland Holdings LLC |  |
| 222222 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 3.750%, 9/29/2028<sup>3,8,9</sup> | (925) |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **CONSTRUCTION & ENGINEERING (Continued)** |  |
| $1420846 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.273% (1-Month Term SOFR+740 basis points), 9/29/2028<sup>1,3,8</sup> | $1414933 |
|  | USIC Holdings, Inc. |  |
| 61309 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.037% (3-Month Term SOFR+525 basis points), 9/5/2031<sup>1,3</sup> | 61309 |
| 76636 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.085% (3-Month Term SOFR+525 basis points), 9/5/2031<sup>1,3</sup> | 76636 |
| 398509 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.166% (1-Month Term SOFR+525 basis points), 9/5/2031<sup>1,3</sup> | 113422 |
| 37815 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.322% (1-Month Term SOFR+550 basis points), 9/5/2031<sup>1,3</sup> | 38196 |
| 209744 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.416% (3-Month Term SOFR+550 basis points), 9/5/2031<sup>1,3,12</sup> | 106949 |
| 4172848 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.416% (1-Month Term SOFR+550 basis points), 9/5/2031<sup>1,3</sup> | 4214667 |
|  |  | **25207360** |
|  | **CONSUMER FINANCE — 2.1%** |  |
| 20000000 | AR3 Holdco LLC<br> First Lien Delay Draw, 9.988% (3-Month Term SOFR+625 basis points), 3/16/2027<sup>1,3,8</sup> | **20151868** |
|  | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.1%** |  |
| 19875000 | Blazing Star Parent, LLC<br> First Lien Term Loan, 10.822% (3-Month Term SOFR+700 basis points), 8/28/2030<sup>1,3</sup> | 19578441 |
| 500000 | PetSmart LLC<br> First Lien Term Loan, 7.734% (1-Month Term SOFR+400 basis points), 8/18/2032<sup>1,5</sup> | 498595 |
| 744555 | Unitied Natural Foods, Inc.<br> First Lien Term Loan, 8.422% (1-Month Term SOFR+475 basis points), 5/1/2031<sup>1,5</sup> | 750883 |
|  |  | **20827919** |
|  | **CONTAINERS & PACKAGING — 1.1%** |  |
|  | Knpak Intermediate III Limited |  |
| 674797 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 3/26/2031<sup>2,3,9</sup> | 49856 |
| 1726172 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.401% (3-Month Term EURIBOR+550 basis points), 3/26/2031<sup>1,2,3</sup> | 1972291 |
| 125895 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 7.415% (1-Month Term EURIBOR+550 basis points), 3/26/2031<sup>1,2,3,12</sup> | 20129 |
| 940252 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.172% (3-Month Term SOFR+550 basis points), 3/26/2031<sup>1,3</sup> | 914885 |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **CONTAINERS & PACKAGING (Continued)** |  |
| $368500 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.172% (3-Month Term SOFR+550 basis points), 3/26/2031<sup>1,3,12</sup> | $219349 |
| 239250 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.232% (1-Month Term SOFR+550 basis points), 3/26/2031<sup>1,3,12</sup> | (962) |
| 35750 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.416% (1-Month Term SOFR+550 basis points), 3/26/2031<sup>1,3</sup> | 34784 |
| 729219 | Tank Holding Corp.<br> First Lien Term Loan, 9.766% (1-Month Term SOFR+585 basis points), 3/31/2028<sup>1,3,8</sup> | 709116 |
| 5925000 | Transcendia Holdings, Inc.<br> First Lien Term Loan, 10.216% (1-Month Term SOFR+650 basis points), 11/23/2029<sup>1,3</sup> | 5860972 |
| 1486206 | Veritiv Operating Co.<br> First Lien Term Loan, 7.672% (3-Month Term SOFR+400 basis points), 11/29/2030<sup>1,5</sup> | 1488146 |
|  |  | **11268566** |
|  | **DISTRIBUTORS — 0.3%** |  |
| 997500 | Clarios Global LP<br> First Lien Term Loan, 6.666% (1-Month Term SOFR+275 basis points), 1/28/2032<sup>1,5</sup> | 1003889 |
| 1984400 | Windsor Holdings III LLC<br> First Lien Term Loan, 6.477% (1-Month Term SOFR+275 basis points), 8/1/2030<sup>1,5</sup> | 1991534 |
|  |  | **2995423** |
|  | **DIVERSIFIED CONSUMER SERVICES — 0.7%** |  |
| 1461832 | Cambium Learning Group, Inc.<br> First Lien Term Loan, 9.457% (3-Month Term SOFR+560 basis points), 7/20/2028<sup>1,3</sup> | 1461843 |
|  | PN VIII Holdco SARL |  |
| 3230000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.422% (3-Month Term EURIBOR+525 basis points), 6/14/2030<sup>1,2,3</sup> | 3743504 |
| 770000 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.422% (3-Month Term EURIBOR+525 basis points), 6/14/2030<sup>1,2,3,12</sup> | 619174 |
| 989975 | TripAdvisor, Inc.<br> First Lien Term Loan, 6.422% (3-Month Term SOFR+275 basis points), 7/8/2031<sup>1,5</sup> | 958420 |
|  |  | **6782941** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%** |  |
|  | Altissimum |  |
| 600000 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.250%, 10/31/2030<sup>2,3,9</sup> | $54273 |
| 3400000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.269% (3-Month Term EURIBOR+550 basis points), 10/31/2030<sup>1,2,3</sup> | 3952867 |
| $741210 | Cincinnati Bell, Inc.<br> First Lien Term Loan, 6.166% (1-Month Term SOFR+225 basis points), 11/24/2028<sup>1,5</sup> | 743131 |
| 990019 | Frontier Communications Holdings LLC<br> First Lien Term Loan, 6.250% (3-Month Term SOFR+250 basis points), 7/1/2031<sup>1,5</sup> | 992046 |
| 1000000 | Numericable U.S. LLC<br> First Lien Term Loan, 10.625% (1-Month Term SOFR+688 basis points), 5/15/2031<sup>1</sup> | 1001040 |
| 1000000 | Windstream Services LLC<br> First Lien Term Loan, 8.766% (1-Month Term SOFR+475 basis points), 10/1/2031<sup>1,5</sup> | 1006250 |
|  |  | **7749607** |
|  | **ELECTRIC UTILITIES — 0.5%** |  |
| 4845833 | Pelican Power Borrower LLC<br> First Lien Term Loan, 9.172% (3-Month Term SOFR+550 basis points), 8/29/2030<sup>1,3,8</sup> | **4748917** |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** |  |
| 6962321 | Opus Inspection, Inc.<br> First Lien Term Loan, 12.172% (1-Month Term SOFR +850 basis points), PIK Rate 3.000%, 11/26/2029<sup>1,3,11</sup> | **7086112** |
|  | **FINANCIAL SERVICES — 1.4%** |  |
| 1000000 | Clear SPV V US L.P.<br> First Lien Delay Draw, 14.985% (1-Month Term SOFR+1,100 basis points), 4/5/2027<sup>1,3</sup> | 1007826 |
|  | Coller Credit Backed Loans & Notes, Ltd |  |
| 277836 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.305% (3-Month Term SOFR+560 basis points), 10/31/2036<sup>1,3</sup> | 278398 |
| 1712829 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.440% (3-Month Term SOFR+560 basis points), 10/31/2036<sup>1,3,12</sup> | 605385 |
| 231335 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.585% (3-Month Term SOFR+560 basis points), 10/31/2036<sup>1,3</sup> | 231804 |
| 2142857 | Cor Leonis Limited<br> First Lien Revolver, 10.922% (3-Month Term SOFR+725 basis points), 5/15/2028<sup>1,3</sup> | 1941262 |
|  | Cornerstone Advisors of Arizona, LLC |  |
| 555556 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.375%, 5/13/2032<sup>3,9</sup> |  |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **FINANCIAL SERVICES (Continued)** |  |
| $4433333 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.422% (3-Month Term SOFR+475 basis points), 5/13/2032<sup>1,3</sup> | $4433705 |
|  | Galway Borrower, LLC |  |
| 580848 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.172% (3-Month Term SOFR+450 basis points), 9/29/2028<sup>1,3</sup> | 580853 |
| 350448 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.172% (3-Month Term SOFR+450 basis points), 9/29/2028<sup>1,3</sup> | 350450 |
|  | More Cowbell II LLC |  |
| 138159 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 9/3/2029<sup>3,9</sup> | (39) |
| 70752 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 0.500%, 9/2/2030<sup>3,9</sup> | 511 |
| 1018824 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.988% (12-Month Term SOFR+450 basis points), 9/2/2030<sup>1,3</sup> | 1018544 |
| 2000000 | Osaic Holdings, Inc.<br> First Lien Term Loan, 6.727% (1-Month Term SOFR+300 basis points), 8/2/2032<sup>1,5</sup> | 2010680 |
| 1500000 | Stonepeak Nile Parent LLC<br> First Lien Term Loan, 6.000% (1-Month Term SOFR+225 basis points), 4/9/2032<sup>1,5</sup> | 1501875 |
|  |  | **13961254** |
|  | **FOOD PRODUCTS — 1.5%** |  |
| 1000000 | Boots Group Finco LP<br> First Lien Term Loan, 7.206% (1-Month Term SOFR+350 basis points), 8/30/2032<sup>1,5</sup> | 1006665 |
| 1505907 | Clydesdale Acquisition Holdings, Inc.<br> First Lien Term Loan, 7.091% (1-Month Term SOFR+375 basis points), 4/13/2029<sup>1,5</sup> | 1508859 |
| 5417143 | Ozark Holdings LLC<br> First Lien Term Loan, 9.686% (3-Month Term SOFR+575 basis points), 8/5/2030<sup>1,3</sup> | 5356081 |
| 6892312 | Rushmore Investment III LLC<br> First Lien Term Loan, 8.865% (3-Month Term SOFR+500 basis points), 10/18/2030<sup>1,3</sup> | 6854307 |
|  |  | **14725912** |
|  | **GAS UTILITIES — 2.0%** |  |
| 10000000 | Alliance Energy Services, LLC<br> First Lien Term Loan, 11.590% (3-Month Term SOFR+775 basis points), 8/11/2028<sup>1,3</sup> | 9842356 |
| 8500000 | EnergyCo II, S.A.<br> First Lien Term Loan, 7.374% (6-Month Term EURIBOR+525 basis points), 5/20/2032<sup>1,2,3</sup> | 9883755 |
|  |  | **19726111** |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **GROUND TRANSPORTATION — 0.1%** |  |
|  | ITI Intermodal Services, LLC |  |
| $31959 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 10.022% (3-Month Term SOFR+610 basis points), 12/21/2027<sup>1,3,8</sup> | $31533 |
| 456383 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.272% (3-Month Term SOFR+635 basis points), 12/21/2027<sup>1,3,8</sup> | 452307 |
| 241033 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 10.272% (3-Month Term SOFR+635 basis points), 12/21/2027<sup>1,3,8</sup> | 238881 |
|  |  | **722721** |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES — 3.6%** |  |
| 1492500 | 1261229 BC Ltd.<br> First Lien Term Loan, 10.416% (1-Month Term SOFR+625 basis points), 10/8/2030<sup>1,5</sup> | 1461538 |
| 3486241 | Bausch + Lomb Corp.<br> First Lien Term Loan, 8.166% (1-Month Term SOFR+425 basis points), 1/15/2031<sup>1,5</sup> | 3527204 |
| 1721527 | Embecta Corp.<br> First Lien Term Loan, 6.722% (1-Month Term SOFR+300 basis points), 4/2/2029<sup>1,5</sup> | 1726976 |
|  | Medical Device, Inc. |  |
| 801314 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.022% (3-Month Term SOFR+535 basis points), 7/11/2029<sup>1,3</sup> | 795315 |
| 40404 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 10.922% (3-Month Term SOFR+725 basis points), 7/11/2029<sup>1,3</sup> | 40101 |
| 121212 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 11.131% (3-Month Term SOFR+746 basis points), 7/11/2029<sup>1,3,12</sup> | 19376 |
|  | National Resilience, LLC |  |
| 2905768 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 0.500%, 11/21/2030<sup>3,9</sup> | (69739) |
| 3051057 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 12.119% (3-Month Term SOFR+825 basis points), 11/21/2030<sup>1,3</sup> | 2929014 |
|  | Norvax LLC |  |
| 7973644 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 15.500% (1-Month Term SOFR+450 basis points), PIK Rate 15.500%, 11/5/2029<sup>1,3,11</sup> | 7597397 |
| 639512 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.238% (1-Month Term SOFR+550 basis points), 8/6/2030<sup>1,3,11</sup> | 667201 |
| 1001504 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.485% (3-Month Term SOFR+550 basis points), 8/6/2030<sup>1,3,12</sup> | 456540 |
| 150828 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.485% (3-Month Term SOFR+550 basis points), 8/6/2030<sup>1,3</sup> | 157359 |
|  | Par Excellence Holdings, Inc. |  |
| 937500 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 9/3/2030<sup>3,9</sup> | (12326) |
| 4962500 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.739% (3-Month Term SOFR+500 basis points), 9/3/2030<sup>1,3</sup> | 4897367 |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **HEALTH CARE EQUIPMENT & SUPPLIES (Continued)** |  |
| $4021875 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.773% (3-Month Term SOFR+500 basis points), 9/3/2030<sup>1,3</sup> | $3969082 |
| 712922 | Peloton Interactive, Inc.<br> First Lien Term Loan, 9.292% (1-Month Term SOFR+600 basis points), 5/30/2029<sup>1,5</sup> | 720051 |
| 1606720 | TecoStar Holdings, Inc.<br> First Lien Term Loan, 11.927% (3-Month Term SOFR+800 basis points), 7/6/2029<sup>1,3</sup> | 1612217 |
| 5073422 | VB Spine, LLC<br> First Lien Term Loan, 8.672% (3-Month Term SOFR+850 basis points), PIK Rate 4.000%, 4/1/2030<sup>1,3,11</sup> | 4985752 |
|  |  | **35480425** |
|  | **HEALTH CARE PROVIDERS & SERVICES — 4.5%** |  |
|  | CRH Healthcare Purchaser, Inc. |  |
| 1206896 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 9/17/2031<sup>3,9</sup> | (12460) |
| 3017241 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 9/17/2031<sup>3,9</sup> | (15287) |
| 13242672 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.922% (3-Month Term SOFR+525 basis points), 9/17/2031<sup>1,3</sup> | 13109685 |
|  | Envision Management Holding, Inc. |  |
| 9961165 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.471% (3-Month Term SOFR+550 basis points), 12/31/2030<sup>1,3</sup> | 9811748 |
| 2038835 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.472% (1-Month Term SOFR+650 basis points), 12/31/2030<sup>1,3,12</sup> | 1549643 |
| 1184173 | JDC Healthcare Management, LLC<br> First Lien Term Loan, 15.234% (1-Month Term SOFR +1,150 basis points), PIK Rate 7.840%, 9/29/2028<sup>1,3,8,11</sup> | 1152250 |
|  | RCP Nats Purchaser, LLC |  |
| 1205511 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 0.000%, 3/19/2032<sup>3,9</sup> | (11191) |
| 843858 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 3/19/2032<sup>3,9</sup> | (12194) |
| 6012486 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.695% (3-Month Term SOFR+500 basis points), 3/19/2032<sup>1,3</sup> | 5926747 |
| 2332060 | Space Intermediate III, Inc.<br> Unitranche Term Loan, 10.008% (3-Month Term SOFR +325 basis points), PIK Rate 3.000%, 11/8/2029<sup>1,3,11</sup> | 2309380 |
| 1235556 | Star Parent, Inc.<br> First Lien Term Loan, 6.922% (3-Month Term SOFR+400 basis points), 9/30/2030<sup>1,5</sup> | 1238470 |
|  | Surgical Center Solutions, LLC |  |
| 2487562 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 3/25/2031<sup>3,8,9</sup> | 10594 |
| 1243781 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 8.466% (3-Month Term SOFR+500 basis points), 3/25/2031<sup>1,3,8,12</sup> | 72558 |
| 8206642 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.466% (3-Month Term SOFR+500 basis points), 3/25/2031<sup>1,3,8</sup> | 8190535 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **HEALTH CARE PROVIDERS & SERVICES (Continued)** |  |
| $995000 | Team Health Holdings, Inc.<br> First Lien Term Loan, 8.172% (1-Month Term SOFR+450 basis points), 6/30/2028<sup>1,5</sup> | $999580 |
|  |  | **44320058** |
|  | **HEALTH CARE TECHNOLOGY — 3.3%** |  |
|  | Badge 21 Midco Holdings LLC |  |
| 2125000 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 6/30/2032<sup>3,9</sup> | 4772 |
| 1344335 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 8.422% (3-Month Term SOFR+500 basis points), 6/30/2032<sup>1,3,12</sup> | 74846 |
| 11530665 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.422% (3-Month Term SOFR+500 basis points), 6/30/2032<sup>1,3</sup> | 11471777 |
|  | EPFS Buyer, Inc. |  |
| 1327434 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 7/31/2031<sup>3,9</sup> | (13016) |
| 1991150 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 7/31/2031<sup>3,9</sup> | (9512) |
| 11681416 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.172% (3-Month Term SOFR+450 basis points), 7/31/2031<sup>1,3</sup> | 11567206 |
| 5163328 | Honor Technology, Inc.<br> First Lien Term Loan, 9.490% (3-Month Term SOFR +550 basis points), PIK Rate 2.50%, 5/30/2029<sup>1,3,11</sup> | 5182640 |
| 1955000 | PracticeTek Purchaser, LLC<br> First Lien Term Loan, 9.466% (3-Month Term SOFR+575 basis points), 8/30/2029<sup>1,3</sup> | 1955085 |
| 2456250 | Ruby Buyer, LLC<br> First Lien Term Loan, 10.105% (3-Month Term SOFR+625 basis points), 12/21/2029<sup>1,3</sup> | 2447175 |
|  |  | **32680973** |
|  | **HOTEL & RESORT REITS — 0.5%** |  |
|  | Scottsdale Plaza Resort & Villas |  |
| 300718 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 12.695% (1-Month Term SOFR+896 basis points), 4/9/2027<sup>1,3,8</sup> | 298620 |
| 4600838 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 12.737% (1-Month Term SOFR+897 basis points), 4/9/2027<sup>1,3,8,12</sup> | 4507221 |
| 98444 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 12.742% (1-Month Term SOFR+896 basis points), 4/9/2027<sup>1,3,8</sup> | 97693 |
|  |  | **4903534** |
|  | **HOTELS, RESTAURANTS & LEISURE — 0.2%** |  |
| 204146 | Caesars Entertainment, Inc.<br> First Lien Term Loan, 5.966% (3-Month Term SOFR+225 basis points), 2/6/2030<sup>1,5</sup> | 203073 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **HOTELS, RESTAURANTS & LEISURE (Continued)** |  |
| $984055 | Fertitta Entertainment, Inc.<br> First Lien Term Loan, 7.123% (1-Month Term SOFR+375 basis points), 1/29/2029<sup>1,5</sup> | $984963 |
| 997500 | Voyager Parent LLC<br> First Lien Term Loan, 8.422% (1-Month Term SOFR+475 basis points), 7/1/2032<sup>1,5</sup> | 999465 |
|  |  | **2187501** |
|  | **HOUSEHOLD DURABLES — 1.0%** |  |
| 1990000 | Chariot Buyer LLC<br> First Lien Term Loan, 6.666% (1-Month Term SOFR+300 basis points), 9/8/2032<sup>1,5</sup> | 1996428 |
|  | IB Appliances US Holdings, LLC |  |
| 666667 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 10.750% (1-Month Term SOFR+700 basis points), 1/7/2030<sup>1,3</sup> | 650608 |
| 5200000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.761% (1-Month Term SOFR+700 basis points), 1/7/2030<sup>1,3</sup> | 5074738 |
| 2000000 | Weber-Stephen Products LLC<br> First Lien Term Loan, 7.411% (1-Month Term SOFR+375 basis points), 10/1/2032<sup>1,5</sup> | 2005500 |
|  |  | **9727274** |
|  | **HOUSEHOLD PRODUCTS — 0.8%** |  |
| 7481250 | Vivos Holdings, LLC<br> First Lien Term Loan, 9.736% (3-Month Term SOFR+600 basis points), 8/13/2030<sup>1,3</sup> | **7411556** |
|  | **INSURANCE — 4.6%** |  |
| 4845620 | Accuserve Solutions, Inc.<br> Unitranche Term Loan, 9.093% (3-Month Term SOFR+525 basis points), 3/15/2030<sup>1,3</sup> | 4760254 |
|  | Acrisure LLC |  |
| 1483766 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 6.873% (1-Month Term SOFR+300 basis points), 11/6/2030<sup>1,5</sup> | 1484463 |
| 995000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.166% (1-Month Term SOFR+325 basis points), 6/21/2032<sup>1,5</sup> | 997488 |
| 988775 | Alliant Holdings Intermediate LLC<br> First Lien Term Loan, 6.373% (1-Month Term SOFR+250 basis points), 9/19/2031<sup>1,5</sup> | 992122 |
| 1482983 | Amynta Agency Borrower, Inc.<br> First Lien Term Loan, 6.666% (1-Month Term SOFR+275 basis points), 12/29/2031<sup>1,5</sup> | 1488079 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **INSURANCE (Continued)** |  |
| $2992481 | Asurion LLC<br> First Lien Term Loan, 8.166% (1-Month Term SOFR+425 basis points), 9/19/2030<sup>1,5</sup> | $2995055 |
| 1990000 | Baldwin Insurance Group Holdings LLC<br> First Lien Term Loan, 6.250% (1-Month Term SOFR+250 basis points), 5/27/2031<sup>1,5</sup> | 1989970 |
|  | Bishop Street Underwriters LLC |  |
| 8955000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.161% (3-Month Term SOFR+550 basis points), 7/31/2031<sup>1,3</sup> | 8909188 |
| 3645409 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.161% (3-Month Term SOFR+550 basis points), 7/31/2031<sup>1,3</sup> | 3626760 |
| 2339591 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.227% (1-Month Term SOFR+550 basis points), 7/31/2031<sup>1,3</sup> | 2327622 |
| 1482703 | Broadstreet Partners Group LLC<br> First Lien Term Loan, 6.666% (1-Month Term SOFR+275 basis points), 6/16/2031<sup>1,5</sup> | 1489308 |
| 841570 | HUB International Ltd.<br> First Lien Term Loan, 6.370% (3-Month Term SOFR+225 basis points), 6/20/2030<sup>1,5</sup> | 846885 |
| 7920000 | Shelf Bidco Ltd.<br> First Lien Term Loan, 8.672% (3-Month Term SOFR+500 basis points), 8/21/2031<sup>1,3,8</sup> | 7999287 |
| 5102183 | Tennessee Bidco Limited<br> First Lien Term Loan, 9.397% (6-Month Term SOFR +525 basis points), PIK Rate 1.750%, 6/10/2031<sup>1,3,11</sup> | 5024033 |
|  |  | **44930514** |
|  | **INTERACTIVE MEDIA & SERVICES — 0.1%** |  |
|  | Revelstoke Bidco Limited |  |
| 374052 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 2.188%, 11/29/2030<sup>3,8,9</sup> | 7404 |
| 625948 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.922% (3-Month Term SOFR+625 basis points), 11/29/2030<sup>1,3,8</sup> | 628949 |
|  |  | **636353** |
|  | **IT SERVICES — 3.2%** |  |
| 12500000 | Argano, LLC<br> First Lien Delay Draw, 1.000%, 9/13/2029<sup>3,9</sup> | (31250) |
| 1000000 | Camelot U.S. Acquisition LLC<br> First Lien Term Loan, 6.623% (1-Month Term SOFR+275 basis points), 1/31/2031<sup>1,5</sup> | 988605 |
|  | Crimson Phoenix Solutions, LLC |  |
| 2340040 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.997% (3-Month Term SOFR+626 basis points), 12/6/2029<sup>1,3</sup> | 2305028 |

---

**Calamos Aksia Alternative Credit and Income Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **IT SERVICES (Continued)** |  |
| $7559960 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.997% (3-Month Term SOFR+626 basis points), 12/6/2029<sup>1,3</sup> | $7477458 |
|  | Guava Buyer LLC |  |
| 1433121 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.343% (3-Month Term SOFR+550 basis points), 8/12/2030<sup>1,3,12</sup> | 469595 |
| 12103424 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.250% (3-Month Term SOFR+550 basis points), 8/12/2032<sup>1,3</sup> | 11874108 |
| 1429968 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.364% (3-Month Term SOFR+550 basis points), 8/12/2032<sup>1,3,12</sup> | 608315 |
| 2000000 | Level 3 Financing, Inc.<br> First Lien Term Loan, 7.123% (1-Month Term SOFR+325 basis points), 3/29/2032<sup>1,5</sup> | 2008250 |
| 987354 | Lumen Technologies, Inc.<br> First Lien Term Loan, 6.381% (1-Month Term SOFR+235 basis points), 4/16/2029<sup>1</sup> | 983592 |
|  | Salute Mission Critical LLC |  |
| 135364 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 11/30/2029<sup>3,9</sup> | (1240) |
| 843152 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.873% (1-Month Term SOFR+500 basis points), 11/30/2029<sup>1,3</sup> | 835429 |
|  | Titan Group NL B.V. |  |
| 92857 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.748% (3-Month Term EURIBOR+575 basis points), 11/24/2031<sup>1,2,3</sup> | 104754 |
| 2407143 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.769% (3-Month Term EURIBOR+575 basis points), 11/24/2031<sup>1,2,3,12</sup> | 2175194 |
| 1012866 | Xebia Group Holding B.V.<br> First Lien Term Loan, 10.519% (3-Month Term EURIBOR+850 basis points), 7/30/2027<sup>1,2,3</sup> | 1174230 |
|  |  | **30972068** |
|  | **LIFE SCIENCES TOOLS & SERVICES — 0.1%** |  |
| 977279 | Life Science Intermediate Holdings, LLC<br> First Lien Delay Draw, 10.016% (1-Month Term SOFR+610 basis points), 6/10/2027<sup>1,3</sup> | **969585** |
|  | **MEDIA — 3.6%** |  |
| 13237500 | Amplify Buyer, Inc.<br> First Lien Term Loan, 8.422% (3-Month Term SOFR+475 basis points), 9/17/2032<sup>1,3</sup> | 13170028 |
|  | Best Version Media Acquisition, LLC |  |
| 714286 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 12/31/2030<sup>3,9</sup> | (4000) |
| 10525000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.966% (3-Month Term SOFR+525 basis points), 12/31/2030<sup>1,3</sup> | 10467867 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **MEDIA (Continued)** |  |
| $1750000 | Clear Channel Outdoor Americas, Inc.<br> First Lien Term Loan, 7.916% (1-Month Term SOFR+400 basis points), 8/23/2028<sup>1,5</sup> | $1756878 |
|  | Comet Bidco Limited |  |
| 671836 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 1.500%, 11/13/2032<sup>2,3,8,9</sup> | 11692 |
| 1642266 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.988% (3-Month SONIA Swap+500 basis points), 11/13/2032<sup>1,2,3,8</sup> | 2191458 |
| 3276812 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.822% (3-Month Term SOFR+500 basis points), 11/15/2032<sup>1,3,8</sup> | 3244045 |
| 55333 | DIRECT TV Inc.<br> First Lien Term Loan, 9.102% (3-Month Term SOFR+500 basis points), 8/2/2027<sup>1,5</sup> | 55506 |
| 901098 | Directv Financing LLC<br> First Lien Term Loan, 9.352% (3-Month Term SOFR+525 basis points), 8/2/2029<sup>1,5</sup> | 905497 |
| 10025 | Gray Television, Inc.<br> First Lien Term Loan, 8.949% (1-Month Term SOFR+525 basis points), 6/4/2029<sup>1,5</sup> | 10040 |
| 496250 | Sinclair Television Group, Inc.<br> First Lien Term Loan, 7.331% (1-Month Term SOFR+330 basis points), 12/31/2029<sup>1</sup> | 455682 |
| 3000000 | Versant Media Group, Inc.<br> First Lien Term Loan, 6.298% (1-Month Term SOFR+350 basis points), 10/23/2031<sup>1,5</sup> | 3004695 |
|  |  | **35269388** |
|  | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.6%** |  |
|  | Blackstone Mortgage Trust, Inc. |  |
| 663650 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 6.916% (1-Month Term SOFR+300 basis points), 12/10/2030<sup>1,5</sup> | 666971 |
| 2000000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 6.298% (1-Month Term SOFR+250 basis points), 12/20/2032<sup>1,5</sup> | 2003750 |
| 3000000 | Ready Term Holdings, LLC<br> First Lien Delay Draw, 9.427% (3-Month Term SOFR+550 basis points), 4/12/2029<sup>1,3</sup> | 2971512 |
|  |  | **5642233** |
|  | **OIL, GAS & CONSUMABLE FUELS — 5.4%** |  |
| 2000000 | Blackfin Pipeline LLC<br> First Lien Term Loan, 6.938% (1-Month Term SOFR+300 basis points), 9/29/2032<sup>1,5</sup> | 2006250 |
| 14004809 | Drubit LLC<br> First Lien Term Loan, 9.416% (1-Month Term SOFR+550 basis points), 1/31/2031<sup>1,3</sup> | 13757290 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **OIL, GAS & CONSUMABLE FUELS (Continued)** |  |
| $11970000 | Offen Inc.<br> First Lien Term Loan, 8.792% (3-Month Term SOFR+500 basis points), 7/22/2030<sup>1,3,8</sup> | $11855615 |
| 1726688 | Par Pacific Holdings, Inc.<br> First Lien Term Loan, 7.687% (3-Month Term SOFR+375 basis points), 2/28/2030<sup>1,5</sup> | 1763465 |
| 9250000 | Perdido Energy Holdings, LLC<br> First Lien Term Loan, 10.422% (3-Month Term SOFR+675 basis points), 11/10/2028<sup>1,3,8</sup> | 9082545 |
| 5165188 | Salamanca Infrastructure LLC<br> First Lien Delay Draw, 8.922% (3-Month Term SOFR +525 basis points), PIK Rate 4.626%, 12/31/2030<sup>1,3,11</sup> | 5303870 |
| 8974359 | Tres Energy LLC<br> First Lien Term Loan, 10.172% (3-Month Term SOFR+650 basis points), 11/2/2029<sup>1,3,8</sup> | 8849074 |
|  |  | **52618109** |
|  | **PASSENGER AIRLINES — 0.3%** |  |
| 393000 | Air Canada<br> First Lien Term Loan, 5.727% (3-Month Term SOFR+200 basis points), 3/21/2031<sup>1,5</sup> | 396071 |
| 2012893 | American Airlines<br> First Lien Term Loan, 6.945% (3-Month Term SOFR+325 basis points), 5/28/2032<sup>1,5</sup> | 2025483 |
| 412255 | United Airlines, Inc.<br> First Lien Term Loan, 5.879% (3-Month Term SOFR+200 basis points), 2/24/2031<sup>1,5</sup> | 414705 |
|  |  | **2836259** |
|  | **PERSONAL CARE PRODUCTS — 1.3%** |  |
| 997500 | Opal U.S. LLC<br> First Lien Term Loan, 7.122% (6-Month Term SOFR+300 basis points), 4/23/2032<sup>1,5</sup> | 1005000 |
|  | Silk Holdings III LLC |  |
| 11718750 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.187% (1-Month Term SOFR+450 basis points), 12/3/2032<sup>1,3</sup> | 11660156 |
| 781250 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 7.343% (1-Month Term SOFR+450 basis points), 12/3/2032<sup>1,3,12</sup> | 386721 |
|  |  | **13051877** |
|  | **PHARMACEUTICALS — 0.2%** |  |
| 2050361 | Amneal Pharmaceuticals LLC<br> First Lien Term Loan, 7.227% (1-Month Term SOFR+350 basis points), 8/2/2032<sup>1,5</sup> | 2070865 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **PHARMACEUTICALS (Continued)** |  |
| $279901 | Jazz Pharmaceuticals plc<br> First Lien Term Loan, 6.166% (1-Month Term SOFR+225 basis points), 5/5/2028<sup>1</sup> | $281436 |
|  |  | **2352301** |
|  | **PROFESSIONAL SERVICES — 7.3%** |  |
|  | Accordion Partners LLC |  |
| 930197 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.375%, 11/17/2031<sup>3,9</sup> | (4651) |
| 5450870 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.672% (3-Month Term SOFR+500 basis points), 11/17/2031<sup>1,3</sup> | 5423615 |
| 766956 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.705% (3-Month Term SOFR+500 basis points), 11/17/2031<sup>1,3</sup> | 763122 |
| 2628204 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.706% (3-Month Term SOFR+500 basis points), 11/17/2031<sup>1,3</sup> | 2615063 |
| 2010952 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.738% (3-Month Term SOFR+525 basis points), 11/17/2031<sup>1,3,12</sup> | 55477 |
| 85217 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.853% (3-Month Term SOFR+500 basis points), 11/17/2031<sup>1,3</sup> | 84791 |
|  | Blue Bidco Limited |  |
| 667863 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.263% (3-Month Term SONIA+500 basis points), 11/21/2031<sup>1,3,8,12</sup> | 539922 |
| 903694 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.165% (3-Month Term EURIBOR+500 basis points), 5/21/2032<sup>1,2,3,8</sup> | 1055321 |
| 265824 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.729% (3-Month Term SOFR+500 basis points), 5/21/2032<sup>1,3,8</sup> | 264096 |
| 1369123 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.211% (3-Month Term SONIA+500 basis points), 5/21/2032<sup>1,2,3,8</sup> | 1833427 |
|  | Chronicle Parent LLC |  |
| 740741 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 4/15/2031<sup>3,9</sup> | (2265) |
| 2192593 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.870% (3-Month Term SOFR+500 basis points), 4/15/2031<sup>1,3</sup> | 201120 |
| 7031481 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.927% (3-Month Term SOFR+500 basis points), 4/15/2031<sup>1,3</sup> | 7010110 |
|  | Corsair Blade IV (Luxembourg) S.A.R.L. |  |
| 329345 | Unitranche Term Loan, 8.018% (3-Month Term EURIBOR +600 basis points), PIK Rate 2.500%, 12/23/2030<sup>1,2,3,11</sup> | 385942 |
| 387362 | Unitranche Revolver, 8.038% (3-Month Term EURIBOR +600 basis points), PIK Rate 2.50%, 12/23/2030<sup>1,2,3,11</sup> | 520686 |
| 706220 | Unitranche Revolver, 9.719% (3-Month Term EURIBOR +600 basis points), PIK Rate 2.50%, 12/23/2030<sup>1,2,3,11</sup> | 949290 |
| 2272343 | Unitranche Delay Draw, 9.725% (1-Month Term SONIA +600 basis points), PIK Rate 2.50%, 12/23/2030<sup>1,2,3,11</sup> | 3054446 |
| 472257 | Unitranche Revolver, 9.969% (1-Month Term SONIA +600 basis points), PIK Rate 2.50%, 12/23/2030<sup>1,2,3,11</sup> | 634800 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **PROFESSIONAL SERVICES (Continued)** |  |
|  | Denali Intermediate Holdings, Inc. |  |
| $4241724 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.227% (3-Month Term SOFR+550 basis points), 8/26/2032<sup>1,3</sup> | $4200432 |
| 424172 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 9.231% (1-Month Term SOFR+550 basis points), 8/26/2032<sup>1,3,12</sup> | 101905 |
|  | Ers Holdings LLC |  |
| 768808 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.250% (1-Month Term SOFR+550 basis points), 5/3/2027<sup>1,3,8,12</sup> | 168810 |
| 1227692 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.284% (1-Month Term SOFR+550 basis points), 5/3/2027<sup>1,3,8</sup> | 1227712 |
| 3920000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.666% (1-Month Term SOFR+575 basis points), 5/3/2027<sup>1,3,8</sup> | 3920070 |
| 6953193 | FF4 Funding 2025 LLC<br> First Lien Term Loan, 11.500%, PIK Rate 5.750%, 3/31/2028<sup>3,8,11</sup> | 6953193 |
|  | Gerson Lehrman Group, Inc. |  |
| 144541 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 12/13/2027<sup>3,9</sup> | 314 |
| 2848320 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.151% (3-Month Term SOFR+515 basis points), 12/13/2027<sup>1,3</sup> | 2840287 |
|  | PLTFRM Companies, LLC |  |
| 1403509 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 2/11/2030<sup>3,8,9</sup> | (2222) |
| 1377193 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.172% (3-Month Term SOFR+750 basis points), 2/11/2030<sup>1,3,8</sup> | 1361678 |
| 4682456 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.186% (3-Month Term SOFR+750 basis points), 2/11/2030<sup>1,3,8</sup> | 4629706 |
| 308772 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 11.373% (3-Month Term SOFR+750 basis points), 2/11/2030<sup>1,3,8,12</sup> | 249148 |
| 112281 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 11.416% (1-Month Term SOFR+750 basis points), 2/11/2030<sup>1,3,8</sup> | 111014 |
|  | Riptide Parent LLC |  |
| 408163 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 8/2/2030<sup>3,9</sup> | (1851) |
| 4534439 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.011% (1-Month Term SOFR+525 basis points), 8/2/2030<sup>1,3</sup> | 4513908 |
| 726678 | Royal Holdco Corporation<br> First Lien Term Loan, 8.238% (3-Month Term SOFR+450 basis points), 12/30/2030<sup>1,3,8</sup> | 726719 |
| 11880031 | Vensure Employer Services<br> First Lien Term Loan, 9.001% (3-Month Term SOFR+500 basis points), 9/26/2031<sup>1,3,8</sup> | 11889138 |
|  | Zorro Midco 2 Limited |  |
| 3090823 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.019% (3-Month Term EURIBOR+500 basis points), 6/13/2031<sup>1,2,3,8</sup> | 334945 |
| 1636364 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.973% (3-Month Term SONIA+500 basis points), 6/13/2031<sup>1,2,3,8</sup> | 2200536 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **PROFESSIONAL SERVICES (Continued)** |  |
| 226917 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.973% (3-Month Term SONIA+500 basis points), 6/13/2031<sup>1,2,3,8,12</sup> | $50975 |
| 136719 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.006% (3-Month Term SONIA+500 basis points), 6/13/2031<sup>1,2,3,8</sup> | 183856 |
| 225432 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.725% (1-Month Term SONIA+500 basis points), 6/14/2031<sup>1,2,3,8</sup> | 303155 |
|  |  | **71347740** |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 7.6%** |  |
| 10000000 | Fontainebleau Miami Mezz Borrower, LLC<br> First Lien Delay Draw, 10.738% (3-Month Term SOFR+700 basis points), 12/9/2026<sup>1,3,8,12</sup> | 9331119 |
| 10000000 | G4 18222, LLC & G4 18223, LLC<br> First Lien Term Loan, 11.472% (1-Month Term SOFR+768 basis points), 12/1/2027<sup>1,3,8</sup> | 10059479 |
| 3000000 | G4 18259 LLC<br> First Lien Term Loan, 9.700% (1-Month Term SOFR+600 basis points), 5/1/2026<sup>1,3</sup> | 3001190 |
| 6000000 | Henderson Park Real Estate Fund I<br> First Lien Term Loan, 8.960% (1-Month Term SOFR+525 basis points), 6/1/2026<sup>1,3,8</sup> | 6000160 |
| 10117005 | Knight's Key Mezz, LLC<br> First Lien Term Loan, 15.500%, PIK Rate 7.500%, 8/9/2028<sup>3,8,11</sup> | 10117005 |
| 1750000 | Locust Point Private Credit Fund III, L.P.<br> First Lien Delay Draw, 15.000%, 3/3/2028<sup>3,8,12</sup> | 1482394 |
| 11015337 | MDR Hotels, LLC<br> First Lien Delay Draw, 10.400% (1-Month Term SOFR+640 basis points), 11/12/2027<sup>1,3,8</sup> | 11015337 |
| 1500000 | Omdus Holding B.V.<br> Unitranche Term Loan, 7.569% (3-Month Term EURIBOR+555 basis points), 6/27/2029<sup>1,2,3</sup> | 1752507 |
| 15000000 | Sky 65 Franklin LLC<br> First Lien Term Loan, 10.853% (3-Month Term SOFR+698 basis points), 9/9/2028<sup>1,3,8</sup> | 14947423 |
| 7766985 | WMG Bryan Dairy Owner, LLC<br> First Lien Delay Draw, 14.520% (3-Month Term SOFR +1,000 basis points), PIK Rate 6.000%, 3/19/2029<sup>1,3,8,11,12</sup> | 6702179 |
|  |  | **74408793** |
|  | **SOFTWARE — 11.8%** |  |
|  | Arcmont Asset Management - Software |  |
| 1639344 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 7.518% (3-Month Term EURIBOR+550 basis points), 9/11/2031<sup>1,2,3,8,12</sup> | 249297 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **SOFTWARE (Continued)** |  |
| 3360656 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 7.519% (3-Month Term EURIBOR+550 basis points), 9/11/2031<sup>1,2,3,8</sup> | $3851119 |
|  | Arrow Buyer, Inc. |  |
| $796250 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.672% (3-Month Term SOFR+500 basis points), 6/30/2030<sup>1,3</sup> | 785074 |
| 102723 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.672% (3-Month Term SOFR+500 basis points), 6/30/2030<sup>1,3</sup> | 101281 |
| 1089160 | BMC Software, Inc.<br> First Lien Term Loan, 7.280% (3-Month Term SOFR+300 basis points), 7/30/2031<sup>1,5</sup> | 1087605 |
| 4610959 | BNP Associates Buyer, Inc.<br> First Lien Term Loan, 9.172% (3-Month Term SOFR+550 basis points), 8/19/2030<sup>1,3</sup> | 4673780 |
| 1000000 | Cardinal Parent, Inc.<br> First Lien Term Loan, 12.250%, 1/25/2027<sup>3</sup> | 1000000 |
|  | Delight Bidco SAS |  |
| 1563158 | Unitranche Term Loan, 7.519% (3-Month Term EURIBOR+550 basis points), 1/23/2031<sup>1,2,3,8</sup> | 1807019 |
| 1136842 | Unitranche Delay Draw, 7.569% (3-Month Term EURIBOR+550 basis points), 1/23/2031<sup>1,2,3,8,12</sup> | 472648 |
| 5917500 | Evergreen IX Borrower 2023, LLC<br> Unitranche Term Loan, 8.422% (3-Month Term SOFR+475 basis points), 9/30/2030<sup>1,3</sup> | 5917649 |
| 546867 | Finastra USA, Inc.<br> First Lien Term Loan, 10.973% (6-Month Term SOFR+725 basis points), 9/13/2029<sup>1,3</sup> | 551609 |
|  | Fullsteam Operations LLC |  |
| 1153846 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 8/8/2031<sup>3,9</sup> | (11538) |
| 3461538 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 8/8/2031<sup>3,9</sup> | (17308) |
| 10384615 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.115% (3-Month Term SOFR+525 basis points), 8/8/2031<sup>1,3</sup> | 10280769 |
| 2945297 | GS Acquisitionco, Inc.<br> First Lien Term Loan, 8.922% (3-Month Term SOFR+525 basis points), 5/25/2028<sup>1,3</sup> | 2945297 |
|  | HSI Halo Acquisition, Inc. |  |
| 550459 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 6/28/2030<sup>3,9</sup> |  |
| 681537 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.672% (3-Month Term SOFR+500 basis points), 6/30/2031<sup>1,3,12</sup> | 271886 |
| 142046 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.840% (3-Month Term SOFR+500 basis points), 6/30/2031<sup>1,3</sup> | 142281 |
| 4577615 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.841% (3-Month Term SOFR+500 basis points), 6/30/2031<sup>1,3</sup> | 4585201 |
|  | Maverick Bidco, Inc. |  |
| 458716 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 11/21/2031<sup>3,9</sup> | (2294) |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **SOFTWARE (Continued)** |  |
| $573394 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 1.000%, 11/21/2031<sup>3,9</sup> | $(1433) |
| 11467890 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.538% (3-Month Term SOFR+475 basis points), 11/21/2031<sup>1,3</sup> | 11410550 |
| 12500000 | Maverick Power, LLC<br> First Lien Term Loan, 8.889% (3-Month Term SOFR+500 basis points), 5/5/2031<sup>1,3</sup> | 12281250 |
| 975000 | NF HoldCo LLC<br> First Lien Term Loan, 10.172% (3-Month Term SOFR+650 basis points), 4/2/2029<sup>1,3,8</sup> | 968969 |
| 731297 | OSP Hamilton Purchaser, LLC<br> First Lien Term Loan, 9.042% (3-Month Term SOFR+525 basis points), 12/28/2029<sup>1,3,8</sup> | 729965 |
| 701831 | Proactis Holdings Limited<br> First Lien Term Loan, 13.465% (1-Month Term SONIA +974 basis points), PIK Rate 3.990%, 8/16/2029<sup>1,2,3,8,11</sup> | 932182 |
| 2980037 | Rocket Software, Inc.<br> First Lien Term Loan, 8.090% (1-Month Term SOFR+375 basis points), 11/28/2028<sup>1,5</sup> | 2983111 |
| 1000000 | Serrano Parent, LLC<br> First Lien Term Loan, 10.353% (6-Month Term SOFR+650 basis points), 5/13/2030<sup>1,3</sup> | 1004467 |
| 10500000 | Solen Software Group, Inc.<br> First Lien Term Loan, 12.216% (3-Month Term SOFR+850 basis points), 6/28/2030<sup>1,3</sup> | 10388952 |
|  | Syndigo LLC |  |
| 1481043 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 9/2/2032<sup>3,9</sup> | (14823) |
| 11018957 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.822% (3-Month Term SOFR+500 basis points), 9/2/2032<sup>1,3</sup> | 10908108 |
|  | Togetherwork Holdings, LLC |  |
| 1141143 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.716% (1-Month Term SOFR+500 basis points), 5/19/2031<sup>1,3,12</sup> | 164370 |
| 6771429 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.916% (1-Month Term SOFR+500 basis points), 5/19/2031<sup>1,3</sup> | 6696530 |
| 1536634 | UKG, Inc.<br> First Lien Term Loan, 6.338% (1-Month Term SOFR+250 basis points), 2/10/2031<sup>1,5</sup> | 1540022 |
|  | Upland Software, Inc. |  |
| 1666667 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.000%, 7/25/2031<sup>3,9</sup> | (17298) |
| 13250000 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.672% (3-Month Term SOFR+600 basis points), 7/25/2031<sup>1,3</sup> | 13113456 |
| 942321 | Vital Buyer, LLC<br> First Lien Term Loan, 8.273% (3-Month Term SOFR+450 basis points), 6/1/2028<sup>1,3,8</sup> | 936250 |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **SOFTWARE (Continued)** |  |
| $2963452 | Zoro Merger Sub, Inc.<br> First Lien Term Loan, 8.689% (3-Month Term SOFR+500 basis points), 11/22/2028<sup>1,3,8</sup> | $2963464 |
|  |  | **115679467** |
|  | **SPECIALTY RETAIL — 1.8%** |  |
| 2000000 | Beach Acquisition Bidco LLC<br> First Lien Term Loan, 7.090% (1-Month Term SOFR+325 basis points), 9/13/2032<sup>1,5</sup> | 2018760 |
|  | Bestop, Inc. |  |
| 2156067 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 9.172% (3-Month Term SOFR+550 basis points), 3/29/2029<sup>1,3</sup> | 2116589 |
| 305224 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 9.172% (3-Month Term SOFR+550 basis points), 3/29/2029<sup>1,3,12</sup> | 55205 |
|  | LHS Borrower, LLC |  |
| 13449375 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.966% (3-Month Term SOFR+525 basis points), 9/4/2031<sup>1,3</sup> | 13252159 |
| 1000000 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 11.000% (1-Month Term SOFR+525 basis points), 9/4/2031<sup>1,3,12</sup> | 103539 |
| 246875 | Staples, Inc.<br> First Lien Term Loan, 9.604% (3-Month Term SOFR+575 basis points), 9/10/2029<sup>1,5</sup> | 235071 |
|  |  | **17781323** |
|  | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%** |  |
| 4000000 | Sumup Holdings Luxembourg<br> First Lien Delay Draw, 8.066% (3-Month Term EURIBOR+600 basis points), 4/25/2031<sup>1,2,3</sup> | **4711677** |
|  | **TEXTILES, APPAREL & LUXURY GOODS — 0.3%** |  |
|  | BPCP NSA Intermedco, Inc. |  |
| 1894622 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.422% (1-Month Term SOFR+475 basis points), 5/17/2030<sup>1,3</sup> | 1894622 |
| 572832 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.422% (1-Month Term SOFR+475 basis points), 5/17/2030<sup>1,3</sup> | 572905 |
| 744375 | Chinos Intermediate 2 LLC<br> First Lien Term Loan, 9.840% (3-Month Term SOFR+600 basis points), 9/29/2031<sup>1,5</sup> | 596829 |
|  |  | **3064356** |
|  | **TRADING COMPANIES & DISTRIBUTORS — 1.2%** |  |
|  | Ambient Enterprises Holdco LLC |  |
| 297872 | &nbsp;&nbsp;&nbsp;First Lien Revolver, 0.500%, 12/7/2029<sup>3,9</sup> | (5689) |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **CORPORATE LOANS (Continued)** |  |
|  | **TRADING COMPANIES & DISTRIBUTORS (Continued)** |  |
| $6112164 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 8.922% (3-Month Term SOFR+525 basis points), 6/28/2030<sup>1,3</sup> | $5995588 |
| 1279143 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 8.922% (3-Month Term SOFR+525 basis points), 6/28/2030<sup>1,3</sup> | 1254761 |
| 4974874 | NEFCO Holding Company LLC<br> First Lien Delay Draw, 8.831% (6-Month Term SOFR+575 basis points), 8/5/2028<sup>1,3,8</sup> | 4940127 |
|  |  | **12184787** |
|  | **TRANSPORTATION INFRASTRUCTURE — 0.1%** |  |
| 1400000 | FB FLL Aviation LLC<br> First Lien Delay Draw, 10.916% (1-Month Term SOFR+700 basis points), 7/19/2028<sup>1,3</sup> | 1374896 |
|  | **TOTAL CORPORATE LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $914,640,781) | **907892714** |
| Number of |  |  |
| Shares |  |  |
|  | **INVESTMENT COMPANIES / ETFS — 0.9%** |  |
|  | **FIXED INCOME — 0.9%** |  |
| 123947 | Franklin Senior Loan ETF | 2902839 |
| 289691 | Invesco Senior Loan ETF | 6083511 |
|  |  | **8986350** |
|  | **TOTAL INVESTMENT COMPANIES / ETFS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $9,015,130) | **8986350** |
|  | **PREFERRED STOCKS — 1.0%** |  |
|  | **BUILDING PRODUCTS — 0.3%** |  |
| 2334160 | Great Day Global, LLC<br> 10.500%, PIK Rate 10.500%, 1/31/2028<sup>3,11</sup> | **2684284** |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.1%** |  |
| 962 | World Water Works, Inc.<br> 17.000% 7/3/2029<sup>3,6</sup> | **1143022** |
|  | **SOFTWARE — 0.6%** |  |
| 4759 | Netskope, Inc.<br> 3.000% 8/1/2029<sup>3,6</sup> | 5771906 |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $8,244,200) | **9599212** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number of<br> Shares |  | Value |
|  | **WARRANTS — 0.1%** |  |
|  | **CAPITAL MARKETS — 0.0%** |  |
| 6144 | Betterment Holdings, Inc.<br> Exercise Price $0.01, Expiration 10/6/2033<sup>3,8</sup> | $**52408** |
|  | **COMMERCIAL SERVICES & SUPPLIES — 0.0%** |  |
| 206 | World Water Works, Inc.<br> Exercise Price $0.01, Expiration 7/3/2034<sup>3</sup> | **31631** |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%** |  |
|  | Opus Inspection, Inc. |  |
| 375 | &nbsp;&nbsp;&nbsp;Exercise Price $2,000, Expiration 5/31/2034<sup>3</sup> | 262691 |
| 50 | &nbsp;&nbsp;&nbsp;Exercise Price $15,000, Expiration 5/31/2034<sup>3</sup> |  |
|  |  | **262691** |
|  | **FINANCIAL SERVICES — 0.0%** |  |
| 1681901 | CFT Clear Finance Technology Corp.<br> Exercise Price $0.01, Expiration 10/3/2035<sup>3</sup> | **16819** |
|  | **HEALTH CARE TECHNOLOGY — 0.0%** |  |
| 98849 | Honor Technology, Inc.<br> Exercise Price $0.01, Expiration 5/30/2034<sup>3</sup> | **50413** |
|  | **HOUSEHOLD DURABLES — 0.0%** |  |
| 1073 | IB Appliances US Holdings, LLC<br> Exercise Price $0.01, Expiration 1/6/2035<sup>3</sup> | 69039 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $0) | **483001** |
| Principal |  |  |
| Amount |  |  |
|  | **SUBORDINATED DEBT — 0.5%** |  |
|  | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.1%** |  |
| $1065389 | AMG Investment Holdings IV LLC<br> Unsecured / Mezz Delayed Draw, 14.250%, PIK Rate 2.250%, 11/15/2030<sup>3,11</sup> | **1081050** |
|  | **FINANCIAL SERVICES — 0.4%** |  |
| 2000000 | Blue Owl Technology Income Corp.<br> Unsecured / Mezz Delayed Draw, 8.655% (3-Month Term SOFR+475 basis points), 1/15/2029<sup>1,3</sup> | 2071060 |
|  | Coller Credit Backed Loans & Notes, Ltd |  |
| 1422962 | &nbsp;&nbsp;&nbsp;First Lien Delay Draw, 0.000%, 10/31/2036<sup>3,6</sup> | 1819826 |
|  |  | **3890886** |
|  | **SUBORDINATED DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $4,478,542) | **4971936** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PRIVATE INVESTMENT FUNDS — 17.1%** |  |
|  | **CAPITAL MARKETS — 0.2%** |  |
| N/A | Landmark Acquisition Fund 57 Wrigley LP<sup>13,14</sup> | $**2368697** |
|  | **DIVERSIFIED CONSUMER SERVICES — 1.7%** |  |
| N/A | ICG European Direct Lending<sup>2,13,14,15</sup> | **16394406** |
|  | **ENTERTAINMENT — 2.0%** |  |
| N/A | Lyric-Pineapple Feeder LP<sup>13,14,15</sup> | **19081714** |
|  | **FINANCIAL SERVICES — 9.8%** |  |
| N/A | BPC Opportunities Fund V LP<sup>13,14</sup> | 6752115 |
| N/A | Bridgepoint Credit Opportunities III "A" LP<sup>13,14</sup> | 1248722 |
| N/A | CCS Co-Investment Vehicle 1 LP Incorporated<sup>13,14</sup> | 2021446 |
| N/A | CCS Co-Investment Vehicle 2 LP Incorporated<sup>13,14</sup> | 5379683 |
| N/A | Cedar Holdings LP<sup>13,14</sup> | 11705931 |
| N/A | Dawson Portfolio Finance 5 LP<sup>13,14</sup> | 628108 |
| N/A | Pimlico Partners, L.P.<sup>13,14,15</sup> | 12560417 |
| N/A | Sima Holdings LP<sup>13,14</sup> | 8064965 |
| 798754 | Stone Point Credit Income Fund<sup>14</sup> | 20129581 |
| 394086 | T. Rowe Price OHA Select Private Credit Fund<sup>14</sup> | 10588548 |
| 192994 | TPG Twin Brook Capital Income Fund<sup>14</sup> | 4884107 |
| N/A | Treville Capital Solutions Fund LP<sup>13,14</sup> | 12156566 |
|  |  | **96120189** |
|  | **MACHINERY — 0.1%** |  |
| N/A | Arena Secondaries and Liquidity Solutions, LP<sup>13,14</sup> | **1068326** |
|  | **MEDIA — 0.5%** |  |
| N/A | Delta Commercial Funding (Cayman), L.P.<sup>13,14</sup> | **5212813** |
|  | **PASSENGER AIRLINES — 0.4%** |  |
| N/A | ACM ASOF VIII 757 Feeder LLC<sup>13,14</sup> | 1462812 |
| N/A | CL-EA Co-Investment Opportunities I, L.P.<sup>13,14</sup> | 2587953 |
|  |  | **4050765** |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.4%** |  |
| N/A | BP Holdings Zeta LP<sup>13,14</sup> | 2079701 |
| N/A | Locust Point Senior Mortgage Fund, L.P.<sup>13,14</sup> | 6557730 |
| N/A | Mavik Real Estate Special Opportunities VS2, LP<sup>13,14</sup> | 329688 |
| N/A | RXR Park Row Aksia JV LLC<sup>13,14,15</sup> | 5046749 |
|  |  | **14013868** |
|  | **TRADING COMPANIES & DISTRIBUTORS — 1.0%** |  |
| N/A | Limerick Succession Aggregator LP<sup>13,14,15</sup> | 10016044 |
|  | **TOTAL PRIVATE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $149,753,196) | **168326822** |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued** 

**As of December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 1.5%** |  |
| 14314967 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Share Class, 3.69%<sup>16</sup> | $14314967 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $14,314,967) | **14314967** |
|  | **TOTAL INVESTMENTS — 114.1%** |  |
|  | **(Cost $1,106,125,789)** | **1120215640** |
|  | Liabilities Less Other Assets — (14.1)% | (138105271) |
|  | **NET ASSETS — 100.0%** | $**982110369** |

---

---

| |
|:---|
| USD–United States Dollar |
| GBP–Pound Sterling |
| EUR– Euro |
| SEK–Swedish Krona |
| CLO – Collateralized Loan Obligation |
| ETF – Exchange-Traded Fund |
| EURIBOR – Euro Interbank Offered Rate |
| LLC – Limited Liability Company |
| LP – Limited Partnership |
| SOFR – Secured Overnight Financing Rate |
| SONIA – Sterling Overnight Index Average |
| US – United States |

---

---

| | |
|:---|:---|
| 1 | Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| 2 | Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates. |
| 3 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 85.29% of Net Assets. The total value of these securities is $837,594,461. |
| 4 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $1,651,110, which represents 0.17% of the total net assets of the Fund. |
| 5 | Callable. |
| 6 | Non-income producing. |
| 7 | Variable rate security. Rate shown is the rate in effect as of period end. |
| 8 | This investment was made through a participation. Please see Note 2 for a description of loan participations. |
| 9 | Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. |
| 10 | In bankruptcy. |
| 11 | Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash. |
| 12 | A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. |
| 13 | Private investment company does not issue shares or units. |
| 14 | Investment valued using net asset value as practical expedient. |
| 15 | Affiliated company. |
| 16 | The rate is the annualized seven-day yield at period end. |

---

**Calamos Aksia Alternative Credit and Income Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | CURRENCY | VALUE AT | VALUE AT | UNREALIZED |
| SALE | SETTLEMENT |  | CURRENCY | AMOUNT | SETTLEMENT | DECEMBER 31, | APPRECIATION |
| CONTRACTS | DATE | COUNTERPARTY | EXCHANGE | SOLD | DATE | 2025 | (DEPRECIATION) |
| EUR | 1/15/2026 | Bank of New York | EUR per USD | 52345097 | 61643314 | 61561826 | 81488 |
| GBP | 1/15/2026 | Bank of America | GBP per USD | 15685630 | 21053347 | 21142513 | (89166) |
| SEK | 1/15/2026 | Bank of America | SEK per USD | 27664800 | 3000470 | 3007387 | (6917) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $**85697131** | $**85711726** | $**(14595**) |

---

*See accompanying Notes to Consolidated Schedule of Investments.*

Notes to Consolidated Schedule of Investments (Unaudited)

**Note 1 - Significant Accounting Policies**

**Valuation of Investments**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies*. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Valuation of Investments**

The Fund's net asset value ("NAV") per Share is determined daily by the Advisor as of the close of business on each day the New York Stock Exchange ("NYSE") is open for trading or at such other times as the Board may determine. In accordance with the procedures approved by the Board, the NAV per outstanding Share of beneficial interest is determined, on a class-specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has designated the Advisor as its Valuation Designee to perform fair valuation determinations for the Fund with respect to all Fund investments. The Board oversees the Advisor in its role as Valuation Designee and has approved valuation policy for the Fund (the "Valuation Policy") and the Advisor's valuation procedures (the "Valuation Procedures"). The Advisor, as Valuation Designee, has formed a separate valuation committee (the "Valuation Committee") for determining the fair value of the Fund's investments. The Valuation Committee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The Valuation Committee is composed of individuals affiliated with the Advisor.

The Advisor, including through the Valuation Committee, conducts the valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Procedures as approved by the Board. The Fund's investment portfolio is valued in accordance with the Valuation Policies and Valuation Procedures.

The Advisor values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Advisor values securities/instruments that are not actively traded but whose fair value can be determined based on other observable market data using a price determined by an approved independent pricing vendor.

For securities/instruments with significant unobservable fair value inputs, the valuation approach may vary by security/instrument but may include discounted cash flow analysis, comparable public market valuations and comparable transaction valuations. Factors that might materially impact the value of an investment (e.g., operating results, financial condition, achievement of milestones, economic and/or market events and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities/instruments are not necessarily an indication of the risks associated with investing in those securities/instruments nor can it be assured that the Fund can realize the fair value assigned to a instrument/security if it were to sell the instrument/security. Because such valuations are inherently uncertain, they often reflect only periodic information received by the Advisor about such companies' financial condition and/or business operations, which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these instruments/securities existed.

The Advisor may engage one or more independent valuation firms to perform procedures, including providing input about calculation models or providing assurance on the concluded fair values for individual investments held by the Fund. Such independent third-party pricing services and independent third-party valuation services may be utilized by the Advisor to verify valuation models pursuant to the Fund's valuation policy at such timing intervals as the Advisor may deem appropriate.

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

Notes to Consolidated Schedule of Investments (Unaudited)

Primary and secondary investments in private markets funds are generally valued based on the latest NAV reported by the third-party fund manager. If the NAV of an investment in a private markets fund is not available at the time the Fund is calculating its NAV, the Fund will review any cash flows since the reference date of the last NAV for a private markets fund received by the Fund from a third-party manager until the determination date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the third-party fund manager.

Notwithstanding the above, managers of primary and secondary investments in private markets funds may adopt a variety of valuation bases and provide differing levels of information where there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Valuation Committee, the Board, the Advisor or the Sub-Advisor will be able to confirm independently the accuracy of valuations provided by these investments in private market funds (which are generally unaudited). Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

If the Advisor reasonably believes an opinion from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Advisor's Valuation Committee will determine a good-faith fair valuation for the impacted investment. The Advisor's Valuation Committee, who is solely responsible for the determination of the fair value of the investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third-party firms.

The Advisor seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Advisor will not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV on a given day to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive. If the Fund's NAV is adjusted after a Shareholder has received their Shares upon purchase or received repurchase proceeds in a repurchase offer, for example as a result of the Fund's next annual audit following such purchase or repurchase, the adjustment will not, in most cases, result in an adjustment to the number of Shares received by the Shareholder in a purchase, or a Shareholder's repurchase proceeds in a repurchase offer.

**Forward Foreign Currency Exchange Contracts**

The Fund may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates and are subject to the translations of foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counterparties to these forward contracts are major U.S. financial institutions. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after the Fund's Consolidated Schedule of Investments.

**Collateralized Loan Obligations and Collateralized Debt Obligations**

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities.

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

Notes to Consolidated Schedule of Investments (Unaudited)

**Private Investment Funds**

The Fund may also invest in private investment funds (i.e., investment funds that would be investment companies but for the exemptions under Section 3(c)(1) 3(c)(5)(C) or 3(c)(7)of the Investment Company Act) that invest or trade in a wide range of securities. When the Fund invests in securities issued by private investment funds, it will bear its pro rata portion of the private funds' expenses. These expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A private investment fund in which the Fund invests has its own investment risks, and those risks can affect the value of the private investment fund's shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of a private investment fund will be achieved. A private investment fund may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such private investment fund at a time that is unfavorable to the Fund. In addition, one private investment fund may buy the same securities that another private investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.

Subsequent closings for closed-end private investment funds afford such funds the option to launch the fund as soon as they have secured enough soft commitments and allow the general partner to increase the speed of the fund to take advantage of investments in the market. Rebalancing or equalization occurs each time capital is called after each subsequent closing has occurred and is the process of truing-up all investors as if they had joined the fund during the initial closing.

**Participations and Assignments**

The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.

**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, counterparties, debt agents, borrowers, private investment funds, or other parties and the Fund's custodian. These activities 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 parties with whom it conducts business.

Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received. As of December 31, 2025, the Fund received $214,808 in commitment fees. As of December 31, 2025, the Fund had unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount of $82,677,649 and a Fair Value amount of $326,358 representing 0.03% of net assets. The negative fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment.

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

Notes to Consolidated Schedule of Investments (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **BORROWER** | **TYPE** | **PRINCIPAL AMOUNT** | **FAIR VALUE** |
| Accordion Partners LLC | First Lien Delay Draw | 1945419 | (4876) |
| Accordion Partners LLC | First Lien Revolver | 930197 | (4650) |
| Allied Power Group, LLC | First Lien Delay Draw | 2268134 | (4460) |
| Allied Power Group, LLC | First Lien Revolver | 380879 | (3599) |
| Altissimum | First Lien Delay Draw | 642834 | 54274 |
| Ambient Enterprises Holdco LLC | First Lien Revolver | 297872 | (5689) |
| Argano, LLC | First Lien Delay Draw | 12500000 | (31250) |
| Arcmont Asset Management - Software | First Lien Delay Draw | 1629298 | 95252 |
| Associations, Inc. | First Lien Delay Draw | 163799 | 1638 |
| Associations, Inc. | First Lien Revolver | 230572 |  |
| Blue Bidco Limited | First Lien Revolver | 354430 | (3779) |
| Badge 21 Midco Holdings LLC | First Lien Delay Draw | 2109375 | 4772 |
| Badge 21 Midco Holdings LLC | First Lien Revolver | 1262005 | (24744) |
| Bestop, Inc. | First Lien Delay Draw | 244424 | (4482) |
| Best Version Media Acquisition, LLC | First Lien Revolver | 714286 | (4000) |
| BNP Associates Buyer, Inc. | First Lien Revolver | 68493 |  |
| CRH Healthcare Purchaser, Inc. | First Lien Delay Draw | 3002155 | (15287) |
| CRH Healthcare Purchaser, Inc. | First Lien Revolver | 1206897 | (12460) |
| Chronicle Parent LLC | First Lien Delay Draw | 1984795 | (6117) |
| Chronicle Parent LLC | First Lien Revolver | 740741 | (2265) |
| Comet Bidco Limited | First Lien Revolver | 884814 | 11692 |
| Cor Leonis Limited | First Lien Revolver | 200137 | (136) |
| Coller Credit Backed Loans & Notes, Ltd | First Lien Delay Draw | 1110911 | 2249 |
| Cornerstone Advisors of Arizona, LLC | First Lien Revolver | 555556 |  |
| Denali Intermediate Holdings, Inc. | First Lien Revolver | 318129 | 101903 |
| Delight Bidco SAS | Unitranche Delay Draw | 841548 | 65247 |
| ECP GOM III, LLC | First Lien Delay Draw | 735294 | 13401 |
| Electro-Methods, L.P. | First Lien Revolver | 1935000 | (36962) |
| Envision Management Holding, Inc. | First Lien Delay Draw | 454189 | (8248) |
| EPFS Buyer, Inc. | First Lien Delay Draw | 1981194 | (9512) |
| EPFS Buyer, Inc. | First Lien Revolver | 1327434 | (13016) |
| Ers Holdings LLC | First Lien Delay Draw | 600000 |  |
| Fullsteam Operations LLC | First Lien Delay Draw | 3444231 | (17308) |
| Fullsteam Operations LLC | First Lien Revolver | 1153846 | (11538) |
| Fontainebleau Miami Mezz Borrower, LLC | First Lien Delay Draw | 666667 | (148) |
| Guava Buyer LLC | First Lien Delay Draw | 794522 | (7218) |
| Guava Buyer LLC | First Lien Revolver | 936307 | (17783) |
| Gerson Lehrman Group, Inc. | First Lien Revolver | 143819 | 314 |
| HSI Halo Acquisition, Inc. | First Lien Delay Draw | 410780 | 2748 |
| HSI Halo Acquisition, Inc. | First Lien Revolver | 550459 |  |
| Jeppesen Holdings, LLC | First Lien Revolver | 714286 | (3571) |
| Kidde-Fenwal, LLC | First Lien Delay Draw | 2694774 | (5134) |
| Knpak Intermediate III Limited | First Lien Delay Draw | 860353 | 47120 |
| Knpak Intermediate III Limited | First Lien Revolver | 357466 | 1247 |
| LHS Borrower, LLC | First Lien Revolver | 881703 | (14689) |
| Locust Point Private Credit Fund III, L.P. | First Lien Delay Draw | 276316 | 1375 |
| Maverick Bidco, Inc. | First Lien Delay Draw | 571961 | (1433) |
| Maverick Bidco, Inc. | First Lien Revolver | 458716 | (2294) |
| Medical Device, Inc. | First Lien Revolver | 100927 | (757) |
| More Cowbell II LLC | First Lien Delay Draw | 70221 | 511 |
| More Cowbell II LLC | First Lien Revolver | 138159 | (39) |
| National Resilience, LLC | First Lien Delay Draw | 2905768 | (69738) |
| NRO Holdings III Corp. | First Lien Delay Draw | 478594 | (6107) |
| NRO Holdings III Corp. | First Lien Revolver | 128571 | 38977 |
| Novel Mezzanine Borrower LLC | Mezzanine Delay Draw | 100000 | 5900 |
| Norvax LLC | First Lien Delay Draw | 549020 | (15537) |
| OSR Intermediate LLC | First Lien Delay Draw | 1584 | 4 |
| OSR Intermediate LLC | First Lien Revolver | 1580000 | (11850) |
| PLTFRM Companies, LLC | First Lien Revolver | 56140 | (633) |
| PN VIII Holdco SARL | First Lien Delay Draw | 272617 | 34356 |
| PLTFRM Companies, LLC | First Lien Delay Draw | 1389965 | (2222) |
| Par Excellence Holdings, Inc. | First Lien Revolver | 937500 | (12326) |
| RCP Nats Purchaser, LLC | First Lien Delay Draw | 1199483 | (11191) |
| RCP Nats Purchaser, LLC | First Lien Revolver | 843858 | (12194) |
| Revelstoke Bidco Limited | First Lien Delay Draw | 368441 | 7404 |
| Riptide Parent LLC | First Lien Revolver | 408163 | (1851) |
| RJW Group Holdings, Inc. | First Lien Delay Draw | 1802536 | (8764) |
| Syndigo LLC | First Lien Revolver | 1481042 | (14822) |
| Salute Mission Critical LLC | First Lien Revolver | 135364 | (1240) |
| Scottsdale Plaza Resort & Villas | First Lien Delay Draw | 58528 | (744) |
| Silk Holdings III LLC | First Lien Revolver | 390625 | 231250 |
| Southland Holdings LLC | First Lien Delay Draw | 222222 | (925) |
| Surgical Center Solutions, LLC | First Lien Delay Draw | 2472015 | 10594 |
| Surgical Center Solutions, LLC | First Lien Revolver | 1169154 | (1945) |
| Titan Group NL B.V. | First Lien Delay Draw | 540362 | 47874 |
| Togetherwork Holdings, LLC | First Lien Delay Draw | 964143 | (3469) |
| Upland Software, Inc. | First Lien Revolver | 1666667 | (17298) |
| USIC Holdings, Inc. | First Lien Delay Draw | 104893 | 2119 |
| USIC Holdings, Inc. | First Lien Revolver | 285087 |  |
| WMG Bryan Dairy Owner, LLC | First Lien Delay Draw | 1064806 |  |
| Zorro Midco 2 Limited | First Lien Delay Draw | 254177 | 14437 |
|  | **Total:** | **82677649** | **326358** |

---

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

Notes to Consolidated Schedule of Investments (Unaudited)

**Note 2 - Fair Value of Investments**

**Fair value – Definition**

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

● Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

● Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

Investments in Private Investment Vehicles measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy, however these amounts are shown in the table below under Net Asset Value in order to reconcile back to the Consolidated Schedule of Investments.

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

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

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those securities. The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **NET ASSET VALUE** | **TOTAL** |
| **Assets:** |  |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |  |
| Asset Backed Securities | $1055000 | $596110 | $3805806 | $- | $5456916 |
| Common Stocks |  |  | 183722 |  | 183722 |
| Corporate Loans |  | 89341930 | 818550784 |  | 907892714 |
| Exchange Traded Funds | 8986350 |  |  |  | 8986350 |
| Preferred Stocks |  |  | 9599212 |  | 9599212 |
| Private Investment Funds |  |  |  | 168326822 | 168326822 |
| Subordinated Debt |  |  | 4971936 |  | 4971936 |
| Warrants |  |  | 483001 |  | 483001 |
| Short-Term Investments | 14314967 | - | - | - | 14314967 |
| **Total Investments, at fair value** | $24356317 | $89938040 | $837594461 | $168326822 | $1120215640 |
| **Assets:** |  |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |  |
| Forward Contracts | $- | $81488 | $- | $- | $81488 |
| Total Assets: | 24356317 | $90019528 | $837594461 | $168326822 | $1120297128 |
| **Liabilties:** |  |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |  |
| Forward Contracts | $- | $96083 | $- | $- | 96083 |
| Total Liabilities: | $- | $96083 | $- | $- | $96083 |

---

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

Notes to Consolidated Schedule of Investments (Unaudited)

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the period ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ASSET-BACKED<br> SECURITIES** | **CORPORATE<br> LOANS** | **COMMON<br> STOCKS** | **PREFERRED<br> STOCKS** | **SUBORDINATED<br> DEBT** | **WARRANTS** |
| **Balance as of March 31, 2025** | $5036909 | $476713060 | $- | $8320187 | $6936889 | $367001 |
| Transfers In |  |  |  |  |  |  |
| Transfers Out |  |  |  |  |  |  |
| Purchases |  | 445843998 |  | 117562 | 654357 |  |
| Sales/Paydowns | (1628536) | (95955035) |  | (130) | (2681961) |  |
| Realized Gains (Losses) | 41488 | 150103 |  | 3 |  |  |
| Accretion |  | 825796 |  |  | (1715) |  |
| Change in Unrealized Appreciation (Depreciation) | 355945 | (9027138) | 183722 | 1161590 | 64366 | 116000 |
| **Balance as of December 31, 2025** | $3805806 | $818550784 | $183722 | $9599212 | $4971936 | $483001 |

---

**CALAMOS AKSIA ALTERNATIVE CREDIT AND INCOME FUND – DECEMBER 31, 2025**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Calamos Aksia Alternative Credit & Income Fund

- **b. Investment Company Act file number:** 811-23815

- **c. CIK number of Registrant:** 0001937073

- **d. LEI of Registrant:** 549300VJYCJOPBLFXL91

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

  - **Street Address 1:** 2020 Calamos Court

  - **City:** Naperville

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60563

  - **Telephone number:** 6302452700

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

- **a. Name of Series:** Calamos Aksia Alternative Credit & Income Fund

- **c. LEI of Series:** 549300VJYCJOPBLFXL91

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1222260719.15

**Total Liabilities:** $241943812.37

**Net Assets:** $980316906.78

**Cash Not Reported:** $8708349.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** -178.659607628565 | **10-Year:** -5.521655951251 | **30-Year:** 0.000000000000

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

- **3-Month:** -355.222407929952 | **1-Year:** -40829.977319146864 | **5-Year:** -272935.105771302604 | **10-Year:** -40845.976401785370 | **30-Year:** -135.515900701364

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.22%                | 0.98%                | 0.61%                |
| Class ID N/A | 0.16%                | 0.92%                | 0.45%                |
| Class ID N/A | 0.24%                | 0.99%                | 0.61%                |
| Class ID N/A | 0.18%                | 0.93%                | 0.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-282109.56              | $-5227825.87                               |
| Month 2  | $393973.45               | $3320057.09                                |
| Month 3  | $-116126.60              | $-1473551.30                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AMBIENT ENTERPRISES -DD-12/8/2023   /        | AMBIENT ENTERPRISES -DD-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    198914 | PA      | $195114.46    | 0.02%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -DD-12/8/2023   /        | AMBIENT ENTERPRISES -DD-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    297147 | PA      | $291471.63    | 0.03%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -RE-12/8/2023   /        | AMBIENT ENTERPRISES -RE-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    297872 | PA      | $292182.70    | 0.03%             | 2029-12-07      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -TL-12/8/2023   /        | AMBIENT ENTERPRISES -TL-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4003411 | PA      | $3926946.84   | 0.40%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| B1LUE BIDCO Ltd. -TL-6/12/2025   /           | B1LUE BIDCO Ltd. -TL-6/12/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1369123 | PA      | $1833426.59   | 0.19%             | 2032-05-21      | Variable      | 8.96%                 | No            | 3                  | On Loan: No      |
| B2LUE BIDCO Ltd. -TL-6/12/2025   /           | B2LUE BIDCO Ltd. -TL-6/12/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    903694 | PA      | $1055320.54   | 0.11%             | 2032-05-21      | Variable      | 7.02%                 | No            | 3                  | On Loan: No      |
| B3LUE BIDCO Ltd. -TL-6/12/2025   /           | B3LUE BIDCO Ltd. -TL-6/12/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    265825 | PA      | $264095.84    | 0.03%             | 2032-05-21      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| B4LUE BIDCO Ltd. -DD-6/12/2025   /           | B4LUE BIDCO Ltd. -DD-6/12/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    406012 | PA      | $543701.01    | 0.06%             | 2031-11-21      | Variable      | 9.26%                 | No            | 3                  | On Loan: No      |
| INEOS US FINANCE LLC                         | INEOS U.S. Finance LLC                           | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1727319 | PA      | $1406150.30   | 0.14%             | 2030-02-19      | Floating      | 7.17%                 | No            | 2                  | On Loan: No      |
| JAZZ FINANCING LUX SARL                      | Jazz Financing Lux Sarl                          | CUSIP: 999999999<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    279901 | PA      | $281436.35    | 0.03%             | 2028-05-05      | Floating      | 6.17%                 | No            | 2                  | On Loan: No      |
| TRIPADVISOR INC                              | TripAdvisor, Inc.                                | CUSIP: 89677NAE4<br>LEI: 549300XVG45PT5BART17 | Long             | LON              | CORP              | US        |    989975 | PA      | $958419.47    | 0.10%             | 2031-07-08      | Floating      | 6.42%                 | No            | 2                  | On Loan: No      |
| CHINOS INTERMEDIATE 2 LL                     | Chinos Intermediate 2 LLC                        | CUSIP: 16961YAB4<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    744375 | PA      | $596828.71    | 0.06%             | 2031-09-29      | Floating      | 9.84%                 | No            | 2                  | On Loan: No      |
| ROCKET SOFTWARE INC                          | Rocket Software, Inc.                            | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |   2985012 | PA      | $2988116.88   | 0.30%             | 2028-11-28      | Floating      | 8.09%                 | No            | 2                  | On Loan: No      |
| BROADSTREET PARTNERS INC                     | Broadstreet Partners Group LLC                   | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |   1482703 | PA      | $1489308.49   | 0.15%             | 2031-06-16      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| CHARIOT BUYER LLC                            | Chariot Buyer LLC                                | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1996427.70   | 0.20%             | 2032-09-08      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| BOOTS GROUP FINCO LP                         | Boots Group Finco LP                             | CUSIP: 09947PAB7<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1006665.00   | 0.10%             | 2032-08-30      | Floating      | 7.21%                 | No            | 2                  | On Loan: No      |
| BNP ASSOCIATES BUYER -TL-10/7/2024   /       | BNP ASSOCIATES BUYER -TL-10/7/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4622603 | PA      | $4685485.37   | 0.48%             | 2030-08-19      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| BPC OPPORTUNITIES FU -FE-4/15/25   /         | BPC OPPORTUNITIES FU -FE-4/15/25   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $6752114.52   | 0.69%             |  |  |  | No            | N/A                | On Loan: No      |
| BP Holdings Zeta LP    /                     | BP Holdings Zeta LP    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $2079700.54   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| BPCP NSA INTERMEDCO -DD-5/23/2024   /        | BPCP NSA INTERMEDCO -DD-5/23/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    553436 | PA      | $553436.06    | 0.06%             | 2030-05-17      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| BPCP NSA INTERMEDCO -DD-5/23/2024   /        | BPCP NSA INTERMEDCO -DD-5/23/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25581 | PA      | $25581.39     | 0.00%             | 2030-05-17      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| BPCP NSA INTERMEDCO -TL-5/23/2024   /        | BPCP NSA INTERMEDCO -TL-5/23/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    137739 | PA      | $137738.53    | 0.01%             | 2030-05-17      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| BPCP NSA INTERMEDCO -TL-5/23/2024   /        | BPCP NSA INTERMEDCO -TL-5/23/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1756884 | PA      | $1756883.57   | 0.18%             | 2030-05-17      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| BRIDGEPOINT CREDIT O -FE-10/31/2023   /      | BRIDGEPOINT CREDIT O -FE-10/31/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | XX        |         1 | NS      | $1248721.96   | 0.13%             | 2023-10-31      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| C1RH HEALTHCARE PURC -DD-9/16/2025   /       | C1RH HEALTHCARE PURC -DD-9/16/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3017241 | PA      | $2986868.56   | 0.30%             | 2031-09-17      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| C1RH HEALTHCARE PURC -RE-9/16/2025   /       | C1RH HEALTHCARE PURC -RE-9/16/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1206897 | PA      | $1194436.05   | 0.12%             | 2031-09-17      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| C1RH HEALTHCARE PURC -TL-9/16/2025   /       | C1RH HEALTHCARE PURC -TL-9/16/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13275862 | PA      | $13142221.67  | 1.34%             | 2031-09-17      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| C1OMET BIDCO Ltd. -TL-11/28/2025   /         | C1OMET BIDCO Ltd. -TL-11/28/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3276813 | PA      | $3244044.47   | 0.33%             | 2032-11-13      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64261 | PA      | $64903.41     | 0.01%             | 2031-09-05      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9981 | PA      | $10081.16     | 0.00%             | 2031-09-05      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29622 | PA      | $29918.29     | 0.00%             | 2031-09-05      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      8993 | PA      | $9082.80      | 0.00%             | 2031-09-05      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -TL-3/14/2024   /       | CORSAIR BLADE IV (LU -TL-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |    329345 | PA      | $385942.48    | 0.04%             | 2030-12-23      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| CAMBIUM LEARNING GRO -TL-8/3/2023   /        | CAMBIUM LEARNING GRO -TL-8/3/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1465649 | PA      | $1465648.89   | 0.15%             | 2028-07-20      | Variable      | 9.46%                 | No            | 3                  | On Loan: No      |
| CARDINAL PARENT,, Inc. -TL-1/29/2024   /     | CARDINAL PARENT,, Inc. -TL-1/29/2024   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.10%             | 2027-01-25      | Fixed         | 12.25%                | No            | 3                  | On Loan: No      |
| CCS Co.-INVESTMENT -FE-12/18/24   /          | CCS Co.-INVESTMENT -FE-12/18/24   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $5379683.47   | 0.55%             |  |  |  | No            | N/A                | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29106 | PA      | $29396.65     | 0.00%             | 2031-09-05      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -DD-9/9/2024   /        | USIC HOLDINGS, Inc.. -DD-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    105953 | PA      | $107012.44    | 0.01%             | 2031-09-05      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| Cedar Holdings Preferred Equity   /          | Cedar Holdings Preferred Equity   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $10821481.63  | 1.10%             |  |  |  | No            | N/A                | On Loan: No      |
| CHRONICLE PARENT LLC -DD-7/15/2025   /       | CHRONICLE PARENT LLC -DD-7/15/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29630 | PA      | $29539.40     | 0.00%             | 2031-04-15      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| CHRONICLE PARENT LLC -DD-7/15/2025   /       | CHRONICLE PARENT LLC -DD-7/15/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152593 | PA      | $152127.90    | 0.02%             | 2031-04-15      | Variable      | 8.84%                 | No            | 3                  | On Loan: No      |
| CHRONICLE PARENT LLC -DD-7/15/2025   /       | CHRONICLE PARENT LLC -DD-7/15/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2040000 | PA      | $2033787.56   | 0.21%             | 2031-04-15      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| CHRONICLE PARENT LLC -RE-7/15/2025   /       | CHRONICLE PARENT LLC -RE-7/15/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    740741 | PA      | $738475.55    | 0.08%             | 2031-04-15      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CHRONICLE PARENT LLC -TL-7/15/2025   /       | CHRONICLE PARENT LLC -TL-7/15/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7019444 | PA      | $6998068.01   | 0.71%             | 2031-04-15      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -RE-9/9/2024   /        | USIC HOLDINGS, Inc.. -RE-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52113 | PA      | $52112.71     | 0.01%             | 2031-09-05      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -RE-9/9/2024   /        | USIC HOLDINGS, Inc.. -RE-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     76636 | PA      | $76636.33     | 0.01%             | 2031-09-05      | Variable      | 9.09%                 | No            | 3                  | On Loan: No      |
| CLEAR SPV V U.S. L.P. -DD-10/3/2023   /      | CLEAR SPV V U.S. L.P. -DD-10/3/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1000000 | PA      | $1007825.74   | 0.10%             | 2027-04-05      | Variable      | 14.70%                | No            | 3                  | On Loan: No      |
| CLEAR SPV V U.S. L.P WARRANTS   /            | CLEAR SPV V U.S. L.P WARRANTS   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |   1681901 | NC      | $16819.01     | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -RE-9/9/2024   /        | USIC HOLDINGS, Inc.. -RE-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     61309 | PA      | $61309.06     | 0.01%             | 2031-09-05      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -RE-9/9/2024   /        | USIC HOLDINGS, Inc.. -RE-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     61309 | PA      | $61309.06     | 0.01%             | 2031-09-05      | Variable      | 9.04%                 | No            | 3                  | On Loan: No      |
| CL-EA Co.-INVESTMENT -FE-6/13/2024   /       | CL-EA Co.-INVESTMENT -FE-6/13/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | SE        |         1 | NS      | $2587952.64   | 0.26%             | 2024-06-13      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| COMET BIDCO Ltd. -RE-11/28/2025   /          | COMET BIDCO Ltd. -RE-11/28/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    671836 | PA      | $896505.70    | 0.09%             | 2032-11-13      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -RE-9/9/2024   /        | USIC HOLDINGS, Inc.. -RE-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    285087 | PA      | $285087.13    | 0.03%             | 2031-09-05      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| COMET BIDCO Ltd. -TL-11/28/2025   /          | COMET BIDCO Ltd. -TL-11/28/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1642266 | PA      | $2191458.37   | 0.22%             | 2032-11-13      | Variable      | 8.99%                 | No            | 3                  | On Loan: No      |
| COR LEONIS Ltd. -RE-6/22/2023   /            | COR LEONIS Ltd. -RE-6/22/2023   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1513505 | PA      | $1512475.78   | 0.15%             | 2028-05-15      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| COR LEONIS Ltd. -RE-6/22/2023   /            | COR LEONIS Ltd. -RE-6/22/2023   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    227143 | PA      | $226988.34    | 0.02%             | 2028-05-15      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| COR LEONIS Ltd. -RE-6/22/2023   /            | COR LEONIS Ltd. -RE-6/22/2023   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    202071 | PA      | $201933.97    | 0.02%             | 2028-05-15      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| COR LEONIS Ltd. -RE-6/22/2023   /            | COR LEONIS Ltd. -RE-6/22/2023   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200137 | PA      | $200001.32    | 0.02%             | 2028-05-15      | Fixed         | 0.75%                 | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -RE-3/14/2024   /       | CORSAIR BLADE IV (LU -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |    387362 | PA      | $520686.22    | 0.05%             | 2030-12-23      | Variable      | 8.04%                 | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -RE-3/14/2024   /       | CORSAIR BLADE IV (LU -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |    286707 | PA      | $385387.05    | 0.04%             | 2030-12-23      | Variable      | 9.97%                 | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -RE-3/14/2024   /       | CORSAIR BLADE IV (LU -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |    706220 | PA      | $949289.52    | 0.10%             | 2030-12-23      | Variable      | 9.72%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT NOTES Other Equity-2/19/25   / | COLLER CREDIT NOTES Other Equity-2/19/25   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    347357 | PA      | $347357.43    | 0.04%             | 2036-10-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT BACKED -DD-1/29/2025   /       | COLLER CREDIT BACKED -DD-1/29/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    601918 | PA      | $603136.19    | 0.06%             | 2036-10-31      | Variable      | 9.44%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT BACKED -DD-1/29/2025   /       | COLLER CREDIT BACKED -DD-1/29/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    231336 | PA      | $231803.82    | 0.02%             | 2036-10-31      | Variable      | 9.59%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT BACKED -DD-1/29/2025   /       | COLLER CREDIT BACKED -DD-1/29/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    277836 | PA      | $278398.38    | 0.03%             | 2036-10-31      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT BACKED -DD-1/29/2025   /       | COLLER CREDIT BACKED -DD-1/29/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1110911 | PA      | $1113159.85   | 0.11%             | 2036-10-31      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| CORNERSTONE ADVISORS -RE-5/28/2025   /       | CORNERSTONE ADVISORS -RE-5/28/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    555556 | PA      | $555555.56    | 0.06%             | 2032-05-13      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CORNERSTONE ADVISORS -TL-5/28/2025   /       | CORNERSTONE ADVISORS -TL-5/28/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4444444 | PA      | $4444764.68   | 0.45%             | 2032-05-13      | Variable      | 8.54%                 | No            | 3                  | On Loan: No      |
| CRIMSON PHOENIX SOLU -DD-1/13/2025   /       | CRIMSON PHOENIX SOLU -DD-1/13/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2340040 | PA      | $2305027.80   | 0.24%             | 2029-12-06      | Variable      | 10.00%                | No            | 3                  | On Loan: No      |
| CRIMSON PHOENIX SOLU -TL-1/13/2025   /       | CRIMSON PHOENIX SOLU -TL-1/13/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4584960 | PA      | $4534796.67   | 0.46%             | 2029-12-06      | Variable      | 10.00%                | No            | 3                  | On Loan: No      |
| CRIMSON PHOENIX SOLU -TL-3/6/2025   /        | CRIMSON PHOENIX SOLU -TL-3/6/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2967177.68   | 0.30%             | 2029-12-06      | Variable      | 10.00%                | No            | 3                  | On Loan: No      |
| D1ENALI INTERMEDIATE -RE-8/26/2025   /       | D1ENALI INTERMEDIATE -RE-8/26/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    106043 | PA      | $105007.97    | 0.01%             | 2032-08-26      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| D1ENALI INTERMEDIATE -RE-8/26/2025   /       | D1ENALI INTERMEDIATE -RE-8/26/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    318129 | PA      | $315023.91    | 0.03%             | 2032-08-26      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| D1ENALI INTERMEDIATE -TL-8/26/2025   /       | D1ENALI INTERMEDIATE -TL-8/26/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4241724 | PA      | $4200432.08   | 0.43%             | 2032-08-26      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| DELIGHT BIDCO SAS -DD-10/31/2024   /         | DELIGHT BIDCO SAS -DD-10/31/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    352421 | PA      | $407400.65    | 0.04%             | 2031-01-23      | Variable      | 7.57%                 | No            | 3                  | On Loan: No      |
| DELIGHT BIDCO SAS -DD-10/31/2024   /         | DELIGHT BIDCO SAS -DD-10/31/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    784421 | PA      | $906795.00    | 0.09%             | 2031-01-23      | Fixed         | 1.50%                 | No            | 3                  | On Loan: No      |
| DELIGHT BIDCO SAS -TL-10/31/2024   /         | DELIGHT BIDCO SAS -TL-10/31/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |   1563158 | PA      | $1807019.31   | 0.18%             | 2031-01-23      | Variable      | 7.52%                 | No            | 3                  | On Loan: No      |
| DIAMOND SPORT FINANC EQUITY 6/21/2024   /    | DIAMOND SPORT FINANC EQUITY 6/21/2024   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $5212813.51   | 0.53%             |  |  |  | No            | N/A                | On Loan: No      |
| DMT SOLUTIONS GLOBAL -TL-8/29/2023   /       | DMT SOLUTIONS GLOBAL -TL-8/29/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    188088 | PA      | $187012.52    | 0.02%             | 2027-08-30      | Variable      | 11.79%                | No            | 3                  | On Loan: No      |
| DMT SOLUTIONS GLOBAL -TL-8/29/2023   /       | DMT SOLUTIONS GLOBAL -TL-8/29/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220147 | PA      | $218888.01    | 0.02%             | 2027-08-30      | Variable      | 12.02%                | No            | 3                  | On Loan: No      |
| MAVERICK POWER, LLC -TL-12/19/2025   /       | MAVERICK POWER, LLC -TL-12/19/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12500000 | PA      | $12281250.00  | 1.25%             | 2031-05-04      | Variable      | 8.89%                 | No            | 3                  | On Loan: No      |
| MAVIK REAL ESTATE VS2 LP   /                 | MAVIK REAL ESTATE VS2 LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $329687.99    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| MDR HOTELS, LLC -TL-11/8/2024   /            | MDR HOTELS, LLC -TL-11/8/2024   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11015337 | PA      | $11015337.06  | 1.12%             | 2027-11-12      | Variable      | 10.32%                | No            | 3                  | On Loan: No      |
| ALLIED POWER GROUP, -DD-8/20/2025   /        | ALLIED POWER GROUP, -DD-8/20/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2285274 | PA      | $2263674.29   | 0.23%             | 2030-05-16      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ALLIED POWER GROUP, -RE-8/20/2025   /        | ALLIED POWER GROUP, -RE-8/20/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    380879 | PA      | $377280.38    | 0.04%             | 2030-05-16      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ALLIED POWER GROUP, -TL-8/20/2025   /        | ALLIED POWER GROUP, -TL-8/20/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7213847 | PA      | $7145665.16   | 0.73%             | 2030-05-16      | Variable      | 8.93%                 | No            | 3                  | On Loan: No      |
| ALTISSIMUM -DD-5/24/2024   /                 | ALTISSIMUM -DD-5/24/2024   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    600000 | PA      | $697107.44    | 0.07%             | 2030-10-31      | Fixed         | 1.25%                 | No            | 3                  | On Loan: No      |
| ALTISSIMUM -TL-5/24/2024   /                 | ALTISSIMUM -TL-5/24/2024   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |   3400000 | PA      | $3952866.54   | 0.40%             | 2030-10-31      | Variable      | 7.52%                 | No            | 3                  | On Loan: No      |
| ALLIANCE ENERGY SERV -TL-4/11/2025   /       | ALLIANCE ENERGY SERV -TL-4/11/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10000000 | PA      | $9842356.24   | 1.00%             | 2028-08-11      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -RE-7/11/2023   /       | MEDICAL DEVICE, INC. -RE-7/11/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     20286 | PA      | $20133.49     | 0.00%             | 2029-07-11      | Variable      | 11.13%                | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -TL-1/31/25   /         | MEDICAL DEVICE, INC. -TL-1/31/25   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |    363978 | PA      | $361247.95    | 0.04%             | 2029-07-11      | Variable      | 9.02%                 | No            | 3                  | On Loan: No      |
| AMG INVESTMENT HOLDI -DB-8/2/2023   /        | AMG INVESTMENT HOLDI -DB-8/2/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1065389 | PA      | $1081050.14   | 0.11%             | 2030-11-15      | Fixed         | 14.25%                | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -DD-12/8/2023   /        | AMBIENT ENTERPRISES -DD-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    293210 | PA      | $287609.75    | 0.03%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -DD-12/8/2023   /        | AMBIENT ENTERPRISES -DD-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    370846 | PA      | $363762.42    | 0.04%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -DD-12/8/2023   /        | AMBIENT ENTERPRISES -DD-12/8/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    122244 | PA      | $119909.27    | 0.01%             | 2030-06-28      | Variable      | 9.09%                 | No            | 3                  | On Loan: No      |
| AMBIENT ENTERPRISES -TL-1/23/2025   /        | AMBIENT ENTERPRISES -TL-1/23/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2124250 | PA      | $2083676.94   | 0.21%             | 2030-06-28      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| AR3 HOLDCO LLC -DD-9/15/2025   /             | AR3 HOLDCO LLC -DD-9/15/2025   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |  20000000 | PA      | $20151868.56  | 2.06%             | 2027-03-16      | Variable      | 9.99%                 | No            | 3                  | On Loan: No      |
| ARGANO, LLC -DD-12/3/2025   /                | ARGANO, LLC -DD-12/3/2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12500000 | PA      | $12468750.00  | 1.27%             | 2030-12-03      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ARROW BUYER, INC. -DD-07/06/23   /           | ARROW BUYER, INC. -DD-07/06/23   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50527 | PA      | $49818.14     | 0.01%             | 2030-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| ARROW BUYER, INC. -TL-07/06/23   /           | ARROW BUYER, INC. -TL-07/06/23   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    796250 | PA      | $785073.65    | 0.08%             | 2030-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| ARROW BUYER, INC. -DD TL 1 -07/06/23   /     | ARROW BUYER, INC. -DD TL 1 -07/06/23   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52195 | PA      | $51462.70     | 0.01%             | 2030-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| MORE COWBELL II LLC DD 2ND AMENDMENT   /     | MORE COWBELL II LLC DD 2ND AMENDMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     70752 | PA      | $70732.20     | 0.01%             | 2030-09-02      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| MORE COWBELL II LLC RE 2ND AMENDMENT   /     | MORE COWBELL II LLC RE 2ND AMENDMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    138159 | PA      | $138120.57    | 0.01%             | 2029-09-03      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAGE -DD-3/18/2025   /       | ARCMONT ASSET MANAGE -DD-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FI        |    134426 | PA      | $154044.78    | 0.02%             | 2031-09-11      | Variable      | 7.52%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAGE -DD-3/18/2025   /       | ARCMONT ASSET MANAGE -DD-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FI        |   1504918 | PA      | $1724550.06   | 0.18%             | 2031-09-11      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| MORE COWBELL II LLC TL 2ND AMENDMENT   /     | MORE COWBELL II LLC TL 2ND AMENDMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    984571 | PA      | $984299.92    | 0.10%             | 2030-09-02      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| MORE COWBELL II LLC TL 2ND AMENDMENT   /     | MORE COWBELL II LLC TL 2ND AMENDMENT   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34253 | PA      | $34243.82     | 0.00%             | 2030-09-02      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAGE -TL-3/18/2025   /       | ARCMONT ASSET MANAGE -TL-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | FI        |   3360656 | PA      | $3851119.43   | 0.39%             | 2031-09-11      | Variable      | 7.52%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -DD-5/3/2024   /          | ASSOCIATIONS, INC. -DD-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     70931 | PA      | $71640.35     | 0.01%             | 2028-07-02      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| MSILF Government Portfolio                   | MSILF Government Portfolio - Class Institutional | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  10315403 | PA      | $10315403.02  | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| N0ATIONAL RESILIENCE -DD-12/8/2025   /       | N0ATIONAL RESILIENCE -DD-12/8/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1743461 | PA      | $1673722.39   | 0.17%             | 2030-11-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| N1ATIONAL RESILIENCE -DD-12/8/2025   /       | N1ATIONAL RESILIENCE -DD-12/8/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1162307 | PA      | $1162307.21   | 0.12%             | 2030-11-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| NORVAX LLC Superpriority DDTL   /            | NORVAX LLC Superpriority DDTL   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150828 | PA      | $157358.77    | 0.02%             | 2030-08-06      | Variable      | 9.29%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -DD-5/3/2024   /          | ASSOCIATIONS, INC. -DD-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     37723 | PA      | $38100.03     | 0.00%             | 2028-07-02      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -DD-5/3/2024   /          | ASSOCIATIONS, INC. -DD-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     14490 | PA      | $14635.12     | 0.00%             | 2028-07-02      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| NORVAX LLC Class A Common Share   /          | NORVAX LLC Class A Common Share   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| NORVAX LLC -TL-12/30/2024   /                | NORVAX LLC -TL-12/30/2024   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    639512 | PA      | $667201.19    | 0.07%             | 2030-08-06      | Variable      | 9.24%                 | No            | 3                  | On Loan: No      |
| OFFEN, Inc.. -TL-8/11/2025   /               | OFFEN, Inc.. -TL-8/11/2025   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11970000 | PA      | $11855615.33  | 1.21%             | 2030-07-22      | Variable      | 8.79%                 | No            | 3                  | On Loan: No      |
| OMDUS HOLDING B.V. -TL-10/13/2023   /        | OMDUS HOLDING B.V. -TL-10/13/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1500000 | PA      | $1752506.77   | 0.18%             | 2029-06-27      | Variable      | 7.57%                 | No            | 3                  | On Loan: No      |
| OPUS INSPECTION,, Inc. -TL-5/28/2024   /     | OPUS INSPECTION,, Inc. -TL-5/28/2024   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6962786 | PA      | $7086409.92   | 0.72%             | 2029-11-26      | Variable      | 12.17%                | No            | 3                  | On Loan: No      |
| OPUS INSPECTION,, Inc. WARRANTS (SWEDEN)   / | OPUS INSPECTION,, Inc. WARRANTS (SWEDEN)   /     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       375 | NC      | $262691.25    | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| OPUS INSPECTION,, Inc. WARRANTS (U.S.)   /   | OPUS INSPECTION,, Inc. WARRANTS (U.S.)   /       | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        50 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| OSP HAMILTON PURCHAS -TL-1/23/24   /         | OSP HAMILTON PURCHAS -TL-1/23/24   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    733163 | PA      | $731789.83    | 0.07%             | 2029-12-28      | Variable      | 9.04%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -DD-5/3/2024   /          | ASSOCIATIONS, INC. -DD-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    163799 | PA      | $165437.47    | 0.02%             | 2028-07-02      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -RE-5/3/2024   /          | ASSOCIATIONS, INC. -RE-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    230572 | PA      | $230571.97    | 0.02%             | 2028-07-02      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -DD-3/14/2024   /       | OSR INTERMEDIATE LLC -DD-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    372400 | PA      | $369607.00    | 0.04%             | 2029-03-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -DD-3/14/2024   /       | OSR INTERMEDIATE LLC -DD-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    158400 | PA      | $157212.00    | 0.02%             | 2029-03-15      | Variable      | 9.44%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. -TL-5/3/2024   /          | ASSOCIATIONS, INC. -TL-5/3/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3675699 | PA      | $3712456.06   | 0.38%             | 2028-07-02      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| AWP GROUP HOLDINGS -TL-8/11/2025   /         | AWP GROUP HOLDINGS -TL-8/11/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4987406 | PA      | $4985181.81   | 0.51%             | 2028-08-05      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| B1ISHOP STREET UNDER -DD-8/27/2025   /       | B1ISHOP STREET UNDER -DD-8/27/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3654545 | PA      | $3635805.79   | 0.37%             | 2031-07-31      | Variable      | 9.16%                 | No            | 3                  | On Loan: No      |
| B1ISHOP STREET UNDER -DD-8/27/2025   /       | B1ISHOP STREET UNDER -DD-8/27/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2345455 | PA      | $2333427.60   | 0.24%             | 2031-07-31      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| B1ISHOP STREET UNDER -TL-8/27/2025   /       | B1ISHOP STREET UNDER -TL-8/27/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8977500 | PA      | $8931465.47   | 0.91%             | 2031-07-31      | Variable      | 9.16%                 | No            | 3                  | On Loan: No      |
| B4LUE BIDCO Ltd. -DD-6/12/2025   /           | B4LUE BIDCO Ltd. -DD-6/12/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    261851 | PA      | $350651.09    | 0.04%             | 2031-11-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -DD-7/18/2024   /       | BADGE 21 MIDCO HOLDI -DD-7/18/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2083333 | PA      | $2072693.53   | 0.21%             | 2032-06-30      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -DD-6/30/2025   /       | BADGE 21 MIDCO HOLDI -DD-6/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     41667 | PA      | $41453.87     | 0.00%             | 2032-06-30      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -RE-7/18/2024   /       | BADGE 21 MIDCO HOLDI -RE-7/18/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    833333 | PA      | $829156.35    | 0.08%             | 2032-06-30      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -RE-6/30/2025   /       | BADGE 21 MIDCO HOLDI -RE-6/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    511002 | PA      | $508440.54    | 0.05%             | 2032-06-30      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -DD-3/14/2024   /       | OSR INTERMEDIATE LLC -DD-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1600 | PA      | $1588.00      | 0.00%             | 2029-03-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     26667 | PA      | $26466.66     | 0.00%             | 2029-03-15      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     80000 | PA      | $79399.99     | 0.01%             | 2029-03-15      | Variable      | 9.48%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    160000 | PA      | $158800.00    | 0.02%             | 2029-03-15      | Variable      | 9.64%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     80000 | PA      | $79400.00     | 0.01%             | 2029-03-15      | Variable      | 9.63%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    106667 | PA      | $105866.67    | 0.01%             | 2029-03-15      | Variable      | 9.68%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     80000 | PA      | $79400.00     | 0.01%             | 2029-03-15      | Variable      | 9.69%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    106667 | PA      | $105866.67    | 0.01%             | 2029-03-15      | Variable      | 9.62%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -TL-7/18/2024   /       | BADGE 21 MIDCO HOLDI -TL-7/18/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4560417 | PA      | $4537126.16   | 0.46%             | 2032-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| BADGE 21 MIDCO HOLDI -TL-6/30/2025   /       | BADGE 21 MIDCO HOLDI -TL-6/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6970248 | PA      | $6934650.33   | 0.71%             | 2032-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| BETTERMENT HOLDINGS WARRANTS   /             | BETTERMENT HOLDINGS WARRANTS   /                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      6144 | NC      | $52408.32     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| BESTOP, INC. -DD-05/13/24   /                | BESTOP, INC. -DD-05/13/24   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60953 | PA      | $59835.52     | 0.01%             | 2029-03-29      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| BESTOP, INC. -DD-05/13/24   /                | BESTOP, INC. -DD-05/13/24   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    244424 | PA      | $239941.95    | 0.02%             | 2029-03-29      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| BESTOP, INC. -TL-05/13/24   /                | BESTOP, INC. -TL-05/13/24   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2161553 | PA      | $2121915.45   | 0.22%             | 2029-03-29      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| BEST VERSION MEDIA A -RE-2/7/2025   /        | BEST VERSION MEDIA A -RE-2/7/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    714286 | PA      | $710286.29    | 0.07%             | 2030-12-31      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| BEST VERSION MEDIA A -TL-2/7/2025   /        | BEST VERSION MEDIA A -TL-2/7/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10840178 | PA      | $10777764.77  | 1.10%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| Invesco Senior Loan ETF                      | Invesco Senior Loan ETF                          | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             |  | RF                | US        |    289691 | NS      | $6083511.00   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| BLAZING STAR PARENT, -TL-8/27/2025   /       | BLAZING STAR PARENT, -TL-8/27/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  19875000 | PA      | $19578441.14  | 2.00%             | 2030-08-28      | Variable      | 10.82%                | No            | 3                  | On Loan: No      |
| STAR PARENT INC                              | Star Parent, Inc.                                | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   1238700 | PA      | $1241554.82   | 0.13%             | 2030-09-30      | Floating      | 6.92%                 | No            | 2                  | On Loan: No      |
| ACPRODUCTS HOLDINGS INC                      | ACProducts Holdings, Inc.                        | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |    245501 | PA      | $201331.94    | 0.02%             | 2028-05-17      | Floating      | 8.18%                 | No            | 2                  | On Loan: No      |
| GS ACQUISITIONCO, IN -TL-4/8/2024   /        | GS ACQUISITIONCO, IN -TL-4/8/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2953112 | PA      | $2953111.50   | 0.30%             | 2028-05-25      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| HENDERSON PARK REAL -TL-7/29/2024   /        | HENDERSON PARK REAL -TL-7/29/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6000000 | PA      | $6000159.67   | 0.61%             | 2026-06-01      | Variable      | 8.96%                 | No            | 3                  | On Loan: No      |
| HONOR TECHNOLOGY, Inc. -TL-5/29/2024   /     | HONOR TECHNOLOGY, Inc. -TL-5/29/2024   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5163328 | PA      | $5182639.68   | 0.53%             | 2029-05-30      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| HONOR TECHNOLOGY, Inc. WARRANTS   /          | HONOR TECHNOLOGY, Inc. WARRANTS   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     98849 | NC      | $50412.99     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION -DD-6/28/2024   /       | HSI HALO ACQUISITION -DD-6/28/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142046 | PA      | $142281.27    | 0.01%             | 2031-06-30      | Variable      | 8.84%                 | No            | 3                  | On Loan: No      |
| DIRECTV FINANCING LLC                        | Directv Financing LLC                            | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    925824 | PA      | $930184.40    | 0.09%             | 2029-08-02      | Floating      | 9.35%                 | No            | 2                  | On Loan: No      |
| CLYDESDALE ACQUISITION                       | Clydesdale Acquisition Holdings, Inc.            | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |   1505907 | PA      | $1508858.76   | 0.15%             | 2029-04-13      | Floating      | 7.09%                 | No            | 2                  | On Loan: No      |
| HSI HALO ACQUISITION -DD-6/28/2024   /       | HSI HALO ACQUISITION -DD-6/28/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    268693 | PA      | $269137.93    | 0.03%             | 2031-06-30      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION -DD-6/28/2024   /       | HSI HALO ACQUISITION -DD-6/28/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    412844 | PA      | $413528.19    | 0.04%             | 2031-06-30      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION -RE-6/28/2024   /       | HSI HALO ACQUISITION -RE-6/28/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    550459 | PA      | $550458.72    | 0.06%             | 2030-06-28      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION -TL-6/28/2024   /       | HSI HALO ACQUISITION -TL-6/28/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4577615 | PA      | $4585200.60   | 0.47%             | 2031-06-30      | Variable      | 8.84%                 | No            | 3                  | On Loan: No      |
| IB APPLIANCES U.S. HOL -RE-1/6/2025   /      | IB APPLIANCES U.S. HOL -RE-1/6/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    666667 | PA      | $650608.23    | 0.07%             | 2030-01-07      | Variable      | 10.75%                | No            | 3                  | On Loan: No      |
| ITI INTERMODAL SERVI -TL-6/28/2023   /       | ITI INTERMODAL SERVI -TL-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    457556 | PA      | $453452.34    | 0.05%             | 2027-12-21      | Variable      | 10.02%                | No            | 3                  | On Loan: No      |
| ITI INTERMODAL SERVI -DD-6/28/2023   /       | ITI INTERMODAL SERVI -DD-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    241653 | PA      | $239485.68    | 0.02%             | 2027-12-21      | Variable      | 10.02%                | No            | 3                  | On Loan: No      |
| JDC HEALTHCARE MANAG -TL-9/29/2023   /       | JDC HEALTHCARE MANAG -TL-9/29/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1184173 | PA      | $1152249.60   | 0.12%             | 2028-09-29      | Variable      | 15.23%                | No            | 3                  | On Loan: No      |
| MITER BRANDS ACQUISITION                     | MITER Brands Acquisition Holdco, Inc.            | CUSIP: 55336CAK8<br>LEI: 254900X3SPV5RVFJEY72 | Long             | LON              | CORP              | US        |    395010 | PA      | $395875.07    | 0.04%             | 2031-03-28      | Floating      | 6.92%                 | No            | 2                  | On Loan: No      |
| CAMELOT US ACQUISITION LLC                   | Camelot U.S. Acquisition LLC                     | CUSIP: L2000AAF7<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |   1000000 | PA      | $988605.00    | 0.10%             | 2031-01-31      | Floating      | 6.62%                 | No            | 2                  | On Loan: No      |
| JEPPESEN HOLDINGS, L -RE-10/30/2025   /      | JEPPESEN HOLDINGS, L -RE-10/30/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    714286 | PA      | $710714.28    | 0.07%             | 2032-10-31      | Fixed         | 0.38%                 | No            | 3                  | On Loan: No      |
| JEPPESEN HOLDINGS, L -TL-10/30/2025   /      | JEPPESEN HOLDINGS, L -TL-10/30/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  14285714 | PA      | $14214285.72  | 1.45%             | 2032-10-31      | Variable      | 9.06%                 | No            | 3                  | On Loan: No      |
| K9NPAK INTERMEDIATE -DD-4/2/2024   /         | K9NPAK INTERMEDIATE -DD-4/2/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    674797 | PA      | $771010.45    | 0.08%             | 2031-03-26      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| K9NPAK INTERMEDIATE -RE-4/2/2024   /         | K9NPAK INTERMEDIATE -RE-4/2/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     11000 | PA      | $12568.39     | 0.00%             | 2031-03-26      | Variable      | 7.42%                 | No            | 3                  | On Loan: No      |
| K9NPAK INTERMEDIATE -RE-4/2/2024   /         | K9NPAK INTERMEDIATE -RE-4/2/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114895 | PA      | $131276.84    | 0.01%             | 2031-03-26      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| K9NPAK INTERMEDIATE -TL-4/2/2024   /         | K9NPAK INTERMEDIATE -TL-4/2/2024   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1726172 | PA      | $1972290.81   | 0.20%             | 2031-03-26      | Variable      | 7.40%                 | No            | 3                  | On Loan: No      |
| KIDDE-FENWAL, LLC -DD-8/1/2025   /           | KIDDE-FENWAL, LLC -DD-8/1/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2721774 | PA      | $2689640.41   | 0.27%             | 2030-07-17      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| KIDDE-FENWAL, LLC -TL-8/1/2025   /           | KIDDE-FENWAL, LLC -TL-8/1/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12247530 | PA      | $12102934.65  | 1.23%             | 2030-07-17      | Variable      | 9.79%                 | No            | 3                  | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                     | Clear Channel Outdoor Holdings, Inc.             | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1750000 | PA      | $1756877.50   | 0.18%             | 2028-08-23      | Floating      | 7.92%                 | No            | 2                  | On Loan: No      |
| FERTITTA ENTERTAINMENT L                     | Fertitta Entertainment LLC                       | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    986612 | PA      | $987509.55    | 0.10%             | 2029-01-29      | Floating      | 7.12%                 | No            | 2                  | On Loan: No      |
| KNIGHT'S KEY MEZZ, L -TL-10/20/2025   /      | KNIGHT'S KEY MEZZ, L -TL-10/20/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10117005 | PA      | $10117005.21  | 1.03%             | 2028-08-07      | Fixed         | 15.50%                | No            | 3                  | On Loan: No      |
| KNPAK INTERMEDIATE I -DD-4/2/2024   /        | KNPAK INTERMEDIATE I -DD-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    228250 | PA      | $222084.95    | 0.02%             | 2031-03-26      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| KNPAK INTERMEDIATE I -DD-4/2/2024   /        | KNPAK INTERMEDIATE I -DD-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    140250 | PA      | $136461.84    | 0.01%             | 2031-03-26      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| KNPAK INTERMEDIATE I -RE-4/2/2024   /        | KNPAK INTERMEDIATE I -RE-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     35750 | PA      | $34784.39     | 0.00%             | 2031-03-26      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| CONNECT FINCO SARL                           | Connect Finco SARL                               | CUSIP: L2000DAH7<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |   3000000 | PA      | $2999580.00   | 0.31%             | 2029-09-28      | Floating      | 8.42%                 | No            | 2                  | On Loan: No      |
| PAR PETROLEUM LLC                            | Par Petroleum LLC                                | CUSIP: 69889PAE5<br>LEI: 984500CCF05C2FB39F45 | Long             | LON              | CORP              | US        |   1731117 | PA      | $1767902.80   | 0.18%             | 2030-02-28      | Floating      | 7.69%                 | No            | 2                  | On Loan: No      |
| LUMEN TECHNOLOGIES INC                       | Lumen Technologies, Inc.                         | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    987354 | PA      | $983591.88    | 0.10%             | 2029-04-16      | Floating      | 6.38%                 | No            | 2                  | On Loan: No      |
| UNITED NATURAL FOODS INC                     | United Natural Foods, Inc.                       | CUSIP: 91116KAD7<br>LEI: 549300GKGW6WPZ282D40 | Long             | LON              | CORP              | US        |    744554 | PA      | $750883.21    | 0.08%             | 2031-05-01      | Floating      | 8.42%                 | No            | 2                  | On Loan: No      |
| AMERICAN AXLE & MFG INC                      | American Axle & Manufacturing, Inc.              | CUSIP: 02406MAU1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   1743655 | PA      | $1752913.63   | 0.18%             | 2029-12-13      | Floating      | 6.76%                 | No            | 2                  | On Loan: No      |
| STAPLES INC                                  | Staples, Inc.                                    | CUSIP: 855031AU4<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |    246875 | PA      | $235070.67    | 0.02%             | 2029-09-10      | Floating      | 9.60%                 | No            | 2                  | On Loan: No      |
| GRAY TELEVISION INC                          | Gray Media, Inc.                                 | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     10025 | PA      | $10040.37     | 0.00%             | 2029-06-04      | Floating      | 8.95%                 | No            | 2                  | On Loan: No      |
| PELOTON INTERACTIVE INC                      | Peloton Interactive, Inc.                        | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |    712922 | PA      | $720050.87    | 0.07%             | 2029-05-30      | Floating      | 9.29%                 | No            | 2                  | On Loan: No      |
| WINDSTREAM SERVICES LLC                      | Windstream Services LLC                          | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1006250.00   | 0.10%             | 2031-10-01      | Floating      | 8.77%                 | No            | 2                  | On Loan: No      |
| UNITED AIRLINES INC                          | United Airlines, Inc.                            | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    413304 | PA      | $415759.06    | 0.04%             | 2031-02-24      | Floating      | 5.88%                 | No            | 2                  | On Loan: No      |
| KNPAK INTERMEDIATE I -RE-4/2/2024   /        | KNPAK INTERMEDIATE I -RE-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      5500 | PA      | $5351.44      | 0.00%             | 2031-03-26      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| KNPAK INTERMEDIATE I -RE-4/2/2024   /        | KNPAK INTERMEDIATE I -RE-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    233750 | PA      | $227436.39    | 0.02%             | 2031-03-26      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| KNPAK INTERMEDIATE I -TL-4/2/2024   /        | KNPAK INTERMEDIATE I -TL-4/2/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    942645 | PA      | $917184.09    | 0.09%             | 2031-03-26      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| L1HS BORROWER, LLC -RE-9/3/2025   /          | L1HS BORROWER, LLC -RE-9/3/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $985237.67    | 0.10%             | 2031-09-04      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| LOCUST POINT PRIVATE -DD-12/30/2025   /      | LOCUST POINT PRIVATE -DD-12/30/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1473684 | PA      | $1473684.21   | 0.15%             | 2028-03-03      | Variable      | 15.00%                | No            | 3                  | On Loan: No      |
| LOCUST POINT PRIVATE -DD-12/30/2025   /      | LOCUST POINT PRIVATE -DD-12/30/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    276316 | PA      | $276315.79    | 0.03%             | 2028-03-03      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| LOCUST POINT SENIOR -FE-9/30/24   /          | LOCUST POINT SENIOR -FE-9/30/24   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $6557730.38   | 0.67%             |  |  |  | No            | N/A                | On Loan: No      |
| LYNX FRANCHISING, LL -TL-6/28/2023   /       | LYNX FRANCHISING, LL -TL-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    455469 | PA      | $455468.72    | 0.05%             | 2026-12-23      | Variable      | 10.10%                | No            | 3                  | On Loan: No      |
| LYNX FRANCHISING, LL -TL-6/28/2023   /       | LYNX FRANCHISING, LL -TL-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55228 | PA      | $55228.41     | 0.01%             | 2026-12-23      | Variable      | 10.10%                | No            | 3                  | On Loan: No      |
| LYNX FRANCHISING, LL -TL-6/28/2023   /       | LYNX FRANCHISING, LL -TL-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220176 | PA      | $220176.28    | 0.02%             | 2026-12-23      | Variable      | 10.10%                | No            | 3                  | On Loan: No      |
| Lyric-Pineapple LP-Preferred Equity   /      | Lyric-Pineapple LP-Preferred Equity   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $19081714.00  | 1.95%             |  |  |  | No            | N/A                | On Loan: No      |
| MAVERICK BIDCO, Inc.. -DD-12/10/2025   /     | MAVERICK BIDCO, Inc.. -DD-12/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    573394 | PA      | $570527.53    | 0.06%             | 2031-11-21      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| MAVERICK BIDCO, Inc.. -RE-12/10/2025   /     | MAVERICK BIDCO, Inc.. -RE-12/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    458716 | PA      | $456422.02    | 0.05%             | 2031-11-21      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| MAVERICK BIDCO, Inc.. -TL-12/10/2025   /     | MAVERICK BIDCO, Inc.. -TL-12/10/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11467890 | PA      | $11410550.45  | 1.16%             | 2031-11-21      | Variable      | 8.49%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     80000 | PA      | $79400.00     | 0.01%             | 2029-03-15      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    330000 | PA      | $327525.01    | 0.03%             | 2029-03-15      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| AIR CANADA                                   | Air Canada                                       | CUSIP: 999999999<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    393000 | PA      | $396071.30    | 0.04%             | 2031-03-21      | Floating      | 5.73%                 | No            | 2                  | On Loan: No      |
| CAESARS ENTERTAIN INC                        | Caesars Entertainment, Inc.                      | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    204774 | PA      | $203698.82    | 0.02%             | 2030-02-06      | Floating      | 5.97%                 | No            | 2                  | On Loan: No      |
| ACRISURE LLC                                 | Acrisure LLC                                     | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   1483766 | PA      | $1484462.98   | 0.15%             | 2030-11-06      | Floating      | 6.87%                 | No            | 2                  | On Loan: No      |
| FRONTIER COMMUNICATIONS                      | Frontier Communications Holdings LLC             | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    992512 | PA      | $994532.26    | 0.10%             | 2031-07-01      | Floating      | 6.25%                 | No            | 2                  | On Loan: No      |
| CLARIOS GLOBAL LP                            | Clarios Global LP                                | CUSIP: C8000CAP8<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    997500 | PA      | $1003888.99   | 0.10%             | 2032-01-28      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| HUB INTERNATIONAL LTD                        | HUB International Ltd.                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    841570 | PA      | $846884.98    | 0.09%             | 2030-06-20      | Floating      | 6.37%                 | No            | 2                  | On Loan: No      |
| OSR INTERMEDIATE LLC -RE-3/14/2024   /       | OSR INTERMEDIATE LLC -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1250000 | PA      | $1240625.00   | 0.13%             | 2029-03-15      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -TL-3/14/2024   /       | OSR INTERMEDIATE LLC -TL-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2626667 | PA      | $2606966.65   | 0.27%             | 2029-03-15      | Variable      | 9.48%                 | No            | 3                  | On Loan: No      |
| BOXER PARENT CO INC                          | Boxer Parent Co., Inc.                           | CUSIP: 05988HAQ0<br>LEI: 549300TEWK6ENMZQLF18 | Long             | LON              | CORP              | US        |   1091904 | PA      | $1090347.98   | 0.11%             | 2031-07-30      | Floating      | 7.28%                 | No            | 2                  | On Loan: No      |
| SINCLAIR TELEVISION GROU                     | Sinclair Television Group, Inc.                  | CUSIP: 829229AU7<br>LEI: 549300CQGEN0CH65UD62 | Long             | LON              | CORP              | US        |    496250 | PA      | $455681.56    | 0.05%             | 2029-12-31      | Floating      | 7.33%                 | No            | 2                  | On Loan: No      |
| VERITIV OPERATING CO                         | Veritiv Operating Co.                            | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |   1486206 | PA      | $1488145.58   | 0.15%             | 2030-11-29      | Floating      | 7.67%                 | No            | 2                  | On Loan: No      |
| WINDSOR HOLDINGS III LLC                     | Windsor Holdings III LLC                         | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |   1986919 | PA      | $1994061.57   | 0.20%             | 2030-08-01      | Floating      | 6.48%                 | No            | 2                  | On Loan: No      |
| PERDIDO ENERGY HOLDI -TL-3/14/2025   /       | PERDIDO ENERGY HOLDI -TL-3/14/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9250000 | PA      | $9082545.15   | 0.93%             | 2028-11-10      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| Pimlico Partners, LP    /                    | Pimlico Partners, LP    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $12560416.67  | 1.28%             |  |  |  | No            | N/A                | On Loan: No      |
| AMERICAN AXLE & MFG INC                      | American Axle & Manufacturing, Inc.              | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1002080.00   | 0.10%             | 2032-09-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| 1261229 BC LTD                               | 1261229 BC Ltd.                                  | CUSIP: 26903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1492500 | PA      | $1461538.09   | 0.15%             | 2030-10-08      | Floating      | 10.42%                | No            | 2                  | On Loan: No      |
| VOYAGER PARENT LLC                           | Voyager Parent LLC                               | CUSIP: 999999999<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |    997500 | PA      | $999465.08    | 0.10%             | 2032-07-01      | Floating      | 8.42%                 | No            | 2                  | On Loan: No      |
| AADVANTAGE LOYALTY IP                        | AAdvantage Loyalty IP Ltd.                       | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   2012892 | PA      | $2025483.12   | 0.21%             | 2032-05-28      | Floating      | 6.94%                 | No            | 2                  | On Loan: No      |
| SILK HOLDINGS III LL -RE-12/2/2025   /       | SILK HOLDINGS III LL -RE-12/2/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    390625 | PA      | $388671.88    | 0.04%             | 2032-12-03      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP NL B.V. -DD-12/12/2024   /       | TITAN GROUP NL B.V. -DD-12/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     14286 | PA      | $16116.05     | 0.00%             | 2031-11-24      | Variable      | 7.77%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP NL B.V. -DD-12/12/2024   /       | TITAN GROUP NL B.V. -DD-12/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     92857 | PA      | $104754.37    | 0.01%             | 2031-11-24      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| ASURION LLC                                  | Asurion LLC                                      | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2992481 | PA      | $2995054.73   | 0.31%             | 2030-09-19      | Floating      | 8.17%                 | No            | 2                  | On Loan: No      |
| ACRISURE LLC                                 | Acrisure LLC                                     | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    995000 | PA      | $997487.50    | 0.10%             | 2032-06-21      | Floating      | 7.17%                 | No            | 2                  | On Loan: No      |
| TITAN GROUP NL B.V. -DD-12/12/2024   /       | TITAN GROUP NL B.V. -DD-12/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    521429 | PA      | $588236.09    | 0.06%             | 2031-11-24      | Fixed         | 1.73%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP NL B.V. -TL-12/12/2024   /       | TITAN GROUP NL B.V. -TL-12/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1785714 | PA      | $2014507.16   | 0.21%             | 2031-11-24      | Variable      | 7.77%                 | No            | 3                  | On Loan: No      |
| VIVOS HOLDINGS, LLC -TL-8/13/2025   /        | VIVOS HOLDINGS, LLC -TL-8/13/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7500000 | PA      | $7429955.04   | 0.76%             | 2030-08-13      | Variable      | 9.69%                 | No            | 3                  | On Loan: No      |
| VITAL BUYER, LLC -TL-6/28/2023   /           | VITAL BUYER, LLC -TL-6/28/2023   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    947673 | PA      | $941480.12    | 0.10%             | 2028-06-01      | Variable      | 8.27%                 | No            | 3                  | On Loan: No      |
| BLACKSTONE MORTGAGE TR                       | Blackstone Mortgage Trust, Inc.                  | CUSIP: 09259GAH6<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |    663650 | PA      | $666971.56    | 0.07%             | 2030-12-10      | Floating      | 6.92%                 | No            | 2                  | On Loan: No      |
| BAUSCH + LOMB CORP                           | Bausch + Lomb Corp.                              | CUSIP: 999999999<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   3486241 | PA      | $3527203.93   | 0.36%             | 2031-01-15      | Floating      | 8.17%                 | No            | 2                  | On Loan: No      |
| VRC Cos. LLC -TL-03/18/24   /                | VRC Cos. LLC -TL-03/18/24   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2952527 | PA      | $2952526.95   | 0.30%             | 2027-06-29      | Variable      | 9.09%                 | No            | 3                  | On Loan: No      |
| VRC Cos. LLC -TL-02/04/25   /                | VRC Cos. LLC -TL-02/04/25   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3469335 | PA      | $3469334.61   | 0.35%             | 2027-06-29      | Variable      | 9.09%                 | No            | 3                  | On Loan: No      |
| VRC Cos. LLC -DD-2/3/2025   /                | VRC Cos. LLC -DD-2/3/2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    494653 | PA      | $494652.78    | 0.05%             | 2027-06-29      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| VRC Cos. LLC -TL-2/3/2025   /                | VRC Cos. LLC -TL-2/3/2025   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5952861 | PA      | $5952860.56   | 0.61%             | 2027-06-29      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| DAWSON PORT FINANCE 5 LP-FE-8/24/2023   /    | DAWSON PORT FINANCE 5 LP-FE-8/24/2023   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $628107.88    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| WMG BRYAN DAIRY OWNE -DD-3/17/2025   /       | WMG BRYAN DAIRY OWNE -DD-3/17/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6702179 | PA      | $6702178.78   | 0.68%             | 2029-03-19      | Fixed         | 14.52%                | No            | 3                  | On Loan: No      |
| WMG BRYAN DAIRY OWNE -DD-3/17/2025   /       | WMG BRYAN DAIRY OWNE -DD-3/17/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1064806 | PA      | $1064806.30   | 0.11%             | 2029-03-19      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| BEACH ACQUISITION BIDCO                      | Beach Acquisition Bidco LLC                      | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2018760.00   | 0.21%             | 2032-09-13      | Floating      | 7.09%                 | No            | 2                  | On Loan: No      |
| ARENA SEC & LIQUID I-C LP - 1/13/25   /      | ARENA SEC & LIQUID I-C LP - 1/13/25   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $1068326.28   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| CCS Co.-INVESTMENT VE -FE-3/25/2024   /      | CCS Co.-INVESTMENT VE -FE-3/25/2024   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | XX        |         1 | NS      | $2021446.00   | 0.21%             | 2024-03-25      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| NORDIC CLIMATE GROU FAC A2 EUR  6/26/24   /  | NORDIC CLIMATE GROU FAC A2 EUR  6/26/24   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   1861225 | PA      | $2192509.77   | 0.22%             | 2031-05-29      | Variable      | 7.32%                 | No            | 3                  | On Loan: No      |
| NORDIC CLIMATE GROU FAC A1 SEK 6/26/2024   / | NORDIC CLIMATE GROU FAC A1 SEK 6/26/2024   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |  14229711 | PA      | $1549289.35   | 0.16%             | 2031-05-29      | Variable      | 7.80%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -DD-7/12/2024   /       | NRO HOLDINGS III Co. -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114283 | PA      | $111696.77    | 0.01%             | 2031-07-15      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -DD-7/12/2024   /       | NRO HOLDINGS III Co. -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129960 | PA      | $127018.36    | 0.01%             | 2031-07-15      | Variable      | 9.11%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -DD-7/12/2024   /       | NRO HOLDINGS III Co. -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    557143 | PA      | $544533.55    | 0.06%             | 2031-07-15      | Variable      | 9.01%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -DD-7/12/2024   /       | NRO HOLDINGS III Co. -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    483429 | PA      | $472487.57    | 0.05%             | 2031-07-15      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -RE-7/12/2024   /       | NRO HOLDINGS III Co. -RE-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42857 | PA      | $41887.19     | 0.00%             | 2030-07-15      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -RE-7/12/2024   /       | NRO HOLDINGS III Co. -RE-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    257143 | PA      | $251323.17    | 0.03%             | 2030-07-15      | Variable      | 9.00%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -RE-7/12/2024   /       | NRO HOLDINGS III Co. -RE-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42857 | PA      | $41887.19     | 0.00%             | 2030-07-15      | Variable      | 9.02%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -RE-7/12/2024   /       | NRO HOLDINGS III Co. -RE-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    128571 | PA      | $125661.59    | 0.01%             | 2030-07-15      | Variable      | 9.00%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -RE-7/12/2024   /       | NRO HOLDINGS III Co. -RE-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    128571 | PA      | $125661.60    | 0.01%             | 2030-07-15      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /  | NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   2762818 | PA      | $300800.85    | 0.03%             | 2031-05-29      | Variable      | 7.61%                 | No            | 3                  | On Loan: No      |
| NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /  | NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   3182962 | PA      | $346543.82    | 0.04%             | 2031-05-29      | Variable      | 7.65%                 | No            | 3                  | On Loan: No      |
| BLACKSTONE MORTGAGE TR                       | Blackstone Mortgage Trust, Inc.                  | CUSIP: 09259GAK9<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2003750.00   | 0.20%             | 2032-12-20      | Floating      | 6.30%                 | No            | 2                  | On Loan: No      |
| BLUE OWL TECHNOLOGY -DB-12/26/2023   /       | BLUE OWL TECHNOLOGY -DB-12/26/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2071060.11   | 0.21%             | 2029-01-15      | Variable      | 8.65%                 | No            | 3                  | On Loan: No      |
| BNP ASSOCIATES BUYER -RE-10/7/2024   /       | BNP ASSOCIATES BUYER -RE-10/7/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    273973 | PA      | $273972.60    | 0.03%             | 2030-08-19      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| BNP ASSOCIATES BUYER -RE-10/7/2024   /       | BNP ASSOCIATES BUYER -RE-10/7/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     68493 | PA      | $68493.15     | 0.01%             | 2030-08-19      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /  | NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   2427723 | PA      | $264317.47    | 0.03%             | 2031-05-29      | Variable      | 7.65%                 | No            | 3                  | On Loan: No      |
| NEFCO HOLDING COMPAN -DD-8/11/2025   /       | NEFCO HOLDING COMPAN -DD-8/11/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4987437 | PA      | $4952515.46   | 0.51%             | 2028-08-05      | Variable      | 9.58%                 | No            | 3                  | On Loan: No      |
| NETSKOPE, INC. -DB-12/3/2024   /             | NETSKOPE, INC. -DB-12/3/2024   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4759 | NS      | $5771905.56   | 0.59%             |  |  |  | No            | 3                  | On Loan: No      |
| NF HOLDCO LLC -TL-6/28/2023   /              | NF HOLDCO LLC -TL-6/28/2023   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    975000 | PA      | $968969.03    | 0.10%             | 2029-04-02      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -RE-7/11/2023   /       | MEDICAL DEVICE, INC. -RE-7/11/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     40404 | PA      | $40101.02     | 0.00%             | 2029-07-11      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -RE-7/11/2023   /       | MEDICAL DEVICE, INC. -RE-7/11/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     35270 | PA      | $35005.41     | 0.00%             | 2029-07-11      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| NOVEL MEZZANINE BORR -DD-7/12/2024   /       | NOVEL MEZZANINE BORR -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5827113 | PA      | $6170913.15   | 0.63%             | 2030-07-11      | Fixed         | 13.75%                | No            | 3                  | On Loan: No      |
| NOVEL MEZZANINE BORR -DD-7/12/2024   /       | NOVEL MEZZANINE BORR -DD-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $105900.01    | 0.01%             | 2030-07-11      | Fixed         | 1.50%                 | No            | 3                  | On Loan: No      |
| NORVAX LLC Superpriority Rolled   /          | NORVAX LLC Superpriority Rolled   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    549020 | PA      | $533483.05    | 0.05%             | 2030-08-06      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| NORVAX LLC -TL-12/30/2024   /                | NORVAX LLC -TL-12/30/2024   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7973644 | PA      | $7597397.38   | 0.77%             | 2029-11-05      | Variable      | 15.50%                | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -RE-1/31/25   /         | MEDICAL DEVICE, INC. -RE-1/31/25   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |     65657 | PA      | $65164.14     | 0.01%             | 2029-07-11      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| MEDICAL DEVICE, INC. -TL-7/11/2023   /       | MEDICAL DEVICE, INC. -TL-7/11/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | IT        |    438889 | PA      | $435597.22    | 0.04%             | 2029-07-11      | Variable      | 9.02%                 | No            | 3                  | On Loan: No      |
| NRO HOLDINGS III Co. -TL-7/12/2024   /       | NRO HOLDINGS III Co. -TL-7/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4062857 | PA      | $3970906.17   | 0.41%             | 2031-07-15      | Variable      | 9.15%                 | No            | 3                  | On Loan: No      |
| NATIONAL RESILIENCE, -TL-12/8/2025   /       | NATIONAL RESILIENCE, -TL-12/8/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3051056 | PA      | $2929014.17   | 0.30%             | 2030-11-21      | Variable      | 11.99%                | No            | 3                  | On Loan: No      |
| NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /  | NORDIC CLIMATE GROU -DD FAC B 6/26/2024   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   1924314 | PA      | $209509.04    | 0.02%             | 2031-05-29      | Variable      | 7.65%                 | No            | 3                  | On Loan: No      |
| ROYAL HOLDCO Corp.ORA -TL-6/28/2023   /      | ROYAL HOLDCO Corp.ORA -TL-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    728513 | PA      | $728513.04    | 0.07%             | 2030-12-30      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| RUBY BUYER, LLC -TL-12/21/2023   /           | RUBY BUYER, LLC -TL-12/21/2023   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2462500 | PA      | $2453330.44   | 0.25%             | 2029-12-21      | Variable      | 9.86%                 | No            | 3                  | On Loan: No      |
| RUSHMORE INVESTMENT -TL-6/13/2024   /        | RUSHMORE INVESTMENT -TL-6/13/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3917849 | PA      | $3896165.75   | 0.40%             | 2030-10-18      | Variable      | 8.87%                 | No            | 3                  | On Loan: No      |
| PN VIII HOLDCO SARL -TL-1/24/2025   /        | PN VIII HOLDCO SARL -TL-1/24/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |     83000 | PA      | $96195.31     | 0.01%             | 2030-06-14      | Variable      | 7.35%                 | No            | 3                  | On Loan: No      |
| PRACTICETEK PURCHASE -TL-8/30/2023   /       | PRACTICETEK PURCHASE -TL-8/30/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1960000 | PA      | $1960000.00   | 0.20%             | 2029-08-30      | Variable      | 9.59%                 | No            | 3                  | On Loan: No      |
| PROACTIS HOLDINGS LI -TL-1/31/2024   /       | PROACTIS HOLDINGS LI -TL-1/31/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    701831 | PA      | $932181.79    | 0.10%             | 2029-08-16      | Variable      | 13.46%                | No            | 3                  | On Loan: No      |
| PURPLE COW BUYER LLC -TL-2/11/2025   /       | PURPLE COW BUYER LLC -TL-2/11/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4962500 | PA      | $4896409.94   | 0.50%             | 2030-11-05      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| RUSHMORE INVESTMENT -TL-10/9/24   /          | RUSHMORE INVESTMENT -TL-10/9/24   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2992000 | PA      | $2975440.66   | 0.30%             | 2030-10-18      | Variable      | 8.87%                 | No            | 3                  | On Loan: No      |
| S1YNDIGO LLC -RE-8/29/2025   /               | S1YNDIGO LLC -RE-8/29/2025   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1481043 | PA      | $1466220.14   | 0.15%             | 2032-09-02      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| S1YNDIGO LLC -TL-8/29/2025   /               | S1YNDIGO LLC -TL-8/29/2025   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11018957 | PA      | $10908107.73  | 1.11%             | 2032-09-02      | Variable      | 9.05%                 | No            | 3                  | On Loan: No      |
| SUMUP HOLDINGS LUXE -DD-5/21/2024   /        | SUMUP HOLDINGS LUXE -DD-5/21/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   4000000 | PA      | $4711677.02   | 0.48%             | 2031-04-25      | Variable      | 8.07%                 | No            | 3                  | On Loan: No      |
| R1CP NATS PURCHASER, -DD-3/18/2025   /       | R1CP NATS PURCHASER, -DD-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1205511 | PA      | $1188292.57   | 0.12%             | 2032-03-19      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| R1CP NATS PURCHASER, -RE-3/18/2025   /       | R1CP NATS PURCHASER, -RE-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    843858 | PA      | $831663.33    | 0.08%             | 2032-03-19      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| R1CP NATS PURCHASER, -TL-3/18/2025   /       | R1CP NATS PURCHASER, -TL-3/18/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6027555 | PA      | $5941462.83   | 0.61%             | 2032-03-19      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| REVELSTOKE BIDCO LIM -DD-11/29/2023   /      | REVELSTOKE BIDCO LIM -DD-11/29/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    374052 | PA      | $375845.23    | 0.04%             | 2030-11-29      | Fixed         | 2.19%                 | No            | 3                  | On Loan: No      |
| REVELSTOKE BIDCO LIM -TL-11/29/2023   /      | REVELSTOKE BIDCO LIM -TL-11/29/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    625948 | PA      | $628948.94    | 0.06%             | 2030-11-29      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| READY TERM HOLDINGS, -DD-4/12/2024   /       | READY TERM HOLDINGS, -DD-4/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2971511.90   | 0.30%             | 2029-04-12      | Variable      | 9.43%                 | No            | 3                  | On Loan: No      |
| SALUTE MISSION CRITI -RE-06/09/2023   /      | SALUTE MISSION CRITI -RE-06/09/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135364 | PA      | $134123.87    | 0.01%             | 2029-11-30      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| SALUTE MISSION CRITI -TL-06/09/2023   /      | SALUTE MISSION CRITI -TL-06/09/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    845277 | PA      | $837534.54    | 0.09%             | 2029-11-30      | Variable      | 8.87%                 | No            | 3                  | On Loan: No      |
| RIPTIDE PARENT LLC -RE-8/2/2024   /          | RIPTIDE PARENT LLC -RE-8/2/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    408163 | PA      | $406311.96    | 0.04%             | 2030-08-02      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| RIPTIDE PARENT LLC -TL-8/2/2024   /          | RIPTIDE PARENT LLC -TL-8/2/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4545918 | PA      | $4525299.45   | 0.46%             | 2030-08-02      | Variable      | 9.01%                 | No            | 3                  | On Loan: No      |
| RJW GROUP HOLDINGS, -DD-10/31/2025   /       | RJW GROUP HOLDINGS, -DD-10/31/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1811594 | PA      | $1793478.26   | 0.18%             | 2031-11-26      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| RJW GROUP HOLDINGS, -TL-10/31/2025   /       | RJW GROUP HOLDINGS, -TL-10/31/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10688406 | PA      | $10581521.74  | 1.08%             | 2031-11-26      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64588 | PA      | $64095.64     | 0.01%             | 2027-04-09      | Variable      | 12.69%                | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    123111 | PA      | $122171.89    | 0.01%             | 2027-04-09      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4476426 | PA      | $4596615.82   | 0.47%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135346 | PA      | $138980.44    | 0.01%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135852 | PA      | $139499.39    | 0.01%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135920 | PA      | $139569.21    | 0.01%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    217471 | PA      | $223310.25    | 0.02%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SALAMANCA INFRASTRUC -DD-10/1/2024   /       | SALAMANCA INFRASTRUC -DD-10/1/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64172 | PA      | $65894.99     | 0.01%             | 2030-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SERRANO PARENT, LLC -TL-6/23/2023   /        | SERRANO PARENT, LLC -TL-6/23/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1004467.20   | 0.10%             | 2030-05-13      | Variable      | 10.35%                | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     18937 | PA      | $18744.93     | 0.00%             | 2028-03-27      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4428879 | PA      | $4395092.70   | 0.45%             | 2027-04-09      | Variable      | 12.74%                | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    171238 | PA      | $169932.04    | 0.02%             | 2027-04-09      | Variable      | 12.70%                | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98444 | PA      | $97692.83     | 0.01%             | 2027-04-09      | Variable      | 12.74%                | No            | 3                  | On Loan: No      |
| SCOTTSDALE PLAZA RES -DD-7/19/2024   /       | SCOTTSDALE PLAZA RES -DD-7/19/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    113740 | PA      | $112872.07    | 0.01%             | 2027-04-09      | Variable      | 12.74%                | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25178 | PA      | $24922.79     | 0.00%             | 2028-03-27      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10575 | PA      | $10467.56     | 0.00%             | 2028-03-27      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23010 | PA      | $22776.59     | 0.00%             | 2028-03-27      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34367 | PA      | $34018.47     | 0.00%             | 2028-03-27      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -DD-6/28/2023   /      | SEI HOLDINGS I Corp.O -DD-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10659 | PA      | $10550.89     | 0.00%             | 2028-03-27      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| SEI HOLDINGS I Corp.O -TL-6/28/2023   /      | SEI HOLDINGS I Corp.O -TL-6/28/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    852803 | PA      | $844162.43    | 0.09%             | 2028-03-27      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| SWEDISH KRONA  /                             | SWEDISH KRONA  /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | SE        |    335407 | OU      | $36431.59     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SEK FORWARD AKSIAPUB CONTRACT 01/15/2026   / | SEK FORWARD AKSIAPUB CONTRACT 01/15/2026   /     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | SE        | -27664800 | OU      | $-3007386.92  | -0.31%            |  |  |  | No            | 2                  | On Loan: No      |
| SECURITY SERVICES AC -TL-6/17/2024   /       | SECURITY SERVICES AC -TL-6/17/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3254397 | PA      | $3231710.73   | 0.33%             | 2027-09-30      | Variable      | 9.77%                 | No            | 3                  | On Loan: No      |
| SHELF BIDCO LTD. -TL-10/24/2024   /          | SHELF BIDCO LTD. -TL-10/24/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   7940000 | PA      | $8019400.00   | 0.82%             | 2031-08-21      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| SILK HOLDINGS III LL -RE-12/2/2025   /       | SILK HOLDINGS III LL -RE-12/2/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    390625 | PA      | $388671.88    | 0.04%             | 2032-12-03      | Variable      | 7.19%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    321501 | PA      | $319893.52    | 0.03%             | 2031-11-17      | Fixed         | 0.38%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5450870 | PA      | $5423615.22   | 0.55%             | 2031-11-17      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2628204 | PA      | $2615062.72   | 0.27%             | 2031-11-17      | Variable      | 8.71%                 | No            | 3                  | On Loan: No      |
| TPG Twin Brook Capit Fund -FE-12/26/2023   / | TPG Twin Brook Capit Fund -FE-12/26/2023   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    192994 | NS      | $4884106.67   | 0.50%             | 2023-12-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| AMYNTA AGENCY BORROWER                       | Amynta Agency Borrower, Inc.                     | CUSIP: 57810JAM0<br>LEI: 5493000GP6HBRVTWBO85 | Long             | LON              | CORP              | US        |   1489739 | PA      | $1494856.17   | 0.15%             | 2031-12-29      | Floating      | 6.67%                 | No            | 2                  | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                   | Amneal Pharmaceuticals LLC                       | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   2050361 | PA      | $2070864.86   | 0.21%             | 2032-08-02      | Floating      | 7.23%                 | No            | 2                  | On Loan: No      |
| UKG INC                                      | UKG, Inc.                                        | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   1536634 | PA      | $1540021.96   | 0.16%             | 2031-02-10      | Floating      | 6.34%                 | No            | 2                  | On Loan: No      |
| TEAM HEALTH HOLDINGS INC                     | Team Health Holdings, Inc.                       | CUSIP: 87817JAH1<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |    997500 | PA      | $1002098.48   | 0.10%             | 2028-06-30      | Floating      | 8.17%                 | No            | 2                  | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDI                   | Alliant Holdings Intermediate LLC                | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |    988775 | PA      | $992122.02    | 0.10%             | 2031-09-19      | Floating      | 6.37%                 | No            | 2                  | On Loan: No      |
| DRAGON BUYER INC                             | Dragon Buyer, Inc.                               | CUSIP: 26143FAB5<br>LEI: 2549006V6EIUFGF2Y127 | Long             | LON              | CORP              | US        |    992500 | PA      | $994450.26    | 0.10%             | 2031-09-30      | Floating      | 6.42%                 | No            | 2                  | On Loan: No      |
| PETSMART INC                                 | PetSmart LLC                                     | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    500000 | PA      | $498595.00    | 0.05%             | 2032-08-18      | Floating      | 7.73%                 | No            | 2                  | On Loan: No      |
| WR GRACE HOLDINGS LLC                        | WR Grace Holdings LLC                            | CUSIP: 92943HAD1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    997500 | PA      | $1000302.98   | 0.10%             | 2032-08-09      | Floating      | 6.69%                 | No            | 2                  | On Loan: No      |
| LEVEL 3 FINANCING INC                        | Level 3 Financing, Inc.                          | CUSIP: 52729KAU0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2008250.00   | 0.20%             | 2032-03-29      | Floating      | 7.12%                 | No            | 2                  | On Loan: No      |
| CINCINNATI BELL INC                          | Cincinnati Bell, Inc.                            | CUSIP: 17187MAU4<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |    743067 | PA      | $744988.26    | 0.08%             | 2028-11-24      | Floating      | 6.17%                 | No            | 2                  | On Loan: No      |
| BALDWIN INSURANCE GROUP                      | Baldwin Insurance Group Holdings LLC             | CUSIP: 05825HAH7<br>LEI: 5493004GCDREAQPPYG20 | Long             | LON              | CORP              | US        |   1995000 | PA      | $1995000.00   | 0.20%             | 2031-05-27      | Floating      | 6.25%                 | No            | 2                  | On Loan: No      |
| WEBER-STEPHEN PRODUCTS L                     | Weber-Stephen Products LLC                       | CUSIP: 94767KAR2<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2005500.00   | 0.20%             | 2032-10-01      | Floating      | 7.41%                 | No            | 2                  | On Loan: No      |
| STONEPEAK NILE PARENT                        | Stonepeak Nile Parent LLC                        | CUSIP: 86184XAD6<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1501875.00   | 0.15%             | 2032-04-09      | Floating      | 6.00%                 | No            | 2                  | On Loan: No      |
| BLACKFIN PIPELINE LLC                        | Blackfin Pipeline LLC                            | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2006250.00   | 0.20%             | 2032-09-29      | Floating      | 6.94%                 | No            | 2                  | On Loan: No      |
| CHEMOURS CO                                  | Chemours Co.                                     | CUSIP: 16384YAM9<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |   2734896 | PA      | $2710965.29   | 0.28%             | 2032-10-15      | Floating      | 7.42%                 | No            | 2                  | On Loan: No      |
| NUMERICABLE US LLC                           | Numericable U.S. LLC                             | CUSIP: BL5258944<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1001040.00   | 0.10%             | 2031-05-15      | Floating      | 10.63%                | No            | 2                  | On Loan: No      |
| OPAL US LLC                                  | Opal U.S. LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1007500.00   | 0.10%             | 2032-04-23      | Floating      | 7.12%                 | No            | 2                  | On Loan: No      |
| VERSANT MEDIA GROUP INC                      | Versant Media Group, Inc.                        | CUSIP: 92528PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3004695.00   | 0.31%             | 2031-01-02      | Floating      | 6.30%                 | No            | 2                  | On Loan: No      |
| Post CLO LTD                                 | Post CLO VI Ltd.                                 | CUSIP: 73742WAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $720000.00    | 0.07%             | 2038-01-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Post CLO LTD                                 | Post CLO 2024-1 Ltd.                             | CUSIP: 73743FAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $335000.00    | 0.03%             | 2037-04-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| GENMAB A/S                                   | Genmab A/S                                       | CUSIP: 999999999<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |   1000000 | PA      | $1005940.00   | 0.10%             | 2032-12-13      | Floating      | 6.73%                 | No            | 2                  | On Loan: No      |
| USIC HOLDINGS, Inc.. -TL-9/9/2024   /        | USIC HOLDINGS, Inc.. -TL-9/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4183385 | PA      | $4225219.34   | 0.43%             | 2031-09-05      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Sandstone Peak, Ltd                          | Sandstone Peak III Ltd.                          | CUSIP: 799929AC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $400000.00    | 0.04%             | 2037-04-25      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Sand Trust                                   | Sandstone Peak II Ltd.                           | CUSIP: 80013UAC4<br>LEI: 254900ZRRTOYR8JJD593 | Long             | ABS-CBDO         | CORP              | KY        |    211576 | PA      | $196109.59    | 0.02%             | 2038-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP PARIBAS (LU) NTS 9/26/2031 EUR   /       | BNP PARIBAS (LU) NTS 9/26/2031 EUR   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | FR        |   3238360 | PA      | $3805805.84   | 0.39%             | 2031-09-26      | Variable      | 10.02%                | No            | 3                  | On Loan: No      |
| A1MPLIFY BUYER, INC. -TL-9/26/2025   /       | A1MPLIFY BUYER, INC. -TL-9/26/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13237500 | PA      | $13170028.43  | 1.34%             | 2032-09-17      | Variable      | 8.44%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAG -DD-3/18/2025   /        | ARCMONT ASSET MANAG -DD-3/18/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1229864 | PA      | $1612096.20   | 0.16%             | 2031-07-21      | Variable      | 9.46%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAG -DD-3/18/2025   /        | ARCMONT ASSET MANAG -DD-3/18/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    591213 | PA      | $774956.73    | 0.08%             | 2031-07-21      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| ARCMONT ASSET MANAG -TL-3/18/2025   /        | ARCMONT ASSET MANAG -TL-3/18/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   4097423 | PA      | $5370869.11   | 0.55%             | 2031-07-21      | Variable      | 9.46%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. TL-5/3/2024 HOLDCO B   /  | ASSOCIATIONS, INC. TL-5/3/2024 HOLDCO B   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    253243 | PA      | $258307.81    | 0.03%             | 2030-05-03      | Fixed         | 14.25%                | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, INC. TL-5/3/2024 HOLDCO A   /  | ASSOCIATIONS, INC. TL-5/3/2024 HOLDCO A   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    663165 | PA      | $676428.14    | 0.07%             | 2030-05-03      | Fixed         | 14.25%                | No            | 3                  | On Loan: No      |
| ACCUSERVE SOLUTIONS, -TL-3/15/2024   /       | ACCUSERVE SOLUTIONS, -TL-3/15/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4860826 | PA      | $4778796.02   | 0.49%             | 2030-03-15      | Variable      | 9.09%                 | No            | 3                  | On Loan: No      |
| ACM CRESTONE 757 LLC -FE-6/21/2024   /       | ACM CRESTONE 757 LLC -FE-6/21/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | DE        |         1 | NS      | $1465459.21   | 0.15%             | 2024-06-21      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60657 | PA      | $60353.25     | 0.01%             | 2031-11-17      | Variable      | 9.10%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85217 | PA      | $84791.30     | 0.01%             | 2031-11-17      | Variable      | 8.85%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    766957 | PA      | $763121.74    | 0.08%             | 2031-11-17      | Variable      | 8.70%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1950295 | PA      | $1940543.75   | 0.20%             | 2031-11-17      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ACCORDION PARTNERS L    /                    | ACCORDION PARTNERS L    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    608696 | PA      | $605652.17    | 0.06%             | 2031-11-17      | Fixed         | 0.38%                 | No            | 3                  | On Loan: No      |
| VB SPINE LLC -EQUITY-6/11/2025   /           | VB SPINE LLC -EQUITY-6/11/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80864 | NS      | $183722.00    | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| VB SPINE LLC -TL-6/11/2025   /               | VB SPINE LLC -TL-6/11/2025   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5029688 | PA      | $4942549.03   | 0.50%             | 2030-04-01      | Variable      | 12.29%                | No            | 3                  | On Loan: No      |
| VENSURE EMPLOYER Series -TL-11/6/2024   /    | VENSURE EMPLOYER Series -TL-11/6/2024   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11910015 | PA      | $11918884.37  | 1.22%             | 2031-09-26      | Variable      | 8.66%                 | No            | 3                  | On Loan: No      |
| Z1ORRO MIDCO 2 LIMIT -TL-2/10/2025   /       | Z1ORRO MIDCO 2 LIMIT -TL-2/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    225433 | PA      | $303155.29    | 0.03%             | 2031-06-14      | Variable      | 8.72%                 | No            | 3                  | On Loan: No      |
| Z2ORRO MIDCO 2 LIMIT -TL-2/10/2025   /       | Z2ORRO MIDCO 2 LIMIT -TL-2/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   3090823 | PA      | $334945.03    | 0.03%             | 2031-06-13      | Variable      | 7.02%                 | No            | 3                  | On Loan: No      |
| ZORO MERGER SUB,, Inc. 2024 TL-04/17/24   /  | ZORO MERGER SUB,, Inc. 2024 TL-04/17/24   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2970762 | PA      | $2970761.64   | 0.30%             | 2028-11-22      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /       | ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    136719 | PA      | $183855.76    | 0.02%             | 2031-06-13      | Variable      | 9.01%                 | No            | 3                  | On Loan: No      |
| ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /       | ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     27170 | PA      | $36537.25     | 0.00%             | 2031-06-13      | Variable      | 8.97%                 | No            | 3                  | On Loan: No      |
| ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /       | ZORRO MIDCO 2 LIMITE -DD-8/15/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    199747 | PA      | $268614.45    | 0.03%             | 2031-06-13      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ZORRO MIDCO 2 LIMITE -TL-8/15/2024   /       | ZORRO MIDCO 2 LIMITE -TL-8/15/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1636364 | PA      | $2200536.25   | 0.22%             | 2031-06-13      | Variable      | 8.97%                 | No            | 3                  | On Loan: No      |
| DIRECTV FINANCING LLC                        | Directv Financing LLC                            | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55333 | PA      | $55505.89     | 0.01%             | 2027-08-02      | Floating      | 9.10%                 | No            | 2                  | On Loan: No      |
| EMBECTA CORP                                 | Embecta Corp.                                    | CUSIP: 29081LAC8<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | LON              | CORP              | US        |   1816569 | PA      | $1822318.42   | 0.19%             | 2029-04-02      | Floating      | 6.72%                 | No            | 2                  | On Loan: No      |
| OSAIC HOLDINGS INC                           | Osaic Holdings, Inc.                             | CUSIP: 68773JAG5<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2010680.00   | 0.21%             | 2032-08-02      | Floating      | 6.73%                 | No            | 2                  | On Loan: No      |
| DRUBIT LLC -TL-2/20/2025   /                 | DRUBIT LLC -TL-2/20/2025   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  14241210 | PA      | $13985245.18  | 1.43%             | 2031-01-31      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| ECP GOM III, LLC -DD-4/15/2024   /           | ECP GOM III, LLC -DD-4/15/2024   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    735294 | PA      | $748694.75    | 0.08%             | 2029-04-13      | Fixed         | 4.00%                 | No            | 3                  | On Loan: No      |
| ECP GOM III, LLC -TL-4/15/2024   /           | ECP GOM III, LLC -TL-4/15/2024   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3625000 | PA      | $3691065.09   | 0.38%             | 2029-04-13      | Variable      | 9.91%                 | No            | 3                  | On Loan: No      |
| ELECTRO-METHODS, L.P -RE-2/21/2025   /       | ELECTRO-METHODS, L.P -RE-2/21/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1935000 | PA      | $1898037.55   | 0.19%             | 2032-02-20      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ELECTRO-METHODS, L.P -TL-2/21/2025   /       | ELECTRO-METHODS, L.P -TL-2/21/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8044838 | PA      | $7891164.69   | 0.80%             | 2032-02-20      | Variable      | 8.62%                 | No            | 3                  | On Loan: No      |
| ENERGYCO II, S.A -TL-7/25/2025   /           | ENERGYCO II, S.A -TL-7/25/2025   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | PT        |   8500000 | PA      | $9883754.54   | 1.01%             | 2032-05-20      | Variable      | 7.37%                 | No            | 3                  | On Loan: No      |
| ENVISION MANAGEMENT -DD-12/30/2025   /       | ENVISION MANAGEMENT -DD-12/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1554522 | PA      | $1527834.28   | 0.16%             | 2030-12-31      | Variable      | 10.22%                | No            | 3                  | On Loan: No      |
| ENVISION MANAGEMENT -DD-12/30/2025   /       | ENVISION MANAGEMENT -DD-12/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    484313 | PA      | $475998.44    | 0.05%             | 2030-12-31      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| ENVISION MANAGEMENT -TL-12/30/2025   /       | ENVISION MANAGEMENT -TL-12/30/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9961165 | PA      | $9811747.57   | 1.00%             | 2030-12-31      | Variable      | 9.22%                 | No            | 3                  | On Loan: No      |
| EPFS BUYER, INC. TERM LOAN   /               | EPFS BUYER, INC. TERM LOAN   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11681416 | PA      | $11567206.29  | 1.18%             | 2031-07-31      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| EPFS BUYER, INC. DELAYED DRAW   /            | EPFS BUYER, INC. DELAYED DRAW   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1991150 | PA      | $1971682.44   | 0.20%             | 2031-07-31      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| EPFS BUYER, INC. REVOLVER   /                | EPFS BUYER, INC. REVOLVER   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1327434 | PA      | $1314418.10   | 0.13%             | 2031-07-31      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ERS HOLDINGS, LLC -DD-3/26/2024   /          | ERS HOLDINGS, LLC -DD-3/26/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    169231 | PA      | $169230.77    | 0.02%             | 2027-05-03      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| ERS HOLDINGS, LLC -DD-3/26/2024   /          | ERS HOLDINGS, LLC -DD-3/26/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1230769 | PA      | $1230769.23   | 0.13%             | 2027-05-03      | Variable      | 9.28%                 | No            | 3                  | On Loan: No      |
| EVERGREEN IX BORROWE -TL-9/28/2023   /       | EVERGREEN IX BORROWE -TL-9/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    982500 | PA      | $982500.00    | 0.10%             | 2030-09-30      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| EVERGREEN IX BORROWE Incremental TL 8/14   / | EVERGREEN IX BORROWE Incremental TL 8/14   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4950000 | PA      | $4950000.00   | 0.50%             | 2030-09-30      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| FULLSTEAM OPERATION -DD-8/8/2025   /         | FULLSTEAM OPERATION -DD-8/8/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3461538 | PA      | $3426923.08   | 0.35%             | 2031-08-08      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| FULLSTEAM OPERATION -RE-8/8/2025   /         | FULLSTEAM OPERATION -RE-8/8/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1153846 | PA      | $1142307.69   | 0.12%             | 2031-08-08      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| FULLSTEAM OPERATION -TL-8/8/2025   /         | FULLSTEAM OPERATION -TL-8/8/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10384615 | PA      | $10280769.24  | 1.05%             | 2031-08-08      | Variable      | 9.03%                 | No            | 3                  | On Loan: No      |
| FB FLL AVIATION LLC -DD-9/18/2023   /        | FB FLL AVIATION LLC -DD-9/18/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1400000 | PA      | $1374896.42   | 0.14%             | 2028-07-19      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| FF4 Funding 2025 LLC -TL-3/31/2025   /       | FF4 Funding 2025 LLC -TL-3/31/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6953193 | PA      | $6953192.75   | 0.71%             | 2028-03-31      | Fixed         | 11.50%                | No            | 3                  | On Loan: No      |
| FIRST BRANDS GROUP I -DD-10/29/2025   /      | FIRST BRANDS GROUP I -DD-10/29/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2846859 | PA      | $498200.26    | 0.05%             | 2026-06-29      | Variable      | 22.10%                | No            | 3                  | On Loan: No      |
| FINASTRA USA, INC., -TL-10/5/2023   /        | FINASTRA USA, INC., -TL-10/5/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    546867 | PA      | $551608.70    | 0.06%             | 2029-09-13      | Variable      | 10.97%                | No            | 3                  | On Loan: No      |
| FIRST BRANDS GROUP I -TL-2/21/2025   /       | FIRST BRANDS GROUP I -TL-2/21/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10209154 | PA      | $130472.99    | 0.01%             | 2027-03-30      | None          | 10.99%                | No            | 3                  | On Loan: No      |
| IB APPLIANCES U.S. HOL -TL-1/6/2025   /      | IB APPLIANCES U.S. HOL -TL-1/6/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5233333 | PA      | $5106418.29   | 0.52%             | 2030-01-07      | Variable      | 10.76%                | No            | 3                  | On Loan: No      |
| IB APPLIANCES U.S. HOL WARRANTS   /          | IB APPLIANCES U.S. HOL WARRANTS   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1073 | NC      | $69038.54     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| Franklin Senior Loan ETF                     | Franklin Senior Loan ETF                         | CUSIP: 35473P595<br>LEI: 549300I3TND36ZL4CK30 | Long             |  | RF                | US        |    123947 | NS      | $2902838.74   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| FONTAINEBLEAU MIAMI -DD-2/27/2025   /        | FONTAINEBLEAU MIAMI -DD-2/27/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9333333 | PA      | $9331266.91   | 0.95%             | 2026-12-09      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| ICG European Direct Lending X SCSp   /       | ICG European Direct Lending X SCSp   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | XX        |         1 | NS      | $16394405.92  | 1.67%             |  |  |  | No            | N/A                | On Loan: No      |
| ITI INTERMODAL SERVI -DD-6/28/2023   /       | ITI INTERMODAL SERVI -DD-6/28/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32041 | PA      | $31612.24     | 0.00%             | 2027-12-21      | Variable      | 9.77%                 | No            | 3                  | On Loan: No      |
| L1HS BORROWER, LLC -TL-9/3/2025   /          | L1HS BORROWER, LLC -TL-9/3/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13500000 | PA      | $13301311.96  | 1.36%             | 2031-09-04      | Variable      | 8.94%                 | No            | 3                  | On Loan: No      |
| LANDMARK ACQUISITION -FE-6/3/2024   /        | LANDMARK ACQUISITION -FE-6/3/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $2368697.05   | 0.24%             | 2024-06-03      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| FONTAINEBLEAU MIAMI -DD-2/27/2025   /        | FONTAINEBLEAU MIAMI -DD-2/27/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    666667 | PA      | $666519.07    | 0.07%             | 2026-12-09      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -DD-8/11/2025   /            | GUAVA BUYER LLC -DD-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    628997 | PA      | $617049.40    | 0.06%             | 2032-08-12      | Variable      | 9.29%                 | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INTERME -DD-06/09/2023   /      | LIFE SCIENCE INTERME -DD-06/09/2023   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    979779 | PA      | $972065.23    | 0.10%             | 2027-06-10      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| Limerick Succession Aggregator Equity   /    | Limerick Succession Aggregator Equity   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $10016043.81  | 1.02%             |  |  |  | No            | N/A                | On Loan: No      |
| WORLD WATER WORKS, I -TL-7/3/2024   /        | WORLD WATER WORKS, I -TL-7/3/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2884500 | PA      | $2898643.80   | 0.30%             | 2029-07-03      | Variable      | 12.29%                | No            | 3                  | On Loan: No      |
| WORLD WATER WORKS, I Preferred Equity   /    | WORLD WATER WORKS, I Preferred Equity   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       962 | NS      | $1143021.59   | 0.12%             |  |  |  | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -DD-8/11/2025   /            | GUAVA BUYER LLC -DD-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    802548 | PA      | $787303.85    | 0.08%             | 2032-08-12      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -RE-8/11/2025   /            | GUAVA BUYER LLC -RE-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     76432 | PA      | $74980.64     | 0.01%             | 2030-08-12      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| WORLD WATER WORKS, I WARRANTS   /            | WORLD WATER WORKS, I WARRANTS   /                | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       206 | NC      | $31631.30     | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| XEBIA GROUP HOLDING -TL-7/7/2023   /         | XEBIA GROUP HOLDING -TL-7/7/2023   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1012866 | PA      | $1174229.63   | 0.12%             | 2027-07-30      | Variable      | 10.52%                | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -RE-3/14/2024   /       | CORSAIR BLADE IV (LU -RE-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |    185550 | PA      | $249413.22    | 0.03%             | 2030-12-23      | Variable      | 9.97%                 | No            | 3                  | On Loan: No      |
| CORSAIR BLADE IV (LU -TL-3/14/2024   /       | CORSAIR BLADE IV (LU -TL-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CH        |   2272343 | PA      | $3054445.96   | 0.31%             | 2030-12-23      | Variable      | 9.72%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT NOTES Other Equity-2/19/25   / | COLLER CREDIT NOTES Other Equity-2/19/25   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    786383 | PA      | $1183246.67   | 0.12%             | 2036-10-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| COLLER CREDIT NOTES Other Equity-2/19/25   / | COLLER CREDIT NOTES Other Equity-2/19/25   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    289221 | PA      | $289221.43    | 0.03%             | 2036-10-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| DMT SOLUTIONS GLOBAL -TL-8/29/2023   /       | DMT SOLUTIONS GLOBAL -TL-8/29/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    235294 | PA      | $233948.44    | 0.02%             | 2027-08-30      | Variable      | 11.94%                | No            | 3                  | On Loan: No      |
| DMT SOLUTIONS GLOBAL -TL-8/29/2023   /       | DMT SOLUTIONS GLOBAL -TL-8/29/2023   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220147 | PA      | $218888.01    | 0.02%             | 2027-08-30      | Variable      | 12.02%                | No            | 3                  | On Loan: No      |
| NORVAX LLC Superpriority DDTL   /            | NORVAX LLC Superpriority DDTL   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    226242 | PA      | $236038.16    | 0.02%             | 2030-08-06      | Variable      | 9.16%                 | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -RE-8/11/2025   /            | GUAVA BUYER LLC -RE-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    420382 | PA      | $412397.84    | 0.04%             | 2030-08-12      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -RE-8/11/2025   /            | GUAVA BUYER LLC -RE-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    936307 | PA      | $918523.24    | 0.09%             | 2030-08-12      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| ERS HOLDINGS, LLC -DD-3/26/2024   /          | ERS HOLDINGS, LLC -DD-3/26/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    600000 | PA      | $600000.00    | 0.06%             | 2027-05-03      | Fixed         | 0.75%                 | No            | 3                  | On Loan: No      |
| ERS HOLDINGS, LLC -TL-3/26/2024   /          | ERS HOLDINGS, LLC -TL-3/26/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3930000 | PA      | $3930000.00   | 0.40%             | 2027-05-03      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| EURO CURRENCY  /                             | EURO CURRENCY  /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    419257 | OU      | $492721.93    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| EUR FORWARD AKSIAPUB CONTRACT 01/15/2026   / | EUR FORWARD AKSIAPUB CONTRACT 01/15/2026   /     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        | -52345097 | OU      | $-61561825.93 | -6.28%            |  |  |  | No            | 2                  | On Loan: No      |
| NORVAX LLC Superpriority DDTL   /            | NORVAX LLC Superpriority DDTL   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    226242 | PA      | $236038.16    | 0.02%             | 2030-08-06      | Variable      | 9.35%                 | No            | 3                  | On Loan: No      |
| OSR INTERMEDIATE LLC -TL-3/14/2024   /       | OSR INTERMEDIATE LLC -TL-3/14/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3750000 | PA      | $3721875.00   | 0.38%             | 2029-03-15      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /  | GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120000 | PA      | $120000.00    | 0.01%             | 2028-09-29      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /  | GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42700 | PA      | $42700.00     | 0.00%             | 2028-09-29      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| OZARK HOLDINGS LLC -TL-8/2/2024   /          | OZARK HOLDINGS LLC -TL-8/2/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5430857 | PA      | $5369416.12   | 0.55%             | 2030-08-05      | Variable      | 9.49%                 | No            | 3                  | On Loan: No      |
| P1N VIII HOLDCO SARL -DD-1/24/2025   /       | P1N VIII HOLDCO SARL -DD-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |    253992 | PA      | $294166.20    | 0.03%             | 2030-06-14      | Variable      | 7.35%                 | No            | 3                  | On Loan: No      |
| GUAVA BUYER LLC -TL-8/11/2025   /            | GUAVA BUYER LLC -TL-8/11/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12133758 | PA      | $11903284.63  | 1.21%             | 2032-08-12      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| G4 18259 LLC -TL-4/25/2024   /               | G4 18259 LLC -TL-4/25/2024   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3001189.87   | 0.31%             | 2026-05-01      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| P1N VIII HOLDCO SARL -DD-1/24/2025   /       | P1N VIII HOLDCO SARL -DD-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |    117008 | PA      | $135514.76    | 0.01%             | 2030-06-14      | Variable      | 7.42%                 | No            | 3                  | On Loan: No      |
| P1LTFRM Cos., L -RE-4/15/2025   /            | P1LTFRM Cos., L -RE-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    252632 | PA      | $249781.38    | 0.03%             | 2030-02-11      | Variable      | 11.37%                | No            | 3                  | On Loan: No      |
| GREAT BRITAIN POUND  /                       | GREAT BRITAIN POUND  /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |   -127045 | OU      | $-171242.67   | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| GBP FORWARD AKSIAPUB CONTRACT 01/15/2026   / | GBP FORWARD AKSIAPUB CONTRACT 01/15/2026   /     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        | -15685630 | OU      | $-21142512.85 | -2.16%            |  |  |  | No            | 2                  | On Loan: No      |
| P1LTFRM Cos., L -RE-4/15/2025   /            | P1LTFRM Cos., L -RE-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    112281 | PA      | $111013.95    | 0.01%             | 2030-02-11      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| P1LTFRM Cos., L -RE-4/15/2025   /            | P1LTFRM Cos., L -RE-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     56140 | PA      | $55506.98     | 0.01%             | 2030-02-11      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| P2N VIII HOLDCO SARL -DD-1/24/2025   /       | P2N VIII HOLDCO SARL -DD-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |    133950 | PA      | $155136.84    | 0.02%             | 2030-06-14      | Variable      | 7.35%                 | No            | 3                  | On Loan: No      |
| P2N VIII HOLDCO SARL -DD-1/24/2025   /       | P2N VIII HOLDCO SARL -DD-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |    265050 | PA      | $306972.89    | 0.03%             | 2030-06-14      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| P2LTFRM Cos., L -TL-4/15/2025   /            | P2LTFRM Cos., L -TL-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4712281 | PA      | $4658883.47   | 0.48%             | 2030-02-11      | Variable      | 11.19%                | No            | 3                  | On Loan: No      |
| P3N VIII HOLDCO SARL -TL-1/24/2025   /       | P3N VIII HOLDCO SARL -TL-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |   2828000 | PA      | $3277594.26   | 0.33%             | 2030-06-14      | Variable      | 7.27%                 | No            | 3                  | On Loan: No      |
| GERSON LEHRMAN GROUP -RE-3/7/2024   /        | GERSON LEHRMAN GROUP -RE-3/7/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    144541 | PA      | $144132.57    | 0.01%             | 2027-12-13      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| GERSON LEHRMAN GROUP -TL-3/7/2024   /        | GERSON LEHRMAN GROUP -TL-3/7/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2848320 | PA      | $2840287.06   | 0.29%             | 2027-12-13      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| P3LTFRM Cos., L -TL-4/15/2025   /            | P3LTFRM Cos., L -TL-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1385965 | PA      | $1370259.84   | 0.14%             | 2030-02-11      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| P4N VIII HOLDCO SARL -TL-1/24/2025   /       | P4N VIII HOLDCO SARL -TL-1/24/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |    319000 | PA      | $369714.49    | 0.04%             | 2030-06-14      | Variable      | 7.35%                 | No            | 3                  | On Loan: No      |
| G4 18222, LLC & G4 1 -TL-3/3/2025   /        | G4 18222, LLC & G4 1 -TL-3/3/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10000000 | PA      | $10059478.62  | 1.03%             | 2027-12-01      | Variable      | 11.34%                | No            | 3                  | On Loan: No      |
| GALWAY BORROWER, LLC -TL-TRANCHE B   /       | GALWAY BORROWER, LLC -TL-TRANCHE B   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    351438 | PA      | $351438.27    | 0.04%             | 2028-09-29      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /  | GALWAY BORROWER, LLC -DD-2ND AMEND 7/25   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    419648 | PA      | $419647.69    | 0.04%             | 2028-09-29      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| P4LTFRM Cos., L -DD-4/15/2025   /            | P4LTFRM Cos., L -DD-4/15/2025   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1403509 | PA      | $1387742.59   | 0.14%             | 2030-02-11      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| PAR EXCELLENCE HOLDI -RE-9/3/2024   /        | PAR EXCELLENCE HOLDI -RE-9/3/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    937500 | PA      | $925174.44    | 0.09%             | 2030-09-03      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| PAR EXCELLENCE HOLDI -TL-9/3/2024   /        | PAR EXCELLENCE HOLDI -TL-9/3/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4032031 | PA      | $3979021.09   | 0.41%             | 2030-09-03      | Variable      | 8.77%                 | No            | 3                  | On Loan: No      |
| PAR EXCELLENCE HOLDI -TL-3/10/2025   /       | PAR EXCELLENCE HOLDI -TL-3/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4975000 | PA      | $4909592.38   | 0.50%             | 2030-09-03      | Variable      | 8.74%                 | No            | 3                  | On Loan: No      |
| Park Row Mezz Borrow -FE-7/08/25   /         | Park Row Mezz Borrow -FE-7/08/25   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $5046749.36   | 0.51%             |  |  |  | No            | N/A                | On Loan: No      |
| PELICAN POWER BORROW -TL-10/29/2025   /      | PELICAN POWER BORROW -TL-10/29/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4845833 | PA      | $4748916.66   | 0.48%             | 2030-08-29      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| SILK HOLDINGS III LL -TL-12/2/2025   /       | SILK HOLDINGS III LL -TL-12/2/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11718750 | PA      | $11660156.25  | 1.19%             | 2032-12-03      | Variable      | 7.19%                 | No            | 3                  | On Loan: No      |
| SIMA HOLDINGS LP -FE-11/1/2024   /           | SIMA HOLDINGS LP -FE-11/1/2024   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $8064964.62   | 0.82%             |  |  |  | No            | N/A                | On Loan: No      |
| SKY 65 FRANKLIN LLC -TL-9/8/2025   /         | SKY 65 FRANKLIN LLC -TL-9/8/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  15000000 | PA      | $14947423.21  | 1.52%             | 2028-09-09      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| SOUTHLAND HOLDINGS L -DD-9/30/2024   /       | SOUTHLAND HOLDINGS L -DD-9/30/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    222222 | PA      | $221297.37    | 0.02%             | 2028-09-29      | Fixed         | 3.75%                 | No            | 3                  | On Loan: No      |
| GREAT DAY GLOBAL, LL -PF-6/13/2024   /       | GREAT DAY GLOBAL, LL -PF-6/13/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2334160 | NS      | $2684284.48   | 0.27%             | 2028-01-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| SOUTHLAND HOLDINGS L -TL-9/30/2024   /       | SOUTHLAND HOLDINGS L -TL-9/30/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1420846 | PA      | $1414932.57   | 0.14%             | 2028-09-29      | Variable      | 11.10%                | No            | 3                  | On Loan: No      |
| SOLEN SOFTWARE GROUP -TL-1/31/2025   /       | SOLEN SOFTWARE GROUP -TL-1/31/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10000000 | PA      | $9894240.17   | 1.01%             | 2030-06-28      | Variable      | 12.17%                | No            | 3                  | On Loan: No      |
| SOLEN SOFTWARE GROUP -TL-5/2/2025   /        | SOLEN SOFTWARE GROUP -TL-5/2/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $494712.01    | 0.05%             | 2030-06-28      | Variable      | 12.17%                | No            | 3                  | On Loan: No      |
| Stone Point Credit Fund BDC Equity 9/22   /  | Stone Point Credit Fund BDC Equity 9/22   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    798754 | NS      | $20129581.51  | 2.05%             |  |  |  | No            | N/A                | On Loan: No      |
| SPACE INTERMEDIATE I    /                    | SPACE INTERMEDIATE I    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2337652 | PA      | $2314880.44   | 0.24%             | 2029-11-08      | Variable      | 10.01%                | No            | 3                  | On Loan: No      |
| SPECTRUM SAFETY SOLU -TL-8/9/2024   /        | SPECTRUM SAFETY SOLU -TL-8/9/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6906487 | PA      | $6957218.85   | 0.71%             | 2031-07-01      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| SURGICAL CENTER SOLU -DD-4/10/2025   /       | SURGICAL CENTER SOLU -DD-4/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2487562 | PA      | $2482609.16   | 0.25%             | 2031-03-25      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| SURGICAL CENTER SOLU -RE-4/10/2025   /       | SURGICAL CENTER SOLU -RE-4/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74627 | PA      | $74502.73     | 0.01%             | 2031-03-25      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| SURGICAL CENTER SOLU -RE-4/10/2025   /       | SURGICAL CENTER SOLU -RE-4/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1169154 | PA      | $1167209.34   | 0.12%             | 2031-03-25      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| SURGICAL CENTER SOLU -TL-4/10/2025   /       | SURGICAL CENTER SOLU -TL-4/10/2025   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8227313 | PA      | $8210931.89   | 0.84%             | 2031-03-25      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| TRANSCENDIA HOLDING -TL-5/24/2024   /        | TRANSCENDIA HOLDING -TL-5/24/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5940000 | PA      | $5875579.24   | 0.60%             | 2029-11-23      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| TANK HOLDING CORP. -TL-6/28/2023   /         | TANK HOLDING CORP. -TL-6/28/2023   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    731108 | PA      | $710938.22    | 0.07%             | 2028-03-31      | Variable      | 9.77%                 | No            | 3                  | On Loan: No      |
| TECOSTAR HOLDINGS, I -TL-8/3/2023   /        | TECOSTAR HOLDINGS, I -TL-8/3/2023   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1606720 | PA      | $1612216.92   | 0.16%             | 2029-07-06      | Variable      | 11.93%                | No            | 3                  | On Loan: No      |
| TENNESSEE BIDCO LIMI -TL-10/16/2024   /      | TENNESSEE BIDCO LIMI -TL-10/16/2024   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   5102183 | PA      | $5024033.01   | 0.51%             | 2031-06-10      | Variable      | 8.83%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP NL B.V. -DD-12/12/2024   /       | TITAN GROUP NL B.V. -DD-12/12/2024   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     85714 | PA      | $96696.35     | 0.01%             | 2031-11-24      | Variable      | 7.77%                 | No            | 3                  | On Loan: No      |
| TOGETHERWORK HOLDING    /                    | TOGETHERWORK HOLDING    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170143 | PA      | $168259.26    | 0.02%             | 2031-05-19      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| TOGETHERWORK HOLDING    /                    | TOGETHERWORK HOLDING    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    971428 | PA      | $960674.15    | 0.10%             | 2031-05-19      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| TOGETHERWORK HOLDING    /                    | TOGETHERWORK HOLDING    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6788572 | PA      | $6713417.99   | 0.68%             | 2031-05-19      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| TREVILLE CAPITAL SOL FUND LP-FE-5/09/25   /  | TREVILLE CAPITAL SOL FUND LP-FE-5/09/25   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |         1 | NS      | $12156566.42  | 1.24%             |  |  |  | No            | N/A                | On Loan: No      |
| T. ROWE PRICE OHA S.E. -FE-1/29/24   /       | T. ROWE PRICE OHA S.E. -FE-1/29/24   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    394086 | NS      | $10588548.37  | 1.08%             | 2023-12-26      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| TRES ENERGY LLC -TL-1/8/2025   /             | TRES ENERGY LLC -TL-1/8/2025   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9230769 | PA      | $9096396.20   | 0.93%             | 2029-11-02      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| UPLAND SOFTWARE,, Inc. -RE-7/25/2025   /     | UPLAND SOFTWARE,, Inc. -RE-7/25/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1666667 | PA      | $1649368.20   | 0.17%             | 2031-07-25      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| UPLAND SOFTWARE,, Inc. -TL-7/25/2025   /     | UPLAND SOFTWARE,, Inc. -TL-7/25/2025   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13333333 | PA      | $13195138.97  | 1.35%             | 2031-07-25      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Calamos Aksia Alternative Credit & Income Fund

**Signature:** /S/ Stephen Atkins

**Name of Signer:** Stephen Atkins

**Title:** Treasurer