# EDGAR Filing Document

**Accession Number:** 0001818416
**File Stem:** 0002071691-25-007734
**Filing Date:** 2025-11
**Character Count:** 350351
**Document Hash:** c67fe97389f679363db9adb334dfa4bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007734.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007734

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Credit Opportunities Fund
- **CENTRAL INDEX KEY:** 0001818416

**ORGANIZATION NAME:**
- **EIN:** 851899053
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23592
- **FILM NUMBER:** 251528201

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2126983300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

## Nport-Ex

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Senior Loans (a) - 113.1%** |  | |
| &nbsp;&nbsp;&nbsp;**Advertising - 1.8%** |  | |
| &nbsp;&nbsp;&nbsp;Data Driven Intermediate, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.75%), 8.15%, 05/01/2030 ‡(b)(c)(d) | 2487900 | 2469241 |
| &nbsp;&nbsp;&nbsp;MH Sub I, LLC (WebMD Health / Internet Brands), 2023 May Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.25%), 8.25%, 05/03/2028 (e) | 4093147 | 3947329 |
| &nbsp;&nbsp;&nbsp;New Insight Holdings Inc. (Research Now/Dynata/Survey Sampling), First Out New Money Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%), 9.46%, 07/15/2028 (e) | 914354 | 913974 |
| &nbsp;&nbsp;&nbsp;New Insight Holdings Inc. (Research Now/Dynata/Survey Sampling), Second Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%), 9.96%, 10/15/2028 | 4962312 | 4091848 |
| &nbsp;&nbsp;&nbsp;WH Borrower, LLC (aka WHP Global), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%), 8.70%, 02/20/2032 (e) | 3000000 | 3007020 |
|  |  | **14429412** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chromalloy Corp., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.54%, 03/27/2031 (e) | 5962443 | 5986263 |
| &nbsp;&nbsp;&nbsp;Karman Holdings Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.50%, 04/01/2032 ‡(b)(e) | 1422051 | 1430939 |
| &nbsp;&nbsp;&nbsp;MAG DS Corp., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.60%, 04/01/2027 (b)(d) | 1945852 | 1945249 |
|  |  | **9362451** |
| &nbsp;&nbsp;&nbsp;**Agricultural & Farm Machinery - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hydrofarm Holdings Group, Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 10.07%, 10/25/2028 ‡(b)(d) | 1118882 | 934266 |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Buyer Inc. (Condata Global), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 07/23/2030 ‡(b)(c)(d) | 3286424 | 3204263 |
| &nbsp;&nbsp;&nbsp;AIT Worldwide Logistics Holdings, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.25%, 04/08/2030 (e) | 4962500 | 4980613 |
|  |  | **8184876** |
| &nbsp;&nbsp;&nbsp;**Apparel Retail - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lids Holdings, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.74%, 12/14/2026 ‡(b) | 525078 | 522452 |
| &nbsp;&nbsp;&nbsp;Xcel Brands, Inc., Intial Term Loan A - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 8.51%, 2.00% Floor), 12.82%, 12/12/2028 ‡(b)(c) | 1166667 | 1166667 |
|  |  | **1689119** |
| &nbsp;&nbsp;&nbsp;**Apparel, Accessories & Luxury Goods - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. (Protective Industrial Products), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%), 8.16%, 05/21/2032 (e)(f) | 4000000 | 3895000 |
| &nbsp;&nbsp;&nbsp;Penney Holdings LLC (Catalyst Brands), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 8.13%, 2.50% Floor), 12.41%, 09/19/2030 ‡(b)(c)(d) | 6000000 | 5850000 |
| &nbsp;&nbsp;&nbsp;Rachel Zoe, Inc., Second Amendment Effective Date Tranche A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.66%, 3.00% Floor), 11.96%, 08/04/2028 ‡(b)(c)(d) | 349972 | 349972 |
| &nbsp;&nbsp;&nbsp;Rachel Zoe, Inc., Third Amendment Effective Date Tranche A - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.66%, 3.00% Floor), 11.86%, 08/04/2028 ‡(b)(c)(d) | 958456 | 958456 |
| &nbsp;&nbsp;&nbsp;Rachel Zoe, Inc., Tranche A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.75%, 3.00% Floor), 12.75%, 08/04/2028 ‡(b)(c)(d) | 1076087 | 1076087 |
| &nbsp;&nbsp;&nbsp;TR Apparel, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 2.00% Floor), 10.53%, 06/21/2027 ‡(b)(c)(d) | 6661491 | 6661490 |
|  |  | **18791005** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Application Software - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apex Analytix, Inc. (Montana Buyer, Inc.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.75%, 0.75% Floor), 8.91%, 07/22/2029 ‡(b)(c) | 2621522 | 2595307 |
| &nbsp;&nbsp;&nbsp;AppHub LLC, Delayed Draw Tem Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.75%, 1.00% Floor), 10.19%, 09/29/2028 ‡(b)(c) | 365863 | 364034 |
| &nbsp;&nbsp;&nbsp;AppHub LLC, June 2024 Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.75%, 1.00% Floor), 10.04%, 09/29/2028 ‡(b)(c) | 2026877 | 2016743 |
| &nbsp;&nbsp;&nbsp;AppHub LLC, Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028 ‡(b)(c) | 103013 | 102498 |
| &nbsp;&nbsp;&nbsp;AppHub LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.75%, 1.00% Floor), 9.87%, 09/29/2028 ‡(b)(c)(d) | 2648892 | 2635648 |
| &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc. (BMC Software), 2031 Replacement Dollar Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.00%), 7.20%, 07/30/2031 (e) | 5967506 | 5964702 |
| &nbsp;&nbsp;&nbsp;CE Intermediate I, LLC (Clubessential), 2025 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.00%), 7.38%, 03/25/2032 (e) | 994987 | 997684 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. (TIBCO Software), Tenth Amendment Tranche B-2 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.48%, 03/21/2031 (e) | 2985000 | 2999656 |
| &nbsp;&nbsp;&nbsp;Cloudera, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.75%), 8.01%, 10/08/2028 (e) | 2992248 | 2951718 |
| &nbsp;&nbsp;&nbsp;CMI Marketing, Inc. (AdThrive), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.25%, 0.50% Floor), 8.53%, 03/23/2028 | 516734 | 514473 |
| &nbsp;&nbsp;&nbsp;EagleView Technology Corp., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% PIK), 10.80%, 08/14/2028 (e) | 3197556 | 3140341 |
| &nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 0.75% Floor), 9.64%, 12/24/2029 ‡(b) | 12459 | 12272 |
| &nbsp;&nbsp;&nbsp;Enverus Holdings, Inc. (Drilling Info), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PRIME 1 month + 4.50%, 0.75% Floor), 11.75%, 12/24/2029 ‡(b) | 3941153 | 3951006 |
| &nbsp;&nbsp;&nbsp;Mitchell International, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 06/17/2031 (e)(f) | 3972381 | 3973235 |
| &nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holdings, Inc. (Qlik), Second Amendment Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%, 0.50% Floor), 7.25%, 10/26/2030 | 4987 | 5007 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc., Extended Dollar Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month), 7.91%, 11/28/2028 (e) | 1804033 | 1810049 |
| &nbsp;&nbsp;&nbsp;Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.51%, 11/17/2028 ‡(b)(c)(d) | 3221406 | 3221406 |
| &nbsp;&nbsp;&nbsp;WatchGuard Technologies, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 0.75% Floor), 9.41%, 07/02/2029 (e) | 2984615 | 2988346 |
|  |  | **40244125** |
| &nbsp;&nbsp;&nbsp;**Asset Management & Custody Banks - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029 ‡(b)(c) | 247625 | 247625 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, First Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 03/01/2029 ‡(b)(c) | 293542 | 293542 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, First Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029 ‡(b)(c)(d) | 585608 | 585608 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.66%, 03/01/2029 ‡(b)(c)(d) | 1254125 | 1254125 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.51%, 03/01/2029 ‡(b)(c) | 136529 | 136529 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Second Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 03/01/2029 ‡(b)(c) | 993348 | 993348 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Second Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.63%, 03/01/2029 ‡(b)(c)(d) | 993348 | 993348 |
| &nbsp;&nbsp;&nbsp;Apella Capital, LLC, Third Amendment Delayed Draw Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.68%, 03/01/2029 ‡(b)(c) | 345885 | 345885 |
| &nbsp;&nbsp;&nbsp;IPM MSO Management, LLC, Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 06/17/2026 ‡(b)(c)(d) | 768331 | 733756 |
| &nbsp;&nbsp;&nbsp;IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%, 1.00% Floor), 10.64%, 06/17/2026 ‡(b)(c)(d) | 92920 | 88739 |
| &nbsp;&nbsp;&nbsp;IPM MSO Management, LLC, Second Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%), 10.64%, 06/17/2026 ‡(b)(c)(d) | 212881 | 203301 |
| &nbsp;&nbsp;&nbsp;Oak Point Partners, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.75%, 1.00% Floor), 9.01%, 12/01/2027 ‡(b)(c)(d) | 1980029 | 1980029 |
|  |  | **7855835** |
| &nbsp;&nbsp;&nbsp;**Auto Parts & Equipment - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Fifth Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.50%, 1.00% Floor), 8.66%, 12/19/2026 ‡(b)(c)(d) | 4374683 | 4374683 |
| &nbsp;&nbsp;&nbsp;Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Third Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.50%, 1.00% Floor), 8.66%, 12/19/2026 ‡(b)(c)(d) | 1390878 | 1390878 |
| &nbsp;&nbsp;&nbsp;Hertz Corp., The, 2023 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.75%), 8.06%, 06/30/2028 | 992443 | 889725 |
| &nbsp;&nbsp;&nbsp;Hertz Corp., The, Initial Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%, 0.50% Floor), 8.07%, 06/30/2028 | 1801751 | 1623477 |
| &nbsp;&nbsp;&nbsp;Hertz Corp., The, Initial Term C Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%, 0.50% Floor), 8.07%, 06/30/2028 | 354633 | 319544 |
| &nbsp;&nbsp;&nbsp;Power Stop, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%, 0.50% Floor), 9.16%, 01/26/2029 (e) | 989609 | 813335 |
|  |  | **9411642** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Solaris US Bidco LLC (Therakos), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%), 9.45%, 11/29/2030 (e) | 4969975 | 4876788 |
| &nbsp;&nbsp;&nbsp;**Broadcasting - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Allen Media, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%), 9.95%, 02/10/2027 | 1933663 | 1386436 |
| &nbsp;&nbsp;&nbsp;Learfield Communications, LLC, 2024 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.50%), 8.66%, 06/30/2028 (e) | 1279086 | 1293610 |
|  |  | **2680046** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Opal Bidco SAS (Opella LLC), Facility B2 - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.39%, 04/28/2032 (e) | 2000000 | 2007750 |
| &nbsp;&nbsp;&nbsp;**Casinos & Gaming - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bingo Holdings I LLC (PlayAGS), Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%), 8.75%, 06/30/2032 (e) | 3000000 | 3004695 |
| &nbsp;&nbsp;&nbsp;Catawba Nation Gaming Authority, Initial Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.75%), 8.91%, 03/29/2032 (b)(e) | 6600000 | 6754704 |
| &nbsp;&nbsp;&nbsp;J & J Ventures Gaming, LLC, 2025 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.66%, 04/26/2030 (e) | 6965000 | 6902977 |
|  |  | **16662376** |
| &nbsp;&nbsp;&nbsp;**Commodity Chemicals - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;A&A Global Imports, LLC, First Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2026 ‡(b)(c)(d) | 1034430 | 107407 |
| &nbsp;&nbsp;&nbsp;A&A Global Imports, LLC, Last Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/01/2026 ‡(b)(c)(d) | 1185895 |  |
| &nbsp;&nbsp;&nbsp;A&A Global Imports, LLC, New Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.00%, 1.00% Floor, 12.45% PIK), 24.89%, 06/01/2026 ‡(b)(c) | 51164 | 51165 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings Corp., 2024 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%), 8.14%, 03/15/2029 (e) | 2970000 | 2969480 |
|  |  | **3128052** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SonicWall US Holdings Inc., 2023 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 0.50% Floor), 9.00%, 05/18/2028 (f) | 4992405 | 4767747 |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;McHale Landscape Design, Inc., Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.07%, 07/16/2031 ‡(b)(c)(d) | 2521008 | 2492647 |
| &nbsp;&nbsp;&nbsp;R.L. James, Inc. (HH Restore Acquisition), Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 12/15/2028 ‡(b)(c)(d) | 942123 | 939768 |
| &nbsp;&nbsp;&nbsp;R.L. James, Inc. (HH Restore Acquisition), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.45%, 12/15/2028 ‡(b)(c) | 892120 | 889889 |
| &nbsp;&nbsp;&nbsp;R.L. James, Inc. (HH Restore Acquisition), First Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.39%, 12/15/2028 ‡(b)(c)(d) | 312403 | 311622 |
| &nbsp;&nbsp;&nbsp;TriStrux, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.00%, 1.00% Floor, 7.00% PIK), 12.15%, 12/23/2027 ‡(b)(c)(d) | 321504 | 199333 |
| &nbsp;&nbsp;&nbsp;TriStrux, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.00%, 1.00% Floor, 2.00% PIK), 12.45%, 12/23/2027 ‡(b)(c)(d) | 900312 | 558193 |
| &nbsp;&nbsp;&nbsp;TriStrux, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.00%, 1.00% Floor, 7.00% PIK), 12.15%, 12/23/2027 ‡(b)(c) | 322850 | 200149 |
| &nbsp;&nbsp;&nbsp;Violet Utility Buyer, LLC (Vannguard), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%, 1.00% Floor), 9.07%, 07/24/2031 ‡(b)(c)(d) | 3987730 | 3942868 |
|  |  | **9534469** |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Foley Products Co., LLC (FPC Holdco, LLC), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%, 0.50% Floor), 8.90%, 12/29/2028 (e) | 1000000 | 1009065 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete, LLC, 2025 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.00%), 7.32%, 04/02/2029 | 1776053 | 1780493 |
|  |  | **2789558** |
| &nbsp;&nbsp;&nbsp;**Data Processing & Outsourced Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Schola Group Acquisition, Inc. (Lathan McKee), Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%, 1.00% Floor), 8.98%, 04/09/2031 ‡(b)(c)(d) | 3221477 | 3185235 |
| &nbsp;&nbsp;&nbsp;Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%), 9.05%, 04/09/2031 ‡(b)(c) | 463087 | 457877 |
|  |  | **3643112** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Highline Aftermarket Acquisition, LLC, 2025-1 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.70%, 02/19/2030 (e) | 2977500 | 2992402 |
| &nbsp;&nbsp;&nbsp;**Diversified Chemicals - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Project Cloud Holdings, LLC (AgroFresh Inc.), 2024-1 Incremental Term Loan (USD) - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.51%, 03/31/2029 ‡(b)(c) | 2891967 | 2884737 |
| &nbsp;&nbsp;&nbsp;Project Cloud Holdings, LLC (AgroFresh Inc.), Initial USD Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.67%, 03/31/2029 ‡(b)(c)(d) | 5089341 | 5076617 |
| &nbsp;&nbsp;&nbsp;Project Cloud Holdings, LLC (AgroFresh Inc.), Replacement Revolver - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%), 10.51%, 03/31/2029 ‡(b)(c) | 598810 | 597313 |
|  |  | **8558667** |
| &nbsp;&nbsp;&nbsp;**Diversified Support Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Streetmasters Intermediate, Inc., Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 04/01/2030 ‡(b)(c) | 112000 | 110600 |
| &nbsp;&nbsp;&nbsp;Streetmasters Intermediate, Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.56%, 04/01/2030 ‡(b)(c)(d) | 5107667 | 5043821 |
|  |  | **5154421** |
| &nbsp;&nbsp;&nbsp;**Drug Retail - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Blazing Star Parent, LLC, Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.00%, 1.00% Floor), 11.20%, 08/28/2030 ‡(b)(c)(d) | 8000000 | 7880000 |
| &nbsp;&nbsp;&nbsp;**Education Services - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cengage Learning, Inc., 2024 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.69%, 03/24/2031 (e) | 2970075 | 2966051 |
| &nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%), 9.57%, 08/14/2028 ‡(b)(c) | 1115469 | 1115469 |
| &nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.70%, 08/14/2028 ‡(b)(c)(d) | 7456379 | 7456379 |
| &nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.43%, 08/14/2028 ‡(b)(c) | 811987 | 811987 |
| &nbsp;&nbsp;&nbsp;Point Quest Acquisition, LLC, Sixth Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.54%, 08/14/2028 ‡(b)(c) | 2277013 | 2277013 |
|  |  | **14626899** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Mission Critical Group, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%), 10.14%, 04/17/2030 ‡(b)(c)(d) | 2245924 | 2223465 |
| &nbsp;&nbsp;&nbsp;**Electrical Components & Equipment - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.50%), 10.66%, 09/03/2030 ‡(b)(c) | 3583999 | 3503359 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment & Instruments - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;VeriFone Systems, Inc., 2025-1 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 4.50% PIK), 10.07%, 08/18/2028 | 2828538 | 2744064 |
| &nbsp;&nbsp;&nbsp;**Electronic Manufacturing Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Creation Technologies Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 0.50% Floor), 10.05%, 10/05/2028 ‡(e) | 4911168 | 4892751 |
| &nbsp;&nbsp;&nbsp;Natel Engineering Co., Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.52%, 04/30/2026 (d) | 8493977 | 8158465 |
|  |  | **13051216** |
| &nbsp;&nbsp;&nbsp;**Environmental & Facilities Services - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.75%, 03/27/2030 ‡(b)(c) | 420885 | 418780 |
| &nbsp;&nbsp;&nbsp;CI (MG) Group, LLC (Mariani Landscape), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.80%, 03/27/2030 ‡(b)(c)(d) | 6899263 | 6864766 |
| &nbsp;&nbsp;&nbsp;CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 03/27/2030 ‡(b)(c) | 427518 | 425381 |
| &nbsp;&nbsp;&nbsp;EnergySolutions (Energy Capital Partners), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 09/20/2030 (e) | 2849695 | 2872848 |
| &nbsp;&nbsp;&nbsp;SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029 ‡(b)(c) | 423686 | 415213 |
| &nbsp;&nbsp;&nbsp;SR Landscaping, LLC, Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029 ‡(b)(c)(d) | 2661457 | 2608228 |
| &nbsp;&nbsp;&nbsp;SR Landscaping, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.57%, 10/30/2029 ‡(b)(c) | 883940 | 866262 |
| &nbsp;&nbsp;&nbsp;SR Landscaping, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.60%, 10/30/2029 ‡(b)(c) | 445109 | 436207 |
| &nbsp;&nbsp;&nbsp;Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 07/12/2030 ‡(b)(c)(d) | 4940444 | 4891040 |
| &nbsp;&nbsp;&nbsp;Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.69%, 07/12/2030 ‡(b)(c) | 1943704 | 1924267 |
|  |  | **21722992** |
| &nbsp;&nbsp;&nbsp;**Financial Exchanges & Data - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Priority Holdings, LLC, 2025-1 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.75%), 7.91%, 07/30/2032 (e) | 5943400 | 5969403 |
| &nbsp;&nbsp;&nbsp;**Footwear - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SHO Holding I Corp., Tranche A Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%), 10.78%, 06/30/2029 ‡(b)(c) | 537514 | 537514 |
| &nbsp;&nbsp;&nbsp;**General Merchandise Stores - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;1959 Holdings, LLC (Family Dollar), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%), 10.78%, 07/05/2030 ‡(b)(c)(d) | 6976744 | 6906977 |
| &nbsp;&nbsp;&nbsp;**Health Care Distributors - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Prescott's Inc. (AKA Greenjacket), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%, 1.00% Floor), 8.75%, 12/30/2030 ‡(b)(c)(d) | 4032242 | 4002000 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Health Care Facilities - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.57%, 06/08/2029 ‡(b)(c) | 20000 | 18800 |
| &nbsp;&nbsp;&nbsp;ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.60%, 06/08/2029 ‡(b)(c)(d) | 1780041 | 1673239 |
| &nbsp;&nbsp;&nbsp;Crisis Prevention Institute, Inc., 2024 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%, 0.50% Floor), 8.30%, 04/09/2031 (e) | 5013721 | 5003268 |
| &nbsp;&nbsp;&nbsp;Quorum Health Resources (QHR), 2023 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%), 9.51%, 05/28/2027 ‡(b)(c)(d) | 1955000 | 1950112 |
| &nbsp;&nbsp;&nbsp;Quorum Health Resources (QHR), Specified Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%), 9.51%, 05/28/2027 ‡(b)(c)(d) | 1955000 | 1950112 |
| &nbsp;&nbsp;&nbsp;Quorum Health Resources (QHR), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 05/28/2027 ‡(b)(c)(d) | 1032809 | 1030227 |
|  |  | **11625758** |
| &nbsp;&nbsp;&nbsp;**Health Care Services - 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan A - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027 ‡(b)(c)(d) | 122348 | 116395 |
| &nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 11.65%, 10/15/2027 ‡(b)(c)(d) | 207242 | 197916 |
| &nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan C - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027 ‡(b)(c) | 583365 | 554979 |
| &nbsp;&nbsp;&nbsp;Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor, 1.00% PIK), 10.65%, 10/15/2027 ‡(b)(c)(d) | 2018996 | 1927902 |
| &nbsp;&nbsp;&nbsp;BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028 ‡(b)(c)(d) | 1206916 | 1206916 |
| &nbsp;&nbsp;&nbsp;BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028 ‡(b)(c)(d) | 2862543 | 2862543 |
| &nbsp;&nbsp;&nbsp;BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 09/29/2028 ‡(b)(c) | 217383 | 217383 |
| &nbsp;&nbsp;&nbsp;Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 12/20/2027 ‡(b)(c) | 897907 | 877704 |
| &nbsp;&nbsp;&nbsp;Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 10.20%, 12/20/2027 ‡(b)(c)(d) | 2066860 | 2020356 |
| &nbsp;&nbsp;&nbsp;Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%, 1.00% Floor), 10.40%, 12/20/2027 ‡(b)(c)(d) | 4658147 | 4576629 |
| &nbsp;&nbsp;&nbsp;Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche A Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027 ‡(b)(c)(d) | 882876 | 882876 |
| &nbsp;&nbsp;&nbsp;Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche B Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027 ‡(b)(c) | 983409 | 983409 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche C Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.47%, 09/16/2027 ‡(b)(c) | 1993471 | 1993471 |
| &nbsp;&nbsp;&nbsp;Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.35%, 09/16/2027 ‡(b)(c)(d) | 2177561 | 2177561 |
| &nbsp;&nbsp;&nbsp;Dermatology Intermediate Holdings III, Inc. (Forefront), Term B-1 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 0.50% Floor), 9.81%, 03/30/2029 ‡(e) | 5417500 | 5110517 |
| &nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc., Delayed Draw Term Loan A - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029 ‡(b)(c) | 74317 | 74317 |
| &nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029 ‡(b)(c) | 588074 | 588074 |
| &nbsp;&nbsp;&nbsp;Elevate HD Parent, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 1.00% Floor), 10.26%, 08/20/2029 ‡(b)(c)(d) | 3185000 | 3185000 |
| &nbsp;&nbsp;&nbsp;Endo1 Partners, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK), 11.30%, 05/23/2030 ‡(b)(c)(d) | 1520512 | 1497704 |
| &nbsp;&nbsp;&nbsp;Endo1 Partners, LLC, Last Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.76%, 2.00% Floor, 0.38% PIK), 11.45%, 05/24/2030 ‡(b)(c)(d) | 5721677 | 5599634 |
| &nbsp;&nbsp;&nbsp;Endo1 Partners, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%, 1.00% Floor), 8.32%, 05/23/2030 ‡(b)(c) | 375251 | 367746 |
| &nbsp;&nbsp;&nbsp;Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.00%, 0.50% Floor), 10.29%, 06/28/2029 ‡(b) | 4864490 | 4305074 |
| &nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC (True North Detox), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%, 1.00% Floor), 10.33%, 03/29/2030 ‡(b)(c) | 741831 | 730704 |
| &nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC (True North Detox), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.41%, 03/29/2030 ‡(b)(c)(d) | 3074797 | 3028675 |
| &nbsp;&nbsp;&nbsp;First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.25%, 1.00% Floor), 10.25%, 03/29/2030 ‡(b)(c) | 356757 | 351405 |
| &nbsp;&nbsp;&nbsp;Gen4 Dental Partners Opco, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 1.00% Floor), 9.89%, 05/13/2030 ‡(b)(c)(d) | 5445000 | 5390550 |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.63%, 10/01/2032 | 3000000 | 3004290 |
| &nbsp;&nbsp;&nbsp;Houseworks Holdings, Fourth Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028 ‡(b)(c)(d) | 2623465 | 2597230 |
| &nbsp;&nbsp;&nbsp;Houseworks Holdings, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.71%, 12/15/2028 ‡(b)(c) | 264478 | 261834 |
| &nbsp;&nbsp;&nbsp;Houseworks Holdings, Third Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028 ‡(b)(c) | 729034 | 721744 |
| &nbsp;&nbsp;&nbsp;Houseworks Holdings, Third Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/15/2028 ‡(b)(c)(d) | 1662124 | 1645503 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;In Vitro Sciences, LLC (New IVS Holdings, LLC), Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 7.00%, 1.00% Floor), 11.28%, 02/28/2029 ‡(b)(c)(d) | 8025849 | 7303523 |
| &nbsp;&nbsp;&nbsp;In Vitro Sciences, LLC (New IVS Holdings, LLC), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 7.00%, 1.00% Floor), 11.28%, 02/28/2029 ‡(b)(c)(d) | 2055624 | 1870618 |
| &nbsp;&nbsp;&nbsp;In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.00%, 1.00% Floor), 11.16%, 02/28/2029 ‡(b)(c) | 315401 | 287015 |
| &nbsp;&nbsp;&nbsp;Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.73%, 12/06/2027 ‡(b)(c)(d) | 569440 | 569440 |
| &nbsp;&nbsp;&nbsp;Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.88%, 12/06/2027 ‡(b)(c)(d) | 1699239 | 1699239 |
| &nbsp;&nbsp;&nbsp;Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.73%, 12/06/2027 ‡(b)(c) | 439157 | 439157 |
| &nbsp;&nbsp;&nbsp;LMSI Buyer, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 9.90%, 10/25/2027 ‡(b)(c)(d) | 2122573 | 1973993 |
| &nbsp;&nbsp;&nbsp;LMSI Buyer, LLC, Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 10.20%, 10/25/2027 ‡(b)(c) | 390516 | 363180 |
| &nbsp;&nbsp;&nbsp;LSCS Holdings Inc. (Dohmen Life Science Services/Project Ghost), 2025 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%), 8.50%, 03/04/2032 (e) | 4670836 | 4608574 |
| &nbsp;&nbsp;&nbsp;Medrina, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.00%, 1.00% Floor), 10.13%, 10/20/2029 ‡(b)(c)(d) | 5424347 | 5424347 |
| &nbsp;&nbsp;&nbsp;Medrina, LLC, Primary Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.00%, 1.00% Floor), 10.22%, 10/20/2029 ‡(b)(c) | 958740 | 958740 |
| &nbsp;&nbsp;&nbsp;Monarch Behavioral Therapy, LLC, Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%, 1.00% Floor), 9.16%, 06/06/2030 ‡(b)(c)(d) | 9547726 | 9499987 |
| &nbsp;&nbsp;&nbsp;Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%, 1.00% Floor), 9.28%, 06/06/2030 ‡(b)(c) | 1468235 | 1460894 |
| &nbsp;&nbsp;&nbsp;Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%, 1.00% Floor), 9.25%, 06/06/2030 ‡(b)(c) | 762568 | 758755 |
| &nbsp;&nbsp;&nbsp;National Mentor Holdings, Inc. (Civitas Solutions), Initial Term Loan - Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.25%, 0.75% Floor), 11.35%, 03/02/2029 | 9386585 | 9343547 |
| &nbsp;&nbsp;&nbsp;NSM Top Holdings Corp. (National Seating & Mobility Inc.), 2025 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%), 8.85%, 05/14/2029 (e) | 3000000 | 3034230 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises, LLC, Initial Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%, 1.00% Floor), 8.60%, 10/11/2031 ‡(f) | 57840 | 58057 |
| &nbsp;&nbsp;&nbsp;US Fertility Enterprises, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%), 8.50%, 10/11/2031 (f) | 1269293 | 1274053 |
| &nbsp;&nbsp;&nbsp;Visante Acquisition, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor), 10.06%, 01/31/2030 ‡(b)(c)(d) | 4914816 | 4914816 |
| &nbsp;&nbsp;&nbsp;Women's Care Holdings, Inc., Initial Term Loan - Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.25%, 0.75% Floor), 12.66%, 01/12/2029 (d) | 5701232 | 4446961 |
|  |  | **119345167** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Health Care Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Journey Personal Care (Domtar Corp.), Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.75%), 7.91%, 03/01/2028 (e) | 3929158 | 3908294 |
| &nbsp;&nbsp;&nbsp;**Health Care Technology - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Advantmed Buyer Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 1.00% Floor), 9.00%, 02/14/2031 ‡(b)(c) | 1153235 | 1153234 |
| &nbsp;&nbsp;&nbsp;Advantmed Buyer Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 1.00% Floor), 9.00%, 02/14/2031 ‡(b)(c)(d) | 8149524 | 8149524 |
| &nbsp;&nbsp;&nbsp;Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.75%), 10.75%, 04/01/2029 ‡(b)(c)(d) | 6990323 | 6990323 |
| &nbsp;&nbsp;&nbsp;RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.50%, 1.00% Floor), 10.62%, 01/08/2029 ‡(b)(c)(d) | 2780242 | 2780242 |
|  |  | **19073323** |
| &nbsp;&nbsp;&nbsp;**Heavy Electrical Equipment - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029 ‡(b)(c) | 602743 | 599730 |
| &nbsp;&nbsp;&nbsp;APS Acquisition Holdings, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029 ‡(b)(c)(d) | 6184407 | 6153484 |
| &nbsp;&nbsp;&nbsp;Arcline FM Holding, LLC (Fairbanks), 2025 New Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 3.50%, 0.75% Floor), 7.58%, 06/23/2030 (e) | 4397131 | 4404694 |
| &nbsp;&nbsp;&nbsp;Astro Acquisition, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 3.25%), 7.12%, 08/30/2032 | 1706363 | 1715969 |
|  |  | **12873877** |
| &nbsp;&nbsp;&nbsp;**Highways & Railtracks - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;NA Rail Hold Co., LLC (Patriot Rail), Tranche B-3 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.00%), 7.12%, 03/08/2032 (e) | 1000000 | 1005000 |
| &nbsp;&nbsp;&nbsp;**Home Furnishings - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Hunter Douglas Holding B.V., Amendment No. 3 Tranche B-1 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.25%, 01/17/2032 (e) | 2984962 | 2992693 |
| &nbsp;&nbsp;&nbsp;Thornton Carpet, LLC, Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%, 1.00% Floor), 9.14%, 05/15/2031 ‡(b)(c)(d) | 2270732 | 2245186 |
|  |  | **5237879** |
| &nbsp;&nbsp;&nbsp;**Home Improvement Retail - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;360 PARTNERS, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%, 1.00% Floor), 8.74%, 07/31/2031 ‡(b)(c)(d) | 1043478 | 1031739 |
| &nbsp;&nbsp;&nbsp;Air Conditioning Specialist, Inc., Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.69%, 11/19/2029 ‡(b)(c)(d) | 5009403 | 4984356 |
| &nbsp;&nbsp;&nbsp;Air Conditioning Specialist, Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.64%, 11/19/2029 ‡(b)(c) | 1736605 | 1727922 |
| &nbsp;&nbsp;&nbsp;Air Conditioning Specialist, Inc., Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 11/19/2029 ‡(b)(c) | 164452 | 163630 |
|  |  | **7907647** |
| &nbsp;&nbsp;&nbsp;**Homebuilding - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HP PHRG Borrower, LLC (Power Home Remodeling), Closing Date Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.32%, 02/20/2032 (e) | 3000000 | 2997495 |
| &nbsp;&nbsp;&nbsp;**Hotels, Resorts & Cruise Lines - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Stats, LLC (Peak Jersey Holdco Ltd.), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%), 9.72%, 07/10/2026 (d)(e) | 6963061 | 6936949 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Household Products - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lash OpCo, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.65%, 1.00% Floor, 5.10% PIK), 12.16%, 09/17/2027 ‡(b)(c)(d) | 2061762 | 1914792 |
| &nbsp;&nbsp;&nbsp;**Human Resource & Employment Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.82%, 12/09/2027 ‡(b)(c) | 679315 | 675918 |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., First Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027 ‡(b)(c)(d) | 957036 | 952251 |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., Fourth Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027 ‡(b)(c)(d) | 1902672 | 1893159 |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 12/09/2027 ‡(b)(c)(d) | 1216636 | 1210553 |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.65%, 12/09/2027 ‡(b)(c) | 41667 | 41458 |
| &nbsp;&nbsp;&nbsp;Danforth Health, Inc., Second Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 12/09/2027 ‡(b)(c)(d) | 7209823 | 7173774 |
| &nbsp;&nbsp;&nbsp;Triple Crown Consulting, LLC, Term A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%, 1.50% Floor), 10.76%, 06/02/2028 ‡(b)(c)(d) | 1086504 | 1056625 |
|  |  | **13003738** |
| &nbsp;&nbsp;&nbsp;**Industrial Machinery - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BCP VI Summit Holdings LP (Nvent Thermal), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.00%), 7.16%, 01/30/2032 (e) | 2000000 | 2011570 |
| &nbsp;&nbsp;&nbsp;Dynamo US Bidco Inc. (Innomotics), Facility B (USD) - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.78%, 09/30/2031 (e) | 2237450 | 2247239 |
| &nbsp;&nbsp;&nbsp;Kenan Advantage Group, Inc., The, U.S. Term B-4 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 01/25/2029 (e) | 4818271 | 4765559 |
| &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH (Vertical MidCo), Facility B (USD) - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 3.00%), 7.20%, 04/30/2030 (e) | 2977556 | 2988320 |
|  |  | **12012688** |
| &nbsp;&nbsp;&nbsp;**Insurance Brokers - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Acrisure, LLC, 2025 Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 06/20/2032 (e) | 1965789 | 1967430 |
| &nbsp;&nbsp;&nbsp;Alera Group, Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 05/30/2032 (e)(f) | 1319322 | 1325727 |
| &nbsp;&nbsp;&nbsp;Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), 2025-1 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 2.75%), 6.91%, 12/29/2031 (e) | 1977506 | 1972740 |
| &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.75%), 7.74%, 07/01/2032 (b) | 6000000 | 5745000 |
| &nbsp;&nbsp;&nbsp;Newcleus, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%, 1.00% Floor, 2.00% PIK), 10.45%, 08/02/2026 ‡(b)(c)(d) | 1207424 | 1147053 |
| &nbsp;&nbsp;&nbsp;Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.15%, 06/02/2026 ‡(b)(c)(d) | 1925775 | 1925775 |
| &nbsp;&nbsp;&nbsp;Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.45%, 06/02/2026 ‡(b)(c)(d) | 759456 | 759456 |
| &nbsp;&nbsp;&nbsp;Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.15%, 06/02/2026 ‡(b)(c)(d) | 1129960 | 1129960 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;The Mutual Group, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 01/31/2030 ‡(b)(c)(d) | 4809253 | 4809253 |
| &nbsp;&nbsp;&nbsp;Tricor, LLC, Amendment No. 4 Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031 ‡(b)(c) | 5347793 | 5347793 |
| &nbsp;&nbsp;&nbsp;Tricor, LLC, Amendment No.3 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031 ‡(b)(c)(d) | 1804163 | 1804163 |
| &nbsp;&nbsp;&nbsp;Tricor, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.70%, 08/08/2031 ‡(b)(c)(d) | 711873 | 711873 |
| &nbsp;&nbsp;&nbsp;Tricor, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.51%, 08/08/2031 ‡(b)(c)(d) | 1894197 | 1894197 |
| &nbsp;&nbsp;&nbsp;XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.50%, 1.00% Floor), 9.89%, 09/13/2028 ‡(b)(c) | 212086 | 208904 |
| &nbsp;&nbsp;&nbsp;XPT Partners, LLC, 2024 Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.50%, 1.00% Floor), 9.65%, 09/13/2028 ‡(b)(c) | 113094 | 111398 |
| &nbsp;&nbsp;&nbsp;XPT Partners, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.50%, 1.00% Floor), 9.89%, 09/13/2028 ‡(b)(c)(d) | 4241398 | 4177777 |
|  |  | **35038499** |
| &nbsp;&nbsp;&nbsp;**Integrated Telecommunication Services - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Guardian US Holdco LLC (Intrado Corp.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.50%, 01/31/2030 (e) | 4937186 | 4945925 |
| &nbsp;&nbsp;&nbsp;Orion US Finco, Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2032 (f) | 5000000 | 5031250 |
|  |  | **9977175** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ingenio LLC, First Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK), 12.45%, 08/03/2027 ‡(b)(c)(d) | 4153723 | 3946037 |
| &nbsp;&nbsp;&nbsp;Ingenio LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.00%, 1.00% Floor, 6.00% PIK), 12.45%, 08/03/2027 ‡(b)(c)(d) | 1341280 | 1274216 |
|  |  | **5220253** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Everlane, Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%, 1.00% Floor), 10.77%, 02/14/2029 ‡(b)(c) | 3300000 | 3300000 |
| &nbsp;&nbsp;&nbsp;Kobra International, Ltd. (d/b/a Nicole Miller), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 1.00% Floor), 10.28%, 05/17/2027 ‡(b)(c) | 6978716 | 6978716 |
| &nbsp;&nbsp;&nbsp;Stubhub Holdco Sub, LLC (Pug), Extended USD Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.75%), 8.91%, 03/15/2030 (e) | 4275803 | 4249079 |
| &nbsp;&nbsp;&nbsp;Sweetwater Borrower LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.25%, 0.75% Floor), 8.53%, 08/07/2028 (e) | 2409238 | 2419791 |
|  |  | **16947586** |
| &nbsp;&nbsp;&nbsp;**Internet Services & Infrastructure - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc., Additional Term B-2 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%), 8.16%, 03/12/2029 (e) | 4107086 | 4127950 |
| &nbsp;&nbsp;&nbsp;Technology Partners, LLC (Imagine Software), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 1.00% Floor), 9.29%, 11/16/2027 ‡(b)(c)(d) | 2252100 | 2252100 |
|  |  | **6380050** |
| &nbsp;&nbsp;&nbsp;**Investment Banking & Brokerage - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Aretec Group Inc. (Cetera Financial Group), Term B-3 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.66%, 08/09/2030 (e) | 2977500 | 2980745 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**IT Consulting & Other Services - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpine SG, LLC (ASG), February 2023 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027 ‡(b)(c)(d) | 446705 | 446705 |
| &nbsp;&nbsp;&nbsp;Alpine SG, LLC (ASG), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027 ‡(b)(c)(d) | 745960 | 745960 |
| &nbsp;&nbsp;&nbsp;Alpine SG, LLC (ASG), May 2022 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027 ‡(b)(c)(d) | 391143 | 391143 |
| &nbsp;&nbsp;&nbsp;Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 11/05/2027 ‡(b)(c)(d) | 1160456 | 1160456 |
| &nbsp;&nbsp;&nbsp;Argano, LLC, 2025 Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 09/13/2029 ‡(b)(c) | 1399291 | 1392295 |
| &nbsp;&nbsp;&nbsp;Argano, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 1.00% Floor), 9.89%, 09/13/2029 ‡(b)(c)(d) | 7697551 | 7659063 |
| &nbsp;&nbsp;&nbsp;Asurion, LLC, New B-10 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%), 8.26%, 08/19/2028 (e) | 2984615 | 2994151 |
| &nbsp;&nbsp;&nbsp;Eliassen Group, LLC, Initial Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 0.75% Floor), 9.91%, 04/14/2028 ‡(b)(c) | 170667 | 168533 |
| &nbsp;&nbsp;&nbsp;Eliassen Group, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 0.75% Floor), 9.75%, 04/14/2028 ‡(b)(c)(d) | 2371111 | 2341472 |
| &nbsp;&nbsp;&nbsp;Inflexionpoint LLC (fka Automated Control Concepts), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.76%, 10/22/2026 ‡(b)(c)(d) | 1860104 | 1860104 |
| &nbsp;&nbsp;&nbsp;Irving Parent, Corp. (Quisitive), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 03/11/2031 ‡(b)(c)(d) | 10270150 | 10116098 |
| &nbsp;&nbsp;&nbsp;Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%, 1.00% Floor), 10.76%, 07/01/2026 ‡(b)(c)(d) | 1445992 | 1344772 |
| &nbsp;&nbsp;&nbsp;ThoughtWorks, Inc., Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 2.50%, 0.50% Floor), 6.78%, 03/24/2028 (e) | 3974878 | 3906808 |
| &nbsp;&nbsp;&nbsp;Unified Patents, LLC, Term A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.00%), 9.17%, 12/23/2027 ‡(b)(c)(d) | 8677119 | 8590348 |
| &nbsp;&nbsp;&nbsp;Zodiac Purchaser, LLC (Zuora), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.66%, 02/14/2032 (e) | 2182242 | 2171058 |
|  |  | **45288966** |
| &nbsp;&nbsp;&nbsp;**Leisure Facilities - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.37%, 07/27/2028 ‡(b)(c) | 1270227 | 1181311 |
| &nbsp;&nbsp;&nbsp;Bandon Fitness Texas, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.46%, 07/27/2028 ‡(b)(c)(d) | 2854660 | 2654834 |
| &nbsp;&nbsp;&nbsp;Bandon Fitness Texas, Inc., Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.47%, 07/27/2028 ‡(b)(c) | 243870 | 226799 |
| &nbsp;&nbsp;&nbsp;Peninsula Pacific Entertainment Development LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/14/2032 ‡(f) | 4050633 | **4055696** |
|  |  | **8118640** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc. (Syneos Health), Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.00%, 09/27/2030 (e)(f) | 2984848 | 2988579 |
| &nbsp;&nbsp;&nbsp;**Managed Health Care - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;LBH Services, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.07%, 03/28/2028 ‡(b)(c) | 312277 | 240433 |
| &nbsp;&nbsp;&nbsp;LBH Services, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.03%, 03/28/2028 ‡(b)(c) | 774323 | 596229 |
| &nbsp;&nbsp;&nbsp;LBH Services, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor, 0.75% PIK), 11.06%, 03/28/2028 ‡(b)(c)(d) | 1495806 | 1151677 |
| &nbsp;&nbsp;&nbsp;Mamba Purchaser, Inc., Fifth Amendment Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 2.75%), 6.89%, 10/14/2031 | 226946 | 227869 |
|  |  | **2216208** |
| &nbsp;&nbsp;&nbsp;**Metal & Glass Containers - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 12/11/2030 (e) | 2984962 | 2982977 |
| &nbsp;&nbsp;&nbsp;Closure Systems International Group Inc. (Canister International Group Inc.), Amendment No.5 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.00%), 7.16%, 03/22/2029 (e) | 2977483 | 2983066 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 04/01/2032 (f) | 980361 | 979959 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 04/01/2032 (f) | 515 | 515 |
|  |  | **6946517** |
| &nbsp;&nbsp;&nbsp;**Multi-Sector Holdings - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%), 10.23%, 06/29/2027 (b)(e) | 2940000 | 2815050 |
| &nbsp;&nbsp;&nbsp;**Office Services & Supplies - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Equiniti Group PLC (AST/Armor Holdco), 2025 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 3.75%), 7.92%, 12/11/2028 (e) | 6357427 | 6368553 |
| &nbsp;&nbsp;&nbsp;**Other Diversified Financial Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cohnreznick Advisory LLC (Currahee Borrower Sub), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.99%, 03/31/2032 | 4303350 | 4316820 |
| &nbsp;&nbsp;&nbsp;**Packaged Foods & Meats - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aspire Bakeries Holdings LLC, Second Amendment Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.66%, 12/23/2030 (e) | 992487 | 999619 |
| &nbsp;&nbsp;&nbsp;Golden State Foods LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.23%, 12/04/2031 (e) | 4886834 | 4904988 |
| &nbsp;&nbsp;&nbsp;Primary Products Finance LLC, 2024 Second Replacement Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.54%, 04/01/2029 (e) | 2970000 | 2905031 |
|  |  | **8809638** |
| &nbsp;&nbsp;&nbsp;**Paper Packaging - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), 4th Amendment Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 1565341 | 1557242 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 5.75%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 759797 | 755761 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 329117 | 327368 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.25%, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 475922 | 473399 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), First Requested Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 2109547 | 2098633 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c) | 724730 | 720880 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 1.00% Floor, 2.25% PIK), 9.75%, 12/17/2027 ‡(b)(c) | 26485 | 26352 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 1564560 | 1556249 |
| &nbsp;&nbsp;&nbsp;Advanced Web Technologies (AWT), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 6 month + 6.25%, 1.00% Floor, 2.25% PIK), 10.09%, 12/17/2027 ‡(b)(c)(d) | 873750 | 869229 |
| &nbsp;&nbsp;&nbsp;Golden West Packaging Group LLC, Term B-1 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.53%, 06/27/2031 | 2739471 | 2164182 |
|  |  | **10549295** |
| &nbsp;&nbsp;&nbsp;**Paper Products - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;R-Pac International Corp. (Project Radio), 2024 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%), 10.31%, 12/29/2027 ‡(b)(c) | 2367834 | 2361914 |
| &nbsp;&nbsp;&nbsp;R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.00%, 0.75% Floor), 10.28%, 12/29/2027 ‡(b)(c) | 460199 | 459048 |
| &nbsp;&nbsp;&nbsp;R-Pac International Corp. (Project Radio), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 0.75% Floor), 10.57%, 12/29/2027 ‡(b)(c) | 4825000 | 4812938 |
|  |  | **7633900** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alvogen Pharma US, Inc., Loan - Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.50%, 8.00% PIK), 14.80%, 03/01/2029 ‡ | 2507141 | 1842749 |
| &nbsp;&nbsp;&nbsp;Carestream Health, Inc. (aka Onex), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.50%, 1.00% Floor), 11.60%, 09/30/2027 (d) | 4110081 | 2096141 |
| &nbsp;&nbsp;&nbsp;Nephron Pharmaceuticals, LLC, FO Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%, 3.25% Floor), 8.32%, 12/30/2027 ‡(b)(c)(d) | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;Nephron Pharmaceuticals, LLC, LO Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 9.20%, 3.25% Floor), 13.52%, 12/30/2027 ‡(b)(c)(d) | 5100000 | 5100000 |
| &nbsp;&nbsp;&nbsp;Syner-G Intermediate Holdings, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.25%, 09/17/2030 ‡(b)(c)(d) | 8605629 | 8003235 |
|  |  | **18542125** |
| &nbsp;&nbsp;&nbsp;**Railroads - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Beacon Mobility Corp., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.25%, 08/06/2030 | 376434 | 378200 |
| &nbsp;&nbsp;&nbsp;Beacon Mobility Corp., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.25%, 08/06/2030 | 4504870 | 4525998 |
|  |  | **4904198** |
| &nbsp;&nbsp;&nbsp;**Real Estate Development - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;841 Prudential MOB LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 6.50%, 2.50% Floor), 10.75%, 10/09/2027 ‡(b)(c) | 9837838 | 9837837 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Real Estate Services - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada) Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.50%), 13.09%, 12/12/2027 ‡(d) | 506785 | 501717 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada) Inc., First Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%), 10.71%, 03/12/2028 | 7920000 | 7655195 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada) Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.50%), 12.99%, 12/12/2027 ‡(d) | 1368318 | 1354635 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada) Inc., Second-Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK), 12.32%, 03/12/2029 ‡(d) | 1732926 | 870804 |
| &nbsp;&nbsp;&nbsp;Avison Young (Canada) Inc., Third-Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.50%, 2.00% Floor, 6.50% PIK), 12.49%, 03/12/2029 (d) | 570464 | 122595 |
|  |  | **10504946** |
| &nbsp;&nbsp;&nbsp;**Research & Consulting Services - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CC Amulet Management, LLC (Children's Choice), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.78%, 08/31/2027 ‡(b)(c) | 300545 | 300545 |
| &nbsp;&nbsp;&nbsp;CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.75%, 08/31/2026 ‡(b)(c) | 47249 | 47250 |
| &nbsp;&nbsp;&nbsp;CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.61%, 08/31/2027 ‡(b)(c) | 2489349 | 2489349 |
| &nbsp;&nbsp;&nbsp;CC Amulet Management, LLC (Children's Choice), Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.83%, 08/31/2027 ‡(b)(c)(d) | 3261822 | 3261822 |
| &nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.00%), 7.00%, 04/01/2032 (e) | 3757576 | 3746435 |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group LLC, February 2024 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.00%, 0.50% Floor), 8.16%, 02/28/2031 (e) | 4987469 | 5023728 |
| &nbsp;&nbsp;&nbsp;Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.66%, 07/11/2029 ‡(b)(c) | 531933 | 529273 |
| &nbsp;&nbsp;&nbsp;Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.50%, 07/11/2029 ‡(b)(c)(d) | 9900000 | 9850500 |
| &nbsp;&nbsp;&nbsp;HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 1.00% Floor), 9.30%, 05/01/2031 ‡(b)(c) | 1313400 | 1298624 |
| &nbsp;&nbsp;&nbsp;HFW Cos., LLC (fka HFW Holdings, LLC), Term A Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.00%, 1.00% Floor), 9.30%, 05/01/2031 ‡(b)(c)(d) | 6301667 | 6230773 |
| &nbsp;&nbsp;&nbsp;Motus Group, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.75%, 0.50% Floor), 7.75%, 12/11/2028 (e) | 997494 | 999159 |
| &nbsp;&nbsp;&nbsp;PRGX Global, Inc., Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.49%, 12/20/2030 ‡(b)(c)(d) | 3142105 | 3102829 |
| &nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%, 1.00% Floor), 9.16%, 07/01/2030 ‡(b)(c)(d) | 9400163 | 9400163 |
| &nbsp;&nbsp;&nbsp;Strategy Corps., LLC, Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.68%, 06/28/2030 ‡(b)(c) | 213862 | 209584 |
| &nbsp;&nbsp;&nbsp;Strategy Corps., LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.50%, 1.00% Floor), 9.82%, 06/28/2030 ‡(b)(c)(d) | 6496711 | 6366776 |
|  |  | **52856810** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Restaurants - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cooper's Hawk Intermediate Holding, LLC, Closing Date Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.70%, 07/29/2031 ‡(b) | 2305263 | 2305263 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's, Inc., 2024 Incremental Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.56%, 11/01/2031 | 997487 | 924546 |
|  |  | **3229809** |
| &nbsp;&nbsp;&nbsp;**Security & Alarm Services - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;LSF12 Crown US Commercial Bidco, LLC (Kidde Global Solutions), 2025 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.78%, 12/02/2031 (e)(f) | 6500000 | 6518298 |
| &nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.96%, 12/31/2029 ‡(b)(c)(d) | 10333350 | 10333350 |
| &nbsp;&nbsp;&nbsp;SuperHero Fire Protection, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.50%, 1.00% Floor), 9.65%, 12/31/2029 ‡(b)(c) | 40323 | 40323 |
|  |  | **16891971** |
| &nbsp;&nbsp;&nbsp;**Specialized Consumer Services - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Case Works, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.38%, 10/01/2029 ‡(b)(c) | 750690 | 720662 |
| &nbsp;&nbsp;&nbsp;Case Works, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.55%, 10/01/2029 ‡(b)(c) | 301724 | 289655 |
| &nbsp;&nbsp;&nbsp;(PRIME 1 month + 4.25%, 1.00% Floor), 11.50%, 10/01/2029 ‡(b)(c) | 271552 | 260690 |
| &nbsp;&nbsp;&nbsp;Case Works, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.25%, 1.00% Floor), 9.27%, 10/01/2029 ‡(b)(c)(d) | 5001002 | 4800962 |
| &nbsp;&nbsp;&nbsp;LaserAway Intermediate Holdings II, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 5.75%, 0.75% Floor), 10.33%, 10/14/2027 ‡(b)(c)(d) | 4064486 | 4064486 |
| &nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 11/15/2030 ‡(b)(c) | 900227 | 868719 |
| &nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.00%, 11/15/2029 ‡(b)(c) | 156818 | 151330 |
| &nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.00%, 11/15/2030 ‡(b)(c)(d) | 3581818 | 3456454 |
| &nbsp;&nbsp;&nbsp;Owl Vans, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 12/31/2030 ‡(b)(c) | 288000 | 284198 |
| &nbsp;&nbsp;&nbsp;Owl Vans, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.25%, 1.00% Floor), 9.41%, 12/31/2030 ‡(b)(c)(d) | 3048960 | 3008714 |
| &nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc., Initial Term B-1 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.25%), 8.55%, 08/31/2028 (e) | 4974874 | 4997933 |
|  |  | **22903803** |
| &nbsp;&nbsp;&nbsp;**Specialized Finance - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC, Term B-5 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.00%, 0.75% Floor), 6.75%, 02/01/2031 (e) | 3940187 | 3949801 |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c)(d) | 512970 | 512970 |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Fourth Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c)(d) | 73761 | 73760 |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c) | 112621 | 112621 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c) | 52857 | 52857 |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Second Amendment Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c)(d) | 841322 | 841321 |
| &nbsp;&nbsp;&nbsp;AlpineX OpCo, LLC, Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.00%, 1.00% Floor), 10.25%, 12/27/2027 ‡(b)(c)(d) | 795547 | 795547 |
| &nbsp;&nbsp;&nbsp;Apex Group Treasury Ltd., 2025 Refinancing USD Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.75%, 02/27/2032 (e) | 2992500 | 2932650 |
| &nbsp;&nbsp;&nbsp;Berkeley Research Group Holdings, LLC, Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.25%, 05/01/2032 (e) | 1774576 | 1780734 |
| &nbsp;&nbsp;&nbsp;CP Iris Holco I, Inc. (IPS Corp.), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%, 0.50% Floor), 7.66%, 10/02/2028 (e)(f) | 2984536 | 2988267 |
| &nbsp;&nbsp;&nbsp;iLending LLC, Term Loan A - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 1.00%, 5.00% PIK), 10.42%, 12/21/2028 ‡(b)(c)(d) | 636858 | 601831 |
| &nbsp;&nbsp;&nbsp;iLending LLC, Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/21/2028 ‡(b)(c)(d) | 615684 |  |
| &nbsp;&nbsp;&nbsp;June Purchaser LLC (Janney Montgomery Scott), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.75%), 7.00%, 11/28/2031 (e) | 1705714 | 1712819 |
|  |  | **16355178** |
| &nbsp;&nbsp;&nbsp;**Specialty Chemicals - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Plaze (PLZ Aeroscience), 2021-1 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.75%, 0.75% Floor), 7.91%, 08/03/2026 | 979434 | 919136 |
| &nbsp;&nbsp;&nbsp;Plaze (PLZ Aeroscience), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.50%), 7.78%, 08/03/2026 | 4976891 | 4670489 |
| &nbsp;&nbsp;&nbsp;RLG Holdings, LLC, 2022 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.00%), 9.16%, 07/07/2028 (e) | 2623140 | 2207805 |
| &nbsp;&nbsp;&nbsp;RLG Holdings, LLC, Closing Date Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.25%, 0.75% Floor), 8.53%, 07/07/2028 (e) | 898653 | 743797 |
|  |  | **8541227** |
| &nbsp;&nbsp;&nbsp;**Specialty Stores - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group, LLC (Bass Pro Group), Term B-3 Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.25%), 7.41%, 01/23/2032 (e) | 2984962 | 2987201 |
| &nbsp;&nbsp;&nbsp;**Systems Software - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AQA Acquisition Holding, Inc. (SmartBear), 2024 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.31%, 03/03/2028 (e) | 4975000 | 4920598 |
| &nbsp;&nbsp;&nbsp;Flash Charm, Inc. (fka Idera), 2021 Refinancing Loan - Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.75%), 11.20%, 03/02/2029 ‡ | 1341463 | 1086585 |
| &nbsp;&nbsp;&nbsp;Flash Charm, Inc. (fka Idera), Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.50%), 7.80%, 03/02/2028 | 2984877 | 2626692 |
| &nbsp;&nbsp;&nbsp;McAfee Enterprise (Magenta Buyer LLC), Super Priority Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.25%, 1.00% Floor), 10.56%, 07/27/2028 (d)(e) | 1579521 | 1606768 |
| &nbsp;&nbsp;&nbsp;Perforce Software, Inc., 2024-1 Refinancing Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 4.75%), 8.91%, 06/29/2029 | 2984962 | 2755807 |
|  |  | **12996450** |
| &nbsp;&nbsp;&nbsp;**Technology Distributors - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Modena Buyer LLC (End User Computing), Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.50%), 8.81%, 07/01/2031 (e) | 4987437 | 4932226 |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;TouchTunes Music Group, LLC (TA TT Buyer), Tranche B-1 Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.75%), 8.75%, 04/02/2029 (e) | 3868844 | 3823695 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Textiles - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (International Textile Group), First Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 8.50%), 12.79%, 09/30/2027 (e) | 2064135 | 2083063 |
| &nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (International Textile Group), Last Out Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 1.00%, 1.00% Floor, 5.50% PIK), 10.64%, 09/30/2027 | 2604661 | 2025124 |
|  |  | **4108187** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc., 2024 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 3.75%), 7.91%, 10/11/2030 (e) | 1980000 | 1993820 |
| &nbsp;&nbsp;&nbsp;Verde Purchaser, LLC, Initial Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 4.00%), 8.00%, 11/30/2030 (e) | 4967393 | 4924276 |
|  |  | **6918096** |
| &nbsp;&nbsp;&nbsp;**Trucking - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.75%, 1.00% Floor, 4.25% PIK), 11.19%, 02/03/2028 ‡(b)(c)(d) | 3277878 | 3048426 |
| &nbsp;&nbsp;&nbsp;A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 6.75%, 1.00% Floor), 11.19%, 02/03/2028 ‡(b)(c)(d) | 620308 | 576887 |
| &nbsp;&nbsp;&nbsp;First Student Bidco Inc. (First Transit Parent Inc.), Initial Term B Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.50%), 6.71%, 08/15/2030 (f) | 3722658 | 3730103 |
| &nbsp;&nbsp;&nbsp;First Student Bidco Inc. (First Transit Parent Inc.), Initial Term C Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 2.50%), 6.71%, 08/15/2030 (f) | 681208 | 682771 |
| &nbsp;&nbsp;&nbsp;Stonepeak Taurus Lower Holdings LLC (TRAC), Initial Term Loan (Second Lien Term Loan) - Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 7.00%, 0.50% Floor), 11.10%, 01/28/2030 | 5000000 | 4432825 |
| &nbsp;&nbsp;&nbsp;Student Transportation of America Holdings, Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.38%, 06/24/2032 | 333333 | 334637 |
| &nbsp;&nbsp;&nbsp;Student Transportation of America Holdings, Inc., Term Loan B - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 3 month + 3.25%), 7.25%, 06/24/2032 (e)(f) | 4655000 | 4673201 |
|  |  | **17478850** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Waste Resource Management, Inc., Delayed Draw Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 12/28/2029 ‡(b)(c) | 1542170 | 1542170 |
| &nbsp;&nbsp;&nbsp;Waste Resource Management, Inc., Term Loan - First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR 1 month + 5.75%, 1.00% Floor), 9.91%, 12/28/2029 ‡(b)(c)(d) | 4157600 | 4157600 |
|  |  | **5699770** |
| **Total Senior Loans<br> (Cost $897,641,915)** |  | **884817468** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **Corporate Bonds - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Armor Holdco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/15/2029 (g) | 3396000 | 3371315 |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2028 (g) | 3000000 | 2709327 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027 (g) | 2000000 | 2004576 |
|  |  | **4713903** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allen Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 02/15/2028 (g) | 3000000 | 1335000 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032 (g) | 1000000 | 984960 |
| &nbsp;&nbsp;&nbsp;**Passenger Airlines - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/15/2026 (g) | 3000000 | 2995392 |
| &nbsp;&nbsp;&nbsp;**Software - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Camelot Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2026 (g) | 430000 | 428526 |
| **Total Corporate Bonds<br> (Cost $15,453,261)** |  | **13829096** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Common Stocks - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;A&A Global Imports LLC, Class A \*‡(b)(c)(d) | 41 |  |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Solugenix Corp. \*‡(b)(c) | 8000000 | 8000000 |
| &nbsp;&nbsp;&nbsp;**Media - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;A-L Parent LLC \*‡ | 13507 | 1452003 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.0%(h)** |  |  |
| &nbsp;&nbsp;&nbsp;Avison Young-Investments LLC (Canada) \*‡(d) | 1236 | 139 |
| &nbsp;&nbsp;&nbsp;Avison Young-Investments LLC, Preference (Canada) \*‡(d) | 1950816 | 346270 |
|  |  | **346409** |
| &nbsp;&nbsp;&nbsp;**Transportation Infrastructure - 0.0%(h)** |  |  |
| &nbsp;&nbsp;&nbsp;Limetree Bay Cayman \*‡(c) | 1430 | 14 |
| **Total Common Stocks <br> (Cost $9,590,079)** |  | **9798426** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of<br> Warrants** | **Value ($)** |
| **Warrants - 0.0%(h)** |  |  |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 0.0%(h)** |  |  |
| &nbsp;&nbsp;&nbsp;Ingenio LLC, expiring 3/28/2030\*‡(b)(c)(d) | 78 | 76871 |
| &nbsp;&nbsp;&nbsp;Xcel Brands, Inc., expiring 12/12/2034\*‡(b)(c) | 7667 | 1840 |
| **Total Warrants<br> (Cost –)** |  | **78711** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Short-Term Investments - 4.5%** |  |  |
| **Investment Companies - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;JP Morgan U.S. Government Money Market Fund, Capital Shares 4.12% (i)<br> (Cost $35,005,064) | 35005064 | 35005064 |
| **Total Investments - 120.6%<br> (Cost $957,690,319)** |  | **943528765** |
| **Credit Facility<sup>^</sup> - (22.7)%<br> (Cost $(177365597))** |  | **(177365597)** |
| **Other assets less liabilities - 2.1%** |  | **16418061** |
| **Net Assets - 100.0%** |  | **782581229** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| ^ | Total borrowings of $180,650,000, net of unamortized deferred financing costs of $3,284,403. |
| (a) | Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, sometimes subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are SOFR (a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market) and the prime rate offered by one or more major U.S. banks ("Prime"). SOFR based contracts may include a credit spread adjustment that is charged in addition to the benchmark rate and the stated spread. SOFR and Prime were utilized as benchmark lending rates for the senior loans at September 30, 2025. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end. |
| (b) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at September 30, 2025 amounted to $517,577,005, which represents approximately 66.14% of net assets of the Fund. |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| <br>**Restricted Securities** | <br>**Acqusition Date** |<br>**Cost** | **Carrying Value**<br>**Per**<br>**Share/Principal** |
| 1959 Holdings, LLC (Family Dollar), Term Loan - First Lien | 07/10/25 | 6908579 | $99.00 |
| 360 PARTNERS, LLC, Term Loan - First Lien | 08/07/25 | 1033654 | 98.88 |
| 841 Prudential MOB LLC, Term Loan - First Lien | 10/09/24 | 9725490 | 100.00 |
| A&A Global Imports LLC | 02/15/24 | 0 |  |
| A&A Global Imports, LLC, First Out Term Loan - First Lien | 06/01/21 - 10/19/22 | 1031231 | 10.38 |
| A&A Global Imports, LLC, Last Out Term Loan - First Lien | 06/01/21 - 10/19/22 | 1182279 | 0.00 |
| A&A Global Imports, LLC, New Revolving Loan - First Lien | 02/14/24 - 05/14/25 | 50275 | 100.00 |
| A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien | 07/06/22 - 04/02/25 | 3266042 | 93.00 |
| A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien | 08/01/22 | 617753 | 93.00 |
| Advanced Web Technologies (AWT), 4th Amendment Inc., Term Loan - First Lien | 07/02/24 | 1547106 | 99.48 |
| Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien | 03/14/24 - 07/02/24 | 758609 | 99.47 |
| Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien | 05/09/23 | 326492 | 99.47 |
| Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 - First Lien | 02/13/24 | 475924 | 99.47 |
| Advanced Web Technologies (AWT), First Requested Incremental Term Loan - First Lien | 10/18/22 - 07/02/24 | 2100011 | 99.48 |
| Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien | 07/14/24 - 09/08/25 | 712786 | 99.49 |
| Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien | 09/25/25 | 26283 | 99.50 |
| Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan - First Lien | 02/13/24 - 07/02/24 | 1563840 | 99.47 |
| Advanced Web Technologies (AWT), Term Loan - First Lien | 02/05/21 - 07/02/24 | 868382 | 99.48 |
| Advantmed Buyer Inc., Delayed Draw Term Loan - First Lien | 03/21/25 | 1148528 | 100.00 |
| Advantmed Buyer Inc., Initial Term Loan - First Lien | 02/14/25 | 8051078 | 100.00 |
| Air Buyer Inc. (Condata Global), Term Loan - First Lien | 07/23/24 | 3249546 | 97.50 |
| Air Conditioning Specialist, Inc., Closing Date Term Loan - First Lien | 11/19/24 | 4940988 | 99.50 |
| Air Conditioning Specialist, Inc., Delayed Draw Term Loan - First Lien | 11/29/24 - 08/22/25 | 1713079 | 99.50 |
| Air Conditioning Specialist, Inc., Revolving Loan - First Lien | 02/27/25 | 162232 | 99.50 |
| Alpine SG, LLC (ASG), February 2023 Term Loan - First Lien | 02/03/23 | 440133 | 100.00 |
| Alpine SG, LLC (ASG), Initial Term Loan - First Lien | 11/05/21 | 740693 | 100.00 |
| Alpine SG, LLC (ASG), May 2022 Term Loan - First Lien | 05/13/22 | 387285 | 100.00 |
| Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien | 11/24/21 | 1148915 | 100.00 |
| AlpineX OpCo, LLC, Delayed Draw Term Loan - First Lien | 05/09/23 | 510792 | 100.00 |
| AlpineX OpCo, LLC, Fourth Amendment Incremental Term Loan - First Lien | 12/15/23 | 72603 | 100.00 |
| AlpineX OpCo, LLC, Revolving Loan - First Lien | 12/27/21 - 07/18/24 | 111615 | 100.00 |
| AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien | 09/16/22 - 07/18/24 | 52202 | 100.00 |
| AlpineX OpCo, LLC, Second Amendment Incremental Term Loan - First Lien | 09/16/22 | 829575 | 100.00 |
| AlpineX OpCo, LLC, Term Loan - First Lien | 12/27/21 | 788601 | 100.00 |
| Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan A - First Lien | 03/14/22 | 122348 | 95.13 |
| Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan B - First Lien | 03/14/22 | 207243 | 95.50 |
| Anne Arundel Dermatology Management, LLC, Delayed Draw Term Loan C - First Lien | 11/09/21 - 11/09/23 | 581749 | 95.13 |
| Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan - First Lien | 02/05/21 - 03/14/22 | 2015182 | 95.49 |
| Apella Capital, LLC, Delayed Draw Term Loan - First Lien | 08/30/24 - 12/27/24 | 245974 | 100.00 |
| Apella Capital, LLC, First Amendment Delayed Draw Term Loan - First Lien | 12/27/24 - 06/03/25 | 291275 | 100.00 |
| Apella Capital, LLC, First Amendment Term Loan - First Lien | 12/04/24 | 576408 | 100.00 |
| Apella Capital, LLC, Initial Term Loan - First Lien | 03/01/24 | 1236161 | 100.00 |
| Apella Capital, LLC, Revolving Loan - First Lien | 09/23/25 | 135692 | 100.00 |
| Apella Capital, LLC, Second Amendment Delayed Draw Term Loan - First Lien | 06/03/25 - 06/27/25 | 985196 | 100.00 |
| Apella Capital, LLC, Second Amendment Term Loan - First Lien | 03/06/25 | 976940 | 100.00 |
| Apella Capital, LLC, Third Amendment Delayed Draw Loan - First Lien | 06/27/25 - 09/09/25 | 342892 | 100.00 |
| Apex Analytix, Inc. (Montana Buyer, Inc.), Initial Term Loan - First Lien | 06/15/22 | 2587789 | 99.00 |
| AppHub LLC, Delayed Draw Tem Loan - First Lien | 10/04/22 - 04/02/24 | 364905 | 99.50 |

---

---

| | | | |
|:---|:---|:---|:---|
| AppHub LLC, June 2024 Delayed Draw Term Loan - First Lien | 08/29/24 | 2021489 | 99.5 |
| AppHub LLC, Revolving Credit Loan - First Lien | 09/25/25 | 101927 | 99.5 |
| AppHub LLC, Term Loan - First Lien | 09/29/22 | 2623431 | 99.5 |
| APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien | 04/08/25 - 05/01/25 | 600052 | 99.5 |
| APS Acquisition Holdings, LLC, Initial Term Loan - First Lien | 07/10/24 | 6105353 | 99.5 |
| Argano, LLC, 2025 Delayed Draw Term Loan - First Lien | 04/03/25 | 1386846 | 99.5 |
| Argano, LLC, Initial Term Loan - First Lien | 09/13/24 - 04/10/25 | 7580028 | 99.5 |
| Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) - First Lien | 12/13/24 - 07/21/25 | 2879636 | 95.75 |
| Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien | 07/01/22 - 02/14/25 | 1268378 | 93.0 |
| Bandon Fitness Texas, Inc., Initial Term Loan - First Lien | 07/27/22 | 2831302 | 93.0 |
| Bandon Fitness Texas, Inc., Revolving Loan - First Lien | 04/23/25 | 242451 | 93.0 |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien | 02/13/24 | 1203773 | 100.0 |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien | 09/30/22 | 2839019 | 100.0 |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien | 09/30/22 | 215604 | 100.0 |
| Blazing Star Parent, LLC, Closing Date Term Loan - First Lien | 08/28/02 | 7881602 | 98.5 |
| Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Delayed Draw Term Loan - First Lien | 05/31/24 | 894962 | 97.75 |
| Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Term Loan - First Lien | 04/19/24 | 2046569 | 97.75 |
| Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan - First Lien | 12/21/21 - 02/13/24 | 4618532 | 98.25 |
| Case Works, LLC, Delayed Draw Term Loan - First Lien | 10/01/24 - 12/13/24 | 747641 | 96.0 |
| Case Works, LLC, Revolving Loan - First Lien | 12/11/24 - 07/09/25 | 566675 | 96.0 |
| Case Works, LLC, Term Loan - First Lien | 10/01/24 | 4948122 | 96.0 |
| Catawba Nation Gaming Authority, Initial Term B Loan - First Lien | 12/16/24 - 07/21/25 | 6568668 | 102.34 |
| CC Amulet Management, LLC (Children's Choice), Delayed Draw Term Loan - First Lien | 08/31/21 | 299993 | 100.0 |
| CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien | 12/16/22 | 47063 | 100.0 |
| CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien | 08/30/24 - 06/05/25 | 2480057 | 100.0 |
| CC Amulet Management, LLC (Children's Choice), Term Loan - First Lien | 08/31/21 - 08/09/24 | 3238366 | 100.0 |
| CFC Bidco 2022 Ltd., Initial Term Loan - First Lien | 05/30/25 - 06/11/25 | 5973107 | 95.75 |
| CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien | 06/25/25 - 09/18/25 | 417918 | 99.5 |
| CI (MG) Group, LLC (Mariani Landscape), Initial Term Loan - First Lien | 03/27/25 | 6805012 | 99.5 |
| CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien | 03/27/25 - 06/30/25 | 418310 | 99.5 |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche A Term Loan - First Lien | 06/15/22 | 879485 | 100.0 |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche B Term Loan - First Lien | 09/30/22 | 975476 | 100.0 |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche C Term Loan - First Lien | 03/19/24 - 08/04/25 | 1977400 | 100.0 |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Initial Term Loan - First Lien | 09/16/21 | 2158058 | 100.0 |
| ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien | 09/02/25 | 19712 | 94.0 |
| ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Term Loan - First Lien | 11/24/21 - 06/09/22 | 1767883 | 94.0 |
| Cooper's Hawk Intermediate Holding, LLC, Closing Date Initial Term Loan - First Lien | 07/28/25 | 2271313 | 100.0 |
| Danforth Health, Inc., Delayed Draw Term Loan - First Lien | 10/24/24 | 676892 | 99.5 |
| Danforth Health, Inc., First Amendment Incremental Term Loan - First Lien | 12/01/22 | 948673 | 99.5 |
| Danforth Health, Inc., Fourth Amendment Incremental Term Loan - First Lien | 08/30/24 | 1877299 | 99.5 |
| Danforth Health, Inc., Initial Term Loan - First Lien | 05/13/22 | 1208007 | 99.5 |
| Danforth Health, Inc., Revolving Credit Loan - First Lien | 06/13/25 | 41342 | 99.5 |
| Danforth Health, Inc., Second Amendment Incremental Term Loan - First Lien | 05/24/24 | 7138932 | 99.5 |
| Data Driven Intermediate, LLC, Term Loan - First Lien | 05/01/25 | 2470437 | 99.25 |
| EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien | 09/02/25 - 09/09/25 | 3513150 | 97.75 |
| Elevate HD Parent, Inc., Delayed Draw Term Loan A - First Lien | 12/01/23 | 74043 | 100.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien | 08/09/24 - 09/12/25 | 585149 | 100.0 |
| Elevate HD Parent, Inc., Initial Term Loan - First Lien | 08/18/23 | 3143365 | 100.0 |
| Eliassen Group, LLC, Initial Delayed Draw Term Loan - First Lien | 03/31/22 - 09/29/23 | 170492 | 98.75 |
| Eliassen Group, LLC, Initial Term Loan - First Lien | 08/03/22 | 2358420 | 98.75 |
| Endo1 Partners, LLC, Initial Term Loan - First Lien | 05/23/25 | 1498484 | 98.5 |
| Endo1 Partners, LLC, Last Out Term Loan - First Lien | 05/23/25 | 5603715 | 97.87 |
| Endo1 Partners, LLC, Revolving Loan - First Lien | 05/23/25 | 368015 | 98.0 |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Fifth Amendment Term Loan - First Lien | 12/20/24 | 4374683 | 100.0 |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Third Amendment Term Loan - First Lien | 03/20/23 | 1387323 | 100.0 |
| Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien | 09/18/25 | 12348 | 98.5 |
| Enverus Holdings, Inc. (Drilling Info), Initial Term Loan - First Lien | 12/04/23 - 08/21/25 | 3900963 | 100.25 |
| Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Initial Term Loan - First Lien | 06/27/22 - 09/15/23 | 4690548 | 88.5 |
| Everlane, Inc., Term Loan - First Lien | 10/07/22 | 3284661 | 100.0 |
| First Steps Recovery Acquisition, LLC (True North Detox), Delayed Draw Term Loan - First Lien | 06/06/25 - 07/24/25 | 738489 | 98.5 |
| First Steps Recovery Acquisition, LLC (True North Detox), Initial Term Loan - First Lien | 03/29/24 | 3037079 | 98.5 |
| First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien | 07/19/24 | 352257 | 98.5 |
| Gen4 Dental Partners Opco, LLC, Initial Term Loan - First Lien | 05/13/24 | 5356218 | 99.0 |
| Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien | 12/18/23 | 6832234 | 100.0 |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien | 07/11/24 | 524967 | 99.5 |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan - First Lien | 07/11/24 | 9780462 | 99.5 |
| HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien | 05/01/25 | 1308694 | 98.88 |
| HFW Cos., LLC (fka HFW Holdings, LLC), Term A Loan - First Lien | 05/01/25 | 6234889 | 98.87 |
| Houseworks Holdings, Fourth Amendment Term Loan - First Lien | 05/28/24 | 2583389 | 99.0 |
| Houseworks Holdings, Revolving Loan - First Lien | 09/01/23 - 03/28/25 | 258547 | 99.0 |
| Houseworks Holdings, Third Amendment Delayed Draw Term Loan - First Lien | 08/02/24 - 02/28/25 | 717890 | 99.0 |
| Houseworks Holdings, Third Amendment Term Loan - First Lien | 09/01/23 | 1629249 | 99.0 |
| Hydrofarm Holdings Group, Inc., Term Loan - First Lien | 12/10/21 - 03/18/22 | 1102615 | 83.5 |
| iLending LLC, Term Loan A - First Lien | 05/16/25 | 597902 | 94.5 |
| iLending LLC, Term Loan B - First Lien | 05/16/25 | 577492 | 0.0 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC), Closing Date Term Loan - First Lien | 02/29/24 - 07/15/24 | 7934212 | 91.0 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC), Delayed Draw Term Loan - First Lien | 02/29/24 - 07/15/24 | 2040464 | 91.0 |
| In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien | 02/29/24 - 07/15/24 | 326749 | 91.0 |
| Inflexionpoint LLC (fka Automated Control Concepts), Term Loan - First Lien | 10/22/21 - 05/06/22 | 1852152 | 100.0 |
| Ingenio LLC, expiring 3/28/2030 | 03/28/25 | 0 | 980.0 |
| Ingenio LLC, First Amendment Term Loan - First Lien | 04/28/22 | 4137510 | 95.0 |
| Ingenio LLC, Term Loan - First Lien | 08/03/21 | 1337243 | 95.0 |
| IPM MSO Management, LLC, Closing Date Term Loan - First Lien | 12/10/21 | 765539 | 95.5 |
| IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien | 06/15/22 | 92795 | 95.5 |
| IPM MSO Management, LLC, Second Amendment Term Loan - First Lien | 05/10/22 | 211983 | 95.5 |
| Irving Parent, Corp. (Quisitive), Initial Term Loan - First Lien | 03/11/25 | 10127930 | 98.5 |
| Karman Holdings Inc., Initial Term Loan - First Lien | 09/09/25 | 1415305 | 100.62 |
| Kobra International, Ltd. (d/b/a Nicole Miller), Term Loan - First Lien | 05/17/22 - 09/27/24 | 6954356 | 100.0 |
| LaserAway Intermediate Holdings II, LLC, Initial Term Loan - First Lien | 07/27/22 - 09/11/23 | 4032101 | 100.0 |
| Lash OpCo, LLC, Initial Term Loan - First Lien | 02/05/21 | 2055301 | 92.87 |
| LBH Services, LLC, Delayed Draw Term Loan - First Lien | 03/28/22 | 309780 | 76.99 |
| LBH Services, LLC, Revolving Loan - First Lien | 03/28/22 - 02/17/23 | 773008 | 77.0 |
| LBH Services, LLC, Term Loan - First Lien | 03/28/22 | 1486080 | 76.99 |
| Lids Holdings, Inc., Initial Term Loan - First Lien | 07/12/23 - 05/01/25 | 518694 | 99.5 |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien | 02/13/24 | 569440 | 100.0 |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien | 12/10/21 | 1685422 | 100.0 |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien | 01/23/23 - 12/27/24 | 434969 | 100.0 |
| LMSI Buyer, LLC, Initial Term Loan - First Lien | 12/10/21 - 11/09/23 | 2111840 | 93.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| LMSI Buyer, LLC, Revolving Credit Loan - First Lien | 10/25/21 - 10/01/24 | 387418 | 93 |
| MAG DS Corp., Initial Term Loan - First Lien | 02/05/21 - 05/11/23 | 1905927 | 99.97 |
| Mammoth Holdings, LLC, Delayed Draw Term Loan - First Lien | 11/14/23 | 893402 | 96.5 |
| Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien | 11/14/23 - 06/30/25 | 160483 | 96.5 |
| Mammoth Holdings, LLC, Initial Term Loan - First Lien | 11/14/23 | 3523796 | 96.5 |
| Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A Term Loan - First Lien | 04/08/21 | 1445477 | 93 |
| McHale Landscape Design, Inc., Closing Date Term Loan - First Lien | 07/16/25 | 2493450 | 98.88 |
| Medrina, LLC, Initial Term Loan - First Lien | 10/20/23 | 5345723 | 100 |
| Medrina, LLC, Primary Delayed Draw Term Loan - First Lien | 01/22/25 | 954033 | 100 |
| Mission Critical Group, LLC, Term Loan - First Lien | 06/18/25 | 2224077 | 99 |
| Monarch Behavioral Therapy, LLC, Closing Date Term Loan - First Lien | 06/06/24 | 9429031 | 99.5 |
| Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien | 09/13/24 - 06/17/25 | 1461846 | 99.5 |
| Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien | 12/30/24 - 09/10/25 | 755631 | 99.5 |
| Nephron Pharmaceuticals, LLC, FO Term Loan - First Lien | 01/31/25 | 1486423 | 100 |
| Nephron Pharmaceuticals, LLC, LO Term Loan - First Lien | 01/31/25 | 5030744 | 100 |
| Newcleus, LLC, Initial Term Loan - First Lien | 08/02/21 - 08/04/21 | 1202657 | 95 |
| Oak Point Partners, LLC, Term Loan - First Lien | 12/10/21 | 1967747 | 100 |
| Owl Vans, LLC, Revolving Loan - First Lien | 09/26/25 | 284205 | 98.68 |
| Owl Vans, LLC, Term Loan - First Lien | 12/31/24 | 3013717 | 98.68 |
| Penney Holdings LLC (Catalyst Brands), Term Loan - First Lien | 09/26/25 | 5850345 | 97.5 |
| Point Quest Acquisition, LLC, Delayed Draw Term Loan - First Lien | 09/03/24 | 1111312 | 100 |
| Point Quest Acquisition, LLC, Initial Term Loan - First Lien | 08/12/22 - 05/09/24 | 7385082 | 100 |
| Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien | 08/12/22 - 09/17/25 | 806785 | 100 |
| Point Quest Acquisition, LLC, Sixth Amendment Delayed Draw Term Loan - First Lien | 11/26/24 - 08/28/25 | 2268388 | 100 |
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loan - First Lien | 05/14/21 | 1922827 | 100 |
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loan - First Lien | 05/31/22 | 758886 | 100 |
| Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loan - First Lien | 11/15/21 | 1127057 | 100 |
| Prescott's Inc. (AKA Greenjacket), Term Loan - First Lien | 12/30/24 | 3992543 | 99.25 |
| PRGX Global, Inc., Initial Term Loan - First Lien | 02/20/25 | 3113173 | 98.75 |
| Project Cloud Holdings, LLC (AgroFresh Inc.), 2024-1 Incremental Term Loan (USD) - First Lien | 03/27/24 - 03/27/24 | 2843163 | 99.75 |
| Project Cloud Holdings, LLC (AgroFresh Inc.), Initial USD Term Loan - First Lien | 02/13/24 | 5010596 | 99.75 |
| Project Cloud Holdings, LLC (AgroFresh Inc.), Replacement Revolver - First Lien | 03/27/24 - 03/10/25 | 587595 | 99.75 |
| Quorum Health Resources (QHR), 2023 Incremental Term Loan - First Lien | 06/30/23 | 1936704 | 99.75 |
| Quorum Health Resources (QHR), Specified Delayed Draw Term Loan - First Lien | 02/13/24 | 1949286 | 99.75 |
| Quorum Health Resources (QHR), Term Loan - First Lien | 05/28/21 | 1028141 | 99.75 |
| R.L. James, Inc. (HH Restore Acquisition), Closing Date Term Loan - First Lien | 12/15/23 | 929791 | 99.75 |
| R.L. James, Inc. (HH Restore Acquisition), Delayed Draw Term Loan - First Lien | 12/15/23 - 08/07/25 | 879769 | 99.75 |
| R.L. James, Inc. (HH Restore Acquisition), First Amendment Incremental Term Loan - First Lien | 08/07/25 | 306761 | 99.75 |
| Rachel Zoe, Inc., Second Amendment Effective Date Tranche A Loan - First Lien | 07/23/24 | 347341 | 100 |
| Rachel Zoe, Inc., Third Amendment Effective Date Tranche A - First Lien | 08/04/25 | 926656 | 100 |
| Rachel Zoe, Inc., Tranche A Loan - First Lien | 10/11/23 | 1072168 | 100 |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Initial Term Loan - First Lien | 01/08/24 | 2745467 | 100 |
| R-Pac International Corp. (Project Radio), 2024 Incremental Term Loan - First Lien | 10/11/24 | 2350510 | 99.75 |
| R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien | 10/28/24 - 07/29/25 | 456255 | 99.75 |
| R-Pac International Corp. (Project Radio), Initial Term Loan - First Lien | 11/23/21 | 4781381 | 99.75 |
| Sagebrush Buyer, LLC (Province), Initial Term Loan - First Lien | 07/01/24 | 9278925 | 100 |
| Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan - First Lien | 11/18/22 | 3192787 | 100 |
| Schola Group Acquisition, Inc. (Lathan McKee), Closing Date Term Loan - First Lien | 04/09/25 | 3187423 | 98.88 |
| Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien | 08/01/25 | 461390 | 98.88 |
| SHO Holding I Corp., Tranche A Term Loan - First Lien | 04/05/24 - 04/05/24 | 535872 | 100 |
| Solugenix Corp. | 12/16/24 | 7960000 | 1 |
| SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien | 08/20/24 - 08/14/25 | 421903 | 98 |
| SR Landscaping, LLC, Closing Date Term Loan - First Lien | 10/30/23 | 2632103 | 98 |
| SR Landscaping, LLC, Delayed Draw Term Loan - First Lien | 10/30/23 | 880928 | 98 |
| SR Landscaping, LLC, Revolving Loan - First Lien | 10/30/23 - 08/20/25 | 439772 | 98 |

---

---

| | | | |
|:---|:---|:---|:---|
| Strategy Corps., LLC, Revolving Credit Loan - First Lien | 03/14/25 - 07/15/25 | 211202 | 98.00 |
| Strategy Corps., LLC, Term Loan - First Lien | 06/28/24 | 6424309 | 98.00 |
| Streetmasters Intermediate, Inc., Revolving Loan - First Lien | 04/17/25 - 07/28/25 | 110652 | 98.75 |
| Streetmasters Intermediate, Inc., Term Loan - First Lien | 04/17/25 | 5047826 | 98.75 |
| SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan - First Lien | 07/31/25 | 10173239 | 100.00 |
| SuperHero Fire Protection, LLC, Revolving Loan - First Lien | 09/26/25 | 40054 | 100.00 |
| Syner-G Intermediate Holdings, LLC, Term Loan - First Lien | 09/17/24 | 8521864 | 93.00 |
| Technology Partners, LLC (Imagine Software), Initial Term Loan - First Lien | 11/16/21 | 2236074 | 100.00 |
| The Mutual Group, LLC, Term Loan - First Lien | 01/31/24 | 4754433 | 100.00 |
| Thornton Carpet, LLC, Closing Date Term Loan - First Lien | 05/15/25 | 2246382 | 98.87 |
| TR Apparel, LLC, Term Loan - First Lien | 08/09/23 - 04/23/25 | 6624545 | 100.00 |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Closing Date Term Loan - First Lien | 07/12/24 | 4877586 | 99.00 |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien | 07/17/25 - 09/02/25 | 1914993 | 99.00 |
| Tricor, LLC, Amendment No. 4 Delayed Draw Term Loan - First Lien | 01/02/25 - 04/04/25 | 5320763 | 100.00 |
| Tricor, LLC, Amendment No.3 Incremental Term Loan - First Lien | 07/05/24 | 1789588 | 100.00 |
| Tricor, LLC, Delayed Draw Term Loan - First Lien | 02/13/24 | 711875 | 100.00 |
| Tricor, LLC, Term Loan - First Lien | 10/22/21 | 1887663 | 100.00 |
| Triple Crown Consulting, LLC, Term A Loan - First Lien | 06/02/23 | 1075395 | 97.25 |
| TriStrux, LLC, Delayed Draw Term Loan - First Lien | 02/13/24 | 320840 | 62.00 |
| TriStrux, LLC, Initial Term Loan - First Lien | 12/23/21 | 896398 | 62.00 |
| TriStrux, LLC, Revolving Loan - First Lien | 12/23/21 | 321546 | 61.99 |
| Unified Patents, LLC, Term A Loan - First Lien | 12/23/24 | 8627003 | 99.00 |
| Violet Utility Buyer, LLC (Vannguard), Initial Term Loan - First Lien | 07/24/25 | 3943903 | 98.88 |
| Visante Acquisition, LLC, Initial Term Loan - First Lien | 01/31/24 | 4858474 | 100.00 |
| Waste Resource Management, Inc., Delayed Draw Term Loan - First Lien | 12/28/23 - 05/19/25 | 1536100 | 100.00 |
| Waste Resource Management, Inc., Term Loan - First Lien | 12/28/23 | 4110307 | 100.00 |
| Xcel Brands, Inc., expiring 12/12/2034 | 03/25/25 | 0 | 0.24 |
| Xcel Brands, Inc., Intial Term Loan A - First Lien | 12/17/24 - 01/28/25 | 1145558 | 100.00 |
| XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien | 12/10/24 | 210836 | 98.50 |
| XPT Partners, LLC, 2024 Revolving Loan - First Lien | 12/10/24 - 08/15/25 | 111701 | 98.50 |
| XPT Partners, LLC, Term Loan - First Lien | 12/10/24 | 4191379 | 98.50 |
|  |  | $**522933115** |  |

---

(c) Security
 fair valued as of September 30, 2025 by the Adviser as "valuation designee" under the oversight of the Fund's Board
 of Trustees. Total value of all such securities at September 30, 2025 amounted to $486,855,744, which represents approximately
 62.21% of net assets of the Fund.

(d) The Ally
 Credit Facility is secured by a lien on all or a portion of the security.

(e) The JPM
 Credit Facility is secured by a lien on all or a portion of the security.

(f) All or
 a portion of this position has not yet settled as of September 30, 2025. The Fund will not accrue interest on its Senior Loans
 until the settlement date at which point Prime or SOFR will be established.

(g) Securities
 exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such
 securities at September 30, 2025 amounted to $13,829,096, which represents approximately 1.77% of net assets of the Fund.

(h) Represents
 less than 0.05% of net assets.

(i) Represents
 7-day effective yield as of September 30, 2025.

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| PIK | Pay in Kind |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Industry Diversification for Portfolio Holdings** | **Percent of Net<br> Assets** |
| Advertising | 1.8% |
| Aerospace & Defense | 1.2 |
| Agricultural & Farm Machinery | 0.1 |
| Air Freight & Logistics | 1 |
| Apparel Retail | 0.2 |
| Apparel, Accessories & Luxury Goods | 2.4 |
| Application Software | 5.1 |
| Asset Management & Custody Banks | 1 |
| Auto Parts & Equipment | 1.2 |
| Banks | 0.4 |
| Biotechnology | 0.6 |
| Broadcasting | 0.3 |
| Building Products | 0.3 |
| Casinos & Gaming | 2.1 |
| Commodity Chemicals | 0.4 |
| Communications Equipment | 0.6 |
| Construction & Engineering | 1.2 |
| Construction Materials | 0.3 |
| Containers & Packaging | 0.6 |
| Data Processing & Outsourced Services | 0.5 |
| Distributors | 0.4 |
| Diversified Chemicals | 1.1 |
| Diversified Support Services | 0.7 |
| Drug Retail | 1 |
| Education Services | 1.9 |
| Electric Utilities | 0.3 |
| Electrical Components & Equipment | 0.4 |
| Electronic Equipment & Instruments | 0.3 |
| Electronic Manufacturing Services | 1.7 |
| Entertainment | 0.2 |
| Environmental & Facilities Services | 2.8 |
| Financial Exchanges & Data | 0.8 |
| Footwear | 0.1 |
| General Merchandise Stores | 0.9 |
| Health Care Distributors | 0.5 |
| Health Care Facilities | 1.5 |
| Health Care Services | 15.3 |
| Health Care Supplies | 0.5 |
| Health Care Technology | 2.4 |
| Heavy Electrical Equipment | 1.6 |
| Highways & Railtracks | 0.1 |
| Home Furnishings | 0.7 |
| Home Improvement Retail | 1 |
| Homebuilding | 0.4 |
| Hotels, Resorts & Cruise Lines | 0.9 |
| Hotels, Restaurants & Leisure | 0.1 |
| Household Products | 0.2 |
| Human Resource & Employment Services | 1.7 |
| Industrial Machinery | 1.5 |
| Insurance Brokers | 4.5 |
| Integrated Telecommunication Services | 1.3 |
| Interactive Media & Services | 0.7 |
| Internet & Direct Marketing Retail | 2.2 |
| Internet Services & Infrastructure | 0.8 |
| Investment Banking & Brokerage | 0.4 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Industry Diversification for Portfolio Holdings** | **Percent of Net<br> Assets** |
| IT Consulting & Other Services | 5.8% |
| IT Services | 1 |
| Leisure Facilities | 1.1 |
| Life Sciences Tools & Services | 0.4 |
| Managed Health Care | 0.3 |
| Media | 0.2 |
| Metal & Glass Containers | 0.9 |
| Multi-Sector Holdings | 0.4 |
| Office Services & Supplies | 0.8 |
| Other Diversified Financial Services | 0.5 |
| Packaged Foods & Meats | 1.1 |
| Paper Packaging | 1.3 |
| Paper Products | 1 |
| Passenger Airlines | 0.4 |
| Pharmaceuticals | 2.4 |
| Railroads | 0.6 |
| Real Estate Development | 1.3 |
| Real Estate Management & Development | 0.0 \* |
| Real Estate Services | 1.3 |
| Research & Consulting Services | 6.8 |
| Restaurants | 0.4 |
| Security & Alarm Services | 2.2 |
| Software | 0.1 |
| Specialized Consumer Services | 2.9 |
| Specialized Finance | 2.1 |
| Specialty Chemicals | 1.1 |
| Specialty Retail | 0.0 \* |
| Specialty Stores | 0.4 |
| Systems Software | 1.7 |
| Technology Distributors | 0.6 |
| Technology Hardware, Storage & Peripherals | 0.5 |
| Textiles | 0.5 |
| Trading Companies & Distributors | 0.9 |
| Transportation Infrastructure | 0.0 \* |
| Trucking | 2.2 |
| Water Utilities | 0.7 |
| Short-Term Investments | 4.5 |
| **Total Investments** | **120.6%** |

---

\*Less than 0.05%

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Credit Opportunities Fund

Notes to Consolidated Schedule of Investments (unaudited)

**Note 1 — Organization**

First Eagle Credit Opportunities Fund (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") that continuously offers its shares of beneficial interest (the "Common Shares"), and is operated as an "interval fund." The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware, as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.

The Fund's primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objective by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets. The Fund historically has focused its investments on credit assets with direct exposure to the corporate borrowers, including syndicated bank loans, middle market "club" loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally do not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, and high-yield bonds (commonly referred to as "junk" bonds). The Fund is broadening its investment program to include additional types of asset-based loans (i.e., beyond those emphasized to date), such as consumer and mortgage-related credit, as well as structured credit investments, including asset-backed securities (ABS), mortgage-backed securities (MBS), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). In addition, while the Fund will continue to invest in "senior secured" assets, it will no longer be subject to a commitment to invest primarily in such assets.

These investment strategy changes are intended to broaden the Fund's investment focus, allowing for greater diversification across credit asset types while seeking to capitalize on credit inefficiencies across both corporate and consumer markets. These changes also have the potential to support more stable income distributions and improved risk-adjusted investment returns.

The Fund currently offers three classes of Common Shares: Class A Shares, Class A-2 Shares and Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

First Eagle Alternative Credit, LLC (the "Subadviser"), in its capacity as the alternative credit group of the Adviser, serves as the Fund's investment subadviser. The Subadviser is an investment adviser for both direct lending and broadly syndicated investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and commingled funds. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by the Adviser and is a wholly-owned subsidiary of the Adviser.

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the "FASB") Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

**a) Investments in Subsidiaries** — The First Eagle Credit Opportunities Fund SPV, LLC (the "SPV"), established on January 11, 2021, and the First Eagle Credit Opportunities Fund BSL SPV I, LLC (the "BSL SPV"), established on December 13, 2024, are wholly-owned Delaware limited liability companies, which function as the Fund's special purpose, bankruptcy-remote, financing subsidiaries. The consolidated financial statements include the accounts of the Fund and the subsidiaries. All intercompany transactions and balances have been eliminated. As of September 30, 2025, the SPV has $348,580,771 in net assets, representing 44.54% of the Fund's net assets and the BSL SPV has $89,468,228 in net assets, representing 11.43% of the Fund's net assets. The assets and credit of the SPV and the BSL SPV are not available to satisfy the obligations of the Fund.

**b) Investment Valuation** — The Fund's net asset value ("NAV") per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading.

The Fund's securities are valued by various methods, as described below:

Portfolio securities and other assets for which market quotes are readily available are valued at market value.

Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market "Club" Loans. Senior Loans are primarily valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Initial purchases of investments, including Direct Loans, may be fair valued at their cost which approximates market value and are monitored by the Adviser and the Subadviser (individually or collectively referred to as "First Eagle Management") for any significant positive or negative events subsequent to the date of the original investment that necessitates a change to another valuation method, such as the market or income approach. Subsequent to the initial purchase, Direct Loans may be valued utilizing the income approach, market approach or liquidation. The income approach values an investment by estimating the present value of future economic benefits it is expected to produce. These benefits include earnings, cash flows and disposition proceeds. Expected current value is determined by discounting expected cash flows at a rate of return (discount rate or cost of capital) that reflects the risk associated with realizing the cash flows in the amounts and times projected. Enterprise value, a market approach, values an investment by determining the value of a company and allocating the value to the debt. Enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company's revenues or net income before net interest expense, income tax expense, depreciation and amortization. The liquidation approach values an investment by analyzing the underlying collateral of the loan, as set forth in the associated loan agreements and borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario.

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available, are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models, and assumptions for its evaluated prices.

Non-exchange traded equity securities may be valued at prices supplied by the Fund's pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable, then the equity will be fair valued as described below.

Investment companies, including money market funds, are valued at their net asset value.

If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued as described below. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security.

The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities;

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

The two primary significant unobservable inputs used in the fair value measurement of the Fund's debt investments, excluding asset-backed loans, and certain equity investments valued using an income approach, is the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.

The primary significant unobservable inputs used in the fair value measurement of the Fund's investments in asset-backed loans is the net realized value of the underlying collateral of the loan. The Fund considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Fund's equity investments and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market. The primary significant unobservable input used in the fair value measurement of the Fund's investments in warrants are volatility and time horizon.

Fair valuation of securities, other financial instruments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Fund's Board of Trustees (the "Board"). The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation procedures for the Fund. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

The following table summarizes the valuation of the Fund's investments under the fair value hierarchy levels as of September 30, 2025:

**First Eagle Credit Opportunities Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3<sup>‡</sup>** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks† | $– | $– | $9798426 | $9798426 |
| Corporate Bonds† |  | 13829096 |  | 13829096 |
| Senior Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising |  | 11960171 | 2469241 | 14429412 |
| &nbsp;&nbsp;&nbsp;Aerospace & Defense |  | 7931512 | 1430939 | 9362451 |
| &nbsp;&nbsp;&nbsp;Agricultural & Farm Machinery |  |  | 934266 | 934266 |
| &nbsp;&nbsp;&nbsp;Air Freight & Logistics |  | 4980613 | 3204263 | 8184876 |
| &nbsp;&nbsp;&nbsp;Apparel Retail |  |  | 1689119 | 1689119 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3<sup>‡</sup>** | **Total** |
| &nbsp;&nbsp;&nbsp;Apparel, Accessories & Luxury Goods | $– $| 3895000 | $14896005 | $18791005 |
| &nbsp;&nbsp;&nbsp;Application Software | – | 25345211 | 14898914 | 40244125 |
| &nbsp;&nbsp;&nbsp;Asset Management & Custody Banks | – |  | 7855835 | 7855835 |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | – | 3646081 | 5765561 | 9411642 |
| &nbsp;&nbsp;&nbsp;Biotechnology | – | 4876788 |  | 4876788 |
| &nbsp;&nbsp;&nbsp;Broadcasting | – | 2680046 |  | 2680046 |
| &nbsp;&nbsp;&nbsp;Building Products | – | 2007750 |  | 2007750 |
| &nbsp;&nbsp;&nbsp;Casinos & Gaming | – | 16662376 |  | 16662376 |
| &nbsp;&nbsp;&nbsp;Commodity Chemicals | – | 2969480 | 158572 | 3128052 |
| &nbsp;&nbsp;&nbsp;Communications Equipment | – | 4767747 |  | 4767747 |
| &nbsp;&nbsp;&nbsp;Construction & Engineering | – |  | 9534469 | 9534469 |
| &nbsp;&nbsp;&nbsp;Construction Materials | – | 2789558 |  | 2789558 |
| &nbsp;&nbsp;&nbsp;Data Processing & Outsourced Services | – |  | 3643112 | 3643112 |
| &nbsp;&nbsp;&nbsp;Distributors | – | 2992402 |  | 2992402 |
| &nbsp;&nbsp;&nbsp;Diversified Chemicals | – |  | 8558667 | 8558667 |
| &nbsp;&nbsp;&nbsp;Diversified Support Services | – |  | 5154421 | 5154421 |
| &nbsp;&nbsp;&nbsp;Drug Retail | – |  | 7880000 | 7880000 |
| &nbsp;&nbsp;&nbsp;Education Services | – | 2966051 | 11660848 | 14626899 |
| &nbsp;&nbsp;&nbsp;Electric Utilities | – |  | 2223465 | 2223465 |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | – |  | 3503359 | 3503359 |
| &nbsp;&nbsp;&nbsp;Electronic Equipment & Instruments | – | 2744064 |  | 2744064 |
| &nbsp;&nbsp;&nbsp;Electronic Manufacturing Services | – | 8158465 | 4892751 | 13051216 |
| &nbsp;&nbsp;&nbsp;Environmental & Facilities Services | – | 2872848 | 18850144 | 21722992 |
| &nbsp;&nbsp;&nbsp;Financial Exchanges & Data | – | 5969403 |  | 5969403 |
| &nbsp;&nbsp;&nbsp;Footwear | – |  | 537514 | 537514 |
| &nbsp;&nbsp;&nbsp;General Merchandise Stores | – |  | 6906977 | 6906977 |
| &nbsp;&nbsp;&nbsp;Health Care Distributors | – |  | 4002000 | 4002000 |
| &nbsp;&nbsp;&nbsp;Health Care Facilities | – | 5003268 | 6622490 | 11625758 |
| &nbsp;&nbsp;&nbsp;Health Care Services | – | 25711655 | 93633512 | 119345167 |
| &nbsp;&nbsp;&nbsp;Health Care Supplies | – | 3908294 |  | 3908294 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | – |  | 19073323 | 19073323 |
| &nbsp;&nbsp;&nbsp;Heavy Electrical Equipment | – | 6120663 | 6753214 | 12873877 |
| &nbsp;&nbsp;&nbsp;Highways & Railtracks | – | 1005000 |  | 1005000 |
| &nbsp;&nbsp;&nbsp;Home Furnishings | – | 2992693 | 2245186 | 5237879 |
| &nbsp;&nbsp;&nbsp;Home Improvement Retail | – |  | 7907647 | 7907647 |
| &nbsp;&nbsp;&nbsp;Homebuilding | – | 2997495 |  | 2997495 |
| &nbsp;&nbsp;&nbsp;Hotels, Resorts & Cruise Lines | – | 6936949 |  | 6936949 |
| &nbsp;&nbsp;&nbsp;Household Products | – |  | 1914792 | 1914792 |
| &nbsp;&nbsp;&nbsp;Human Resource & Employment Services | – |  | 13003738 | 13003738 |
| &nbsp;&nbsp;&nbsp;Industrial Machinery | – | 12012688 |  | 12012688 |
| &nbsp;&nbsp;&nbsp;Insurance Brokers | – | 11010897 | 24027602 | 35038499 |
| &nbsp;&nbsp;&nbsp;Integrated Telecommunication Services | – | 9977175 |  | 9977175 |
| &nbsp;&nbsp;&nbsp;Interactive Media & Services | – |  | 5220253 | 5220253 |
| &nbsp;&nbsp;&nbsp;Internet & Direct Marketing Retail | – | 6668870 | 10278716 | 16947586 |
| &nbsp;&nbsp;&nbsp;Internet Services & Infrastructure | – | 4127950 | 2252100 | 6380050 |
| &nbsp;&nbsp;&nbsp;Investment Banking & Brokerage | – | 2980745 |  | 2980745 |
| &nbsp;&nbsp;&nbsp;IT Consulting & Other Services | – | 9072017 | 36216949 | 45288966 |
| &nbsp;&nbsp;&nbsp;Leisure Facilities | – |  | 8118640 | 8118640 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | – | 2988579 |  | 2988579 |
| &nbsp;&nbsp;&nbsp;Managed Health Care | – | 227869 | 1988339 | 2216208 |
| &nbsp;&nbsp;&nbsp;Metal & Glass Containers | – | 6946517 |  | 6946517 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3<sup>‡</sup>** | **Total** |
| &nbsp;&nbsp;&nbsp;Multi-Sector Holdings | $– | $2815050 | $– | $2815050 |
| &nbsp;&nbsp;&nbsp;Office Services & Supplies |  | 6368553 |  | 6368553 |
| &nbsp;&nbsp;&nbsp;Other Diversified Financial Services |  | 4316820 |  | 4316820 |
| &nbsp;&nbsp;&nbsp;Packaged Foods & Meats |  | 8809638 |  | 8809638 |
| &nbsp;&nbsp;&nbsp;Paper Packaging |  | 2164182 | 8385113 | 10549295 |
| &nbsp;&nbsp;&nbsp;Paper Products |  |  | 7633900 | 7633900 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 2096141 | 16445984 | 18542125 |
| &nbsp;&nbsp;&nbsp;Railroads |  | 4904198 |  | 4904198 |
| &nbsp;&nbsp;&nbsp;Real Estate Development |  |  | 9837837 | 9837837 |
| &nbsp;&nbsp;&nbsp;Real Estate Services |  | 7777790 | 2727156 | 10504946 |
| &nbsp;&nbsp;&nbsp;Research & Consulting Services |  | 9769322 | 43087488 | 52856810 |
| &nbsp;&nbsp;&nbsp;Restaurants |  | 924546 | 2305263 | 3229809 |
| &nbsp;&nbsp;&nbsp;Security & Alarm Services |  | 6518298 | 10373673 | 16891971 |
| &nbsp;&nbsp;&nbsp;Specialized Consumer Services |  | 4997933 | 17905870 | 22903803 |
| &nbsp;&nbsp;&nbsp;Specialized Finance |  | 13364271 | 2990907 | 16355178 |
| &nbsp;&nbsp;&nbsp;Specialty Chemicals |  | 8541227 |  | 8541227 |
| &nbsp;&nbsp;&nbsp;Specialty Stores |  | 2987201 |  | 2987201 |
| &nbsp;&nbsp;&nbsp;Systems Software |  | 11909865 | 1086585 | 12996450 |
| &nbsp;&nbsp;&nbsp;Technology Distributors |  | 4932226 |  | 4932226 |
| &nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals |  | 3823695 |  | 3823695 |
| &nbsp;&nbsp;&nbsp;Textiles |  | 4108187 |  | 4108187 |
| &nbsp;&nbsp;&nbsp;Trading Companies & Distributors |  | 6918096 |  | 6918096 |
| &nbsp;&nbsp;&nbsp;Trucking |  | 13853537 | 3625313 | 17478850 |
| &nbsp;&nbsp;&nbsp;Water Utilities | – | – | 5699770 | 5699770 |
| Total Senior Loans | – | 372805666 | 512011802 | 884817468 |
| Warrants† |  |  | 78711 | 78711 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | 35005064 | – | – | 35005064 |
| **Total** | $35005064 | $386634762 | $521888939 | $943528765 |
| **Liabilities** |  |  |  |  |
| Unfunded Commitments<sup>\*</sup> | – | 7362 | (32198) | (24836) |
| **Total** | $35005064 | $386642124 | $521856741 | $943503929 |

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‡ Value determined using significant unobservable inputs. <br> † See Consolidated Schedule of Investments for additional detailed categorizations. <br> \* Unfunded commitments are presented at net unrealized appreciation (depreciation).

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stocks** | **Warrants** | **Senior Loans** | **Unfunded<br> Commitments\*** | **Total** |
| Beginning Balance —market value | $10205059 | $31770 | $491606932 | $(450685) | $501393076 |
| Purchases<sup>(1)</sup> |  | (48414) | 260242375 |  | 260193961 |
| Sales <sup>(2)</sup> | (625000) |  | (229524793) |  | (230149793) |
| Transfer In — Level 3 |  |  | 11540024 |  | 11540024 |
| Transfer Out — Level 3 |  |  | (20667328) |  | (20667328) |
| Accrued discounts/ (premiums) |  |  | 955801 |  | 955801 |
| Realized Gains (Losses) | 625000 |  | (4507201) |  | (3882201) |
| Change in Unrealized Appreciation (Depreciation) | (406633) | 95355 | 2365992 | 418487 | 2473201 |
| Ending Balance — market value | $9798426 | $78711 | $512011802 | $(32198) | $521856741 |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $93367 | $95355 | $(3773045) | $403790 | $(3180533) |

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The table above is disclosing activities at the lot level.

(1) Purchases include all purchases of securities, securities received in corporate actions, and funding activities.

(2) Sales include all sales of securities, maturities, paydowns, securities tendered in corporate actions, funding activities, and reduction in commitment for unfunded commitments.

\* Unfunded commitments are presented at net unrealized appreciation (depreciation).

Investments were transferred into Level 3 during the period ended September 30, 2025 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser. Investments were transferred out of Level 3 during the period ended September 30, 2025 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.

The following is a summary of the Fund's valuation techniques and significant amounts of unobservable inputs used in the Fund's Level 3 securities as of September 30, 2025:

Disclosure on the Unobservable Inputs for First Eagle Credit Opportunities Fund as of September 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br> September 30, 2025** | **Valuation <br> Technique(s)** | **Unobservable<br> Inputs** | **Range<br> (Weighted Average)** | **Direction Change in Fair Value <br> Resulting from Increase in <br> Unobservable Inputs (a)** |
| Common Stock | $1798412 | Broker Quotes | N/A | N/A | N/A |
|  | 8000000 | Discounted Cash Flow (Income Approach) | Comparable Yield | 14.97% - 14.97% (14.97%) | Decrease |
|  | 14 | Market Comparable Companies | EBITDA Multiple | 4.32x - 8.37x (8.26x) | Increase |
| **Common Stock total** | **9798426** |  |  |  |  |
| Warrant | 76871 | Market Comparable Companies | EBITDA Multiple | 10.10x - 10.10x (10.10x) | Increase |
|  | 1840 | Option Pricing Model | Volatility/Time Horizon | 40%/5yr(40%/5yr) | Increase |
| **Warrant total** | **78711** |  |  |  |  |
| Senior Loan | 34185339 | Broker Quotes | N/A | N/A | N/A |
|  | 416591210 | Discounted Cash Flow (Income Approach) | Comparable Yield | 7.74% - 24.50% (10.18%) | Decrease |
|  | 61069560 | Liquidation | Collateral Value | 21.4 - 11,651.6 (1,789.3)\* | Increase |
|  | 957676 | Market Comparable Companies | Revenue Multiple | 0.60x - 0.60x (2.81x) | Increase |
|  | 158571 | Market Comparable Companies | EBITDA Multiple | 4.32x - 4.32x (2.81x) | Increase |
| **Senior Loan total** | **512962356** |  |  |  |  |
| **Total Investments** | **522839493** |  |  |  |  |
| Unfunded Commitment | 2613 | Broker Quotes | N/A | N/A | N/A |
|  | (29891) | Discounted Cash Flow (Income Approach) | Comparable Yield | 7.74% - 19.51% (9.40%) | Decrease |
|  | (2758) | Liquidation | Collateral Value | 21.4 - 54.2 (27.8)\* | Increase |
|  | (11972) | Market Comparable Companies | Revenue Multiple | 0.60x - 0.60x (3.39x) | Increase |
|  | (870) | Market Comparable Companies | EBITDA Multiple | 8.51x - 8.51x (3.39x) | Increase |
| **Unfunded Commitment total** | $**(42878)** |  |  |  |  |

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*Notes:*

*\*Collateral values are presented in $ millions.*

*\*Fair Value for unfunded commitments is unrealized appreciation/depreciation.*

*(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs.*

&nbsp;&nbsp;&nbsp;&nbsp;*- A decrease to the unobservable input would have the opposite effect.* 

&nbsp;&nbsp;&nbsp;&nbsp;*- Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.*

**Note 3 — Securities and Other Investments**

The Fund's portfolio primarily consists of some combination of the following types of investments:

**Syndicated Loans** — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank's, or lead arranger's, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by the Fund may at times cease being current on principal and interest payments. When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point SOFR or Prime will be established.

**Middle Market "Club" Loans** — Middle market "club" loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market "club" loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a "club" of unaffiliated lenders. Middle market "club" loans held by the Fund will consist of first lien senior secured loans.

**Direct Lending** — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including "unitranche" loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.

**Asset-Based Loans** — Asset-based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) whereby the underlying loan will be underwritten by the value of the collateral. These loans are highly structured and typically include frequent monitoring including, but not limited to, financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.

**High Yield Bonds** — The Fund may invest in high-yield bonds, which are securities rated below "Baa3" by Moody's, or below "BBB-" by S&P and/or lower than "BBB-" by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, commonly referred to as "junk bonds." Such securities are predominately speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however that, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objective, the Fund depends on credit analysis to identify investment opportunities.

**Derivative Transactions** — Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions (as defined below). Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board. Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date hereof, the Fund relies on the Limited Derivatives User Exception.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

**Note 4 — Unfunded Commitment/Delayed Draw Loan Commitment**

As of September 30, 2025, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:

---

| | | | |
|:---|:---|:---|:---|
| Loan | Principal Amount | Value | Net Unrealized<br> Appreciation<br> (Depreciation) |
| 360 PARTNERS, LLC, Delayed Draw Term Loan - First Lien | $898285 | $888179 | $(6739) |
| 360 PARTNERS, LLC, Revolver - First Lien | 507157 | 501452 | (2) |
| 841 Prudential MOB LLC, Delayed Draw Term Loan - First Lien | 513513 | 513514 | 2568 |
| Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien | 1859108 | 1849812 | 23108 |
| Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien | 437001 | 434816 | 1018 |
| Advantmed Buyer Inc., Revolving Loan - First Lien | 1545373 | 1545373 | 20283 |
| Air Buyer Inc. (Condata Global), Revolving Credit Loan - First Lien | 331126 | 322848 | (3907) |
| Air Conditioning Specialist, Inc., Revolving Loan - First Lien | 452242 | 449981 | 4523 |
| Alpine SG, LLC (ASG), Revolving Credit Loan - First Lien | 105232 | 105232 | 1144 |
| AlpineX OpCo, LLC, Revolving Loan - First Lien | 39570 | 39570 | 634 |
| AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien | 18571 | 18571 | 353 |
| Apella Capital, LLC, Revolving Loan - First Lien | 136530 | 136530 |  |
| Apex Analytix, Inc. (Montana Buyer, Inc.), Revolving Credit Loan - First Lien | 304348 | 301304 | 416 |
| APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien | 2076116 | 2065735 |  |
| APS Acquisition Holdings, LLC, Revolving Loan - First Lien | 1339430 | 1332732 | 8371 |
| Argano, LLC, 2025 Delayed Draw Term Loan - First Lien | 632593 | 629430 | 3163 |
| Argano, LLC, Revolving Credit Loan - First Lien | 231884 | 230725 | 3479 |
| Bandon Fitness Texas, Inc., Delayed Draw Term Loan - First Lien | 47777 | 44433 |  |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien | 445118 | 445118 | 3574 |
| Beacon Mobility Corp., Delayed Draw Term Loan - First Lien | 240671 | 241800 | 2445 |
| Boston Clinical Trials LLC (Alcanza Clinical Research), Revolving Credit Loan - First Lien | 187500 | 184219 | (3281) |
| Case Works, LLC, Revolving Loan - First Lien | 30172 | 28966 | (888) |
| CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien | 283 | 283 | 3 |
| CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien | 1898076 | 1898076 | 9490 |
| CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien | 2823096 | 2808980 | 7057 |
| CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien | 309582 | 308034 |  |
| Citrin Cooperman Advisors LLC, Delayed Term Loan - First Lien | 242424 | 241705 | (643) |
| Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B Loan - First Lien | 16667 | 16660 | 49 |
| Cohnreznick Advisory LLC (Currahee Borrower Sub), Delayed Draw Term Loan - First Lien | 996146 | 999264 | 3165 |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Revolving Credit Loan - First Lien | 365854 | 365854 | 3932 |
| ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien | 30000 | 28200 | (1361) |
| Cooper's Hawk Intermediate Holding, LLC, Delayed Draw Term Loan - First Lien | 473684 | 473684 | 3552 |
| Cooper's Hawk Intermediate Holding, LLC, Revolving Loan - First Lien | 221053 | 219240 | 1503 |
| Danforth Health, Inc., Revolving Credit Loan - First Lien | 166667 | 165833 | (239) |
| Data Driven Intermediate, LLC, Revolving Loan - First Lien | 907300 | 900495 |  |
| EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien | 2130287 | 2082355 | (5326) |
| Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien | 1144000 | 1144000 | 6137 |
| Elevate HD Parent, Inc., Revolving Loan - First Lien | 650000 | 650000 | 8138 |
| Endo1 Partners, LLC, Revolving Loan - First Lien | 386654 | 378920 |  |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Revolving Loan - First Lien | 602228 | 602228 |  |
| Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien | 280334 | 276129 | (2919) |
| Enverus Holdings, Inc. (Drilling Info), Delayed Draw Term Loan - First Lien | 50988 | 51115 | 477 |
| First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien | 386486 | 380689 |  |
| Gen4 Dental Partners Opco, LLC, Closing Date Delayed Draw Term Loan - First Lien | 1466667 | 1452000 | (376) |
| Gen4 Dental Partners Opco, LLC, Revolving Loan - First Lien | 366667 | 363000 | 3469 |
| HFW Cos., LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien | 3680000 | 3638600 | (27600) |
| HFW Cos., LLC (fka HFW Holdings, LLC), Revolving Loan - First Lien | 666667 | 659167 |  |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien | 668067 | 664727 | 5408 |
| Houseworks Holdings, Fourth Amendment Delayed Draw Term Loan - First Lien | 1001435 | 991421 | (222) |
| Houseworks Holdings, Revolving Loan - First Lien | 162789 | 161160 | 2021 |
| iLending LLC, Revolving Loan - First Lien | 17518 | 16555 | (870) |
| In Vitro Sciences, LLC (New IVS Holdings, LLC), Revolving Loan - First Lien | 210267 | 191343 |  |
| Inflexionpoint LLC (fka Automated Control Concepts), Revolving Credit Loan - First Lien | 520833 | 520833 | 3651 |
| Irving Parent, Corp. (Quisitive), Revolving Credit Loan - First Lien | 1474537 | 1452419 |  |
| June Purchaser LLC (Janney Montgomery Scott), Delayed Draw Term Loan - First Lien | 285714 | 286904 | 2346 |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien | 48795 | 48795 | 691 |
| LMSI Buyer, LLC, Revolving Credit Loan - First Lien | 55788 | 51883 | (3419) |
| Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien | 297727 | 287307 |  |
| McHale Landscape Design, Inc., Delayed Draw Term Loan - First Lien | 1260504 | 1246324 | (9453) |
| McHale Landscape Design, Inc., Revolver - First Lien | 420168 | 415441 |  |
| Medrina, LLC, Revolving Loan - First Lien | 828571 | 828571 | 13704 |
| Mission Critical Group, LLC, Delayed Draw Term Loan - First Lien | 1165463 | 1153809 | (5827) |
| Mission Critical Group, LLC, Revolving Loan - First Lien | 474239 | 469497 |  |
| Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien | 280357 | 278955 | (25) |
| Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien | 410614 | 408561 | (24) |
| Newcleus, LLC, Revolving Loan - First Lien | 34803 | 33063 | (1417) |
| Oak Point Partners, LLC, Revolving Loan - First Lien | 292659 | 292659 | 2507 |
| Owl Vans, LLC, Revolving Loan - First Lien | 672000 | 663130 |  |
| Peninsula Pacific Entertainment Development LLC, Term Loan DD - First Lien | 949367 | 950554 | 10680 |
| Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien | 710489 | 710489 |  |
| Prescott's Inc. (AKA Greenjacket), Delayed Draw Term Loan - First Lien | 2867797 | 2846288 | (10754) |
| Prescott's Inc. (AKA Greenjacket), Revolving Credit Loan - First Lien | 716949 | 711572 | 2689 |
| PRGX Global, Inc., Delayed Draw Term Loan - First Lien | 421053 | 415789 | (3158) |
| R.L. James, Inc. (HH Restore Acquisition), Revolving Loan - First Lien | 450415 | 449289 | 5627 |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Delayed Draw Term Loan - First Lien | 1035197 | 1035197 | 7913 |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Revolving Credit Loan - First Lien | 517598 | 517598 | 7872 |
| R-Pac International Corp. (Project Radio), Initial Revolving Loan - First Lien | 161692 | 161287 | 241 |
| Sagebrush Buyer, LLC (Province), Revolving Credit Facility - First Lien | 1262614 | 1262614 | 13601 |
| Sapio Sciences, LLC (Jarvis Bidco), Revolving Credit Loan - First Lien | 312500 | 312500 | 3443 |
| Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien | 2221477 | 2196485 | (16661) |
| Schola Group Acquisition, Inc. (Lathan McKee), Revolving Loan - First Lien | 671141 | 663591 |  |
| SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien | 466049 | 456728 | (6991) |
| Strategy Corps., LLC, Delayed Draw Term Loan - First Lien | 3421788 | 3353352 | (57551) |
| Strategy Corps., LLC, Revolving Credit Loan - First Lien | 1497032 | 1467091 | (10318) |
| Streetmasters Intermediate, Inc., Revolving Loan - First Lien | 588000 | 580650 |  |
| SuperHero Fire Protection, LLC, Revolving Loan - First Lien | 497316 | 497316 | 268 |
| Syner-G Intermediate Holdings, LLC, Revolving Loan - First Lien | 958084 | 891018 | (56287) |
| Technology Partners, LLC (Imagine Software), Revolving Credit Loan - First Lien | 373405 | 373405 | 3991 |
| The Mutual Group, LLC, Revolving Loan - First Lien | 649351 | 649351 | 9021 |
| Thornton Carpet, LLC, Revolving Loan - First Lien | 1138211 | 1125407 | (1472) |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Delayed Draw Term Loan - First Lien | 426667 | 422400 | 2133 |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC.), Revolving Loan - First Lien | 1185185 | 1173333 | 5926 |
| Tricor, LLC, Revolving Loan - First Lien | 173077 | 173077 | 48 |
| Triple Crown Consulting, LLC, Revolving Loan - First Lien | 217391 | 211413 | (2764) |
| TriStrux, LLC, Revolving Loan - First Lien | 32175 | 19949 | (11972) |
| Unified Patents, LLC, Revolving Loan - First Lien | 1016949 | 1006780 | (2542) |
| Violet Utility Buyer, LLC (Vannguard), Revolving Credit Loan - First Lien | 867133 | 857378 |  |
| Visante Acquisition, LLC, Revolving Credit Loan - First Lien | 574273 | 574273 | 7954 |
| Waste Resource Management, Inc., Revolving Credit Loan - First Lien | 620723 | 620723 | 2324 |
| XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien | 791660 | 779785 | (5938) |
| XPT Partners, LLC, 2024 Revolving Loan - First Lien | 113094 | 111398 | - |
|  | $71129827 | $70456288 | $(24836) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Eagle Credit Opportunities Fund

- **b. Investment Company Act file number:** 811-23592

- **c. CIK number of Registrant:** 0001818416

- **d. LEI of Registrant:** 549300K4XYBF9JAM1U67

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

  - **Street Address 1:** 1345 Avenue of the Americas

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

  - **Telephone number:** 800-334-2143

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

- **a. Name of Series:** First Eagle Credit Opportunities Fund

- **c. LEI of Series:** 549300K4XYBF9JAM1U67

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $993544758.22

**Total Liabilities:** $213846129.34

**Net Assets:** $779698628.88

**Delayed Delivery Securities:** $24647166.60

**Cash Not Reported:** $19887946.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -97.32000000 | **1-Year:** -61.06000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -24.51000000 | **1-Year:** -74044.29000000 | **5-Year:** -74150.97000000 | **10-Year:** -102.22000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.75%               | -1.92%               | -1.47%               |
| Class ID N/A | 0.85%                | 0.67%                | 1.09%                |
| Class ID N/A | -1.77%               | -1.98%               | -1.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-538799.91              | $1400909.10                                |
| Month 2  | $75424.48                | $-1363116.22                               |
| Month 3  | $853486.43               | $1204931.30                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Second-Out Term Loan - First Lien                                                         | CUSIP: C0553HAL4<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1732926 | PA      | $870804.23    | 0.11%             | 2029-03-12      | Variable      | 12.32%                | No            |                  3 | On Loan: No      |
| Endo1 Partners, LLC                                                         | Endo1 Partners, LLC, Initial Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1520512 | PA      | $1497704.14   | 0.19%             | 2030-05-23      | Variable      | 11.30%                | Yes           |                  3 | On Loan: No      |
| Aspire Bakeries Holdings LLC                                                | Aspire Bakeries Holdings LLC, Second Amendment Refinancing Term Loan - First Lien                                     | CUSIP: 02106XAJ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    992487 | PA      | $999618.45    | 0.13%             | 2030-12-23      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| WatchGuard Technologies, Inc.                                               | WatchGuard Technologies, Inc., Initial Term Loan (First Lien) - First Lien                                            | CUSIP: 94110LAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984615 | PA      | $2988346.16   | 0.38%             | 2029-07-02      | Variable      | 9.41%                 | No            |                  2 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Second Amendment Incremental Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    841322 | PA      | $841321.52    | 0.11%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| WH Borrower, LLC (aka WHP Global)                                           | WH Borrower, LLC (aka WHP Global), Initial Term Loan - First Lien                                                     | CUSIP: 92942LAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3007020.00   | 0.39%             | 2032-02-20      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| TouchTunes Music Group, LLC (TA TT Buyer)                                   | TouchTunes Music Group, LLC (TA TT Buyer), Tranche B-1 Term Loan (First Lien) - First Lien                            | CUSIP: 87222BAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3868844 | PA      | $3823695.07   | 0.49%             | 2029-04-02      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Anne Arundel Dermatology Management, LLC                                    | Anne Arundel Dermatology Management, LLC, DDTL C (First Lien) - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    583365 | PA      | $557113.65    | 0.07%             | 2027-10-15      | Variable      | 10.65%                | Yes           |                  3 | On Loan: No      |
| Eliassen Group, LLC                                                         | Eliassen Group, LLC, Initial Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2371111 | PA      | $2341472.24   | 0.30%             | 2028-04-14      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| CI (MG) Group, LLC (Mariani Landscape)                                      | CI (MG) Group, LLC (Mariani Landscape), Delayed Draw Term Loan - First Lien                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    420885 | PA      | $418780.10    | 0.05%             | 2030-03-27      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Waste Resource Management, Inc.                                             | Waste Resource Management, Inc., Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4157600 | PA      | $4157599.88   | 0.53%             | 2029-12-28      | Variable      | 9.91%                 | Yes           |                  3 | On Loan: No      |
| US Fertility Enterprises, LLC                                               | US Fertility Enterprises, LLC, Initial Term Loan - First Lien                                                         | CUSIP: 90356EAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1269293 | PA      | $1274052.94   | 0.16%             | 2031-10-11      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Holding B.V.                                                 | Hunter Douglas Holding B.V., Amendment No. 3 Tranche B-1 Term Loan - First Lien                                       | CUSIP: N8137FAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984962 | PA      | $2992693.46   | 0.38%             | 2032-01-17      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), Revolving Credit Loan - First Lien                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     26485 | PA      | $26352.48     | 0.00%             | 2027-12-17      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Syner-G Intermediate Holdings, LLC                                          | Syner-G Intermediate Holdings, LLC, Term Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8605629 | PA      | $8003234.73   | 1.03%             | 2030-09-17      | Variable      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Golden West Packaging Group LLC                                             | Golden West Packaging Group LLC, Term B-1 Loan - First Lien                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2739471 | PA      | $2164182.03   | 0.28%             | 2031-06-27      | Variable      | 9.53%                 | No            |                  2 | On Loan: No      |
| Hertz Corporation, The                                                      | Hertz Corporation, The, Initial Term C Loan - First Lien                                                              | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    354633 | PA      | $319543.54    | 0.04%             | 2028-06-30      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings, Inc.                                                  | BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan (First Lien) - First Lien                           | CUSIP: 05550HAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984962 | PA      | $2982977.41   | 0.38%             | 2030-12-11      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Bandon Fitness Texas, Inc                                                   | Bandon Fitness Texas, Inc, Initial Term Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2854660 | PA      | $2654834.24   | 0.34%             | 2028-07-27      | Variable      | 10.46%                | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Delayed Draw Term Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    247625 | PA      | $247625.00    | 0.03%             | 2029-03-01      | Variable      | 10.66%                | Yes           |                  3 | On Loan: No      |
| Air Conditioning Specialist, Inc.                                           | Air Conditioning Specialist, Inc., Revolving Loan - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    164452 | PA      | $163629.41    | 0.02%             | 2029-11-19      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Project Cloud Holdings, LLC (AgroFresh Inc.)                                | Project Cloud Holdings, LLC (AgroFresh Inc.), Initial USD Term Loan - First Lien                                      | CUSIP: 74340DAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5089341 | PA      | $5076617.23   | 0.65%             | 2029-03-31      | Variable      | 10.67%                | Yes           |                  3 | On Loan: No      |
| Karman Holdings Inc.                                                        | Karman Holdings Inc., Initial Term Loan - First Lien                                                                  | CUSIP: 48571CAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1422051 | PA      | $1430938.78   | 0.18%             | 2032-04-01      | Variable      | 7.50%                 | Yes           |                  3 | On Loan: No      |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC)                             | Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC), Closing Date Term Loan - First Lien                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4940444 | PA      | $4891040.00   | 0.63%             | 2030-07-12      | Variable      | 9.82%                 | Yes           |                  3 | On Loan: No      |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC)                 | Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Third Amendment Term Loan - First Lien                   | CUSIP: 29384UAF5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1390878 | PA      | $1390878.09   | 0.18%             | 2026-12-19      | Variable      | 8.66%                 | Yes           |                  3 | On Loan: No      |
| Ahead DB Holdings, LLC                                                      | Ahead DB Holdings, LLC, Term B-5 Loan (First Lien) - First Lien                                                       | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |   3940187 | PA      | $3949801.41   | 0.51%             | 2031-02-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Aretec Group Inc. (Cetera Financial Group)                                  | Aretec Group Inc. (Cetera Financial Group), Term B-3 Loan (First Lien) - First Lien                                   | CUSIP: 04009DAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2977500 | PA      | $2980745.48   | 0.38%             | 2030-08-09      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Thornton Carpet, LLC                                                        | Thornton Carpet, LLC, Closing Date Term Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2270732 | PA      | $2245185.97   | 0.29%             | 2031-05-15      | Variable      | 9.14%                 | Yes           |                  3 | On Loan: No      |
| Argano, LLC                                                                 | Argano, LLC, Initial Term Loan - First Lien                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7697551 | PA      | $7659062.98   | 0.98%             | 2029-09-13      | Variable      | 9.89%                 | Yes           |                  3 | On Loan: No      |
| Boston Clinical Trials LLC (Alcanza Clinical Research)                      | Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Delayed Draw Term Loan - First Lien          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    897907 | PA      | $877704.07    | 0.11%             | 2027-12-20      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Portfolio Holding, Inc. (Turbo Buyer / PGM)                                 | Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 3 Incremental Term Loan - First Lien                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1925775 | PA      | $1925775.00   | 0.25%             | 2026-06-02      | Variable      | 10.15%                | Yes           |                  3 | On Loan: No      |
| Portfolio Holding, Inc. (Turbo Buyer / PGM)                                 | Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Delayed Draw Term Loan - First Lien          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    759456 | PA      | $759455.67    | 0.10%             | 2026-06-02      | Variable      | 10.45%                | Yes           |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), Fourth Amendment Delayed Term Loan - First Lien                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    724730 | PA      | $721106.06    | 0.09%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| Mitchell International, Inc.                                                | Mitchell International, Inc., Initial Term Loan (First Lien) - First Lien                                             | CUSIP: 60662WAW2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3972381 | PA      | $3973234.85   | 0.51%             | 2031-06-17      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| XPT Partners, LLC                                                           | XPT Partners, LLC, 2024 Revolving Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    113094 | PA      | $111397.88    | 0.01%             | 2028-09-13      | Variable      | 9.65%                 | Yes           |                  3 | On Loan: No      |
| Gen4 Dental Partners Opco, LLC                                              | Gen4 Dental Partners Opco, LLC, Initial Term Loan - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5445000 | PA      | $5390550.00   | 0.69%             | 2030-05-13      | Variable      | 9.89%                 | Yes           |                  3 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Delayed Draw Term Loan - First Lien                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    506785 | PA      | $501716.77    | 0.06%             | 2027-12-12      | Variable      | 13.09%                | No            |                  3 | On Loan: No      |
| Monarch Behavioral Therapy, LLC                                             | Monarch Behavioral Therapy, LLC, Delayed Draw Term Loan - First Lien                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1468235 | PA      | $1460893.74   | 0.19%             | 2030-06-06      | Variable      | 9.28%                 | Yes           |                  3 | On Loan: No      |
| Lids Holdings, Inc.                                                         | Lids Holdings, Inc., Initial Term Loan - First Lien                                                                   | CUSIP: 53173EAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    525078 | PA      | $522452.28    | 0.07%             | 2026-12-14      | Variable      | 9.74%                 | Yes           |                  3 | On Loan: No      |
| R.L. James, Inc. (HH Restore Acquisition)                                   | R.L. James, Inc. (HH Restore Acquisition), First Amendment Incremental Term Loan - First Lien                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    312403 | PA      | $311621.57    | 0.04%             | 2028-12-15      | Variable      | 10.39%                | Yes           |                  3 | On Loan: No      |
| LSF12 Crown US Commercial Bidco, LLC (Kidde Global Solutions)               | LSF12 Crown US Commercial Bidco, LLC (Kidde Global Solutions), 2025 Refinancing Term Loan - First Lien                | CUSIP: 50221UAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6500000 | PA      | $6518297.50   | 0.84%             | 2031-12-02      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Stats, LLC (Peak Jersey Holdco Ltd)                                         | Stats, LLC (Peak Jersey Holdco Ltd), Term Loan (First Lien) - First Lien                                              | CUSIP: 85772EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6963061 | PA      | $6936949.22   | 0.89%             | 2026-07-10      | Variable      | 9.72%                 | No            |                  2 | On Loan: No      |
| Quorum Health Resources (QHR)                                               | Quorum Health Resources (QHR), Specified Delayed Draw Term Loan - First Lien                                          | CUSIP: 74908JAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1955000 | PA      | $1950112.50   | 0.25%             | 2027-05-28      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| LBH Services, LLC                                                           | LBH Services, LLC, Term Loan - First Lien                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1495806 | PA      | $1151770.29   | 0.15%             | 2028-03-28      | Variable      | 11.06%                | Yes           |                  3 | On Loan: No      |
| Advantmed Buyer Inc                                                         | Advantmed Buyer Inc, DDTL - First Lien                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1153235 | PA      | $1153234.50   | 0.15%             | 2031-02-14      | Variable      | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Advantmed Buyer Inc                                                         | Advantmed Buyer Inc, Initial Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8149524 | PA      | $8149523.81   | 1.05%             | 2031-02-14      | Variable      | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Tricor, LLC                                                                 | Tricor, LLC, Delayed Draw Term Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    711873 | PA      | $711872.68    | 0.09%             | 2031-08-08      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Rachel Zoe, Inc.                                                            | Rachel Zoe, Inc., Third Amendment Effective Date Tranche A - First Lien                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    958456 | PA      | $958455.81    | 0.12%             | 2028-08-04      | Variable      | 11.86%                | Yes           |                  3 | On Loan: No      |
| Modena Buyer LLC (End User Computing)                                       | Modena Buyer LLC (End User Computing), Initial Term Loan - First Lien                                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |   4987437 | PA      | $4932226.25   | 0.63%             | 2031-07-01      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| APS Acquisition Holdings, LLC                                               | APS Acquisition Holdings, LLC, Delayed Draw Term Loan - First Lien                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    602743 | PA      | $599729.58    | 0.08%             | 2029-07-11      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Bandon Fitness Texas, Inc                                                   | Bandon Fitness Texas, Inc, Delayed Draw Term Loan - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1270227 | PA      | $1181310.65   | 0.15%             | 2028-07-27      | Variable      | 10.37%                | Yes           |                  3 | On Loan: No      |
| Arcline FM Holding, LLC (Fairbanks)                                         | Arcline FM Holding, LLC (Fairbanks), 2025 New Term Loan (First Lien) - First Lien                                     | CUSIP: 03960DAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4397131 | PA      | $4404693.65   | 0.56%             | 2030-06-23      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| CI (MG) Group, LLC (Mariani Landscape)                                      | CI (MG) Group, LLC (Mariani Landscape), Revolving Loan - First Lien                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    353808 | PA      | $352039.31    | 0.05%             | 2030-03-27      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| First Student Bidco Inc. (First Transit Parent Inc.)                        | First Student Bidco Inc. (First Transit Parent Inc.), Initial Term B Loan - First Lien                                | CUSIP: 33718FAN0<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |   3722658 | PA      | $3730103.36   | 0.48%             | 2030-08-15      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Ingenio LLC                                                                 | Ingenio LLC, Term Loan - First Lien                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1341280 | PA      | $1274215.83   | 0.16%             | 2027-08-03      | Variable      | 12.45%                | Yes           |                  3 | On Loan: No      |
| A&R Logistics Holdings, Inc.                                                | A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien                                            | CUSIP: 00018KAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3277878 | PA      | $3048426.40   | 0.39%             | 2028-02-03      | Variable      | 11.19%                | Yes           |                  3 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Pro Rata PIK Pref Common - Special Equity                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1950816 | NS      | $346269.78    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Dave & Buster's, Inc.                                                       | Dave & Buster's, Inc., 2024 Incremental Term B Loan - First Lien                                                      | CUSIP: 23833EAY0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    997487 | PA      | $924546.17    | 0.12%             | 2031-11-01      | Variable      | 7.56%                 | No            |                  2 | On Loan: No      |
| Hydrofarm Holdings Group, Inc.                                              | Hydrofarm Holdings Group, Inc., Term Loan - First Lien                                                                | CUSIP: 44888MAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1118882 | PA      | $934266.23    | 0.12%             | 2028-10-25      | Variable      | 10.07%                | Yes           |                  3 | On Loan: No      |
| Elevate HD Parent, Inc.                                                     | Elevate HD Parent, Inc., Delayed Draw Term Loan A - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74317 | PA      | $74316.67     | 0.01%             | 2029-08-20      | Variable      | 10.26%                | Yes           |                  3 | On Loan: No      |
| Streetmasters Intermediate, Inc                                             | Streetmasters Intermediate, Inc, Revolving Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    112000 | PA      | $110600.00    | 0.01%             | 2030-04-01      | Variable      | 9.41%                 | Yes           |                  3 | On Loan: No      |
| LaserAway Intermediate Holdings II, LLC                                     | LaserAway Intermediate Holdings II, LLC, Initial Term Loan - First Lien                                               | CUSIP: 51807KAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4064486 | PA      | $4064486.03   | 0.52%             | 2027-10-14      | Variable      | 10.33%                | Yes           |                  3 | On Loan: No      |
| Thermostat Purchaser III, Inc.                                              | Thermostat Purchaser III, Inc., Initial Term B-1 Loan (First Lien) - First Lien                                       | CUSIP: 88366MAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4974874 | PA      | $4997932.93   | 0.64%             | 2028-08-31      | Variable      | 8.55%                 | No            |                  2 | On Loan: No      |
| Oak Point Partners, LLC                                                     | Oak Point Partners, LLC, Term Loan - First Lien                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1980029 | PA      | $1980028.75   | 0.25%             | 2027-12-01      | Variable      | 9.01%                 | Yes           |                  3 | On Loan: No      |
| Carestream Health, Inc. (aka Onex)                                          | Carestream Health, Inc. (aka Onex), Term Loan - First Lien                                                            | CUSIP: 14173VAT0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4110081 | PA      | $2096141.26   | 0.27%             | 2027-09-30      | Variable      | 11.60%                | No            |                  2 | On Loan: No      |
| TK Elevator Midco GmbH (Vertical MidCo)                                     | TK Elevator Midco GmbH (Vertical MidCo), Facility B (USD) - First Lien                                                | CUSIP: D9000BAJ1<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | DE        |   2977556 | PA      | $2988320.08   | 0.38%             | 2030-04-30      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Kenan Advantage Group, Inc., The                                            | Kenan Advantage Group, Inc., The, U.S. Term B-4 Loan - First Lien                                                     | CUSIP: 48853UBQ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4818271 | PA      | $4765558.90   | 0.61%             | 2029-01-25      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Cloudera, Inc.                                                              | Cloudera, Inc., Initial Term Loan (First Lien) - First Lien                                                           | CUSIP: 74339VAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2992248 | PA      | $2951718.06   | 0.38%             | 2028-10-08      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| Elevate HD Parent, Inc.                                                     | Elevate HD Parent, Inc., Delayed Draw Term Loan B - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    588074 | PA      | $588073.96    | 0.08%             | 2029-08-20      | Variable      | 10.26%                | Yes           |                  3 | On Loan: No      |
| Opal Bidco SAS (Opella LLC)                                                 | Opal Bidco SAS (Opella LLC), Facility B2 - First Lien                                                                 | CUSIP: F7000QAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2007750.00   | 0.26%             | 2032-04-28      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| Foley Products Company, LLC (FPC Holdco, LLC)                               | Foley Products Company, LLC (FPC Holdco, LLC), Initial Term Loan (2024) - First Lien                                  | CUSIP: 34430DAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1009065.00   | 0.13%             | 2028-12-29      | Variable      | 8.90%                 | No            |                  2 | On Loan: No      |
| Alpine SG, LLC (ASG)                                                        | Alpine SG, LLC (ASG), Initial Term Loan - First Lien                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    745960 | PA      | $745960.05    | 0.10%             | 2027-11-05      | Variable      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| Medrina, LLC                                                                | Medrina, LLC, Primary DDTL - First Lien                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    958740 | PA      | $958740.00    | 0.12%             | 2029-10-20      | Variable      | 10.22%                | Yes           |                  3 | On Loan: No      |
| Allen Media, LLC                                                            | Allen Media, LLC, Initial Term Loan (2021) - First Lien                                                               | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |   1933663 | PA      | $1386436.42   | 0.18%             | 2027-02-10      | Variable      | 9.95%                 | No            |                  2 | On Loan: No      |
| A&A Global Imports, LLC                                                     | A&A Global Imports, LLC, First Out Term Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1034430 | PA      | $107406.98    | 0.01%             | 2026-06-01      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.)                  | Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan - First Lien                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    569440 | PA      | $569439.74    | 0.07%             | 2027-12-06      | Variable      | 9.73%                 | Yes           |                  3 | On Loan: No      |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub)                          | Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Term A Loan - First Lien                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9900000 | PA      | $9850500.00   | 1.26%             | 2029-07-11      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., Fourth Amendment Incremental Term Loan - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1902672 | PA      | $1893158.91   | 0.24%             | 2027-12-09      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC)                 | Enthusiast Auto Holdings, LLC (EAH-Intermediate Holdco LLC), Fifth Amendment Term Loan - First Lien                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4374683 | PA      | $4374683.36   | 0.56%             | 2026-12-19      | Variable      | 8.66%                 | Yes           |                  3 | On Loan: No      |
| Hertz Corporation, The                                                      | Hertz Corporation, The, 2023 Incremental Term Loan - First Lien                                                       | CUSIP: 42804VBD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    992443 | PA      | $889725.45    | 0.11%             | 2028-06-30      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| Houseworks Holdings                                                         | Houseworks Holdings, Revolving Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    245679 | PA      | $243221.82    | 0.03%             | 2028-12-15      | Variable      | 9.71%                 | Yes           |                  3 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Fourth Amendment Incremental Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     73761 | PA      | $73760.54     | 0.01%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| A&A Global Imports, LLC                                                     | A&A Global Imports, LLC, Last Out Term Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1185895 | PA      | $0.00         | 0.00%             | 2026-06-01      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Plaze (PLZ Aeroscience)                                                     | Plaze (PLZ Aeroscience), Initial Term Loan - First Lien                                                               | CUSIP: 72819QAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4976891 | PA      | $4670488.70   | 0.60%             | 2026-08-03      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                       | Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B Loan (First Lien) - First Lien            | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |       515 | PA      | $515.25       | 0.00%             | 2032-04-01      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Xcel Brands, Inc.                                                           | Xcel Brands, Inc., Common Stock Purchase Warrant - Special Equity                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |      7667 | NS      | $1839.98      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Owl Vans, LLC                                                               | Owl Vans, LLC, Term Loan - First Lien                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3048960 | PA      | $3008713.73   | 0.39%             | 2030-12-31      | Variable      | 9.41%                 | Yes           |                  3 | On Loan: No      |
| Case Works, LLC                                                             | Case Works, LLC, Delayed Draw Term Loan - First Lien                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    479138 | PA      | $459972.41    | 0.06%             | 2029-10-01      | Variable      | 9.38%                 | Yes           |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan - First Lien                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1564560 | PA      | $1556737.42   | 0.20%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| Acrisure, LLC                                                               | Acrisure, LLC, 2025 Term B Loan (First Lien) - First Lien                                                             | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   1965789 | PA      | $1967430.21   | 0.25%             | 2032-06-20      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| The Mutual Group, LLC                                                       | The Mutual Group, LLC, Term Loan - First Lien                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4809253 | PA      | $4809253.24   | 0.62%             | 2030-01-31      | Variable      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Cohnreznick Advisory LLC (Currahee Borrower Sub)                            | Cohnreznick Advisory LLC (Currahee Borrower Sub), Initial Term Loan - First Lien                                      | CUSIP: 19250AAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4303350 | PA      | $4316819.77   | 0.55%             | 2032-03-31      | Variable      | 7.99%                 | No            |                  2 | On Loan: No      |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.)                  | Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan - First Lien                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1699239 | PA      | $1699239.17   | 0.22%             | 2027-12-06      | Variable      | 9.88%                 | Yes           |                  3 | On Loan: No      |
| RLG Holdings, LLC                                                           | RLG Holdings, LLC, Closing Date Initial Term Loan (First Lien) - First Lien                                           | CUSIP: 74970AAB4<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | LON              | CORP              | US        |    898653 | PA      | $743797.46    | 0.10%             | 2028-07-07      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| 841 Prudential MOB LLC                                                      | 841 Prudential MOB LLC, Term Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9837838 | PA      | $9837837.84   | 1.26%             | 2027-10-09      | Variable      | 10.75%                | Yes           |                  3 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Initial Term Loan - First Lien                                                            | CUSIP: C0553HAN0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1368318 | PA      | $1354635.27   | 0.17%             | 2027-12-12      | Variable      | 12.99%                | No            |                  3 | On Loan: No      |
| Stubhub Holdco Sub, LLC (Pug)                                               | Stubhub Holdco Sub, LLC (Pug), Extended USD Term B Loan - First Lien                                                  | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |   4275803 | PA      | $4249079.24   | 0.54%             | 2030-03-15      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., Revolving Credit Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     41667 | PA      | $41458.33     | 0.01%             | 2027-12-09      | Variable      | 9.65%                 | Yes           |                  3 | On Loan: No      |
| Argano, LLC                                                                 | Argano, LLC, 2025 Delayed Draw Term Loan - First Lien                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1399291 | PA      | $1392294.36   | 0.18%             | 2029-09-13      | Variable      | 9.91%                 | Yes           |                  3 | On Loan: No      |
| Chromalloy Corporation                                                      | Chromalloy Corporation, Term Loan - First Lien                                                                        | CUSIP: 17110EAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5962443 | PA      | $5986263.29   | 0.77%             | 2031-03-27      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| AppHub LLC                                                                  | AppHub LLC, Delayed Draw Tem Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    365863 | PA      | $364033.83    | 0.05%             | 2028-09-29      | Variable      | 10.19%                | Yes           |                  3 | On Loan: No      |
| Allen Media LLC / Allen Media Co-Issuer Inc                                 | Allen Media LLC                                                                                                       | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1335000.00   | 0.17%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Air Buyer Inc. (Condata Global)                                             | Air Buyer Inc. (Condata Global), Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3286424 | PA      | $3204263.25   | 0.41%             | 2030-07-23      | Variable      | 9.82%                 | Yes           |                  3 | On Loan: No      |
| RMBUS Holdco Inc. (Eclat Health Solutions Inc.)                             | RMBUS Holdco Inc. (Eclat Health Solutions Inc.), Initial Term Loan - First Lien                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2780242 | PA      | $2780241.94   | 0.36%             | 2029-01-08      | Variable      | 10.62%                | Yes           |                  3 | On Loan: No      |
| Endo1 Partners, LLC                                                         | Endo1 Partners, LLC, Last Out Term Loan - First Lien                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5721677 | PA      | $5599633.54   | 0.72%             | 2030-05-24      | Variable      | 11.45%                | Yes           |                  3 | On Loan: No      |
| ConvenientMD (CMD Intermediate Holdings, Inc.)                              | ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Revolving Credit Loan - First Lien                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     20000 | PA      | $18800.00     | 0.00%             | 2029-06-08      | Variable      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| Rachel Zoe, Inc.                                                            | Rachel Zoe, Inc., Second Amendment Effective Date Tranche A Loan - First Lien                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    349972 | PA      | $349971.72    | 0.04%             | 2028-08-04      | Variable      | 11.96%                | Yes           |                  3 | On Loan: No      |
| DXP Enterprises, Inc.                                                       | DXP Enterprises, Inc., 2024 Incremental Term Loan - First Lien                                                        | CUSIP: 23338DAR7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1980000 | PA      | $1993820.01   | 0.26%             | 2030-10-11      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Perforce Software, Inc.                                                     | Perforce Software, Inc., 2024-1 Refinancing Term Loan (First Lien) - First Lien                                       | CUSIP: 71376GAK7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984962 | PA      | $2755806.84   | 0.35%             | 2029-06-29      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| Alvogen Pharma US, Inc.                                                     | Alvogen Pharma US, Inc., Loan (Second Lien) - Second Lien                                                             | CUSIP: 02255HAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2507141 | PA      | $1842748.96   | 0.24%             | 2029-03-01      | Variable      | 14.80%                | No            |                  3 | On Loan: No      |
| Alpine SG, LLC (ASG)                                                        | Alpine SG, LLC (ASG), November 2021 Term Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1160456 | PA      | $1160455.66   | 0.15%             | 2027-11-05      | Variable      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| Mammoth Holdings, LLC                                                       | Mammoth Holdings, LLC, Delayed Draw Term Loan - First Lien                                                            | CUSIP: 56154UAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    900227 | PA      | $868719.30    | 0.11%             | 2030-11-15      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Revolving Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    112621 | PA      | $112620.90    | 0.01%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| Prescott's Inc. (AKA Greenjacket)                                           | Prescott's Inc. (AKA Greenjacket), Term Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4032242 | PA      | $4001999.71   | 0.51%             | 2030-12-30      | Variable      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| Solugenix Corporation                                                       | Solugenix Corporation, Common - Special Equity                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   8000000 | NS      | $8000000.00   | 1.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dermatology Intermediate Holdings III, Inc (Forefront)                      | Dermatology Intermediate Holdings III, Inc (Forefront), Term B-1 Loan - First Lien                                    | CUSIP: 24982LAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5417500 | PA      | $5110517.36   | 0.66%             | 2029-03-30      | Variable      | 9.81%                 | No            |                  3 | On Loan: No      |
| McHale Landscape Design, Inc.                                               | McHale Landscape Design, Inc. , Closing Date Term Loan - First Lien                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2521008 | PA      | $2492647.06   | 0.32%             | 2031-07-16      | Variable      | 9.07%                 | Yes           |                  3 | On Loan: No      |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.)           | Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche A Term Loan - First Lien      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    882876 | PA      | $882876.45    | 0.11%             | 2027-09-16      | Variable      | 9.35%                 | Yes           |                  3 | On Loan: No      |
| Point Quest Acquisition, LLC                                                | Point Quest Acquisition, LLC, Delayed Draw Term Loan - First Lien                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1115469 | PA      | $1115469.45   | 0.14%             | 2028-08-14      | Variable      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC)                         | Marlin DTC - LS Midco 2, LLC (Clarus Commerce, LLC), 2A Term Loan - First Lien                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1445992 | PA      | $1344772.29   | 0.17%             | 2026-07-01      | Variable      | 10.76%                | Yes           |                  3 | On Loan: No      |
| EagleView Technology Corporation                                            | EagleView Technology Corporation, Term Loan (First Lien) - First Lien                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3197556 | PA      | $3148600.94   | 0.40%             | 2028-08-14      | Variable      | 10.80%                | No            |                  2 | On Loan: No      |
| Armor Holdco, Inc.                                                          | Armor Holdco, Inc.                                                                                                    | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |   3396000 | PA      | $3371314.48   | 0.43%             | 2029-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Power Stop, LLC                                                             | Power Stop, LLC, Initial Term Loan - First Lien                                                                       | CUSIP: 73931HAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    989609 | PA      | $813334.63    | 0.10%             | 2029-01-26      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| Learfield Communications, LLC                                               | Learfield Communications, LLC, 2024 Refinancing Term Loan (First Lien) - First Lien                                   | CUSIP: 00165HAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1279086 | PA      | $1293609.58   | 0.17%             | 2028-06-30      | Variable      | 8.66%                 | No            |                  2 | On Loan: No      |
| R-Pac International Corp (Project Radio)                                    | R-Pac International Corp (Project Radio), Initial Term Loan - First Lien                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4825000 | PA      | $4812937.50   | 0.62%             | 2027-12-29      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.)           | Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche B Term Loan - First Lien      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    983409 | PA      | $983408.71    | 0.13%             | 2027-09-16      | Variable      | 9.35%                 | Yes           |                  3 | On Loan: No      |
| Student Transportation of America Holdings, Inc.                            | Student Transportation of America Holdings, Inc., Term Loan B - First Lien                                            | CUSIP: 86388BAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4655000 | PA      | $4673201.05   | 0.60%             | 2032-06-24      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Priority Holdings, LLC                                                      | Priority Holdings, LLC, 2025-1 Refinancing Term Loan - First Lien                                                     | CUSIP: 74275TAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5943400 | PA      | $5969402.72   | 0.77%             | 2032-07-30      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Waste Resource Management, Inc.                                             | Waste Resource Management, Inc., Delayed Draw Term Loan - First Lien                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1542170 | PA      | $1542169.74   | 0.20%             | 2029-12-28      | Variable      | 9.91%                 | Yes           |                  3 | On Loan: No      |
| Owl Vans, LLC                                                               | Owl Vans, LLC, Revolving Loan - First Lien                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    288000 | PA      | $284198.40    | 0.04%             | 2030-12-31      | Variable      | 9.41%                 | Yes           |                  3 | On Loan: No      |
| Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.)                 | Amynta Agency Borrower Inc. (Amynta Warranty Borrower Inc.), 2025-1 Refinancing Term Loan (First Lien) - First Lien   | CUSIP: 57810JAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1977506 | PA      | $1972740.42   | 0.25%             | 2031-12-29      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, First Amendment Delayed Draw Term Loan - First Lien                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    293542 | PA      | $293541.59    | 0.04%             | 2029-03-01      | Variable      | 10.64%                | Yes           |                  3 | On Loan: No      |
| EnergySolutions (Energy Capital Partners)                                   | EnergySolutions (Energy Capital Partners), Initial Term Loan - First Lien                                             | CUSIP: 29276MAP2<br>LEI: 549300X3SKIUYR2MFH75 | Long             | LON              | CORP              | US        |   2849695 | PA      | $2872848.37   | 0.37%             | 2030-09-20      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Eliassen Group, LLC                                                         | Eliassen Group, LLC, Initial Delayed Draw Term Loan - First Lien                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    170667 | PA      | $168533.35    | 0.02%             | 2028-04-14      | Variable      | 9.91%                 | Yes           |                  3 | On Loan: No      |
| Violet Utility Buyer, LLC (Vannguard)                                       | Violet Utility Buyer, LLC (Vannguard), Initial Term Loan - First Lien                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3987730 | PA      | $3942868.10   | 0.51%             | 2031-07-24      | Variable      | 9.07%                 | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, First Amendment Term Loan - First Lien                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    585608 | PA      | $585608.08    | 0.08%             | 2029-03-01      | Variable      | 10.66%                | Yes           |                  3 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                      | Mauser Packaging Solutions Holding Co.                                                                                | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004576.00   | 0.26%             | 2027-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Beacon Mobility Corp.                                                       | Beacon Mobility Corp., Initial Term Loan - First Lien                                                                 | CUSIP: 07363PAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4504870 | PA      | $4525998.30   | 0.58%             | 2030-08-06      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Ensono, Inc.                                                                | Ensono, Inc., Initial Term Loan (First Lien) - First Lien                                                             | CUSIP: 29359DAB3<br>LEI: 5493003GTMBHX0VZAW67 | Long             | LON              | CORP              | US        |   2993067 | PA      | $3001387.77   | 0.38%             | 2028-05-26      | Variable      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Crisis Prevention Institute, Inc.                                           | Crisis Prevention Institute, Inc., 2024 Term Loan - First Lien                                                        | CUSIP: 22663GAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5013721 | PA      | $5003267.83   | 0.64%             | 2031-04-09      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                       | Rocket Software, Inc., Extended Dollar Term Loan - First Lien                                                         | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |   1804033 | PA      | $1810049.33   | 0.23%             | 2028-11-28      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| CC Amulet Management, LLC (Children's Choice)                               | CC Amulet Management, LLC (Children's Choice), Second Amendment Delayed Draw Term Loan - First Lien                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2489349 | PA      | $2489348.84   | 0.32%             | 2027-08-31      | Variable      | 9.61%                 | Yes           |                  3 | On Loan: No      |
| Blazing Star Parent, LLC                                                    | Blazing Star Parent, LLC, Closing Date Term Loan - First Lien                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8000000 | PA      | $7880000.00   | 1.01%             | 2030-08-28      | Variable      | 11.20%                | Yes           |                  3 | On Loan: No      |
| CC Amulet Management, LLC (Children's Choice)                               | CC Amulet Management, LLC (Children's Choice), Revolving Loan - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     47249 | PA      | $47249.33     | 0.01%             | 2026-08-31      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Irving Parent, Corp. (Quisitive)                                            | Irving Parent, Corp. (Quisitive), Initial Term Loan - First Lien                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  10270150 | PA      | $10116098.21  | 1.30%             | 2031-03-11      | Variable      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., Delayed Draw Term Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    679315 | PA      | $675918.10    | 0.09%             | 2027-12-09      | Variable      | 9.82%                 | Yes           |                  3 | On Loan: No      |
| First Steps Recovery Acquisition, LLC (True North Detox)                    | First Steps Recovery Acquisition, LLC (True North Detox), Initial Term Loan - First Lien                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3074797 | PA      | $3028675.35   | 0.39%             | 2030-03-29      | Variable      | 10.41%                | Yes           |                  3 | On Loan: No      |
| TriStrux, LLC                                                               | TriStrux, LLC, Revolving Loan - First Lien                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    322850 | PA      | $200167.15    | 0.03%             | 2027-12-23      | Variable      | 12.15%                | Yes           |                  3 | On Loan: No      |
| Mamba Purchaser, Inc.                                                       | Mamba Purchaser, Inc., Fifth Amendment Term Loan (First Lien) - First Lien                                            | CUSIP: 56150KAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    226946 | PA      | $227868.78    | 0.03%             | 2031-10-14      | Variable      | 6.89%                 | No            |                  2 | On Loan: No      |
| Auxey Bidco Ltd. (Alexander Mann Solutions)                                 | Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   2940000 | PA      | $2815049.99   | 0.36%             | 2027-06-29      | Variable      | 10.23%                | Yes           |                  2 | On Loan: No      |
| LSCS Holdings Inc. (Dohmen Life Science Services/Project Ghost)             | LSCS Holdings Inc. (Dohmen Life Science Services/Project Ghost), 2025 Refinancing Term Loan (First Lien) - First Lien | CUSIP: 50219NAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4670836 | PA      | $4608574.21   | 0.59%             | 2032-03-04      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Epic Staffing Group (Cirrus/Tempus/Explorer Investor)                       | Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Initial Term Loan - First Lien                                 | CUSIP: 30218CAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4864490 | PA      | $4305073.48   | 0.55%             | 2029-06-28      | Variable      | 10.29%                | Yes           |                  3 | On Loan: No      |
| US Fertility Enterprises, LLC                                               | US Fertility Enterprises, LLC, Initial Delayed Draw Term Loan - First Lien                                            | CUSIP: 90356EAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     57840 | PA      | $58057.37     | 0.01%             | 2031-10-11      | Variable      | 8.60%                 | No            |                  3 | On Loan: No      |
| Limetree Bay Cayman, Ltd.                                                   | Limetree Bay Cayman, Ltd., Voting Share - Special Equity                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1430 | NS      | $14.30        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), 4th Amendment Inc Term Loan - First Lien                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1565341 | PA      | $1557513.91   | 0.20%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| Guardian US Holdco LLC (Intrado Corp)                                       | Guardian US Holdco LLC (Intrado Corp), Initial Term Loan - First Lien                                                 | CUSIP: N/A<br>LEI: 254900OSYC6XQ21DY128       | Long             | LON              | CORP              | US        |   4937186 | PA      | $4945924.76   | 0.63%             | 2030-01-31      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| TriStrux, LLC                                                               | TriStrux, LLC, Delayed Draw Term Loan - First Lien                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    321504 | PA      | $199332.70    | 0.03%             | 2027-12-23      | Variable      | 12.15%                | Yes           |                  3 | On Loan: No      |
| Xcel Brands, Inc.                                                           | Xcel Brands, Inc., Intial Term Loan A - First Lien                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1166667 | PA      | $1166666.67   | 0.15%             | 2028-12-12      | Variable      | 12.82%                | Yes           |                  3 | On Loan: No      |
| Gloves Buyer, Inc. (Protective Industrial Products)                         | Gloves Buyer, Inc. (Protective Industrial Products), Initial Term Loan - First Lien                                   | CUSIP: 37987UAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4000000 | PA      | $3895000.00   | 0.50%             | 2032-05-21      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| Everlane, Inc.                                                              | Everlane, Inc., Term Loan - First Lien                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3300000 | PA      | $3300000.00   | 0.42%             | 2029-02-14      | Variable      | 10.77%                | Yes           |                  3 | On Loan: No      |
| Schola Group Acquisition, Inc. (Lathan McKee)                               | Schola Group Acquisition, Inc. (Lathan McKee), Delayed Draw Term Loan - First Lien                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    463087 | PA      | $457877.52    | 0.06%             | 2031-04-09      | Variable      | 9.05%                 | Yes           |                  3 | On Loan: No      |
| CE Intermediate I, LLC (Clubessential)                                      | CE Intermediate I, LLC (Clubessential), 2025 Refinancing Term Loan - First Lien                                       | CUSIP: 12523EAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    994987 | PA      | $997683.88    | 0.13%             | 2032-03-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| LBH Services, LLC                                                           | LBH Services, LLC, Revolving Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    774323 | PA      | $596228.78    | 0.08%             | 2028-03-28      | Variable      | 11.03%                | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                       | Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B Loan (First Lien) - First Lien            | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    980361 | PA      | $979958.88    | 0.13%             | 2032-04-01      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Endo1 Partners, LLC                                                         | Endo1 Partners, LLC, Revolving Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    375251 | PA      | $367746.23    | 0.05%             | 2030-05-23      | Variable      | 8.32%                 | Yes           |                  3 | On Loan: No      |
| Orion US Finco                                                              | Orion US Finco, Term Loan B (05.20.25) - First Lien                                                                   | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   5000000 | PA      | $5031250.00   | 0.65%             | 2032-05-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| New Insight Holdings Inc (Research Now/Dynata/Survey Sampling)              | New Insight Holdings Inc (Research Now/Dynata/Survey Sampling), First Out New Money Term Loan - First Lien            | CUSIP: 76100MAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    914354 | PA      | $913974.41    | 0.12%             | 2028-07-15      | Variable      | 9.46%                 | No            |                  2 | On Loan: No      |
| Mammoth Holdings, LLC                                                       | Mammoth Holdings, LLC, Initial Revolving Credit Loan - First Lien                                                     | CUSIP: 56154UAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90909 | PA      | $87727.27     | 0.01%             | 2029-11-15      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| XPT Partners, LLC                                                           | XPT Partners, LLC, Term Loan - First Lien                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4241398 | PA      | $4177776.63   | 0.54%             | 2028-09-13      | Variable      | 9.89%                 | Yes           |                  3 | On Loan: No      |
| Rachel Zoe, Inc.                                                            | Rachel Zoe, Inc., Tranche A Loan - First Lien                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1076087 | PA      | $1076086.98   | 0.14%             | 2028-08-04      | Variable      | 12.75%                | Yes           |                  3 | On Loan: No      |
| Smyrna Ready Mix Concrete, LLC                                              | Smyrna Ready Mix Concrete, LLC, 2025 Term Loan - First Lien                                                           | CUSIP: 83283EAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1776053 | PA      | $1780492.91   | 0.23%             | 2029-04-02      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Ingenio LLC                                                                 | Ingenio LLC, First Amendment Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4153723 | PA      | $3946037.09   | 0.51%             | 2027-08-03      | Variable      | 12.45%                | Yes           |                  3 | On Loan: No      |
| R.L. James, Inc. (HH Restore Acquisition)                                   | R.L. James, Inc. (HH Restore Acquisition), Closing Date Term Loan - First Lien                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    942123 | PA      | $939767.98    | 0.12%             | 2028-12-15      | Variable      | 10.26%                | Yes           |                  3 | On Loan: No      |
| PRGX Global, Inc                                                            | PRGX Global, Inc, Initial Term Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3142105 | PA      | $3102828.95   | 0.40%             | 2030-12-20      | Variable      | 9.49%                 | Yes           |                  3 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., Second Amendment Incremental Term Loan - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7209823 | PA      | $7173773.65   | 0.92%             | 2027-12-09      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Elevate HD Parent, Inc.                                                     | Elevate HD Parent, Inc., Initial Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3185000 | PA      | $3185000.00   | 0.41%             | 2029-08-20      | Variable      | 10.26%                | Yes           |                  3 | On Loan: No      |
| Project Cloud Holdings, LLC (AgroFresh Inc.)                                | Project Cloud Holdings, LLC (AgroFresh Inc.), 2024-1 Incremental Term Loan (USD) - First Lien                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2891967 | PA      | $2884736.59   | 0.37%             | 2029-03-31      | Variable      | 10.51%                | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Second Amendment Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    993348 | PA      | $993347.91    | 0.13%             | 2029-03-01      | Variable      | 10.63%                | Yes           |                  3 | On Loan: No      |
| iLending LLC                                                                | iLending LLC, Term Loan B (05.2025) - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    615684 | PA      | $0.00         | 0.00%             | 2028-12-21      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion)                           | BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan - First Lien                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2862543 | PA      | $2862543.39   | 0.37%             | 2028-09-29      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| SHO Holding I Corporation                                                   | SHO Holding I Corporation, Tranche A Term Loan - First Lien                                                           | CUSIP: 82501YAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    537514 | PA      | $537513.88    | 0.07%             | 2029-06-30      | Variable      | 10.78%                | Yes           |                  3 | On Loan: No      |
| Nephron Pharmaceuticals, LLC                                                | Nephron Pharmaceuticals, LLC, LO Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5100000 | PA      | $5100000.00   | 0.65%             | 2027-12-30      | Variable      | 13.52%                | Yes           |                  3 | On Loan: No      |
| Bingo Holdings I LLC (PlayAGS)                                              | Bingo Holdings I LLC (PlayAGS), Term B Loan - First Lien                                                              | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3004695.00   | 0.39%             | 2032-06-30      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., First Amendment Incremental Term Loan - First Lien                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    957036 | PA      | $952250.72    | 0.12%             | 2027-12-09      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Natel Engineering Company, Inc.                                             | Natel Engineering Company, Inc., Initial Term Loan - First Lien                                                       | CUSIP: 63229BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8493977 | PA      | $8158465.21   | 1.05%             | 2026-04-30      | Variable      | 10.52%                | No            |                  2 | On Loan: No      |
| Boston Clinical Trials LLC (Alcanza Clinical Research)                      | Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan - First Lien                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4658147 | PA      | $4576629.14   | 0.59%             | 2027-12-20      | Variable      | 10.40%                | Yes           |                  3 | On Loan: No      |
| Anne Arundel Dermatology Management, LLC                                    | Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan (First Lien) - First Lien                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2018996 | PA      | $1928140.75   | 0.25%             | 2027-10-15      | Variable      | 10.65%                | Yes           |                  3 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Second Amendment Incremental Revolving Loan - First Lien                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     52857 | PA      | $52857.14     | 0.01%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| SuperHero Fire Protection, LLC                                              | SuperHero Fire Protection, LLC, Eleventh Amendment Incremental Term Loan - First Lien                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  10333350 | PA      | $10333350.35  | 1.33%             | 2029-12-31      | Variable      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| Mammoth Holdings, LLC                                                       | Mammoth Holdings, LLC, Initial Term Loan - First Lien                                                                 | CUSIP: 56154UAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3581818 | PA      | $3456454.54   | 0.44%             | 2030-11-15      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| Quorum Health Resources (QHR)                                               | Quorum Health Resources (QHR), 2023 Incremental Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1955000 | PA      | $1950112.50   | 0.25%             | 2027-05-28      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| AppHub LLC                                                                  | AppHub LLC, Revolving Credit Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    103013 | PA      | $102498.36    | 0.01%             | 2028-09-29      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Schola Group Acquisition, Inc. (Lathan McKee)                               | Schola Group Acquisition, Inc. (Lathan McKee), Closing Date Term Loan - First Lien                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3221477 | PA      | $3185234.90   | 0.41%             | 2031-04-09      | Variable      | 8.98%                 | Yes           |                  3 | On Loan: No      |
| Nephron Pharmaceuticals, LLC                                                | Nephron Pharmaceuticals, LLC, FO Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.19%             | 2027-12-30      | Variable      | 8.32%                 | Yes           |                  3 | On Loan: No      |
| A&A Global Imports, LLC                                                     | A&A Global Imports, LLC, Class A Common - Special Equity                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        41 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eisner Advisory Group LLC                                                   | Eisner Advisory Group LLC, February 2024 Incremental Term Loan - First Lien                                           | CUSIP: 28259HAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4987469 | PA      | $5023727.57   | 0.64%             | 2031-02-28      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| SonicWall US Holdings Inc.                                                  | SonicWall US Holdings Inc., 2023 Term Loan (First Lien) - First Lien                                                  | CUSIP: 83547MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4992405 | PA      | $4767746.84   | 0.61%             | 2028-05-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Houseworks Holdings                                                         | Houseworks Holdings, Third Amendment Term Loan - First Lien                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1662124 | PA      | $1645502.83   | 0.21%             | 2028-12-15      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| HFW Companies, LLC (fka HFW Holdings, LLC)                                  | HFW Companies, LLC (fka HFW Holdings, LLC), Delayed Draw Term Loan - First Lien                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1313400 | PA      | $1298624.25   | 0.17%             | 2031-05-01      | Variable      | 9.30%                 | Yes           |                  3 | On Loan: No      |
| Dorel Industries Inc.                                                       | Dorel Industries Inc., First Out Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2450572 | PA      | $2450571.92   | 0.31%             | 2026-12-08      | Variable      | 12.58%                | Yes           |                  3 | On Loan: No      |
| IPM MSO Management, LLC                                                     | IPM MSO Management, LLC, Delayed Draw Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     92920 | PA      | $88738.96     | 0.01%             | 2026-06-17      | Variable      | 10.64%                | Yes           |                  3 | On Loan: No      |
| Women's Care Holdings, Inc.                                                 | Women's Care Holdings, Inc., Initial Term Loan (Second Lien) - Second Lien                                            | CUSIP: 97815UAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5701232 | PA      | $4446960.72   | 0.57%             | 2029-01-12      | Variable      | 12.66%                | No            |                  2 | On Loan: No      |
| Monarch Behavioral Therapy, LLC                                             | Monarch Behavioral Therapy, LLC, Closing Date Term Loan - First Lien                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9547726 | PA      | $9499987.09   | 1.22%             | 2030-06-06      | Variable      | 9.16%                 | Yes           |                  3 | On Loan: No      |
| HP PHRG Borrower, LLC (Power Home Remodeling)                               | HP PHRG Borrower, LLC (Power Home Remodeling), Closing Date Term Loan - First Lien                                    | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2997495.00   | 0.38%             | 2032-02-20      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| R-Pac International Corp (Project Radio)                                    | R-Pac International Corp (Project Radio), Initial Revolving Loan - First Lien                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    460199 | PA      | $459048.49    | 0.06%             | 2027-12-29      | Variable      | 10.28%                | Yes           |                  3 | On Loan: No      |
| Kobra International, Ltd. (d/b/a Nicole Miller)                             | Kobra International, Ltd. (d/b/a Nicole Miller), Term Loan - First Lien                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6978716 | PA      | $6978715.86   | 0.90%             | 2027-05-17      | Variable      | 10.28%                | Yes           |                  3 | On Loan: No      |
| Technology Partners, LLC (Imagine Software)                                 | Technology Partners, LLC (Imagine Software), Initial Term Loan - First Lien                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2252100 | PA      | $2252100.37   | 0.29%             | 2027-11-16      | Variable      | 9.29%                 | Yes           |                  3 | On Loan: No      |
| Triple Crown Consulting, LLC                                                | Triple Crown Consulting, LLC, Term A Loan - First Lien                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1086504 | PA      | $1056624.76   | 0.14%             | 2028-06-02      | Variable      | 10.76%                | Yes           |                  3 | On Loan: No      |
| Apex Group Treasury Limited                                                 | Apex Group Treasury Limited, 2025 Refinancing USD Term Loan - First Lien                                              | CUSIP: G0472CAK1<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |   2992500 | PA      | $2932650.00   | 0.38%             | 2032-02-27      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 - First Lien                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    475922 | PA      | $473542.07    | 0.06%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| Learfield Communications, LLC                                               | Learfield Communications, LLC, Common - Special Equity                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     13507 | NS      | $1452002.50   | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Berkeley Research Group Holdings, LLC                                       | Berkeley Research Group Holdings, LLC, Term Loan B - First Lien                                                       | CUSIP: 08436UAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1774576 | PA      | $1780733.78   | 0.23%             | 2032-05-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Student Transportation of America Holdings, Inc.                            | Student Transportation of America Holdings, Inc., Delayed Draw Term Loan - First Lien                                 | CUSIP: 86388BAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    333333 | PA      | $334636.66    | 0.04%             | 2032-06-24      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Sagebrush Buyer, LLC (Province)                                             | Sagebrush Buyer, LLC (Province), Initial Term Loan - First Lien                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9821034 | PA      | $9821034.00   | 1.26%             | 2030-07-01      | Variable      | 9.16%                 | Yes           |                  3 | On Loan: No      |
| EIKO GLOBAL, LLC                                                            | EIKO GLOBAL, LLC, Revolving Credit Loan - First Lien                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3583999 | PA      | $3503358.83   | 0.45%             | 2030-09-03      | Variable      | 10.66%                | Yes           |                  3 | On Loan: No      |
| Medrina, LLC                                                                | Medrina, LLC, Initial Term Loan - First Lien                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5424347 | PA      | $5424347.23   | 0.70%             | 2029-10-20      | Variable      | 10.13%                | Yes           |                  3 | On Loan: No      |
| Plaze (PLZ Aeroscience)                                                     | Plaze (PLZ Aeroscience), 2021-1 Term Loan - First Lien                                                                | CUSIP: 72819QAN2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    979434 | PA      | $919135.55    | 0.12%             | 2026-08-03      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.)           | Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Initial Term Loan - First Lien                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2177561 | PA      | $2177560.99   | 0.28%             | 2027-09-16      | Variable      | 9.35%                 | Yes           |                  3 | On Loan: No      |
| Sapio Sciences, LLC (Jarvis Bidco)                                          | Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan - First Lien                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3221406 | PA      | $3221406.25   | 0.41%             | 2028-11-17      | Variable      | 10.51%                | Yes           |                  3 | On Loan: No      |
| R-Pac International Corp (Project Radio)                                    | R-Pac International Corp (Project Radio), 2024 Incremental Term Loan - First Lien                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2367834 | PA      | $2361913.92   | 0.30%             | 2027-12-29      | Variable      | 10.31%                | Yes           |                  3 | On Loan: No      |
| Ingenio LLC                                                                 | Ingenio LLC, Warrant - Special Equity                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |        78 | NS      | $76871.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| McAfee Enterprise (Magenta Buyer LLC)                                       | McAfee Enterprise (Magenta Buyer LLC), Super Priority Term Loan (First Lien) - First Lien                             | CUSIP: 55909UAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1579521 | PA      | $1606767.69   | 0.21%             | 2028-07-27      | Variable      | 10.56%                | No            |                  2 | On Loan: No      |
| APS Acquisition Holdings, LLC                                               | APS Acquisition Holdings, LLC, Initial Term Loan - First Lien                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6184407 | PA      | $6153484.54   | 0.79%             | 2029-07-11      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| First Steps Recovery Acquisition, LLC (True North Detox)                    | First Steps Recovery Acquisition, LLC (True North Detox), Revolving Credit Loan - First Lien                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    356757 | PA      | $351405.40    | 0.05%             | 2030-03-29      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| Houseworks Holdings                                                         | Houseworks Holdings, Fourth Amendment Term Loan - First Lien                                                          | CUSIP: KJQ038000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2623465 | PA      | $2597229.91   | 0.33%             | 2028-12-15      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| A&A Global Imports, LLC                                                     | A&A Global Imports, LLC, New Revolving Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     50763 | PA      | $50762.65     | 0.01%             | 2026-06-01      | Variable      | 24.89%                | Yes           |                  3 | On Loan: No      |
| AppHub LLC                                                                  | AppHub LLC, Term Loan - First Lien                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2648892 | PA      | $2635647.84   | 0.34%             | 2028-09-29      | Variable      | 9.87%                 | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Third Amendment Delayed Draw Loan - First Lien                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    345885 | PA      | $345884.87    | 0.04%             | 2029-03-01      | Variable      | 10.68%                | Yes           |                  3 | On Loan: No      |
| Great Outdoors Group, LLC (Bass Pro Group)                                  | Great Outdoors Group, LLC (Bass Pro Group), Term B-3 Loan - First Lien                                                | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |   2984962 | PA      | $2987201.12   | 0.38%             | 2032-01-23      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| JP Morgan U.S. Government Money Market Fund                                 | JP Morgan U.S. Government Money Market Fund, Capital Shares                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  35005064 | NS      | $35005064.43  | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Project Alpha Intermediate Holdings, Inc. (Qlik)                            | Project Alpha Intermediate Holdings, Inc. (Qlik), Second Amendment Refinancing Term Loan (First Lien) - First Lien    | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4987 | PA      | $5006.99      | 0.00%             | 2030-10-26      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| CC Amulet Management, LLC (Children's Choice)                               | CC Amulet Management, LLC (Children's Choice), Delayed Draw Term Loan - First Lien                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    300545 | PA      | $300545.11    | 0.04%             | 2027-08-31      | Variable      | 9.78%                 | Yes           |                  3 | On Loan: No      |
| Cloud Software Group, Inc. (TIBCO Software)                                 | Cloud Software Group, Inc. (TIBCO Software), Tenth Amendment Tranche B-2 Term Loan - First Lien                       | CUSIP: 88632NBK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2985000 | PA      | $2999656.35   | 0.38%             | 2031-03-21      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings, Inc.                                            | Blackhawk Network Holdings, Inc., Additional Term B-2 Loan (First Lien) - First Lien                                  | CUSIP: 09238FAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4107086 | PA      | $4127949.52   | 0.53%             | 2029-03-12      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| Strategy Corps, LLC                                                         | Strategy Corps, LLC, Term Loan - First Lien                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6513158 | PA      | $6382894.74   | 0.82%             | 2030-06-28      | Variable      | 9.82%                 | Yes           |                  3 | On Loan: No      |
| United Airlines, Inc.                                                       | United Airlines, Inc.                                                                                                 | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995392.33   | 0.38%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.)           | Community Based Care Acquisition, Inc. (Amivie Acquisition, Inc.), Delayed Draw Tranche C Term Loan - First Lien      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1993471 | PA      | $1993470.72   | 0.26%             | 2027-09-16      | Variable      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.)                  | Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolving Loan - First Lien                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    439157 | PA      | $439156.63    | 0.06%             | 2027-12-06      | Variable      | 9.73%                 | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Revolving Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    136529 | PA      | $136529.49    | 0.02%             | 2029-03-01      | Variable      | 10.51%                | Yes           |                  3 | On Loan: No      |
| Mission Critical Group, LLC                                                 | Mission Critical Group, LLC, Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2245924 | PA      | $2223464.67   | 0.29%             | 2030-04-17      | Variable      | 10.14%                | Yes           |                  3 | On Loan: No      |
| XPT Partners, LLC                                                           | XPT Partners, LLC, 2024 Delayed Draw Term Loan - First Lien                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    212086 | PA      | $208904.44    | 0.03%             | 2028-09-13      | Variable      | 9.89%                 | Yes           |                  3 | On Loan: No      |
| First Steps Recovery Acquisition, LLC (True North Detox)                    | First Steps Recovery Acquisition, LLC (True North Detox), Delayed Draw Term Loan - First Lien                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    741831 | PA      | $730703.61    | 0.09%             | 2030-03-29      | Variable      | 10.33%                | Yes           |                  3 | On Loan: No      |
| A&R Logistics Holdings, Inc.                                                | A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    620308 | PA      | $576886.58    | 0.07%             | 2028-02-03      | Variable      | 11.19%                | Yes           |                  3 | On Loan: No      |
| Lash OpCo, LLC                                                              | Lash OpCo, LLC, Initial Term Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2061762 | PA      | $1932901.49   | 0.25%             | 2027-09-17      | Variable      | 12.16%                | Yes           |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    873750 | PA      | $869380.76    | 0.11%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion)                           | BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolving Credit Loan - First Lien                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    217383 | PA      | $217383.26    | 0.03%             | 2028-09-29      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), First Requested Incremental Term Loan - First Lien                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2109547 | PA      | $2098999.06   | 0.27%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| 1959 Holdings, LLC (Family Dollar)                                          | 1959 Holdings, LLC (Family Dollar), Term Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6976744 | PA      | $6906976.75   | 0.89%             | 2030-07-05      | Variable      | 10.78%                | Yes           |                  3 | On Loan: No      |
| Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)                 | Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan - First Lien                                   | CUSIP: 39678DAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6990323 | PA      | $6990322.57   | 0.90%             | 2029-04-01      | Variable      | 10.75%                | Yes           |                  3 | On Loan: No      |
| Iris Holding, Inc. (Intertape Polymer Group Inc.)                           | Iris Holding, Inc.                                                                                                    | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2709327.30   | 0.35%             | 2028-12-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Sweetwater Borrower LLC                                                     | Sweetwater Borrower LLC, Initial Term Loan - First Lien                                                               | CUSIP: 87168EAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2409238 | PA      | $2419790.72   | 0.31%             | 2028-08-07      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| ConvenientMD (CMD Intermediate Holdings, Inc.)                              | ConvenientMD (CMD Intermediate Holdings, Inc.), 2024 Extended Term Loan - First Lien                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1780041 | PA      | $1673238.75   | 0.21%             | 2029-06-08      | Variable      | 9.60%                 | Yes           |                  3 | On Loan: No      |
| Enverus Holdings, Inc. (Drilling Info)                                      | Enverus Holdings, Inc. (Drilling Info), Initial Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3941153 | PA      | $3951005.76   | 0.51%             | 2029-12-24      | Variable      | 11.75%                | Yes           |                  3 | On Loan: No      |
| Danforth Health, Inc.                                                       | Danforth Health, Inc., Initial Term Loan - First Lien                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1216636 | PA      | $1210553.09   | 0.16%             | 2027-12-09      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| BCP VI Summit Holdings LP (Nvent Thermal)                                   | BCP VI Summit Holdings LP (Nvent Thermal), Initial Term Loan - First Lien                                             | CUSIP: 05614GAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2011570.00   | 0.26%             | 2032-01-30      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| New Insight Holdings Inc (Research Now/Dynata/Survey Sampling)              | New Insight Holdings Inc (Research Now/Dynata/Survey Sampling), Second Out Term Loan - First Lien                     | CUSIP: 76100MAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4962312 | PA      | $4091847.68   | 0.52%             | 2028-10-15      | Variable      | 9.96%                 | No            |                  2 | On Loan: No      |
| Point Quest Acquisition, LLC                                                | Point Quest Acquisition, LLC, Sixth Amendment Delayed Draw Term Loan - First Lien                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2277013 | PA      | $2277012.70   | 0.29%             | 2028-08-14      | Variable      | 9.54%                 | Yes           |                  3 | On Loan: No      |
| Data Driven Intermediate, LLC                                               | Data Driven Intermediate, LLC, Revolving Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    107226 | PA      | $106422.16    | 0.01%             | 2030-05-01      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Hexion Holdings Corporation                                                 | Hexion Holdings Corporation, 2024 Refinancing Term Loan (First Lien) - First Lien                                     | CUSIP: 00217XAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2970000 | PA      | $2969480.24   | 0.38%             | 2029-03-15      | Variable      | 8.14%                 | No            |                  2 | On Loan: No      |
| Camelot Finance SA                                                          | Camelot Finance SA                                                                                                    | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    430000 | PA      | $428525.62    | 0.05%             | 2026-11-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Harbour Benefit Holdings, Inc. (Zenith Merger Sub)                          | Harbour Benefit Holdings, Inc. (Zenith Merger Sub), Revolving Loan - First Lien                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    524000 | PA      | $521380.00    | 0.07%             | 2029-07-11      | Variable      | 9.66%                 | Yes           |                  3 | On Loan: No      |
| Anne Arundel Dermatology Management, LLC                                    | Anne Arundel Dermatology Management, LLC, DDTL A (First Lien) - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    122348 | PA      | $116842.26    | 0.01%             | 2027-10-15      | Variable      | 10.65%                | Yes           |                  3 | On Loan: No      |
| SR Landscaping, LLC                                                         | SR Landscaping, LLC, Revolving Loan - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    445109 | PA      | $436206.96    | 0.06%             | 2029-10-30      | Variable      | 10.60%                | Yes           |                  3 | On Loan: No      |
| Tricor, LLC                                                                 | Tricor, LLC, Amendment No. 4 Delayed Draw Term Loan - First Lien                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5347793 | PA      | $5347792.99   | 0.69%             | 2031-08-08      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| SR Landscaping, LLC                                                         | SR Landscaping, LLC, Closing Date Term Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2661457 | PA      | $2608227.80   | 0.33%             | 2029-10-30      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| TR Apparel, LLC                                                             | TR Apparel, LLC, Term Loan - First Lien                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6661491 | PA      | $6661490.68   | 0.85%             | 2027-06-21      | Variable      | 10.53%                | Yes           |                  3 | On Loan: No      |
| Creation Technologies Inc.                                                  | Creation Technologies Inc., Initial Term Loan (First Lien) - First Lien                                               | CUSIP: 22526YAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4911168 | PA      | $4892750.62   | 0.63%             | 2028-10-05      | Variable      | 10.05%                | No            |                  3 | On Loan: No      |
| Case Works, LLC                                                             | Case Works, LLC, Term Loan - First Lien                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5001002 | PA      | $4800962.07   | 0.62%             | 2029-10-01      | Variable      | 9.27%                 | Yes           |                  3 | On Loan: No      |
| CMI Marketing, Inc (AdThrive)                                               | CMI Marketing, Inc (AdThrive), Initial Term Loan (2021) - First Lien                                                  | CUSIP: 12576LAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    516734 | PA      | $514473.23    | 0.07%             | 2028-03-23      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| Motus Group, LLC                                                            | Motus Group, LLC, Initial Term Loan (First Lien) - First Lien                                                         | CUSIP: 62014TAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    997494 | PA      | $999159.54    | 0.13%             | 2028-12-11      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| VeriFone Systems, Inc.                                                      | VeriFone Systems, Inc., 2025-1 Term Loan - First Lien                                                                 | CUSIP: 92346NAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2828538 | PA      | $2744063.63   | 0.35%             | 2028-08-18      | Variable      | 10.07%                | No            |                  2 | On Loan: No      |
| Streetmasters Intermediate, Inc                                             | Streetmasters Intermediate, Inc, Term Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5107667 | PA      | $5043820.83   | 0.65%             | 2030-04-01      | Variable      | 9.56%                 | Yes           |                  3 | On Loan: No      |
| Data Driven Intermediate, LLC                                               | Data Driven Intermediate, LLC, Term Loan - First Lien                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2487900 | PA      | $2469240.75   | 0.32%             | 2030-05-01      | Variable      | 8.15%                 | Yes           |                  3 | On Loan: No      |
| CI (MG) Group, LLC (Mariani Landscape)                                      | CI (MG) Group, LLC (Mariani Landscape), Initial Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6899263 | PA      | $6864766.59   | 0.88%             | 2030-03-27      | Variable      | 9.80%                 | Yes           |                  3 | On Loan: No      |
| June Purchaser LLC (Janney Montgomery Scott)                                | June Purchaser LLC (Janney Montgomery Scott), Initial Term Loan - First Lien                                          | CUSIP: 48171UAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1705714 | PA      | $1712818.58   | 0.22%             | 2031-11-28      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Delayed Draw Term Loan - First Lien                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    512970 | PA      | $512970.09    | 0.07%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| In Vitro Sciences, LLC (New IVS Holdings, LLC)                              | In Vitro Sciences, LLC (New IVS Holdings, LLC), Delayed Draw Term Loan - First Lien                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2055624 | PA      | $1870617.57   | 0.24%             | 2029-02-28      | Variable      | 11.28%                | Yes           |                  3 | On Loan: No      |
| Anne Arundel Dermatology Management, LLC                                    | Anne Arundel Dermatology Management, LLC, DDTL B (First Lien) - First Lien                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    207242 | PA      | $197916.47    | 0.03%             | 2027-10-15      | Variable      | 11.65%                | Yes           |                  3 | On Loan: No      |
| Penney Holdings LLC (Catalyst Brands)                                       | Penney Holdings LLC (Catalyst Brands), Term Loan - First Lien                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6000000 | PA      | $5850000.00   | 0.75%             | 2030-09-19      | Variable      | 12.41%                | Yes           |                  3 | On Loan: No      |
| Case Works, LLC                                                             | Case Works, LLC, Revolving Loan - First Lien                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    573276 | PA      | $550344.83    | 0.07%             | 2029-10-01      | Variable      | 10.47%                | Yes           |                  3 | On Loan: No      |
| Houseworks Holdings                                                         | Houseworks Holdings, Third Amendment Delayed Draw Term Loan - First Lien                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    729034 | PA      | $721743.87    | 0.09%             | 2028-12-15      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Beacon Mobility Corp.                                                       | Beacon Mobility Corp., Delayed Draw Term Loan - First Lien                                                            | CUSIP: 07363PAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    376434 | PA      | $378199.86    | 0.05%             | 2030-08-06      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Boston Clinical Trials LLC (Alcanza Clinical Research)                      | Boston Clinical Trials LLC (Alcanza Clinical Research), Fourth Amendment Term Loan - First Lien                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2066860 | PA      | $2020356.11   | 0.26%             | 2027-12-20      | Variable      | 10.20%                | Yes           |                  3 | On Loan: No      |
| R.L. James, Inc. (HH Restore Acquisition)                                   | R.L. James, Inc. (HH Restore Acquisition), Delayed Draw Term Loan - First Lien                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    892120 | PA      | $889889.45    | 0.11%             | 2028-12-15      | Variable      | 10.45%                | Yes           |                  3 | On Loan: No      |
| Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC)                             | Tri Scapes, LLC (HH-TRISCAPES ACQUISITION, INC), Delayed Draw Term Loan - First Lien                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1943704 | PA      | $1924266.67   | 0.25%             | 2030-07-12      | Variable      | 9.69%                 | Yes           |                  3 | On Loan: No      |
| AQA Acquisition Holding, Inc (SmartBear)                                    | AQA Acquisition Holding, Inc (SmartBear), 2024 Term Loan - First Lien                                                 | CUSIP: 03836HAJ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4975000 | PA      | $4920598.37   | 0.63%             | 2028-03-03      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| Point Quest Acquisition, LLC                                                | Point Quest Acquisition, LLC, Initial Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7456379 | PA      | $7456379.18   | 0.96%             | 2028-08-14      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| NA Rail Hold Co. LLC (Patriot Rail)                                         | NA Rail Hold Co. LLC (Patriot Rail), Tranche B-3 Term Loan - First Lien                                               | CUSIP: 62876RAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1005000.00   | 0.13%             | 2032-03-08      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Tricor, LLC                                                                 | Tricor, LLC, Term Loan - First Lien                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1894197 | PA      | $1894197.25   | 0.24%             | 2031-08-08      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| Monarch Behavioral Therapy, LLC                                             | Monarch Behavioral Therapy, LLC, Revolving Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    762568 | PA      | $758755.27    | 0.10%             | 2030-06-06      | Variable      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| Tricor, LLC                                                                 | Tricor, LLC, Amendment No.3 Incremental Term Loan - First Lien                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1804162 | PA      | $1804162.50   | 0.23%             | 2031-08-08      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| SR Landscaping, LLC                                                         | SR Landscaping, LLC, Delayed Draw Term Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    883940 | PA      | $866261.69    | 0.11%             | 2029-10-30      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| Peninsula Pacific Entertainment Development LLC                             | Peninsula Pacific Entertainment Development LLC, Term Loan (08.14.25) - First Lien                                    | CUSIP: 70715SAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4050633 | PA      | $4055696.20   | 0.52%             | 2032-08-14      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Elevate Textiles, Inc. (International Textile Group)                        | Elevate Textiles, Inc. (International Textile Group), Last Out Term Loan (First Lien) - First Lien                    | CUSIP: 28622DAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2604661 | PA      | $2025123.95   | 0.26%             | 2027-09-30      | Variable      | 10.64%                | No            |                  2 | On Loan: No      |
| Asurion, LLC                                                                | Asurion, LLC, New B-10 Term Loan (First Lien) - First Lien                                                            | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2984615 | PA      | $2994151.24   | 0.38%             | 2028-08-19      | Variable      | 8.26%                 | No            |                  2 | On Loan: No      |
| CC Amulet Management, LLC (Children's Choice)                               | CC Amulet Management, LLC (Children's Choice), Term Loan - First Lien                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3261822 | PA      | $3261821.89   | 0.42%             | 2027-08-31      | Variable      | 9.83%                 | Yes           |                  3 | On Loan: No      |
| Zodiac Purchaser, L.L.C. (Zuora)                                            | Zodiac Purchaser, L.L.C. (Zuora), Term Loan - First Lien                                                              | CUSIP: 98980XAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2182242 | PA      | $2171058.07   | 0.28%             | 2032-02-14      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Alpine SG, LLC (ASG)                                                        | Alpine SG, LLC (ASG), February 2023 Term Loan - First Lien                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    446705 | PA      | $446705.03    | 0.06%             | 2027-11-05      | Variable      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| Apex Analytix, Inc. (Montana Buyer, Inc.)                                   | Apex Analytix, Inc. (Montana Buyer, Inc.), Initial Term Loan - First Lien                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2621522 | PA      | $2595306.52   | 0.33%             | 2029-07-22      | Variable      | 8.91%                 | Yes           |                  3 | On Loan: No      |
| RLG Holdings, LLC                                                           | RLG Holdings, LLC, 2022 Incremental Term Loan (First Lien) - First Lien                                               | CUSIP: 74970AAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2623140 | PA      | $2207805.21   | 0.28%             | 2028-07-07      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| Air Conditioning Specialist, Inc.                                           | Air Conditioning Specialist, Inc., Closing Date Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5009403 | PA      | $4984356.39   | 0.64%             | 2029-11-19      | Variable      | 9.69%                 | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Second Amendment Delayed Draw Term Loan - First Lien                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    993348 | PA      | $993347.90    | 0.13%             | 2029-03-01      | Variable      | 10.64%                | Yes           |                  3 | On Loan: No      |
| Stonepeak Taurus Lower Holdings LLC (TRAC)                                  | Stonepeak Taurus Lower Holdings LLC (TRAC), Initial Term Loan (Second Lien Term Loan) - Second Lien                   | CUSIP: 86185BAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $4432825.00   | 0.57%             | 2030-01-28      | Variable      | 11.10%                | No            |                  2 | On Loan: No      |
| LMSI Buyer, LLC                                                             | LMSI Buyer, LLC, Revolving Credit Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    390516 | PA      | $363179.92    | 0.05%             | 2027-10-25      | Variable      | 10.20%                | Yes           |                  3 | On Loan: No      |
| Star Parent, Inc. (Syneos Health)                                           | Star Parent, Inc. (Syneos Health), Term Loan B - First Lien                                                           | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   2984848 | PA      | $2988579.55   | 0.38%             | 2030-09-27      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Strategy Corps, LLC                                                         | Strategy Corps, LLC, Revolving Credit Loan - First Lien                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    213862 | PA      | $209584.50    | 0.03%             | 2030-06-28      | Variable      | 9.68%                 | Yes           |                  3 | On Loan: No      |
| Flash Charm, Inc. (fka Idera)                                               | Flash Charm, Inc. (fka Idera), Incremental Term Loan (First Lien) - First Lien                                        | CUSIP: 45168RAT0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984877 | PA      | $2626692.18   | 0.34%             | 2028-03-02      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), Delayed Draw Term Loan - First Lien                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    759797 | PA      | $755998.33    | 0.10%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| J & J Ventures Gaming, LLC                                                  | J & J Ventures Gaming, LLC, 2025 Term Loan - First Lien                                                               | CUSIP: 46604BAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6965000 | PA      | $6902976.68   | 0.89%             | 2030-04-26      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Astro Acquisition, LLC                                                      | Astro Acquisition, LLC, Initial Term Loan - First Lien                                                                | CUSIP: 04636FAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1706363 | PA      | $1715969.51   | 0.22%             | 2032-08-30      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Global Medical Response, Inc.                                               | Global Medical Response, Inc., Initial Term Loan - First Lien                                                         | CUSIP: 00169QAH2<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |   3000000 | PA      | $3004290.00   | 0.39%             | 2032-10-01      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| IPM MSO Management, LLC                                                     | IPM MSO Management, LLC, Closing Date Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    768331 | PA      | $733756.26    | 0.09%             | 2026-06-17      | Variable      | 10.64%                | Yes           |                  3 | On Loan: No      |
| In Vitro Sciences, LLC (New IVS Holdings, LLC)                              | In Vitro Sciences, LLC (New IVS Holdings, LLC), Closing Date Term Loan - First Lien                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8025849 | PA      | $7303522.99   | 0.94%             | 2029-02-28      | Variable      | 11.28%                | Yes           |                  3 | On Loan: No      |
| Alpine SG, LLC (ASG)                                                        | Alpine SG, LLC (ASG), May 2022 Term Loan - First Lien                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    391143 | PA      | $391142.78    | 0.05%             | 2027-11-05      | Variable      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| LBH Services, LLC                                                           | LBH Services, LLC, Delayed Draw Term Loan - First Lien                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    312277 | PA      | $240453.16    | 0.03%             | 2028-03-28      | Variable      | 11.07%                | Yes           |                  3 | On Loan: No      |
| Caesars Entertainment, Inc.                                                 | Caesars Entertainment, Inc.                                                                                           | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984959.80    | 0.13%             | 2032-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| IPM MSO Management, LLC                                                     | IPM MSO Management, LLC, Second Amendment Term Loan - First Lien                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    212881 | PA      | $203301.20    | 0.03%             | 2026-06-17      | Variable      | 10.64%                | Yes           |                  3 | On Loan: No      |
| NSM Top Holdings Corp (National Seating & Mobility Inc)                     | NSM Top Holdings Corp (National Seating & Mobility Inc), 2025 Refinancing Term Loan - First Lien                      | CUSIP: 42237DAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3034230.00   | 0.39%             | 2029-05-14      | Variable      | 8.85%                 | No            |                  2 | On Loan: No      |
| Portfolio Holding, Inc. (Turbo Buyer / PGM)                                 | Portfolio Holding, Inc. (Turbo Buyer / PGM), Amendment No. 4 Incremental Term Loan - First Lien                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1129960 | PA      | $1129959.71   | 0.14%             | 2026-06-02      | Variable      | 10.15%                | Yes           |                  3 | On Loan: No      |
| Apella Capital, LLC                                                         | Apella Capital, LLC, Initial Term Loan - First Lien                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1254125 | PA      | $1254125.00   | 0.16%             | 2029-03-01      | Variable      | 10.66%                | Yes           |                  3 | On Loan: No      |
| Solaris US Bidco LLC (Therakos)                                             | Solaris US Bidco LLC (Therakos), Initial Term Loan - First Lien                                                       | CUSIP: 83419KAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4969975 | PA      | $4876787.87   | 0.63%             | 2030-11-29      | Variable      | 9.45%                 | No            |                  2 | On Loan: No      |
| Visante Acquisition, LLC                                                    | Visante Acquisition, LLC, Initial Term Loan - First Lien                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4914816 | PA      | $4914816.22   | 0.63%             | 2030-01-31      | Variable      | 10.06%                | Yes           |                  3 | On Loan: No      |
| TriStrux, LLC                                                               | TriStrux, LLC, Initial Term Loan - First Lien                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    900312 | PA      | $558193.49    | 0.07%             | 2027-12-23      | Variable      | 12.45%                | Yes           |                  3 | On Loan: No      |
| Hertz Corporation, The                                                      | Hertz Corporation, The, Initial Term B Loan - First Lien                                                              | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |   1801751 | PA      | $1623476.80   | 0.21%             | 2028-06-30      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| Closure Systems International Group Inc. (Canister International Group Inc) | Closure Systems International Group Inc. (Canister International Group Inc), Amendment No.5 Term Loan - First Lien    | CUSIP: 13763HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2977483 | PA      | $2983066.09   | 0.38%             | 2029-03-22      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Primary Products Finance LLC                                                | Primary Products Finance LLC, 2024 Second Replacement Term B Loan - First Lien                                        | CUSIP: 74167NAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2970000 | PA      | $2905031.23   | 0.37%             | 2029-04-01      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| SR Landscaping, LLC                                                         | SR Landscaping, LLC, Amendment No. 1 Delayed Draw Term Loan - First Lien                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    423686 | PA      | $415212.63    | 0.05%             | 2029-10-30      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| Journey Personal Care (Domtar Corporation)                                  | Journey Personal Care (Domtar Corporation), Term B Loan - First Lien                                                  | CUSIP: 48114NAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3929158 | PA      | $3908294.11   | 0.50%             | 2028-03-01      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc. (First Transit Parent Inc.)                        | First Student Bidco Inc. (First Transit Parent Inc.), Initial Term C Loan - First Lien                                | CUSIP: 33718FAP5<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |    681208 | PA      | $682771.44    | 0.09%             | 2030-08-15      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| Elevate Textiles, Inc. (International Textile Group)                        | Elevate Textiles, Inc. (International Textile Group), First Out Term Loan (First Lien) - First Lien                   | CUSIP: 28622DAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2064135 | PA      | $2083063.18   | 0.27%             | 2027-09-30      | Variable      | 12.79%                | No            |                  2 | On Loan: No      |
| Quorum Health Resources (QHR)                                               | Quorum Health Resources (QHR), Term Loan - First Lien                                                                 | CUSIP: 74908JAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1032809 | PA      | $1030226.96   | 0.13%             | 2027-05-28      | Variable      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| CP Iris Holco I, Inc. (IPS Corporation)                                     | CP Iris Holco I, Inc. (IPS Corporation), Initial Term Loan (First Lien) - First Lien                                  | CUSIP: 12659EAC2<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |   2984536 | PA      | $2988266.75   | 0.38%             | 2028-10-02      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Newcleus, LLC                                                               | Newcleus, LLC, Initial Term Loan - First Lien                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1207424 | PA      | $1147052.58   | 0.15%             | 2026-08-02      | Variable      | 10.45%                | Yes           |                  3 | On Loan: No      |
| Inflexionpoint LLC (FKA Automated Control Concepts)                         | Inflexionpoint LLC (FKA Automated Control Concepts), Term Loan - First Lien                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1860104 | PA      | $1860104.16   | 0.24%             | 2026-10-22      | Variable      | 9.76%                 | Yes           |                  3 | On Loan: No      |
| MAG DS Corp.                                                                | MAG DS Corp., Initial Term Loan - First Lien                                                                          | CUSIP: 55282CAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1945852 | PA      | $1945249.09   | 0.25%             | 2027-04-01      | Variable      | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Third-Out Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    570464 | PA      | $124552.19    | 0.02%             | 2029-03-12      | Variable      | 12.49%                | No            |                  2 | On Loan: No      |
| iLending LLC                                                                | iLending LLC, Term Loan A (05.2025) - First Lien                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    636858 | PA      | $601830.94    | 0.08%             | 2028-12-21      | Variable      | 10.42%                | Yes           |                  3 | On Loan: No      |
| 360 PARTNERS, LLC                                                           | 360 PARTNERS, LLC, Term Loan - First Lien                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1043478 | PA      | $1031739.13   | 0.13%             | 2031-07-31      | Variable      | 8.74%                 | Yes           |                  3 | On Loan: No      |
| BCDI BHI Intermediate 2, LP (Basic Home Infusion)                           | BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan - First Lien                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1206916 | PA      | $1206916.15   | 0.15%             | 2028-09-29      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Unified Patents, LLC                                                        | Unified Patents, LLC, Term A Loan - First Lien                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9106780 | PA      | $9015711.86   | 1.16%             | 2027-12-23      | Variable      | 9.17%                 | Yes           |                  3 | On Loan: No      |
| Project Cloud Holdings, LLC (AgroFresh Inc.)                                | Project Cloud Holdings, LLC (AgroFresh Inc.), Replacement Revolver - First Lien                                       | CUSIP: 74340DAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    598810 | PA      | $597312.82    | 0.08%             | 2029-03-31      | Variable      | 10.51%                | Yes           |                  3 | On Loan: No      |
| HFW Companies, LLC (fka HFW Holdings, LLC)                                  | HFW Companies, LLC (fka HFW Holdings, LLC), Term A Loan - First Lien                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6301667 | PA      | $6230772.91   | 0.80%             | 2031-05-01      | Variable      | 9.30%                 | Yes           |                  3 | On Loan: No      |
| Boxer Parent Company Inc. (BMC Software)                                    | Boxer Parent Company Inc. (BMC Software), 2031 Replacement Dollar Term Loan - First Lien                              | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |   5967506 | PA      | $5964701.54   | 0.77%             | 2031-07-30      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Highline Aftermarket Acquisition, LLC                                       | Highline Aftermarket Acquisition, LLC, 2025-1 Term Loan (First Lien) - First Lien                                     | CUSIP: 43110HAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2977500 | PA      | $2992402.39   | 0.38%             | 2030-02-19      | Variable      | 7.70%                 | No            |                  2 | On Loan: No      |
| Enverus Holdings, Inc. (Drilling Info)                                      | Enverus Holdings, Inc. (Drilling Info), Class A Revolving Credit Loan - First Lien                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     12459 | PA      | $12272.38     | 0.00%             | 2029-12-24      | Variable      | 9.64%                 | Yes           |                  3 | On Loan: No      |
| Cooper's Hawk Intermediate Holding, LLC                                     | Cooper's Hawk Intermediate Holding, LLC, Closing Date Initial Term Loan - First Lien                                  | CUSIP: 21686PAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2305263 | PA      | $2305263.16   | 0.30%             | 2031-07-29      | Variable      | 9.70%                 | Yes           |                  3 | On Loan: No      |
| Advanced Web Technologies (AWT)                                             | Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan - First Lien                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    329117 | PA      | $327471.04    | 0.04%             | 2027-12-17      | Variable      | 10.09%                | Yes           |                  3 | On Loan: No      |
| LMSI Buyer, LLC                                                             | LMSI Buyer, LLC, Initial Term Loan - First Lien                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2122573 | PA      | $1973992.56   | 0.25%             | 2027-10-25      | Variable      | 9.90%                 | Yes           |                  3 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., Common Equity Restructure Facility - Special Equity                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1236 | NS      | $139.05       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Citrin Cooperman Advisors LLC                                               | Citrin Cooperman Advisors LLC, Initial Term Loan - First Lien                                                         | CUSIP: 17737EAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3757576 | PA      | $3746434.55   | 0.48%             | 2032-04-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Verde Purchaser, LLC                                                        | Verde Purchaser, LLC, Initial Term Loan - First Lien                                                                  | CUSIP: 92338TAB2<br>LEI: 2549004HFEKMUGBG3Z35 | Long             | LON              | CORP              | US        |   4967393 | PA      | $4924276.38   | 0.63%             | 2030-11-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Dynamo US Bidco Inc (Innomotics)                                            | Dynamo US Bidco Inc (Innomotics), Facility B (USD) - First Lien                                                       | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2237450 | PA      | $2247238.59   | 0.29%             | 2031-09-30      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Avison Young (Canada) Inc.                                                  | Avison Young (Canada) Inc., First Out Term Loan - First Lien                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   7920000 | PA      | $7655194.80   | 0.98%             | 2028-03-12      | Variable      | 10.71%                | No            |                  2 | On Loan: No      |
| Point Quest Acquisition, LLC                                                | Point Quest Acquisition, LLC, Revolving Credit Loan - First Lien                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    304495 | PA      | $304495.24    | 0.04%             | 2028-08-14      | Variable      | 9.43%                 | Yes           |                  3 | On Loan: No      |
| CFC Bidco 2022 Limited                                                      | CFC Bidco 2022 Limited, Initial Term Loan (First Lien) - First Lien                                                   | CUSIP: 12531JAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6000000 | PA      | $5745000.00   | 0.74%             | 2032-07-01      | Variable      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| ThoughtWorks, Inc.                                                          | ThoughtWorks, Inc., Incremental Term Loan - First Lien                                                                | CUSIP: 90010LAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3974878 | PA      | $3906808.34   | 0.50%             | 2028-03-24      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                                             | Catawba Nation Gaming Authority, Initial Term B Loan - First Lien                                                     | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6600000 | PA      | $6754704.00   | 0.87%             | 2032-03-29      | Variable      | 8.91%                 | Yes           |                  2 | On Loan: No      |
| Alera Group, Inc.                                                           | Alera Group, Inc., Term Loan (First Lien) - First Lien                                                                | CUSIP: 01451PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1319322 | PA      | $1325727.37   | 0.17%             | 2032-05-30      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Cengage Learning, Inc.                                                      | Cengage Learning, Inc., 2024 Refinancing Term Loan - First Lien                                                       | CUSIP: 15131YAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2970075 | PA      | $2966050.55   | 0.38%             | 2031-03-24      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| AIT Worldwide Logistics Holdings, Inc.                                      | AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien) - First Lien                                   | CUSIP: 00145AAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4962500 | PA      | $4980613.12   | 0.64%             | 2030-04-08      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC (WebMD Health / Internet Brands)                              | MH Sub I, LLC (WebMD Health / Internet Brands), 2023 May Incremental Term Loan (First Lien) - First Lien              | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   4093147 | PA      | $3947329.03   | 0.51%             | 2028-05-03      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| AppHub LLC                                                                  | AppHub LLC, June 2024 Delayed Draw Term Loan - First Lien                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2026877 | PA      | $2016742.66   | 0.26%             | 2028-09-29      | Variable      | 10.04%                | Yes           |                  3 | On Loan: No      |
| National Mentor Holdings, Inc. (Civitas Solutions)                          | National Mentor Holdings, Inc. (Civitas Solutions), Initial Term Loan (Second Lien) - Second Lien                     | CUSIP: 63689EAW5<br>LEI: 5493004QULJVJP3CNZ62 | Long             | LON              | CORP              | US        |   9386585 | PA      | $9343547.35   | 1.20%             | 2029-03-02      | Variable      | 11.35%                | No            |                  2 | On Loan: No      |
| AlpineX OpCo, LLC                                                           | AlpineX OpCo, LLC, Term Loan - First Lien                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    795547 | PA      | $795546.67    | 0.10%             | 2027-12-27      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| Equiniti Group PLC (AST/Armor Holdco)                                       | Equiniti Group PLC (AST/Armor Holdco), 2025 Incremental Term Loan (First Lien) - First Lien                           | CUSIP: 04225VAH5<br>LEI: 254900X6HLK0YPTHHF09 | Long             | LON              | CORP              | GB        |   6357427 | PA      | $6368552.82   | 0.82%             | 2028-12-11      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| Flash Charm, Inc. (fka Idera)                                               | Flash Charm, Inc. (fka Idera), 2021 Refinancing Loan (Second Lien) - Second Lien                                      | CUSIP: 45168RAS2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1341463 | PA      | $1086585.36   | 0.14%             | 2029-03-02      | Variable      | 11.20%                | No            |                  3 | On Loan: No      |
| Air Conditioning Specialist, Inc.                                           | Air Conditioning Specialist, Inc., Delayed Draw Term Loan - First Lien                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1736605 | PA      | $1727922.33   | 0.22%             | 2029-11-19      | Variable      | 9.64%                 | Yes           |                  3 | On Loan: No      |
| Bandon Fitness Texas, Inc                                                   | Bandon Fitness Texas, Inc, Revolving Loan - First Lien                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    243870 | PA      | $226798.71    | 0.03%             | 2028-07-27      | Variable      | 10.47%                | Yes           |                  3 | On Loan: No      |
| Golden State Foods LLC                                                      | Golden State Foods LLC, Initial Term Loan - First Lien                                                                | CUSIP: 38121NAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4886834 | PA      | $4904988.09   | 0.63%             | 2031-12-04      | Variable      | 8.23%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** First Eagle Credit Opportunities Fund

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer