# EDGAR Filing Document

**Accession Number:** 0001447247
**File Stem:** 0001410368-25-001817
**Filing Date:** 2025-8
**Character Count:** 997934
**Document Hash:** f6bc9793a0d17abac2631816e96e5266
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-001817.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001410368-25-001817

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Partners Group Private Equity (Master Fund), LLC
- **CENTRAL INDEX KEY:** 0001447247

**ORGANIZATION NAME:**
- **EIN:** 800270189
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22241
- **FILM NUMBER:** 251279678

**BUSINESS ADDRESS:**
- **STREET 1:** 1114 AVENUE OF THE AMERICAS
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-908-2600

**MAIL ADDRESS:**
- **STREET 1:** 1114 AVENUE OF THE AMERICAS
- **STREET 2:** 37TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Nport-Ex

ITEM 1. SCHEDULE OF INVESTMENTS.

The Schedule(s) of Investments is attached herewith.

**Partners Group Private Equity (Master Fund), LLC**

*(a Delaware Limited Liability Company)*

**Consolidated Schedule of Investments —**

**June 30, 2025 (Unaudited)**

The unaudited consolidated schedule of investments of Partners Group Private Equity (Master Fund), LLC (the "Fund"), a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company, as of June 30, 2025, is set forth below:

**INVESTMENT PORTFOLIO AS A PERCENTAGE OF TOTAL NET ASSETS**

![](fp0095165-1_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Industry** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value** |
| **Public Investments (11.82%)** |  |  |  |  |
| **Common Stocks (3.91%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**North America (2.24%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | Communication | 05/29/20 | 102489 | $22640845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | Utilities | 02/16/16 | 142675 | 19841812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, LLC | Diversified Financial Services | 09/05/23 | 148123 | 21012729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp. | Diversified Financial Services | 02/16/16 | 454447 | 9975112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp. | Diversified Financial Services | 06/28/19 | 66086 | 11430895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | Utilities | 02/16/16 | 107922 | 16621067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Group, Inc. | Diversified Financial Services | 07/12/19 | 89658 | 13410147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | Financials | 10/21/24 | 389366 | 7475827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | Diversified Financial Services | 12/12/22 | 126980 | 7849904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Co. | Transportation | 05/14/19 | 141161 | 14634437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | Utilities | 11/01/19 | 208087 | 14412106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corp. | Communication | 02/16/16 | 93228 | 9573583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | Transportation | 11/28/23 | 285577 | 9312666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc. | Diversified Financial Services | 07/31/20 | 16442 | 13073199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HarbourVest Global Private Equity | Diversified Financial Services | 12/21/18 | 526232 | 17987924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | Diversified Financial Services | 02/16/16 | 120962 | 16077060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | Transportation | 09/25/24 | 68718 | 11152931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Corp. | Diversified Financial Services | 02/16/16 | 188589 | 15439310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services Inc. | Commercial & Professional Services | 08/28/17 | 73014 | 17999411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | Real Estate | 09/05/23 | 48314 | 11338813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | Utilities | 06/28/23 | 148586 | 11252418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | Utilities | 11/01/19 | 221786 | 10762572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Williams Companies, Inc. | Utilities | 03/20/23 | 306883 | 19263046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Inc. | Financials | 09/25/24 | 122745 | 6433066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | Transportation | 06/29/16 | 73917 | 17000910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management Inc. | Utilities | 07/02/20 | 54299 | 12423068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (2.24%)** |  |  |  | 358394858 |
| &nbsp;&nbsp;&nbsp;**Western Europe (1.67%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group Plc | Diversified Financial Services | 10/01/20 | 348421 | 19666850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SA | Transportation | 12/21/18 | 747020 | 19858399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom SA | Communication | 05/15/19 | 779183 | 30116951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Plc | Financials | 04/26/24 | 663187 | 13524889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elia System Operator SA/NV | Utilities | 11/03/22 | 84060 | 9636779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB | Diversified Financial Services | 04/06/20 | 247644 | 8284882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurazeo SA | Financials | 12/12/16 | 210922 | 14985939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrovial SA | Industrials | 04/15/24 | 213483 | 11335217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBM Healthcare Investments AG | Diversified Financial Services | 04/07/20 | 33059 | 7098301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Trust PLC | Diversified Financial Services | 02/12/16 | 2874996 | 20285126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane S.p.A. | Communication | 09/26/24 | 787122 | 9587102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | Diversified Financial Services | 12/12/16 | 688252 | 18170314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB | Diversified Financial Services | 08/28/17 | 417059 | 12235887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | Utilities | 02/12/16 | 1150321 | 16729089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB Private Equity Partners Ltd. | Diversified Financial Services | 11/06/19 | 319232 | 6228015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pantheon International Participations Plc | Diversified Financial Services | 11/04/19 | 1773858 | 7631005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna Rete Elettrica Nazionale SpA | Utilities | 01/05/18 | 1600405 | 16375491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci SA | Transportation | 02/12/16 | 164113 | 24090634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (1.67%)** |  |  |  | 265840870 |
| **Total Common Stocks (Cost $573,341,899)(3.91%)** | **Total Common Stocks (Cost $573,341,899)(3.91%)** |  |  | $624235728 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Yield Bonds (1.07%)** |
| &nbsp;&nbsp;&nbsp;**North America (0.18%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC / Acrisure Finance, Inc. <sup>\*\*\*, +</sup> | 7.50% | 06/05/24 | 11/06/30 | Senior | $3000000 | $3085926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco, LLC <sup>+, f</sup> | 0.0525 | 06/26/25 | 07/15/32 |  | 1500000 | 1778809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelot Return Merger Sub Inc. <sup>\*\*\*, +</sup> | Cash 8.75% + SFvvv | 07/20/22 | 08/01/28 | Senior | $1500000 | 1371037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co <sup>\*\*\*, +</sup> | Cash 6.75% + SFvvv | 01/14/25 | 02/15/30 | Senior | 400000 | 411516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co. <sup>\*\*\*, +</sup> | 4.375% | 06/21/24 | 05/15/26 | Senior | 1575000 | 1850238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope LLC <sup>\*\*\*, +</sup> | Cash 9.50% + SFvvv | 12/17/24 | 12/17/31 | Senior | $718000 | 712910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corporation <sup>\*\*\*, +</sup> | 0.0425 | 05/22/25 | 10/01/28 |  | 3077000 | 2925746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings Inc. <sup>\*\*\*, +</sup> | Cash 6.38% + SFvvv | 01/31/25 | 03/01/32 | Senior | 933000 | 952968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. <sup>\*\*\*, +</sup> | 0.085 | 06/26/25 | 07/15/32 |  | 3554000 | 3594800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. <sup>+</sup> | 8.50% | 04/22/24 | 01/31/29 | Senior | 7715086 | 7099564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC <sup>\*\*\*, +</sup> | 6.87% | 10/14/24 | 11/15/31 | Senior | 1200000 | 1207910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPCB Finance VII Ltd. <sup>\*\*\*, +</sup> | 3.625% | 06/24/24 | 06/15/29 | Senior | 3646000 | 4251496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.18%)** |  |  |  |  |  | 29242920 |
| &nbsp;&nbsp;&nbsp;**Western Europe (0.89%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AccorInvest Group S.A. <sup>\*\*\*, +, d</sup> | 6.375% | 09/18/24 | 10/15/29 | Senior | 738000 | 914564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AccorInvest Group SA <sup>+</sup> | 3.75% + E## | 05/08/25 | 05/15/32 |  | 3140000 | 3732283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 S.a r.l. <sup>\*\*\*, +</sup> | 0.07 | 05/14/25 | 05/21/30 |  | $1062000 | 1088549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron UK Finance PLC <sup>\*\*\*, +, d</sup> | 5.75% | 10/02/24 | 10/15/29 | Senior | 3667000 | 3689677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deuce Finco Plc <sup>+</sup> | 5.50% | 06/24/24 | 06/15/27 | Senior | £6000000 | 8191027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deuce Finco Plc <sup>\*\*\*, +</sup> | 5.50% | 05/01/24 | 06/15/27 | Senior | 5000000 | 6825856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolcetto Holdco SPA <sup>\*\*\*, +, f</sup> | 0.05625 | 06/26/25 | 07/14/32 |  | 3555000 | 4226543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolcetto Holdco SPA <sup>\*\*\*, +, f</sup> | 3.63% + E## | 06/25/25 | 07/14/32 |  | 2630000 | 3086055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flos B&B Italia Spa <sup>\*\*\*, +</sup> | 6.38% + E## | 05/14/25 | 12/17/29 |  | 5000000 | 5678227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC <sup>\*\*\*, +</sup> | 7.25% | 05/08/24 | 02/15/31 | Senior | $5000000 | 5187430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMA Industria Macchine <sup>\*\*\*, +</sup> | 3.75% | 06/20/24 | 01/15/28 | Senior | 6000000 | 7006234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEOS Finance Plc <sup>\*\*\*, +</sup> | 7.50% | 01/31/24 | 04/15/29 | Senior | $1800000 | 1814186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luna 2.5 S.a r.l. <sup>+, f</sup> | 0.055 | 06/18/25 | 07/01/32 |  | 962000 | 1128815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Yhtiot Oy <sup>+</sup> | 0.05125 | 06/11/25 | 06/30/32 |  | 749000 | 884923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mehilainen Yhtiot Oy <sup>+</sup> | 0.03375 | 06/11/25 | 06/30/32 |  | 1817000 | 2143828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miller Homes Group Finco Plc <sup>+</sup> | 7.00% | 02/26/24 | 05/15/29 | Senior | £3500000 | 4826611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobian Finance B.V. <sup>\*\*\*, +</sup> | 3.625% | 06/19/24 | 07/15/26 | Senior | 10000000 | 11734050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Hotels GmbH <sup>\*\*\*, +</sup> | 7.75% | 05/02/24 | 04/02/31 | Senior | 2000000 | 2526990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS <sup>\*\*\*, +</sup> | 0.065 | 03/31/25 | 03/31/32 |  | $6666000 | 6769650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rossini S.à.r.l. <sup>\*\*\*, +</sup> | 6.75% | 07/11/24 | 12/31/29 | Senior | 906000 | 1124958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rossini S.à.r.l. <sup>\*\*\*, +</sup> | 3.875% + E## | 07/11/24 | 12/31/29 | Senior | 2840000 | 3373876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sammontana Italia S.p.A. <sup>\*\*\*, +, d</sup> | 3.75% + E## | 10/02/24 | 08/15/31 | Senior | 3294000 | 3860606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing PLC <sup>+, d</sup> | 6.00% | 12/03/24 | 11/15/26 | Senior | £4000000 | 5446167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwood Financing PLC <sup>\*\*\*, +</sup> | 5.55% + E## | 11/28/24 | 12/15/29 | Senior | 4800000 | 5639244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer BC Holdco A S.à.r.l. <sup>+</sup> | 9.25% | 05/08/24 | 10/31/27 | Senior | 2703158 | 3181692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teamsystem S.P.A. <sup>\*\*\*, +, f</sup> | 0.05281 | 06/18/25 | 07/01/32 |  | 4078000 | 4779997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teamsystem S.P.A. <sup>\*\*\*, +, f</sup> | 0.05 | 06/18/25 | 07/01/31 |  | 2418000 | 2845943 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**High Yield Bonds (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TeamSystem SpA <sup>\*\*\*, +</sup> | 3.50% + E## | 07/17/24 | 07/31/31 | Senior | 3830000 | $4505174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TeamSystem SpA <sup>\*\*\*, +</sup> | 3.50% | 06/20/24 | 02/15/28 | Senior | 6000000 | 7002541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisure Holding AB <sup>\*\*\*, +</sup> | 3.25% | 06/20/24 | 02/15/27 | Senior | 10000000 | 11725199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wp/ap Telecom Holdings III B.V. <sup>\*\*\*, +</sup> | 5.50% | 05/29/24 | 01/15/30 | Senior | 6000000 | 7072156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.89%)** |  |  |  |  |  | 142013051 |
| **Total High Yield Bonds (Cost $159,209,157)(1.07%)** | **Total High Yield Bonds (Cost $159,209,157)(1.07%)** | **Total High Yield Bonds (Cost $159,209,157)(1.07%)** | **Total High Yield Bonds (Cost $159,209,157)(1.07%)** |  |  | $171255971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset-Backed Securities (0.49%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (0.37%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 9 Ltd. <sup>\*\*\*, +</sup> | 6.50% + SFvv | 04/11/24 | 04/20/37 | Series 2020-9A, Class ER | $3500000 | $3602457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 21 Ltd. <sup>\*\*\*, +</sup> | 6.00% + SFvv | 04/09/24 | 04/18/37 | Series 2024-21A, Class E | 3000000 | 3104446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO Series 2015-A <sup>\*\*\*, +</sup> | 6.35% + SFvv | 08/21/24 | 10/17/34 | Series 2015-AA, Class ER3 | 1967607 | 2056162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18 Ltd . <sup>\*\*\*, +</sup> | 5.75+ SFvv | 03/21/25 | 04/15/38 | Series 2021-18A, Class DR | 2260000 | 2260000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 20 Ltd. <sup>\*\*\*, +</sup> | 6.20% + SFvv | 09/18/24 | 10/15/36 | Series 2022-20A, Class DR2 | 3000000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd. <sup>\*\*\*, +</sup> | 6.70% + SFvv | 03/22/24 | 07/25/37 | Series 2024-34A, Class E | 1000000 | 1039634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd. <sup>\*\*\*, +</sup> | 0.00% | 03/22/24 | 07/25/37 | Series 2024-34A, Class SUB | 2500000 | 2027525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-VI Ltd. <sup>\*\*\*, +</sup> | 6.25% + SFvv | 05/22/24 | 07/16/37 | Series 2019-6A, Class ER | 1200000 | 1242350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-I Ltd. <sup>\*\*\*, +</sup> | 6.00% + SFvv | 06/03/24 | 07/25/37 | Series 2021-1A, Class ER | 2500000 | 2586741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-IV Ltd. <sup>\*\*\*, +</sup> | 6.20%+ SFvv | 04/08/25 | 07/23/37 | Series 2021-4A, Class ER | 1000000 | 965701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-VI Ltd. <sup>\*\*\*, +</sup> | 6.51% + SFvv | 09/22/21 | 10/15/34 | Series 2021-6A, Class E | 1500000 | 1540727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-IV Ltd. <sup>\*\*\*, +</sup> | 7.00% + SFvv | 04/20/22 | 07/16/35 | Series 2022-4A, Class E | 1250000 | 1285754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2024-II Ltd. <sup>\*\*\*, +</sup> | 0.00% | 04/01/24 | 04/22/37 | Series 2024-2A, Class SUBB | 3000000 | 2462940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding Ltd. <sup>\*\*\*, +</sup> | 7.27% + SFvv | 04/05/22 | 04/21/35 | Series 2022-3A, Class E | 1000000 | 1028970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 26 Ltd. <sup>\*\*\*, +</sup> | 6.45% + SFvv | 02/15/24 | 04/18/37 | Series 2024-1A, Class E | 2500000 | 2595642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 28 Ltd. <sup>\*\*\*, +</sup> | 6.00% + SFvv | 04/19/24 | 04/17/37 | Series 2024-4A, Class E | 1400000 | 1455715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO VII Ltd. <sup>\*\*\*, +</sup> | 5.90% + SFvv | 09/26/24 | 10/17/37 | Series 2020-4A, Class ERR | 3750000 | 3715621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO X Ltd. <sup>\*\*\*, +, f</sup> | 5.95%+ SFvv | 06/23/25 | 07/20/38 | Series 2021-3A, Class ER2 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO X Ltd. <sup>\*\*\*, +</sup> | 5.85% + SFvv | 04/05/24 | 07/20/37 | Series 2021-3A, Class ER | 4500000 | 4599234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd. <sup>\*\*\*, +</sup> | 6.40% + SFvv | 02/04/22 | 04/15/35 | Series 2019-24A, Class ER | 4000000 | 4102552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 19 Ltd. <sup>\*\*\*, +</sup> | 5.60% + SFvv | 05/31/24 | 07/20/37 | Series 2024-19A, Class E | 950000 | 987082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 6 Ltd. <sup>\*\*\*, +</sup> | 5.25%+ SFvv | 10/11/24 | 10/20/37 | Series 2020-6A, Class ER2 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Partners XI Ltd. <sup>\*\*\*, +</sup> | 5.75% + SFvv | 05/06/24 | 04/20/37 | Series 2015-11A, Class ER2 | 2000000 | 2047106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO 2024-2 Ltd. <sup>\*\*\*, +</sup> | 5.70% + SFvv | 05/30/24 | 07/20/37 | Series 2024-2A, Class E | 4000000 | 4145820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwick Park CLO LLC <sup>\*\*\*, +</sup> | 6.51% + SFvv | 11/16/21 | 07/20/32 | Series 2019-4A, Class ER | 800000 | 811378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO XXV Ltd. <sup>\*\*\*, +</sup> | 6.76% + SFvv | 03/12/21 | 04/19/34 | Series 2021-25A, Class E | 752616 | 734220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellman Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.30% + SFvv | 07/25/24 | 07/15/37 | Series 2021-1A, Class ER | 2000000 | 2082199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.37%)** |  |  |  |  |  | 59479976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (0.12%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO V Designated Activity Co. <sup>\*\*\*, +</sup> | 6.16% + E## | 03/08/21 | 04/17/34 | Series 5A, Class ER | 1500000 | 1805928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO VII DAC <sup>\*\*\*, +</sup> | 5.86% + E## | 02/04/22 | 05/15/34 | Series 7A, Class E | 1521243 | 1798560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avoca CLO XXVI DAC <sup>\*\*\*, +</sup> | 9.12% + E## | 02/23/22 | 04/15/35 | Series 26A, Class F | 1200000 | 1453065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avoca CLO XXVI DAC <sup>\*\*\*, +</sup> | 6.51% + E## | 02/23/22 | 04/15/35 | Series 26A, Class E | 750000 | 906340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock European CLO VIII DAC <sup>\*\*\*, +</sup> | 6.26% + E## | 02/03/22 | 01/20/36 | Series 8A, Class ER | 1000000 | 1203809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyce Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.25% + SFvv | 01/28/22 | 04/21/35 | Series 2022-1A, Class E | $2625000 | 2686183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.50% + SFvv | 03/15/24 | 04/19/37 | Series 2024-1A, Class E | 1000000 | 1038844 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** | **Public Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** | &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Euro CLO 2021-1 DAC <sup>\*\*\*, +</sup> | 6.12% + E## | 05/01/21 | 04/15/34 | Series 2021-1A, Class D | 333000 | $398964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies 2015-1 Ltd. <sup>\*\*\*, +</sup> | 0.00% | 01/20/22 | 01/16/33 | Series 2015-1A, Class SUB | 3000000 | 685034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Market Strategies 2015-1 Ltd. <sup>\*\*\*, +</sup> | 5.50% + E## | 01/20/22 | 01/16/33 | Series 2015-1A, Class DR | 1502063 | 1760417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carysfort Park CLO <sup>\*\*\*, +</sup> | 6.14% + E## | 03/12/21 | 07/28/34 | Series 2021-1A, Class D | 500000 | 601868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otranto Park CLO <sup>\*\*\*, +</sup> | 7.05% + E## | 03/04/22 | 05/15/35 | Series 1A, Class E | 1172000 | 1413148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otranto Park CLO <sup>\*\*\*, +</sup> | 4.15% + E## | 03/04/22 | 05/15/35 | Series 1A, Class D | 750000 | 900263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2022-1 DAC <sup>\*\*\*, +</sup> | 5.90% + E## | 02/03/22 | 10/15/31 | Series 2022-1A, Class E | 667000 | 803564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2022-1 DAC <sup>\*\*\*, +</sup> | 8.05% + E## | 02/03/22 | 10/15/31 | Series 2022-1A, Class F | 500000 | 600781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.15% + SFvv | 09/17/24 | 10/15/37 | Series 2022-1A, Class ER | $1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.12%)** |  |  |  |  |  | 19556768 |
| **Total Asset-Backed Securities (Cost $78,419,057)(0.49%)** | **Total Asset-Backed Securities (Cost $78,419,057)(0.49%)** | **Total Asset-Backed Securities (Cost $78,419,057)(0.49%)** |  |  |  | $79036744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Floating Rate Loans (6.35%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (4.63%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAL Delaware Holdco, Inc. <sup>+</sup> | 2.75% + SFv | 01/31/25 | 07/30/31 | Senior | $794010 | 797615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC <sup>+</sup> | 3.00% + SFv | 05/06/25 | 11/06/30 | Senior | 13625277 | 13644489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure, LLC <sup>+</sup> | 3.25% + SFv | 06/05/25 | 06/21/32 | Senior | 2200000 | 2211704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA International Holdings (Lux) S.à.r.l. <sup>+</sup> | 2.75% + SFvv | 05/06/25 | 09/07/28 | Senior | 2220303 | 2236955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC <sup>+</sup> | Cash 3.00% + SF (0.75% Floor)vv | 03/26/25 | 02/01/31 | Senior | 1994987 | 2002010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+</sup> | 1.50% + SFvv | 03/11/25 | 03/11/30 | Senior | 571001 | 568386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIT Worldwide Logistics, Inc <sup>+</sup> | 4.00% + SFvv | 05/06/25 | 04/08/30 | Senior | 3980000 | 4001412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alera Group, Inc. <sup>+, f</sup> |  | 05/30/25 | 05/31/32 | Senior | 3000000 | 3022740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC <sup>+</sup> | 3.00% + SFv | 09/12/24 | 09/19/31 | Senior | 6231342 | 6258635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC <sup>+, f</sup> |  | 05/30/25 | 09/30/31 | Senior | 5400000 | 5386500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Generation LLC <sup>+, f</sup> | 2.75% + SFv | 09/19/24 | 09/30/31 | Senior | 6577432 | 6591837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altera Corporation <sup>+, f</sup> | 3.00% + SFvv | 06/18/25 | 06/21/32 | Senior | 4500000 | 4515975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Government Services Holdings LLC <sup>+</sup> | 2.25% + SFv | 07/30/24 | 09/29/31 | Senior | 944167 | 945234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. <sup>+, f</sup> |  | 05/09/25 | 05/28/32 | Senior | 1900000 | 1916150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC <sup>+</sup> | 5.50% + SFv | 05/06/25 | 05/04/28 | Senior | 8094184 | 8240932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archkey Solutions LLC <sup>+, e</sup> | Cash 4.75% + SFvv | 03/03/25 | 11/01/31 | Senior | 2893500 | 2612213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aspire Bakeries Holdings LLC <sup>+</sup> | 4.25% + SFv | 12/31/24 | 12/13/30 | Senior | 994975 | 1000736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auris Luxembourg III S.à.r.l. <sup>+</sup> | 3.75% + SFvvv | 05/06/25 | 02/28/29 | Senior | 5234374 | 5270386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc. <sup>+, e</sup> | Cash 3.25% + SFvv | 03/21/25 | 03/26/32 | Senior | 5155044 | 4529937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc. <sup>+</sup> | 3.25% + SFvv | 03/04/25 | 12/11/30 | Senior | 4544321 | 4553683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco, LLC <sup>+, f</sup> | 3.25% + SFvv | 06/26/25 | 06/25/32 | Senior | 1850000 | 1863116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bella Holding Company, LLC <sup>+</sup> | Cash 3.25% + SF (0.75% Floor)vv | 03/31/25 | 05/10/28 | Senior | 8913569 | 8959563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC <sup>+, d</sup> | 2.75% + SFvv | 10/02/24 | 10/16/31 | Senior | 8237750 | 8289236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc <sup>+</sup> | 4.00% + SFv | 05/06/25 | 03/12/29 | Senior | 6138155 | 6185664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boost Newco Borrower, LLC <sup>+</sup> | 2.00% + SFvv | 05/06/25 | 01/31/31 | Senior | 1791011 | 1799590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boxer Parent Company Inc. <sup>+</sup> | 3.00% + SFvv | 05/06/25 | 07/30/31 | Senior | 4350938 | 4351286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bracket Intermediate Holding Corp <sup>+</sup> | 4.25% + SFvv | 05/06/25 | 05/08/28 | Senior | 5444129 | 5476521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, f</sup> |  | 05/30/25 | 07/01/31 | Senior | 1837000 | 1830111 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Floating Rate Loans (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevision Lightpath LLC <sup>+</sup> | 3.00% + SFv | 05/06/25 | 11/30/27 | Senior | $7917979 | $7948939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corporation <sup>+</sup> | 1.75% + SFv | 05/06/25 | 01/31/31 | Senior | 9950000 | 9961840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Technology, Inc. <sup>+</sup> | 6.25% + SFv | 05/06/25 | 08/30/30 | Senior | 3513857 | 3566565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Inc. <sup>+</sup> | 2.00% + SFv | 03/31/25 | 01/23/32 | Senior | 995000 | 998940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc. <sup>+, f</sup> | 3.50% + SFvv | 11/14/24 | 03/24/31 | Senior | 3000000 | 2998125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd. <sup>+, f</sup> |  | 05/30/25 | 05/30/32 | Senior | 11300000 | 11300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc. <sup>+</sup> | 4.25% + SFv | 05/06/25 | 02/11/28 | Senior | 4036413 | 4043356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter NEX US, Inc. <sup>+</sup> | 2.75% + SFv | 05/06/25 | 11/29/30 | Senior | 1397940 | 1405489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHG Healthcare Services Inc. <sup>+</sup> | 3.00% + SFvv | 02/28/25 | 09/29/28 | Senior | 1781978 | 1792313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chrysaor Bidco Sarl <sup>+, e</sup> |  | 05/06/25 | 10/30/31 | Senior | 192814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC <sup>+, e</sup> | Cash 3.00% + SFvv | 03/06/25 | 04/01/32 | Senior | 4200000 | 3963108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP <sup>+</sup> | 4.5% + SFv | 03/31/25 | 01/28/32 | Senior | 2100000 | 2110941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Inc. <sup>+</sup> | Cash 3.25% + SF (0.50% Floor)vv | 03/27/25 | 04/01/32 | Senior | 3046735 | 3049081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Inc. <sup>+</sup> | Cash 3.25% + SF (0.50% Floor)vv | 03/27/25 | 04/01/32 | Senior | 53265 | 53306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colossus Acquireco LLC <sup>+, f</sup> | 1.75% + SFvv | 06/12/25 | 06/11/32 | Senior | 3800000 | 3793920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, Inc. <sup>+, f</sup> | 5.25% + SFv | 05/02/25 | 12/17/29 | Senior | 4231835 | 4289811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservice Midco, LLC <sup>+</sup> | 3.00% + SFv | 05/06/25 | 05/13/30 | Senior | 1620202 | 1627639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti Corporation <sup>+</sup> | Cash 2.75% + SFvv | 02/14/25 | 03/26/32 | Senior | 4500000 | 4485015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPPIB Capital, Inc. <sup>+</sup> | 3.25% + SFvv | 09/30/24 | 08/20/31 | Senior | 1389503 | 1393852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP <sup>+</sup> | 2.00% + SFvv | 05/06/25 | 12/31/30 | Senior | 7878685 | 7906969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Subsea Communications Holding,Inc. <sup>+</sup> | 4.00% + SFvv | 05/06/25 | 01/30/31 | Senior | 12812146 | 12894913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cube Industrials Buyer Inc. <sup>+</sup> | 3.50% + SFvv | 10/28/24 | 10/17/31 | Senior | 997500 | 1003734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta 2 (LUX) S.à.r.l. <sup>+, d</sup> |  | 09/10/24 | 09/30/31 | Senior | 1033333 | 1037694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta 2 (LUX) S.à.r.l. <sup>+</sup> | 2.00% + SFvv | 09/10/24 | 09/10/31 | Senior | 2066667 | 2075388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta TopCo, Inc. <sup>+</sup> | 2.75% + SFvv | 05/06/25 | 11/30/29 | Senior | 6571073 | 6569035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dotdash Meredith Inc <sup>+</sup> | 3.50% + SFvv | 06/05/25 | 06/17/32 | Senior | 783000 | 786915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer, Inc. <sup>+</sup> | 3.00% + SFvv | 09/24/24 | 09/30/31 | Senior | 5771000 | 5789063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTI Holdco, Inc. <sup>+</sup> | 4.00% + SFv | 05/06/25 | 04/26/29 | Senior | 6869939 | 6815530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynamo Newco II GmbH <sup>+</sup> | 4.00% + SFvvv | 09/25/24 | 09/26/31 | Senior | 4615125 | 4651215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI Macola Max Holding, LLC <sup>+</sup> | 3.25% + SFvv | 05/06/25 | 05/09/30 | Senior | 1632373 | 1638935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECO Material Tech Inc. <sup>+</sup> | Cash 3.25% + SFvv | 03/31/25 | 02/12/32 | Senior | 2000000 | 2013760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epic Crude Services, LP <sup>+</sup> | 3.00% + SFvv | 10/22/24 | 10/15/31 | Senior | 2244375 | 2258425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc. <sup>+</sup> | 3.25% + SFv | 05/06/25 | 02/12/31 | Senior | 6237118 | 6266058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filtration Group Corporation <sup>+</sup> | 3.00% + SFv | 05/06/25 | 10/21/28 | Senior | 2026500 | 2039530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC <sup>+</sup> | 5.00% + SFvv | 11/15/24 | 03/30/27 | Senior | 1244144 | 1208512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC <sup>+</sup> | 5.00% + SFvv | 11/12/24 | 03/30/27 | Senior | 740042 | 718951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flash Charm, Inc. <sup>+</sup> | 3.50% + SFvv | 05/06/25 | 03/02/28 | Senior | 1219933 | 1147286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC <sup>+, f</sup> |  | 05/30/25 | 09/15/31 | Senior | 4800000 | 4764000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC <sup>+, f</sup> | Cash 2.75% + SFvv | 01/28/25 | 09/15/31 | Senior | 8879500 | 8889623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis 333, Inc. <sup>+, f</sup> | 3.50% + SFv | 02/06/25 | 03/29/32 | Senior | 3000000 | 3018750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Ltd. <sup>+, d</sup> | 2.00% + SFvv | 09/17/24 | 09/17/31 | Senior | 7959273 | 7862090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+</sup> | 3.25% + SFvv | 05/06/25 | 01/09/32 | Senior | 13360196 | 13430604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+, f</sup> |  | 05/30/25 | 01/09/32 | Senior | 2600000 | 2613702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesys Cloud Services Holdings II LLC <sup>+</sup> | Cash 2.50% + SFvv | 03/31/25 | 01/30/32 | Senior | 6583500 | 6606345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. <sup>+</sup> | Cash 2.50% + SFvv | 03/07/25 | 02/04/32 | Senior | 1200000 | 1201956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gloves Buyer, Inc. <sup>+, f</sup> | 4.00% + SFv | 01/17/25 | 01/17/32 | Senior | 3400000 | 3350428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Food LLC <sup>+</sup> | 4.25% + SFv | 12/12/24 | 12/04/31 | Senior | 2630191 | 2647761 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Floating Rate Loans (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC <sup>+</sup> | 2.75% + SFv | 05/06/25 | 06/02/31 | Senior | $3870799 | $3884734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC <sup>+, f</sup> |  | 05/08/25 | 06/02/31 | Senior | 5000000 | 5035950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc. <sup>+, e</sup> | 3.50% + SFv | 12/31/24 | 10/23/31 | Senior | 1944177 | 1954559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanger, Inc. <sup>+, e</sup> | 3.50% + SFv | 10/16/24 | 10/23/31 | Senior | 250856 | 36707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental, LLC <sup>+</sup> | 4.50% + SFvv | 05/17/24 | 04/28/28 | Senior | 8440347 | 8468875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Help/Systems Holdings, Inc. <sup>+</sup> | 4.00% + SFvv | 05/11/21 | 11/19/26 | Senior | 4019697 | 3840418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings Inc <sup>+</sup> | 2.00% + SFvv | 05/16/25 | 06/02/32 | Senior | 1000000 | 1005420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herschend Entertainment Company, LLC <sup>+, f</sup> |  | 05/15/25 | 05/27/32 | Senior | 600000 | 606000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hobbs & Associates LLC <sup>+, e</sup> | 3.25% + SFv | 09/30/24 | 07/23/31 | Senior | 6078690 | 5525962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Socotec <sup>+, d</sup> | 3.75% + SF | 11/22/24 | 06/30/28 | Senior | 1440244 | 1453753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden Group Holdings Ltd. <sup>+</sup> | 3.50% + SFv | 05/06/25 | 04/18/30 | Senior | 3071040 | 3094349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International Limited <sup>+</sup> | 2.50% + SFvv | 05/06/25 | 06/20/30 | Senior | 927241 | 932972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Inc. <sup>+, f</sup> | 3.25% + SFvv | 05/06/25 | 01/20/32 | Senior | 9386807 | 9419098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd. (Yukon Acquisition Inc.) <sup>+</sup> | 4.50% + SFvv | 02/02/24 | 02/15/29 | Senior | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illuminate Buyer, LLC <sup>+, d</sup> |  | 10/10/24 | 12/31/29 | Senior | 1588000 | 1597306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imagine Learning LLC <sup>+, f</sup> | 3.50% + SFv | 05/06/25 | 12/21/29 | Senior | 8978026 | 8823424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception Holdco S.à.r.l. <sup>+</sup> | 3.75% + SFvv | 05/06/25 | 04/09/31 | Senior | 1089000 | 1099901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception Holdco S.à.r.l. <sup>+, f</sup> |  | 05/30/25 | 04/18/31 | Senior | 300000 | 303003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos US Finance LLC <sup>+, f</sup> |  | 05/02/25 | 11/08/28 | Senior | 857143 | 839914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. <sup>+</sup> | 5.00% + SFv | 12/31/24 | 10/30/31 | Senior | 2288500 | 2309966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Entertainment JJCo 3 Ltd. <sup>+, f</sup> | 3.75% + SFvv | 05/02/25 | 04/29/32 | Senior | 4600000 | 4634500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Satellite LLC <sup>+</sup> | 4.75% + SFv | 03/26/25 | 09/20/30 | Senior | 2473176 | 2484973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies Corp <sup>+, d</sup> | 2.00% + SFv 2.75% + SFv2.75% + SFv | 05/06/25 | 01/02/23 | Senior | 997500 | 1002986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaman Corporation <sup>+, e</sup> | 2.75% + SFvvv | 01/30/25 | 02/26/32 | Senior | 2500000 | 2291981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaseya Inc. <sup>+</sup> | Cash 3.25% + SFvv | 03/31/25 | 03/20/32 | Senior | 5286750 | 5326031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kdc/one Development Corporation, Inc. <sup>+</sup> | 4.00% + SFv | 05/06/25 | 08/15/28 | Senior | 3676919 | 3693685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Apple Bidco, LLC <sup>+</sup> | 3.25% + SFv | 02/14/25 | 09/23/31 | Senior | 4477500 | 4495052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lernen Bidco Ltd. <sup>+</sup> | 4.00% + SFvv | 11/04/24 | 10/27/31 | Senior | 4179026 | 4209491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF12 Crown US Commercial Bidco LLC <sup>+, d</sup> | CME Term SOFR + 4.25% | 10/11/24 | 12/02/31 | Senior | 6800000 | 6825500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison IAQ LLC <sup>+</sup> | Cash 3.25% + SF (0.50% Floor)vv | 03/28/25 | 03/28/32 | Senior | 6000000 | 6038760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC <sup>+</sup> | Cash 2.75% + SFvv | 09/26/24 | 09/26/31 | Senior | 1985000 | 1996176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Bidco S.a.r.l. <sup>+</sup> | 4.25% + SFv | 05/06/25 | 07/30/29 | Senior | 8523676 | 8587604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavis Tire Express Services Corp. <sup>+, f</sup> |  | 06/10/25 | 05/04/28 | Senior | 2593500 | 2607142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee, LLC <sup>+</sup> | 3.00% + SFv | 05/06/25 | 03/01/29 | Senior | 3130881 | 3067292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDVIP, Inc. <sup>+</sup> | 2.75% + SFv | 05/06/25 | 10/16/28 | Senior | 2765105 | 2772045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimax Viking GmbH <sup>+</sup> | Cash 2.25% + SFvv | 03/27/25 | 03/17/32 | Senior | 2100000 | 2114448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings, LLC <sup>+</sup> | Cash 3.25% + SFvv | 03/26/25 | 01/28/29 | Senior | 3635082 | 3660092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion Finco Sarl <sup>+</sup> | 3.50% + SFvv | 05/06/25 | 11/12/29 | Senior | 2952774 | 2843285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC <sup>+</sup> | 3.25% + SFvv | 04/09/25 | 01/24/29 | Senior | 1326995 | 984192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC <sup>+</sup> | 6.00% + SFvv | 05/06/25 | 01/24/30 | Senior | 335121 | 157088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Group, Inc. <sup>+</sup> | 3.25% + SFvv | 05/06/25 | 08/19/26 | Senior | 1071076 | 996101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newly Weds Foods Inc. <sup>+</sup> | Cash 2.25% + SFvv | 03/19/25 | 03/15/32 | Senior | 4500000 | 4522500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nielsen Consumer Inc. <sup>+</sup> | 5.00% + SFv | 03/31/25 | 03/06/28 | Senior | 4588500 | 4607863 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Floating Rate Loans (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods US LLC <sup>+</sup> | &nbsp;&nbsp;2.50% + SFvvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;11/12/29 | &nbsp;&nbsp;Senior | $1161379 | $1162831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+</sup> | &nbsp;&nbsp;3.25% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;04/03/28 | &nbsp;&nbsp;Senior | 2364165 | 2379981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+</sup> | &nbsp;&nbsp;3.25% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;04/03/28 | &nbsp;&nbsp;Senior | 2641535 | 2661346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSM Top Holdings Corp. <sup>+</sup> | &nbsp;&nbsp;4.75% + SFvv | &nbsp;&nbsp;06/13/25 | &nbsp;&nbsp;05/14/29 | &nbsp;&nbsp;Senior | 3307548 | 3331032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuvei Technologies Corp. <sup>+</sup> | &nbsp;&nbsp;3.00% + SFv | &nbsp;&nbsp;12/13/24 | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;Senior | 3740625 | 3752745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nvent Electric Public Limited Company <sup>+</sup> | &nbsp;&nbsp;Cash 3.50% + SFvv | &nbsp;&nbsp;03/31/25 | &nbsp;&nbsp;01/30/32 | &nbsp;&nbsp;Senior | 1850000 | 1861304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corporation <sup>+</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;06/20/31 | &nbsp;&nbsp;Senior | 1370234 | 1362451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC <sup>+</sup> | &nbsp;&nbsp;3.00% + SFv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;07/02/31 | &nbsp;&nbsp;Senior | 5247000 | 5255185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opal Bidco SAS <sup>+, f</sup> |  | &nbsp;&nbsp;05/02/25 | &nbsp;&nbsp;04/28/32 | &nbsp;&nbsp;Senior | 6100000 | 6149593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion US Finco Inc. <sup>+, f</sup> |  | &nbsp;&nbsp;05/20/25 | &nbsp;&nbsp;05/20/32 | &nbsp;&nbsp;Senior | 4800000 | 4834272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paint Intermediate III LLC <sup>+</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;09/11/24 | &nbsp;&nbsp;09/11/31 | &nbsp;&nbsp;Senior | 1296750 | 1294727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus BidCo BV <sup>+</sup> | &nbsp;&nbsp;3.25% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;07/12/29 | &nbsp;&nbsp;Senior | 6932546 | 6997574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plano HoldCo, Inc. <sup>+</sup> | &nbsp;&nbsp;3.50% + SFvv | &nbsp;&nbsp;08/02/24 | &nbsp;&nbsp;08/15/31 | &nbsp;&nbsp;Senior | 4788000 | 4620420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary Products Finance LLC <sup>+</sup> | &nbsp;&nbsp;3.25% + SFv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;04/01/29 | &nbsp;&nbsp;Senior | 2567565 | 2568926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation <sup>+</sup> | &nbsp;&nbsp;2.25% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;03/31/28 | &nbsp;&nbsp;Senior | 1344250 | 1351576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proampac PG Borrower LLC <sup>+</sup> | &nbsp;&nbsp;4.00% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;09/15/28 | &nbsp;&nbsp;Senior | 1977736 | 1989859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. <sup>+</sup> | &nbsp;&nbsp;3.25% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;10/26/30 | &nbsp;&nbsp;Senior | 6320240 | 6364102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometric Holdings, Inc. <sup>+, f</sup> | &nbsp;&nbsp;3.75% + SFvv | &nbsp;&nbsp;06/18/25 | &nbsp;&nbsp;06/25/32 | &nbsp;&nbsp;Senior | 5400000 | 5427000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometric Holdings, Inc. <sup>+</sup> |  | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;01/31/28 | &nbsp;&nbsp;Senior | 5820874 | 5712483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proofpoint, Inc. <sup>+, f</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;06/18/25 | &nbsp;&nbsp;08/31/28 | &nbsp;&nbsp;Senior | 1500000 | 1509390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz Acquireco LLC <sup>+</sup> | &nbsp;&nbsp;Cash 2.25% + SFvv | &nbsp;&nbsp;03/25/25 | &nbsp;&nbsp;06/28/30 | &nbsp;&nbsp;Senior | 4974684 | 4996473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. <sup>+</sup> | &nbsp;&nbsp;Cash 2.25% + SFvv | &nbsp;&nbsp;03/31/25 | &nbsp;&nbsp;02/10/32 | &nbsp;&nbsp;Senior | 2872800 | 2879637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Inc <sup>+</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;04/23/25 | &nbsp;&nbsp;04/30/32 | &nbsp;&nbsp;Senior | 453333 | 457540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners Inc <sup>+</sup> | &nbsp;&nbsp;5.00% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;01/31/29 | &nbsp;&nbsp;Senior | 2158969 | 2157338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners Inc <sup>+, f</sup> |  | &nbsp;&nbsp;06/26/25 | &nbsp;&nbsp;06/25/32 | &nbsp;&nbsp;Senior | 7400000 | 7407326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rand Parent, LLC <sup>+</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;03/18/30 | &nbsp;&nbsp;Senior | 5537640 | 5516929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings LLC <sup>+, e</sup> | &nbsp;&nbsp;3.25% + SFv | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;11/19/31 | &nbsp;&nbsp;Senior | 2993000 | 2798469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc. <sup>+</sup> | &nbsp;&nbsp;Cash 3.75% + SF (1.00% Floor)vv | &nbsp;&nbsp;01/24/25 | &nbsp;&nbsp;02/20/30 | &nbsp;&nbsp;Senior | 8795271 | 8845668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Planet Borrower, LLC <sup>+</sup> | &nbsp;&nbsp;5.25% + SFv | &nbsp;&nbsp;12/31/24 | &nbsp;&nbsp;10/02/28 | &nbsp;&nbsp;Senior | 3192000 | 3213291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Holding GmbH <sup>+</sup> | &nbsp;&nbsp;Cash 5.50% + SFvvv; PIK 1.49% | &nbsp;&nbsp;02/19/25 | &nbsp;&nbsp;01/31/29 | &nbsp;&nbsp;Senior | 6720353 | 6532721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group LLC <sup>+</sup> | &nbsp;&nbsp;2.25% + SFv | &nbsp;&nbsp;09/10/24 | &nbsp;&nbsp;09/15/31 | &nbsp;&nbsp;Senior | 995000 | 999975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saphilux S.à.r.l. <sup>+, f</sup> |  | &nbsp;&nbsp;05/22/25 | &nbsp;&nbsp;07/18/28 | &nbsp;&nbsp;Senior | 4500000 | 4533750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sauer Brands Inc. <sup>+, e</sup> | &nbsp;&nbsp;Cash 3.25% + SFvv | &nbsp;&nbsp;03/31/25 | &nbsp;&nbsp;02/04/32 | &nbsp;&nbsp;Senior | 1000000 | 919864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings Inc. <sup>+</sup> | &nbsp;&nbsp;3.00% + SFvv | &nbsp;&nbsp;05/28/25 | &nbsp;&nbsp;01/31/29 | &nbsp;&nbsp;Senior | 498747 | 500597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, LLC <sup>+, f</sup> |  | &nbsp;&nbsp;05/08/25 | &nbsp;&nbsp;06/30/32 | &nbsp;&nbsp;Senior | 900000 | 910125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopima Merger Sub Inc. <sup>+</sup> | &nbsp;&nbsp;3.75% + SFv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;05/12/28 | &nbsp;&nbsp;Senior | 12708332 | 12590526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snacking Investments Bidco Pty Limited <sup>+</sup> | &nbsp;&nbsp;4.00% + SFvv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;12/18/26 | &nbsp;&nbsp;Senior | 1231750 | 1242996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC <sup>+</sup> | &nbsp;&nbsp;3.25% + SFvv | &nbsp;&nbsp;12/05/24 | &nbsp;&nbsp;12/04/31 | &nbsp;&nbsp;Senior | 1895250 | 1904802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance, LLC <sup>+</sup> | &nbsp;&nbsp;4.00% + SFv | &nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;08/13/29 | &nbsp;&nbsp;Senior | 4604115 | 4639290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spa Holdings 3 Oy <sup>+</sup> |  | &nbsp;&nbsp;05/23/35 | &nbsp;&nbsp;05/23/30 | &nbsp;&nbsp;Senior | 6700000 | 6720971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spring Education Group, Inc. <sup>+, e</sup> | &nbsp;&nbsp;4.00% + SFvv | &nbsp;&nbsp;09/29/23 | &nbsp;&nbsp;10/04/30 | &nbsp;&nbsp;Senior | 7720636 | 7776148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC <sup>+</sup> | &nbsp;&nbsp;2.75% + SFv | &nbsp;&nbsp;02/03/25 | &nbsp;&nbsp;04/09/32 | &nbsp;&nbsp;Senior | 1800000 | 1809000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storable, Inc. <sup>+</sup> | &nbsp;&nbsp;Cash 3.25% + SFvv | &nbsp;&nbsp;03/31/25 | &nbsp;&nbsp;04/16/31 | &nbsp;&nbsp;Senior | 2793000 | 2801742 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Floating Rate Loans (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student Transportation of America Holdings, Inc <sup>+, e, f</sup> |  | 06/10/25 | 06/24/32 | Senior | $900000 | $785945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.a r.l <sup>+</sup> | 5.00% + SFvv | 05/06/25 | 02/15/29 | Senior | 5651011 | 5621446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.a r.l <sup>+</sup> | 5.00% + SFvv | 05/06/25 | 02/15/29 | Senior | 5665281 | 5707771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Acquisition Inc. <sup>+</sup> | 3.75% + SFvv | 12/31/24 | 10/16/31 | Senior | 997500 | 1002488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise Financing Partnership <sup>+</sup> | 2.50% + SFvvv | 03/28/25 | 02/15/32 | Senior | 4300000 | 4304386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. <sup>+</sup> | 2.75% + SFv | 05/06/25 | 12/19/30 | Senior | 885875 | 890863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tacala, LLC <sup>+</sup> | 3.50% + SFv | 05/06/25 | 01/31/31 | Senior | 2370090 | 2388506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecta America Corp. <sup>+</sup> | Cash 3.00% + SFvv | 02/12/25 | 02/18/32 | Senior | 1400000 | 1408540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex Corporation <sup>+</sup> | 2.00% + SFv | 12/31/24 | 10/08/31 | Senior | 1995000 | 2009763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thevelia (US) LLC <sup>+</sup> | 3.00% + SFvv | 09/30/24 | 06/18/29 | Senior | 8945498 | 8995861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidal Waste & Recycling Holdings LLC <sup>+</sup> | 3.50% + SFvv | 12/31/24 | 10/24/31 | Senior | 997500 | 1007016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH <sup>+</sup> | 3.00% + SFv | 03/04/25 | 04/30/30 | Senior | 9732095 | 9806254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMF Group Holding B.V. <sup>+</sup> | 2.75% + SFvv | 01/15/25 | 05/03/28 | Senior | 1943464 | 1955611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. <sup>+</sup> | 2.50% + SFvv | 09/25/24 | 01/19/32 | Senior | 4664750 | 4684249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. <sup>+</sup> | 3.75% + SFvv | 05/06/25 | 09/15/28 | Senior | 1646246 | 1627364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings LLC <sup>+</sup> | 3.25% + SFv | 06/12/25 | 06/17/32 | Senior | 6500000 | 6558955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC <sup>+</sup> | 2.75% + SFvv | 05/30/25 | 05/06/31 | Senior | 900000 | 901692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC <sup>+, f</sup> |  | 06/05/25 | 05/06/31 | Senior | 900000 | 897750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG Inc. <sup>+</sup> | 3.00% + SFv | 05/06/25 | 02/10/31 | Senior | 3909630 | 3934652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upfield B.V. <sup>+</sup> | 3.75% + SFvv | 05/06/25 | 01/03/28 | Senior | 12952468 | 12987569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USALCO LLC <sup>+, d, e</sup> | 4.00% + SFv | 09/17/24 | 09/17/31 | Senior | 1642521 | 1498420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Brands, Inc. <sup>+</sup> | Cash 3.50% + SFvv | 08/26/24 | 08/26/31 | Senior | 3790500 | 3805207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verifone Systems, Inc. <sup>+</sup> | 5.50% + SFvv | 04/07/25 | 08/18/28 | Senior | 2000000 | 1945000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtusa Corporation <sup>+</sup> | 3.25% + SFvv | 06/14/24 | 02/15/29 | Senior | 3017800 | 3021602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. <sup>+</sup> | 4.00% + SFvv | 05/06/25 | 04/24/28 | Senior | 3284383 | 3194063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent, LLC <sup>+, f</sup> |  | 05/08/25 | 05/09/32 | Senior | 3000000 | 2993700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Buyer, LLC <sup>+</sup> | 2.75% + SFvv | 05/06/25 | 04/12/31 | Senior | 3791398 | 3816686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc. <sup>+</sup> | 2.25% + SFv | 05/06/25 | 10/22/29 | Senior | 2974149 | 2992738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windsor Holdings III, LLC <sup>+</sup> | 2.75% + SFv | 05/06/25 | 08/01/30 | Senior | 2260993 | 2267301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WOOF Holdings, Inc <sup>+, f</sup> | 3.95% + SFvv | 05/30/25 | 12/31/29 | Senior | 3902067 | 3326512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WOOF Holdings, Inc <sup>+</sup> | 3.75% + SFvv | 05/30/25 | 12/31/29 | Senior | 1138830 | 632996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldwide Express Operations, LLC <sup>+, f</sup> | 4.00%+SFvv | 12/31/24 | 07/26/28 | Senior | 12371478 | 12396592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zacapa S.à.r.l. <sup>+</sup> | 3.75% + SFvv | 12/31/24 | 03/22/29 | Senior | 9186295 | 9224235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (4.63%)** |  |  |  |  |  | 740736834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (1.72%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AD Education <sup>+, d</sup> | 4.00% + E#### | 10/22/24 | 11/14/31 | Senior | 4500000 | 5303133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADB Safegate BV <sup>+, f</sup> |  | 05/23/25 | 05/24/32 | Senior | 1800000 | 2126323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, f</sup> |  | 05/09/25 | 09/30/28 | Senior | 4300000 | 5072585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 3 S.à.r.l. <sup>+</sup> | Cash 3.00% + SF (0.50% Floor)vv | 02/14/25 | 08/16/29 | Senior | $4893223 | 4882847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apleona Holding GmbH <sup>+, e, f</sup> |  | 05/02/25 | 04/10/32 | Senior | 4600000 | 5021190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Acquisitions (UK) Limited <sup>+</sup> | 3.00% + E## | 05/06/25 | 07/07/31 | Senior | 4000000 | 4632603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artemis Bidco SAS <sup>+, f</sup> |  | 05/28/25 | 05/28/32 | Senior | 3600000 | 4240099 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Floating Rate Loans (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athena Holdco S.A.S. <sup>+</sup> | 3.25% + E## | 05/06/25 | 04/14/31 | Senior | 3400000 | $4003620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auris Luxembourg III S.à.r.l. <sup>+</sup> | 4.00% + E### | 05/06/25 | 02/28/29 | Senior | 4000000 | 4709907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoForm Engineering GmbH <sup>+</sup> | 3.75% + E## | 04/02/25 | 02/28/29 | Senior | 3300000 | 3895431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Care Bidco SAS <sup>+, d, f</sup> | 3.50% + E## | 05/13/24 | 11/06/28 | Senior | 2100000 | 2474278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casper BidCo SAS <sup>+</sup> | 3.75% + E# | 05/06/25 | 03/21/31 | Senior | 5900000 | 6929874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Firefly Bidco Limited <sup>+, d</sup> | 5.50% + SF>> | 05/06/25 | 06/21/28 | Senior | £5500000 | 7544639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Firefly Bidco Limited <sup>+, f</sup> | 4.75% + SF>>>> | 05/06/25 | 04/29/29 | Senior | 6500000 | 8890388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerelia <sup>+, f</sup> |  | 06/03/25 | 06/24/32 | Senior | 2600000 | 3062294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chrysaor Bidco S.à.r.l. <sup>+</sup> | SFv | 05/15/24 | 05/14/24 |  | $2594166 | 2615724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global LP <sup>+</sup> | 3.00% + E# | 05/06/25 | 07/16/31 | Senior | 7012491 | 8227998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colosseum Dental Finance B.V. <sup>+, f</sup> | 3.75% + E### | 06/23/25 | 03/22/32 | Senior | 1900000 | 2240171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Bidco Limited <sup>+</sup> | 3.25% + E# | 05/06/25 | 03/20/28 | Senior | 6900000 | 8079168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elsan SAS <sup>+</sup> | 3.50% + E## | 05/06/25 | 06/16/31 | Senior | 5000000 | 5874359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finco Utilitas BV <sup>+, f</sup> |  | 05/30/25 | 09/30/30 | Senior | 4300000 | 5055127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+</sup> | 3.25% + E## | 04/04/25 | 01/09/32 | Senior | 3000000 | 3524369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBX Group International PLC <sup>+</sup> | Cash 2.75% + E### | 03/26/25 | 02/18/32 | Senior | 5200000 | 6109333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGT Holding IV AB <sup>+</sup> | Cash 3.50% + SF (0.50% Floor)vvv | 03/19/25 | 09/01/31 | Senior | $3324000 | 3355179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspired FinCo Holdings Ltd. <sup>+, f</sup> | Cash 3.25% + E### | 02/06/25 | 02/28/31 | Senior | 244444 | 286474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspired Finco Holdings Ltd. <sup>+, f</sup> | 3.25% + E## | 02/06/25 | 02/28/31 | Senior | 2037037 | 2390269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspired Finco Holdings Ltd. <sup>+, f</sup> | Cash 3.25% + E### | 02/06/19 | 02/28/31 | Senior | 1018519 | 1195135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Entertainment JJCo 3 Ltd. <sup>+, f</sup> | 4.75% + SF>>>> | 05/02/25 | 04/29/32 | Senior | £2500000 | 3447945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lernen Bidco Limited <sup>+</sup> | 4.00% + E### | 05/06/25 | 04/25/29 | Senior | 6000000 | 7066832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF10 XL Bidco S.C.A. <sup>+, d</sup> | 4.175% + E## | 05/07/24 | 04/12/28 | Senior | 5000000 | 5843029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luna 2.5 S.à.r.l. <sup>+, f</sup> |  | 06/18/25 | 06/28/32 | Senior | 1600000 | 1882818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasOrange Finco Plc <sup>+</sup> | Cash 2.75% + E## | 02/21/25 | 03/25/31 | Senior | 24197458 | 28204317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motel One GmbH <sup>+, f</sup> | 4.50% + E## | 05/02/25 | 05/03/32 | Senior | 8300000 | 9800132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobian Finance B.V. <sup>+, f</sup> |  | 05/30/25 | 07/01/29 | Senior | 3200000 | 3750615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobian Finance B.V. <sup>+</sup> | Cash 3.50% + E## | 03/04/25 | 07/31/30 | Senior | 5400000 | 6307683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platin2025 Holdings S.a r.l. <sup>+</sup> | 3.15% + E## | 05/06/25 | 12/29/28 | Senior | 6000000 | 6989880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosol SAS <sup>+, f</sup> |  | 06/04/25 | 07/12/31 | Senior | 2100000 | 2470311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosol SAS <sup>+</sup> | 3.50% + E## | 05/06/25 | 07/12/28 | Senior | 4800000 | 5646425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quimper AB <sup>+, d</sup> | 3.75% + E# | 05/17/24 | 03/15/30 | Senior | 7000000 | 8232727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Holding GmbH <sup>+</sup> | 5.00% + E## | 05/06/25 | 01/31/29 | Senior | 6010086 | 6813053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubix Group Midco 3 Limited <sup>+, f</sup> |  | 05/23/25 | 09/30/28 | Senior | 6400000 | 7547416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Speedster Bidco GmbH <sup>+, d</sup> | 3.75% + E## | 10/18/24 | 10/17/31 | Senior | 10000000 | 11775002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sport Group Holding GmbH <sup>+</sup> | Cash 4.00% + E### | 01/08/25 | 07/08/31 | Senior | 2600000 | 3064704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.à.r.l. <sup>+</sup> | 4.50% + E## | 05/07/24 | 01/31/29 | Senior | 570642 | 666246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Holdco B S.à.r.l. <sup>+</sup> | Cash 4.50% + E### | 03/04/25 | 01/31/29 | Senior | 3737050 | 4363148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talbot Participation S.A.S <sup>+, f</sup> | 3.50% + E### | 06/27/25 | 06/25/32 | Senior | 6200000 | 7299337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco Sarl <sup>+</sup> | 3.45% + E## | 05/06/25 | 09/30/29 | Senior | 10700000 | 12506844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thyme HoldCo S.a r.l. <sup>+, f</sup> | 3.50% + E## | 06/27/25 | 06/28/32 | Senior | 5800000 | 6835558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMF Group Holding B.V. <sup>+</sup> | 3.25% + E## | 05/06/25 | 05/03/28 | Senior | 2000000 | 2355352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (1.72%)** |  |  |  |  |  | 274611891 |
| **Total Floating Rate Loans (Cost $984,544,750)(6.35%)** | **Total Floating Rate Loans (Cost $984,544,750)(6.35%)** | **Total Floating Rate Loans (Cost $984,544,750)(6.35%)** | **Total Floating Rate Loans (Cost $984,544,750)(6.35%)** |  |  | $1015348725 |
| **Total Public Investments (Cost $1,795,514,863)(11.82%)** | **Total Public Investments (Cost $1,795,514,863)(11.82%)** | **Total Public Investments (Cost $1,795,514,863)(11.82%)** | **Total Public Investments (Cost $1,795,514,863)(11.82%)** |  |  | $1889877168 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (94.44%)** | **Private Equity Investments (94.44%)** | **Private Equity Investments (94.44%)** | **Private Equity Investments (94.44%)** | **Private Equity Investments (94.44%)** | **Private Equity Investments (94.44%)** |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (63.25%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (57.08%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (3.34%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAVAS Financiers Limited <sup>+, a, e</sup> | Common equity | 03/28/18 | 2623753 | $11186881 | $3071382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan Mauritius Limited <sup>+, a, e</sup> | Common equity | 05/09/16 | 106215 | 10621500 | 14228402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Education <sup>+, a, e</sup> | Common equity | 01/21/25 | 19328293 | 19328293 | 19663716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuity CNC Capital Limited <sup>+, a</sup> | Common equity | 03/01/18 | 1021 | 1021 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSquare Operating HoldCo Pte. Ltd. <sup>+, a, e</sup> | Preferred equity | 03/06/25 | 389330 | 246903 | 254810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreenSquare Operating HoldCo Pte. Ltd. <sup>+, a, e</sup> | Common equity | 03/06/25 | 7946 | 5039 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntress Co-Investment L.P., 1 <sup>+, a, c</sup> | Limited partnership interest | 04/08/16 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pebble Co-Invest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 05/13/21 |  | 29283000 | 30975265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Asset Hold Trust <sup>+, a, e</sup> | Common equity | 09/10/18 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Asset Hold Trust <sup>+, a, e</sup> | Common equity | 07/30/20 | 1 | 11765 | 12149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Project Hold Trust <sup>+, a, e</sup> | Common equity | 07/30/20 | 1 | 2942 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Project Hold Trust <sup>+, a, e</sup> | Common equity | 09/10/18 | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Terra Pte. Ltd. <sup>+, a, b, e</sup> | Common equity | 05/14/21 | 7980885 | 8322911 | 11578834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, b, e</sup> | Common equity | 03/03/21 | 5433284 | 5429378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, b, e</sup> | Preferred equity | 03/03/21 | 7421005 | 63570472 | 21544599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup> | Common equity | 04/25/22 | 1209387 | 1207432 | 1547669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup> | Preferred equity | 04/25/22 | 22978363 | 23054747 | 29405707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Power Pte. Ltd. <sup>+, a, e</sup> | Common equity | 10/30/24 | 3026755 | 2064013 | 2374664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platform Hold Trust <sup>+, a, e</sup> | Preferred equity | 03/06/25 | 17921420 | 1203367 | 1241907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, c, e</sup> | Member interest | 12/27/22 |  | 11944526 | 11944526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup> | Common equity | 12/27/22 | 1571724 | 1704922 | 8488441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup> | Preferred equity | 12/27/22 | 3371095 | 3379594 | 3379594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Upswing Co-Invest, L.P. <sup>+, a, c</sup> | Limited partnership interest | 01/10/19 |  | 18518292 | 15921139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zenith Longitude Limited <sup>+, a, b, e</sup> | Common equity | 08/13/21 | 26838037 | 126985067 | 357612934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (3.34%)** |  |  |  |  | 533253980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (26.10%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+, a</sup> | Common equity | 03/11/25 | 4145864 | 3866765 | 3866765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings, L.P. <sup>+, a, c</sup> | Limited partnership interest | 12/01/21 |  | 24784703 | 43078416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Holdings LP <sup>+, a, c</sup> | Limited partnership interest | 10/22/24 |  | 30810000 | 38819398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmSurg HoldCo, LLC <sup>+, a</sup> | Common equity | 11/03/23 | 896098 | 27959148 | 36778067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP VIII Prime Security Services Holdings, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 05/02/16 |  | 5925072 | 4142769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC <sup>+, a</sup> | Common equity | 03/03/25 | 351924 | 351924 | 351924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VII Co-Invest ERT <sup>+, a, c</sup> | Limited partnership interest | 04/28/21 |  | 44578381 | 94465676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Hercules Holdings, LP <sup>+, a</sup> | Common equity | 07/30/18 | 869932 | 869932 | 2048080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BI Gen Holdings, Inc. <sup>+, a</sup> | Common equity | 01/01/21 | 14561 | 150000 | 283296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a, b</sup> | Common equity | 03/01/17 | 3020546 | 4168272 | 2251984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Technology, Inc. <sup>+, a</sup> | Common equity | 08/30/24 | 306125 | 4205000 | 4205000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Poly Holdings, LLC <sup>+, a, e</sup> | Preferred equity | 08/16/16 | 171270 | 17127003 | 25715733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Titan MidCo Holdings, Inc. <sup>+, a</sup> | Common equity | 01/01/21 | 56634 | 56634 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBI Parent, L.P. <sup>+, a, c</sup> | Limited partnership interest | 01/06/21 |  | 117093144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBI Parent, L.P. <sup>+, a</sup> | Preferred equity | 10/17/22 | 5611689 | 5611689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Mercury Co-Investor, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 10/14/20 |  | 53921126 | 174415430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checkers Topco, LLC <sup>+, a</sup> | Common equity | 06/16/23 | 9517 | 94154 | 78697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies, LLC <sup>+, a</sup> | Common equity | 03/05/24 | 3429 | 8436000 | 15350011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent Health Holdings LP <sup>+, a, b</sup> | Common equity | 05/30/19 | 30344 | 33244066 | 71541690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConvergeOne Holdings, Inc. <sup>+, a</sup> | Common equity | 06/06/24 | 248182 | 2154218 | 1292367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cowboy Topco, Inc. <sup>+, a</sup> | Common equity | 05/18/22 | 1348750 | 1348750 | 1933124 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a</sup> | Common equity | 05/13/21 | 263891 | $3602070 | $1272313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a, e</sup> | Common equity | 05/13/21 | 2723 | 27230 | 13129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Holdings, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 04/01/22 |  | 120019757 | 172024077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIF VI Co-Invest Project 2C C.V. <sup>+, a, c, e</sup> | Limited partnership interest | 03/15/22 |  | 38954116 | 64868458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Holding Company, LLC <sup>+, a, c, e</sup> | Member interest | 03/15/16 |  |  | 123590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Parent, LLC <sup>+, a, b, e</sup> | Common equity | 11/15/21 | 105520023 | 107129344 | 105968114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Parent, LLC <sup>+, a, b, e</sup> | Preferred equity | 12/21/23 | 8508337 | 8508422 | 10912939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCore Holdings, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 11/10/22 |  | 97807196 | 179037128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elgin Co-Investment, L.P.2 <sup>+, a</sup> | Common equity | 11/28/16 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Holdings LP <sup>+, a, b, e</sup> | Common equity | 07/01/22 | 67986 | 77931448 | 160442304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen LLC <sup>+, a, b, e</sup> | Common equity | 09/17/19 | 37786 | 37061706 | 90590928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV Co-Investment (B) SCSp <sup>+, a, c</sup> | Limited partnership interest | 03/09/20 |  | 94861790 | 140680414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX Co-Investment (F) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 11/15/21 |  | 103097510 | 148386700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (C) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 01/25/19 |  | 56985983 | 58598743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT X Co-Investment (A) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 07/02/24 |  | 20475870 | 24321464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXW Coinvest L.P. <sup>+, a, c</sup> | Limited partnership interest | 06/17/16 |  | 9367969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH EP Parent L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 03/12/24 |  | 8915101 | 15810174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP Investors II, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 09/16/22 |  | 47761620 | 78266203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gateway Fleets Holdings, LP <sup>+, a, b, c, e</sup> | Limited partnership interest | 09/30/24 |  | 1833960 | 1816000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Parent Newco, LLC <sup>+, a</sup> | Preferred equity | 02/22/22 | 1109 | 15617280 | 17004407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Holdco I Inc. <sup>+, a, b, c</sup> | Member interest | 03/01/22 |  | 62643771 | 62997708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Parent L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 12/22/21 |  | 122197759 | 304299059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera Parent L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 03/02/21 |  | 151702453 | 168681143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDOR Merger Sub Inc. <sup>+, a</sup> | Common equity | 05/11/18 | 481 | 250000 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Holdings, L.P. <sup>+, a, c</sup> | Limited partnership interest | 08/08/19 |  | 1 | 448243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Cavalry Co-Invest Blocker Parent L.P. <sup>+, a, c</sup> | Limited partnership interest | 03/24/22 |  | 56035477 | 97137219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Enterprise Co-Invest AIV A L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/31/20 |  | 716331 | 126657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPOCH Holdings, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 11/10/22 |  | 187500000 | 199935000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPSKY Holdings L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 10/19/21 |  | 61566000 | 45338495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup> | Common equity | 07/30/18 | 252000 | 252000 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTF Holdings, Inc. <sup>+, a</sup> | Common equity | 01/06/20 | 3122345 | 56008500 | 64441194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTF Holdings, Inc. <sup>+, a, e</sup> | Common equity | 01/06/20 | 2351867 | 4128245 | 6843891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumin Digital, LLC <sup>+, a</sup> | Preferred equity | 02/12/25 | 5098332 | 6117996 | 6666370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumin Digital, LLC <sup>+, a, e</sup> | Preferred equity | 11/20/24 |  | 24471996 | 26665494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Topco, L.P. <sup>+, a, c</sup> | Limited partnership interest | 12/27/23 |  | 11341677 | 20647367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Natural Gas Solutions <sup>+, a, e</sup> | Limited partnership interest | 02/25/25 |  | 6070655 | 11223792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup> | Common equity | 08/18/17 | 356 | 317827 | 284784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup> | Preferred equity | 03/10/17 | 35285 | 172633 | 154685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Blocker Purchaser L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 03/10/17 |  | 37921966 | 33979373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Investment Holdings, LLC <sup>+, a, e</sup> | Common equity | 09/23/21 | 22293150 | 22375189 | 30506690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NC Ocala Co-Invest Alpha, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/24/21 |  | 60534545 | 87124344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Coinvest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 10/23/20 |  | 15306665 | 29509704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onecall Holdings, L.P. <sup>+, a</sup> | Common equity | 11/29/17 | 1 |  | 435437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Fox, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 04/25/19 |  | 45225381 | 106820270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Opportunity L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 09/01/21 |  | 40513413 | 58117261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG BRPC Investment, LLC <sup>+, a, b</sup> | Common equity | 08/01/19 | 32079 | 32126730 | 79140601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Delta HoldCo, LLC <sup>+, a, b, e</sup> | Common equity | 06/24/21 | 42616 | 48694632 | 101432330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Holding Parent, L.P. <sup>+, a</sup> | Common equity | 04/01/22 | 11209 | 1120924 | 1117568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Hero Topco, L.P. <sup>+, a, c</sup> | Limited partnership interest | 04/01/21 |  | 13722831 | 19382593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Hero Topco, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 02/24/25 |  | 1113032 | 1572084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Co-Investment L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 03/14/18 |  | 6996130 | 5632193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Co-Investment L.P. <sup>+, a, c</sup> | Limited partnership interest | 03/14/18 |  | 2361000 | 1900709 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation <sup>+, a</sup> | Common equity | 03/03/25 | 50291 | $923247 | $923247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC <sup>+, a</sup> | Common equity | 11/28/16 | 2672 | 3 | 484494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC <sup>+, a</sup> | Preferred equity | 04/21/17 |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shermco Intermediate Holdings, Inc. <sup>+, a, e</sup> | Common equity | 06/05/18 | 11525 | 1201845 | 2829842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shingle Coinvest LP <sup>+, a, c, e</sup> | Limited partnership interest | 05/29/18 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIH RP HoldCo L.P. <sup>+, a, e</sup> | Common equity | 09/10/19 | 5995126 | 47032038 | 83412919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLP West Holdings Co-Invest Feeder II, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 08/18/17 |  | 23429 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLP West Holdings Co-Invest Feeder II, L.P. <sup>+, a, c</sup> | Limited partnership interest | 08/18/17 |  | 1946 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnackTime PG Holdings, Inc. <sup>+, a, b, e</sup> | Common equity | 05/23/18 | 12 | 55011041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnackTime PG Holdings, Inc. <sup>+, a, b, c, e</sup> | Member interest | 05/23/18 |  | 14874473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Space Co-Invest LP <sup>+, a, c, e</sup> | Limited partnership interest | 01/17/25 |  | 20339023 | 20284311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Pharma Holdings LP <sup>+, a, b, c</sup> | Limited partnership interest | 04/01/21 |  | 90509738 | 143833911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starfish Intermediate, Inc. <sup>+, a</sup> | Preferred equity | 06/06/22 | 7136374 | 178485000 | 238372072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Tiger (Co-Invest) Holdings (I-B) L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 08/17/21 |  | 33561996 | 33870498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Topco, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 12/28/22 |  | 54353000 | 69985412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Topco, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 04/30/24 |  | 301146 | 387759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surveyor Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 10/17/24 |  | 22552209 | 25336730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-VIII Mercury Co-Invest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 07/29/21 |  | 5017926 | 9121310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 08/31/21 |  | 71817900 | 113845160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKC Topco LLC <sup>+, a</sup> | Common equity | 10/14/16 | 4632829 | 4632829 | 2556122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEEF II Co-Invest 2-A, L.P. <sup>+, a, c</sup> | Limited partnership interest | 03/15/22 |  | 3627408 | 7724373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Holdings US LP <sup>+, a, c, e</sup> | Limited partnership interest | 08/31/22 |  | 22348477 | 28998476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEPF VII Co-Invest 2-A, LP <sup>+, a, c, e</sup> | Limited partnership interest | 09/10/21 |  | 18807918 | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEPF VII Co-Invest 2-A, LP <sup>+, a, c</sup> | Limited partnership interest | 04/06/21 |  | 45804840 | 30460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Group Holdings (BVI) II Limited <sup>+, a</sup> | Common equity | 11/04/15 | 7428 | 7428 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b, e</sup> | Preferred equity | 08/02/24 | 10934833 | 10934833 | 11929454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b</sup> | Preferred equity | 08/02/24 |  | 3088000 | 3368881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 06/22/21 |  | 68399200 | 10685186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woof Parent L.P. <sup>+, a</sup> | Common equity | 12/21/20 | 1441 | 1441200 | 19437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (26.10%)** |  |  |  |  | 4171330453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (1.38%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Retail Turkey Partners, L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/11/13 |  | 7070769 | 9189150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 1113B S.à r.l. <sup>+, a, e</sup> | Common equity | 10/01/24 | 63259178 | 70080810 | 198976814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 53 S.à.r.l. <sup>+, a</sup> | Preferred equity | 03/04/24 | 6084618 | 6624409 | 8420611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 53 S.à.r.l. <sup>+, a</sup> | Common equity | 03/04/24 | 711884 | 774648 | 4349335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velvet LP SCS <sup>+, a, c</sup> | Limited partnership interest | 03/04/24 |  | 144157 | 200250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (1.38%)** |  |  |  |  | 221136160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South America (0.03%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centauro Co-Investment Fund, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/28/13 |  | 6014065 | 4407173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South America (0.03%)** |  |  |  |  | 4407173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (26.23%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akur8 SAS <sup>+, a, e</sup> | Common equity | 08/28/24 | 684686 | 7094033 | 8954637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akur8 SAS <sup>+, a, e</sup> | Preferred equity | 08/28/24 | 876616 | 9728692 | 11464791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ark EquityCo SAS <sup>+, a, c, e</sup> | Limited partnership interest | 02/21/22 |  | 12366563 | 18269872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a, c</sup> | Limited partnership interest | 11/28/19 |  | 3796283 | 4331441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a</sup> | Common equity | 01/11/21 | 218625 | 264490 | 294826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII Co-Invest Open Health <sup>+, a, c</sup> | Limited partnership interest | 08/04/22 |  | 21849512 | 12877059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII Co-Invest Open Health <sup>+, a, c, e</sup> | Limited partnership interest | 07/14/23 |  | 402797 | 216003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audiotonix Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 07/23/24 |  | 13873440 | 17433805 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X - Ceramtec Co-Investment (1) LP <sup>+, a, e</sup> | Common equity | 02/06/18 | 575918 | $700484 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Cornerstone Co-Invest (CYM) L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 04/16/24 |  | 22246954 | 27315211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bock Capital JVCo Nature S.à.r.l. <sup>+, a, b</sup> | Common equity | 07/01/21 | 12590000000 | 149423941 | 295181507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelia Investment 1 Limited <sup>+, a, e</sup> | Common equity | 10/12/17 | 3082 | 4087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capri Acquisitions Topco Limited <sup>+, a, e</sup> | Common equity | 11/01/17 | 8345985 | 83995867 | 35887748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Market Co-Investor, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 11/10/21 |  | 78514453 | 71266548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciddan S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 09/15/17 | 23249522 | 27818080 | 30298791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciddan S.à.r.l. <sup>+, a, e</sup> | Common equity | 09/15/17 | 12263240 | 14672982 | 52916562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a</sup> | Common equity | 04/25/22 | 18455 | 465142 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a, e</sup> | Preferred equity | 04/25/22 | 8155043 | 68066218 | 80273374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Future Co-Investment (C) SCSp <sup>+, a, c</sup> | Limited partnership interest | 02/15/23 |  | 47438430 | 96680122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Jaguar Co-Investment SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 11/30/18 |  | 32709803 | 77185584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Jaguar Co-Investment SCSp <sup>+, a, c</sup> | Limited partnership interest | 04/18/24 |  | 711598 | 858126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (D) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 10/01/19 |  | 40813520 | 215832350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (D) SCSp <sup>+, a, c</sup> | Limited partnership interest | 10/01/19 |  | 5830047 | 10435203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fides S.p.A <sup>+, a</sup> | Common equity | 12/15/16 | 78505 | 745309 | 252799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Arrows Royal FAPI IV Co Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 07/05/24 |  | 4660720 | 4888834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Blue Group Holding AG <sup>+, a</sup> | Common equity | 09/11/20 | 97250 | 1045423 | 730307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Blue Holding L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/31/12 |  | 1 | 11057755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 01/20/22 |  | 37402098 | 42712934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 03/31/24 |  | 19648729 | 20324574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 03/31/24 | 19465958 | 43438321 | 57985919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 26701331 | 52426568 | 159899250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hera Co-investment LP <sup>+, a, c, e</sup> | Limited partnership interest | 10/25/24 |  | 16395896 | 16338314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pegasus Co-Invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/07/22 |  | 11664381 | 20241404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Sprint Co-Invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 09/29/22 |  | 42840839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Traviata Co-invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 12/18/19 |  | 92759254 | 166890062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 261 S.à.r.l. <sup>+, a</sup> | Common equity | 07/31/18 | 1484 | 21615986 | 70798332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 261 S.à.r.l. <sup>+, a, c</sup> | Member interest | 07/31/18 |  | 48949162 | 74230968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 08/22/19 | 7865820 | 17052864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 08/22/19 |  | 17052864 | 6038310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 285 S.à.r.l. <sup>+, a, b</sup> | Common equity | 08/22/19 | 6999953 | 3377868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 293 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 06/26/19 | 9789622 | 18472753 | 37060187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 293 S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 06/26/19 |  | 1328931 | 1482127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 314 S.à.r.l. <sup>+, a, b</sup> | Common equity | 08/22/19 | 192000 | 7793 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 404 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 02/14/23 | 145800 | 1663357 | 8378593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 404 S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 02/14/23 |  | 14746472 | 17546746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 414 S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 07/02/21 |  | 40092414 | 47030890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 414 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 07/02/21 | 12316087 | 9766168 | 79071261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 430 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 05/10/21 | 52594635 | 64616036 | 66400975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 430 S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 05/10/21 |  | 15139432 | 18161107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnesium Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 05/19/22 |  | 78803152 | 127558584 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauritius (Luxemburg) Investments S.à.r.l. <sup>+, a</sup> | Common equity | 10/19/21 | 11698 | $13620 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Menrva Co-Investment, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/22/24 |  | 11034169 | 11063763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nerve Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 01/27/21 |  | 41647590 | 71092519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nerve Co-Invest SCSp <sup>+, a, c</sup> | Limited partnership interest | 01/27/21 |  | 5073504 | 9635580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital V Co-Investment (A) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 04/19/24 |  | 51641872 | 84715157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbiter Investments S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 12/17/21 | 5699625 | 95734502 | 151186285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbiter Investments S.à.r.l. <sup>+, a, b</sup> | Common equity | 12/17/21 | 2869232 | 93661837 | 76108251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT Luxco 3 & Cy S.C.A. <sup>+, a</sup> | Warrants | 12/01/17 | 844553 |  | 844235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite HoldCo S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 03/22/23 | 7017978 | 4767325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite HoldCo S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 03/22/23 | 7975901 | 48753622 | 43332412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Satellite Warehouse S.C.S. <sup>+, a, b, c</sup> | Member interest | 03/22/23 |  | 1455807 | 1128010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 18 S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 07/07/22 | 113856528 | 115820054 | 187312118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 18 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 07/07/22 | 12650109 | 128268 | 63550652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 24 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 07/13/22 | 883460 | 1135700 | 16881044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 24 S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 07/13/22 | 101367616 | 102497783 | 157803507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 60 S.à r.l. <sup>+, a, b, e</sup> | Common equity | 01/31/24 | 109610 | 119065 | 819437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 60 S.à r.l. <sup>+, a, b, e</sup> | Preferred equity | 01/31/24 | 784765 | 7491845 | 9005830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 67 S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 07/16/24 | 9255649 | 12743394 | 15069577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 67 S.à.r.l. <sup>+, a, e</sup> | Common equity | 07/16/24 | 1029239 | 1414770 | 4612822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 69 S.à.r.l. <sup>+, a</sup> | Preferred equity | 07/16/24 | 646265 | 328227 | 115390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 69 S.à.r.l. <sup>+, a</sup> | Common equity | 07/16/24 | 187735 | 580738 | 114149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 71 S.à.r.l. <sup>+, a, e</sup> | Common equity | 09/26/24 | 6385371 | 7129193 | 8550497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 76 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 09/03/24 | 358449 | 395093 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 76 S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 09/03/24 | 43478798 | 48005615 | 52518920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Lion Management Warehouse S.C.S <sup>+, a, b, c</sup> | Limited partnership interest | 08/22/19 |  | 1063586 | 54500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a, e</sup> | Common equity | 03/27/24 | 1941043 | 1941291 | 14861668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris TopCo S.à r.l. <sup>+, a</sup> | Preferred equity | 03/27/24 | 36879822 | 36879819 | 32645905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Polaris Warehouse SCSp <sup>+, a, c, d</sup> | Limited partnership interest | 03/27/24 |  | 748547 | 1036153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 04/14/21 |  | 5331705 | 76134804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 04/14/21 | 6473126 | 88269190 | 86551928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Wave Limited <sup>+, a, b, e</sup> | Common equity | 02/03/22 | 53215581 | 73161629 | 110269718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen GP S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 110300 | 1773 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à r.l. <sup>+, a, b</sup> | Preferred equity | 02/21/25 | 3560390 | 3722755 | 4483810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à r.l. <sup>+, a</sup> | Preferred equity | 02/21/25 | 4069017 | 4685043 | 4879102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 01/20/22 | 98858068 | 112190937 | 146636629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 79910 | 85739 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 07/05/24 | 22 | 24 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 05/23/18 | 489319992 | 26882311 | 3257450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 05/23/18 | 44442345 | 6275980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 10/03/22 |  | 333654 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 10/01/22 |  | 857580 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 04/11/22 | 1155552 | 42946 | 63317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a</sup> | Preferred equity | 08/19/21 | 11772986 | 694245 | 242940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a</sup> | Common equity | 08/19/21 | 3936244 | 231415 | 45351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 08/19/21 | 1341978 | 77113 | 871490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Common equity | 08/19/21 | 447324 | 25704 | 162685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quadriga Capital IV Investment Holding II LP <sup>+, a, e</sup> | Common equity | 01/15/18 | 238583 | 282465 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quadriga Capital IV Investment Holding II LP <sup>+, a</sup> | Common equity | 09/09/16 | 1432376 | 1595951 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresco 2 Co-Invest SCSp <sup>+, a, c</sup> | Limited partnership interest | 07/12/22 |  | 33461675 | 59261788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivage Luxco S.à.r.l. <sup>+, a</sup> | Common equity | 02/22/22 | 450000 | 51009931 | 63281075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivage Luxco S.à.r.l. <sup>+, a, e</sup> | Common equity | 06/28/23 | 450000 | 312165 | 402698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 09/29/20 |  | 36261531 | 46613475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup> | Common equity | 02/07/23 | 2362997 | 2896582 | 29011964 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 02/07/23 | 27236127 | $42469064 | $63915415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Investment 2 <sup>+, a, e</sup> | Preferred equity | 04/01/23 | 278539 | 302803 | 1116516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Investment 3 <sup>+, a, e</sup> | Preferred equity | 04/01/23 | 24476 | 26591 | 28720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, c</sup> | Member interest | 04/01/23 |  | 3389622 | 4456971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, e</sup> | Common equity | 04/01/23 | 8138656 | 8834459 | 32554973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strider Topco S.a.s. <sup>+, a, e</sup> | Preferred equity | 04/01/23 | 52067087 | 56579460 | 77616117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surfaces SLP (SCSp) <sup>+, a, b, c</sup> | Limited partnership interest | 10/01/20 |  | 34731898 | 24190930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Bidco <sup>+, a, c</sup> | Member interest | 05/25/23 |  | 3381170 | 4131280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Topco <sup>+, a</sup> | Common equity | 05/25/23 | 379731 | 936729 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanquish Topco <sup>+, a</sup> | Preferred equity | 05/25/23 | 34851987 | 42986878 | 35397052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veonet Co-Invest SCSp (Lux) <sup>+, a, c, e</sup> | Limited partnership interest | 03/09/22 |  | 26379481 | 47185646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zephyr Syndication L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 08/08/24 |  | 12374422 | 17492543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 10/28/21 |  | 61194518 | 62048702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 10/28/21 | 20383872 | 40500847 | 46058287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoncolan Topco S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 08/01/24 | 5384750 | 5822805 | 6898669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (26.23%)** |  |  |  |  | 4192398046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (57.08%)** |  |  |  | $6319406965 | $9122525812 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Direct Debt (6.17%)** | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (0.29%)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYJU's Alpha, Inc. <sup>+, a</sup> | Cash 8.00% + P (0.75% Floor) | 01/19/22 | 11/24/26 | Senior | $— | $1 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFML Holdco Limited <sup>+, a</sup> | Cash 6.25% + BBSY (0.75% Floor)†† | 11/30/22 | 11/30/28 | Senior | 11564338 | 11307338 | 11262861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+, a</sup> | Cash 4.50% + SF (0.50% Floor)vv | 03/10/23 | 01/31/28 | Senior | 5433680 | 26553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finco Pty Ltd. <sup>+, a, e</sup> | Cash 5.75% + BBSY†† | 04/10/24 | 04/10/30 | Senior | 966531 | 966531 | 928385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finco Pty Ltd. <sup>+, a</sup> | Cash 5.75% + BBSY†† | 04/10/24 | 05/30/30 | Senior | 3621280 | 3512641 | 3604502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue NZ Bidco Limited <sup>+, a</sup> | Cash 5.75% + BBSY†† | 04/10/24 | 05/30/30 | Senior | 2370912 | 2299785 | 2377079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup> | Cash 6.00% + BBSY (0.50% Floor)†† | 07/26/22 | 07/26/27 | Senior | 12728400 | 12636901 | 12369172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup> | Cash 4.91% + BBSY †† | 01/30/25 | 07/26/27 | Senior | 653208 | 645121 | 686661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a, e</sup> | Cash 6.00% + BBSY (0.50% Floor)†† | 07/26/22 | 07/26/27 | Senior | 395158 | 395158 | 425417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Academic Group Limited <sup>+, a</sup> | Cash 6.00% + BBSY (0.50% Floor)†† | 07/29/22 | 07/29/27 | Senior | 4651970 | 4617822 | 4371407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greencross Limited <sup>+, a</sup> | Cash 5.75% + BBSY (0.75% Floor)†† | 09/30/24 | 03/23/28 | Senior | 9364117 | 9314051 | 8810628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UP Education <sup>+, a, e</sup> |  | 12/16/24 | 07/29/27 | Senior |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyage Australia Pty Ltd. <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)vv | 07/23/21 | 06/18/28 | Senior | 1640500 | 1628223 | 1646477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.29%)** |  |  |  |  |  |  | 46482589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (3.79%)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+, a</sup> | Cash 7.5% + SFv | 03/11/25 | 03/11/30 | Senior | 1680143 | 1129238 | 1129238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aimbridge Acquisition Co., Inc. <sup>+, a</sup> | Cash 5.5% + SFv | 03/20/25 | 03/11/30 | Senior | 564906 | 564906 | 566319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Medical Group Holdings, Inc. <sup>+, a</sup> | Cash 4.25% + SF (1.00% Floor)vv | 02/25/21 | 10/02/25 | Senior | 7978852 | 195052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AlixPartners, LLP <sup>+, a</sup> | Cash 2.50% + SF (0.50% Floor)v | 06/12/24 | 02/04/28 | Senior | 4935555 | 4960045 | 4963343 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC <sup>+, a</sup> | Cash 3.75% + SFv | 06/12/24 | 05/12/28 | Senior | $— | $2781 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc. <sup>+, a</sup> | Cash 2.50% + SFvv | 09/06/24 | 06/04/29 | Senior | 4950000 | 4955229 | 4932774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Tool Group <sup>+, a</sup> | Cash 5.25% + SF (0.50% Floor)v | 02/22/22 | 02/08/29 | Senior | 3186576 | 3015192 | 1680516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apro, LLC <sup>+, a</sup> | Cash 3.75% + SFvv | 06/26/24 | 07/09/31 | Senior | 3275250 | 3267926 | 3274595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc <sup>+, a</sup> | Cash 4.75% + SF (0.75% Floor)vv | 01/30/24 | 01/30/31 | Senior | 7040312 | 6983738 | 7022711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc <sup>+, a, e</sup> | Cash 4.75% + SF (0.75% Floor)vv | 01/30/24 | 01/30/31 | Senior | 1231353 | 1225635 | 1228274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AQA Acquisition Holding, Inc. <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 03/18/21 | 03/03/28 | Senior |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc. <sup>+, a</sup> | Cash 3.25% + SF (0.50% Floor)vv | 02/23/22 | 02/15/29 | Senior | 10535778 | 10493926 | 10563487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barracuda Networks, Inc. <sup>+, a</sup> | Cash 7.00% + SF (0.50% Floor)vvv | 05/17/22 | 08/15/30 | Second Lien | 2000000 | 1955783 | 1248140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb Inc. <sup>+, a</sup> | Cash 3.25% + SF (0.50% Floor)vv | 05/18/22 | 05/10/27 | Senior | 11156431 | 10612337 | 10612337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch + Lomb Corp. <sup>+, a</sup> | Cash 4.00% + SFv | 09/14/23 | 09/14/28 | Senior | 1965000 | 1951391 | 1969913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueConic Holding, Inc. <sup>+, a</sup> | Cash 6.50% + SF (0.75% Floor)vv | 01/27/22 | 01/27/28 | Senior | 18912000 | 18722542 | 18835436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueConic Holding, Inc. <sup>+, a</sup> | Cash 6.50% + SF (0.75% Floor)vv | 06/13/23 | 01/27/28 | Senior | 7092000 | 6960441 | 7063288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand Industrial Services, Inc. <sup>+, a</sup> | Cash 4.50% + SF (0.50% Floor)vv | 04/19/24 | 08/01/30 | Senior | 6788695 | 6702081 | 5769836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, a</sup> | Cash 3.00% + SF (0.50% Floor)v | 06/09/22 | 07/02/29 | Senior | 2165884 | 2138815 | 2169497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, a</sup> | Cash 2.75% + SFv | 05/23/24 | 06/07/28 | Senior | 2976794 | 2980616 | 2983419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campaign Monitor (UK) Limited <sup>+, a</sup> | Cash 8.90% + SF (1.00% Floor)vv | 01/01/21 | 11/06/26 | Second Lien | 1856677 | 1854325 | 1699925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campaign Monitor (UK) Limited <sup>+, a</sup> | Cash 8.90% + SF (1.00% Floor)vv; PIK 14.795% | 01/01/21 | 11/06/26 | Second Lien | 232085 | 8396 | 212491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a, b</sup> | PIK 5.00% | 03/01/17 | 02/10/25 | Mezzanine | 3146434 | 3213295 | 3213253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Hydra Buyer, Inc. <sup>+, a</sup> | Cash 4.00% + SFv | 03/15/24 | 03/25/31 | Senior | 1782000 | 3752491 | 3747525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Fair, L.P. <sup>+, a, f</sup> | Cash 2.00% + SFv | 05/23/24 | 05/01/31 | Senior | 2977500 | 6255330 | 6276583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc. <sup>+, a, f</sup> | Cash 3.5% + SF (1.00% Floor)v | 03/28/24 | 03/18/31 | Senior |  | 2990611 | 3007623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent LLC <sup>+, a</sup> | Cash 3.25% + SFvv | 05/28/24 | 07/06/29 | Senior |  | 1968654 | 1624345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Checkers Drive-in Restaurants, Inc. <sup>+, a</sup> | Cash 7.00% + SFvv | 06/16/23 | 06/16/27 | Senior | 4456 | 4462 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. <sup>+, a</sup> | Cash 3.675% + SF (0.50% Floor)vv | 04/19/22 | 04/13/29 | Senior | 5309787 | 5297084 | 5318442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC <sup>+, a</sup> | Cash 3.50% + SF (0.76% Floor)vv | 10/06/21 | 09/29/28 | Senior | 1644750 | 3611709 | 3644494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc. <sup>+, a</sup> | Cash 3.25% + SFv | 06/24/24 | 04/12/28 | Senior | 2969072 | 3419077 | 3151157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc. <sup>+, a</sup> | Cash 4.50% + SFv | 05/17/24 | 05/15/31 | Senior | 1691500 | 1679888 | 1455253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc. <sup>+, a</sup> | Cash 3.75% + SF (0.50% Floor)v | 10/22/21 | 10/16/28 | Senior | 1164000 | 1157949 | 1100779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc. <sup>+, a</sup> | Cash 6.00% + SF (1.00% Floor)v | 09/07/23 | 10/16/28 | Senior | 2947500 | 2878331 | 2804310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a</sup> | Cash 3.125% + SF (0.75% Floor)vv + PIK 3.125% | 03/27/23 | 05/17/28 | Senior | 4852224 | 4803003 | 4772902 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a, e</sup> | Cash 6.25% + SF (0.75% Floor)vv | 03/27/23 | 05/17/28 | Senior | $10248409 | $9756492 | $9621264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC <sup>+, a</sup> | Cash 2.50% + SFv | 08/11/21 | 04/15/27 | Senior |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC <sup>+, a</sup> | Cash 4.50% + SFvv | 12/07/18 | 01/15/26 | Senior | 17 | 3081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datix Bidco Limited <sup>+, a</sup> | Cash 5.50% + S>>> | 04/25/24 | 04/30/31 | Senior | 901982 | 883942 | 976385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive Capital, LLC <sup>+, a, e</sup> | Cash 6.75% + SF (0.75% Floor)vv | 12/23/22 | 12/22/28 | Senior | 4360460 | 5661014 | 5286873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive Capital, LLC <sup>+, a</sup> | Cash 6.75% + SF (0.75% Floor)vv | 12/23/22 | 12/22/28 | Senior | 9897599 | 9751794 | 9134430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dentive, LLC <sup>+, a, e</sup> | Cash 6.75% + SFvv | 05/03/24 | 12/23/28 | Senior | 3917430 | 3837091 | 3615371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global, Inc. <sup>+, a, f</sup> | Cash 3.75% + SF (0.50% Floor)vv | 10/07/21 | 10/04/28 | Senior | 1556000 | 3938215 | 3893488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. <sup>+, a</sup> | Cash 3.75% + SF (0.76% Floor)v | 04/23/21 | 03/31/28 | Senior |  | 9171097 | 9177772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dieter's Metal Fabricating Limited <sup>+, a</sup> | Cash 5.25% + SF (1.00% Floor)vv | 12/19/23 | 12/19/29 | Senior | 436086 | 429135 | 429109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation <sup>+, a</sup> | Cash 5.00% + SFvv + PIK 3.00% | 05/02/24 | 08/02/30 | Senior | 3575690 | 3553740 | 3524827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation <sup>+, a, e</sup> | Cash 5.00% + SFvv | 04/30/24 | 08/04/30 | Senior | 20857887 | 20895610 | 21018681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery Energy Holding Corporation <sup>+, a, f</sup> | Cash 4.75% + SFv | 05/14/24 | 01/30/31 | Senior | 4396553 | 6251702 | 6434549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, Inc. <sup>+, a, e</sup> | Cash 3.75% + P | 03/31/25 | 07/20/29 | Senior | 13438345 | 174196 | 174801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Broadband Investments, LLC <sup>+, a, e</sup> | Cash 3.00% + SF (0.75% Floor)vv | 04/24/24 | 11/12/27 | Senior | 4948320 | 4919793 | 4929281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Materials Technology <sup>+, a, e</sup> | Cash 4.25% + SFvv | 08/17/22 | 06/22/29 | Senior | 5886839 | 5846260 | 5919982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endurance International Group Holdings, Inc. <sup>+, a, f</sup> | Cash 3.50% + SF (0.75% Floor)vv | 04/28/21 | 02/10/28 | Senior | 2049998 | 5222773 | 4208875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings, Inc. <sup>+, a</sup> | Cash 3.75% + SF (0.75% Floor)vv | 08/16/21 | 05/21/28 | Senior | 1548000 | 1540276 | 1557109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group LLC <sup>+, a</sup> | Cash 6.25% + SF (0.75% Floor)vv | 06/15/22 | 06/15/29 | Senior | 9629273 | 9527989 | 9601393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group, LLC <sup>+, a</sup> | Cash 6.25% + SF (0.75% Floor)vv | 07/31/23 | 06/15/29 | Senior | 4247852 | 4225764 | 4235552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group, LLC <sup>+, a, e</sup> | Cash 5.75% + SFvv | 02/26/24 | 06/15/29 | Senior | 3985586 | 3953144 | 3974046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 12/10/21 | 11/22/28 | Senior | 3308456 | 3281981 | 3310665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. <sup>+, a</sup> | Cash 4.00% + SFv | 03/06/24 | 01/29/31 | Senior | 3857437 | 5791133 | 5727151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response, Inc. <sup>+, a, f</sup> | Cash 4.75% + SFvv | 04/18/24 | 10/31/28 | Senior | 13799850 | 13191707 | 13846974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc. <sup>+, a</sup> | Cash 4.75% + SFv | 02/05/24 | 04/30/28 | Senior |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gurobi Optimization, LLC <sup>+, a, e</sup> | Cash 4.75% + SFvv | 09/10/24 | 09/10/31 | Senior | 8283538 | 8201509 | 8277150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. <sup>+, a</sup> | Cash 6.75% + SF (1.00% Floor)vv | 11/08/22 | 12/15/26 | Senior | 11730000 | 11604178 | 11410925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Help/Systems Holdings, Inc. <sup>+, a</sup> | Cash 6.75% + SF (0.75% Floor)vv | 11/05/21 | 11/19/27 | Second Lien | 3600000 | 3600000 | 2745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating LLC <sup>+, a, e</sup> | Cash 5.25% + SF (1.00% Floor)vv | 12/19/23 | 12/19/29 | Senior | 369102 | 365979 | 363196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating LLC <sup>+, a</sup> | Cash 5.25% + SF (1.00% Floor)vv | 12/19/23 | 12/19/29 | Senior | 2093215 | 2061727 | 2059723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Bar Brands Operating, LLC <sup>+, a, e</sup> | Cash 5.25% + SF (1.00% Floor)vv | 12/19/23 | 12/19/29 | Senior | 436086 | 37639 | 37594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd. <sup>+, a</sup> | Cash 5.00% + SFvvv | 02/01/24 | 02/01/29 | Senior | 2475000 | 2466966 | 2488266 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Limited <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)v | 03/07/24 | 01/29/26 | Senior | $3258750 | $3207681 | $3069351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iris Holdings Inc. <sup>+, a</sup> | Cash 4.75% + SF (0.50% Floor)vv | 06/15/22 | 06/28/28 | Senior |  | 5530632 | 5632635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KCIBT Intermediate II, Inc. <sup>+, a</sup> | Cash 1.00% + SF (1.00% Floor)vv | 12/23/20 | 06/30/27 | Senior |  | 236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kene Acquisition, Inc. <sup>+, a, e</sup> | Cash 5.50% + SF (1.00% Floor)vv | 02/13/24 | 02/07/31 | Senior | 3941187 | 3702582 | 3723635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingpin Intermediate Holdings LLC <sup>+, a</sup> | Cash 3.50% + SFvv | 10/05/18 | 02/08/28 | Senior | 8199534 | 8175437 | 8168529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowlton Development Corp. Inc. <sup>+, a</sup> | Cash 4.50% + SFv | 06/24/22 | 12/22/25 | Senior | 1476919 | 693 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup> | Cash 8.75% + SF (1.00% Floor)vv | 01/01/21 | 01/26/28 | Second Lien | 3212308 | 3195163 | 2814070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeshore Learning Materials, LLC <sup>+, a</sup> | Cash 3.50% + SFv | 06/06/24 | 09/29/28 | Senior | 984681 | 981182 | 771596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition, LLC <sup>+, a</sup> | Cash 3.75% + SFv | 08/02/24 | 06/06/31 | Senior | 9730130 | 9617205 | 9289832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Buyer LLC <sup>+, a</sup> | Cash 1.50% + SFvv; PIK 6.25% | 10/01/24 | 07/27/29 | Senior |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Buyer LLC <sup>+, a</sup> | Cash 1.50% + SFvv; PIK 5.50% | 10/01/24 | 07/27/29 | Senior | 984699 | 993876 | 253707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maverick Bidco, Inc. <sup>+, a</sup> | Cash 6.75% + SF (0.75% Floor)vv | 05/26/21 | 05/18/29 | Second Lien | 6603000 | 6583728 | 6508115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Max US BidCo, Inc. <sup>+, a</sup> | Cash 5.00% + SF (0.50% Floor)vv | 10/11/23 | 10/03/30 | Senior | 4950000 | 4737508 | 4923083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Corp. <sup>+, a</sup> | Cash 3.5% + SFvv | 05/22/24 | 03/01/29 | Senior | 31489 | 10306736 | 9068981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc. <sup>+, a</sup> | Cash 3.25% + SFv | 06/21/24 | 06/06/31 | Senior | 4975000 | 4940769 | 4962450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naked Juice LLC <sup>+, a</sup> | Cash 3.25% + SF (0.50% Floor)vv | 05/23/24 | 01/24/29 | Senior | 1979644 | 311217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings, Inc. <sup>+, a</sup> | Cash 3.75% + SF (0.75% Floor)vv | 04/26/21 | 03/02/28 | Senior | 1984930 | 1922986 | 1930409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelipak Holding Company <sup>+, a, e</sup> | Cash 5.50% + SF (1.00% Floor)vv | 04/04/24 | 03/26/31 | Senior | 2744904 | 3400905 | 3338571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthStar Group Services, Inc. <sup>+, a</sup> | Cash 4.75% + SFvv | 06/05/24 | 05/08/30 | Senior | 2878250 | 2858769 | 2891355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanKey (U.S.) II Corp. <sup>+, a</sup> | Cash 3.50% + SF (0.05% Floor)vv | 01/06/22 | 12/15/28 | Senior |  | 1984951 | 1998213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar AcquisitionCo, LLC <sup>+, a, e</sup> | Cash 4.50% + SF (0.50% Floor)vv | 02/08/24 | 04/29/29 | Senior | 7397324 | 7459656 | 6917533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pactiv Evergreen Inc. <sup>+, a</sup> | Cash 2.50% + SFv | 06/12/24 | 09/24/28 | Senior | 1511789 | 484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pascal Midco 2, LLC <sup>+, a</sup> | Cash 5.75% + SF (0.75% Floor)vv | 07/01/22 | 07/21/27 | Senior | 13438344 | 13276043 | 13316000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. <sup>+, a</sup> | Cash 5.50% + SF (0.75% Floor)vv | 02/06/24 | 02/01/31 | Senior | 6435871 | 6381333 | 6397256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI TA Holdings, Inc. <sup>+, a, e</sup> | Cash 5.50% + SF (0.75% Floor)vv | 02/01/24 | 02/03/31 | Senior | 2415447 | 2696741 | 2694057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pediatric Associates Holding Company, LLC <sup>+, a, f</sup> | Cash 3.25% + SFvv | 08/05/24 | 12/29/28 | Senior | 3959184 | 5279878 | 4722467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. <sup>+, a</sup> | Cash 3.75% + SF (0.75% Floor)v | 04/12/21 | 02/01/28 | Senior | 886611 | 5659216 | 5337693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart LLC <sup>+, a</sup> | Cash 3.75% + SF (0.75% Floor)v | 05/22/24 | 02/11/28 | Senior | 5953728 | 5958304 | 5912353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc. <sup>+, a, e</sup> | Cash 3.75% + SF (0.50% Floor)v | 01/18/22 | 12/15/28 | Senior | 10675568 | 10680025 | 10641039 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc. <sup>+, a</sup> | Cash 3.75% + SF (0.50% Floor)v | 01/18/22 | 12/14/29 | Senior | $— | $318 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Care Dental Management, LLC <sup>+, a, e</sup> | Cash 5.25% + SFv | 05/31/24 | 08/05/28 | Senior | 11873644 | 5994211 | 6009141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium PKG Holdings, Inc. <sup>+, a</sup> | Cash 6.75% + SF (0.50% Floor)vv | 10/05/21 | 10/01/29 | Second Lien | 1800000 | 1788906 | 311634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC <sup>+, a, e</sup> | Cash 3.50% + SFvv | 07/29/24 | 07/16/31 | Senior |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Leopard Holdings, Inc. <sup>+, a</sup> | Cash 5.25% + SF (0.50% Floor)vv | 06/15/22 | 07/20/29 | Senior | 2730384 | 2564791 | 1760967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometric Holdings PIK, Inc. <sup>+, a</sup> | Cash 7.50% + SF (1.00% Floor)vv; PIK 9.25% | 10/06/23 | 07/31/28 | Mezzanine | 8577963 | 8699475 | 8848240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC <sup>+, a</sup> | Cash 3.25% + SFvv + PIK 1.75% | 04/09/24 | 04/09/30 | Senior | 27442289 | 27386654 | 27373684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC <sup>+, a, e</sup> | Cash 6.75% + SFvv + PIK 1.75% | 04/09/24 | 04/09/30 | Senior | 2729579 | 572660 | 572067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a, e</sup> | Cash 5.50% + SF (0.75% Floor)vv | 12/01/22 | 04/01/29 | Senior | 1120924 | 347537 | 342815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a</sup> | Cash 6.525% + SF (0.75% Floor)vv | 04/06/22 | 04/01/29 | Senior | 13792374 | 13663965 | 13792374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a</sup> | Cash 6.75% + SF (0.75% Floor)vv | 12/01/22 | 04/01/29 | Senior | 5851446 | 5734535 | 5851446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Parent, LLC <sup>+, a, e</sup> | Cash 6.525% + SF (0.75% Floor)vv | 04/06/22 | 04/01/29 | Senior | 1522996 | 1522996 | 1522996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recorded Books Inc. <sup>+, a, d</sup> | Cash 4.00% + SFv | 06/17/22 | 08/29/25 | Senior |  | 375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Planet Borrower, LLC <sup>+, a</sup> | Cash 3.75% + SF (0.50% Floor)v | 10/04/21 | 10/02/28 | Senior | 6065553 | 6673415 | 6763532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redstone Holdco 2 L.P. <sup>+, a</sup> | Cash 4.75% + SF (0.75% Floor)vv | 05/10/21 | 04/27/28 | Senior | 1083705 | 1079899 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redstone Holdco 2 L.P. <sup>+, a, e</sup> | Cash 7.75% + SF (0.75% Floor)vv | 05/03/21 | 04/16/29 | Second Lien | 2500000 | 2473916 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Assessments, LLC <sup>+, a, e</sup> | Cash 5.25% + SFvv | 03/19/24 | 03/19/31 | Senior | 2683067 | 2904571 | 2905991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RL Datix Holdings (USA), Inc. <sup>+, a</sup> | Cash 5.50% + SFvvv | 04/25/24 | 04/30/31 | Senior | 2399040 | 2356881 | 2370911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Software, Inc. <sup>+, a</sup> | Cash 4.25% + SF (0.00% Floor)v | 12/05/18 | 11/28/28 | Senior |  | 68 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rough Country, LLC <sup>+, a</sup> | Cash 3.50% + SF (0.75% Floor)v | 08/03/21 | 07/26/28 | Senior | 1833197 | 1816298 | 1785518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan, LLC <sup>+, a, e</sup> | Cash 4.50% + SF (0.50% Floor)v | 11/20/23 | 11/14/30 | Senior | 4031585 | 3993360 | 4041986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL Inc. <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)v | 08/09/21 | 12/17/27 | Senior |  | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation <sup>+, a</sup> | Cash 1.00% + SFvv; PIK 5.00% | 03/03/25 | 03/01/30 | Senior | 593695 | 557209 | 534325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. <sup>+, a</sup> | Cash 3.75% + SFvv | 08/09/24 | 02/24/28 | Senior | 1741250 | 8391938 | 8462141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup> | PIK 10.00% | 01/01/21 | 11/11/25 | 1.5 Lien | 1515278 | 1509733 | 395365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup> | PIK 11.00% | 01/01/21 | 05/11/26 | Second Lien |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a, d</sup> | PIK 11.00% | 01/01/21 | 05/11/26 | Second Lien | 1276647 | 1267187 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc <sup>+, a</sup> | Cash 3.5% + SFv | 07/01/24 | 06/28/28 | Senior | 1000422 | 3788855 | 4830736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc. <sup>+, a</sup> | Cash 5.50% + SF (1.00% Floor)vv | 06/04/24 | 06/28/28 | Senior | 578825 | 551584 | 605010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. <sup>+, a</sup> | Cash 2.00% + SFv | 05/14/24 | 04/29/31 | Senior | 3405337 | 3374841 | 3396170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. <sup>+, a, e</sup> | Cash 5.75% + SF (0.75% Floor)vv | 04/11/22 | 03/31/28 | Senior | 20899620 | 20669790 | 19931900 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Financing USD LLC <sup>+, a</sup> | Cash 2.00% + SFv | 04/27/20 | 04/30/28 | Senior | $5400000 | $5308502 | $5311116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tivity Health Inc <sup>+, a</sup> | Cash 6.00% + SF (0.75% Floor)vv | 06/28/22 | 06/28/29 | Senior | 20388166 | 20239765 | 20272374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tory Burch LLC <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)v | 04/30/21 | 04/16/28 | Senior | 962500 | 955626 | 962880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a, e</sup> | Cash 6.25% + SF (0.75% Floor)vv | 06/02/22 | 05/27/29 | Senior | 5119570 | 5533158 | 5605141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a</sup> | Cash 6.25% + SF (0.75% Floor)vv | 06/02/22 | 05/27/29 | Senior | 5106609 | 5045906 | 5125999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc. <sup>+, a</sup> | Cash 4.25% + SFvv | 08/04/21 | 11/20/26 | Senior | 6125783 | 6019306 | 4819162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utz Quality Foods, LLC <sup>+, a</sup> | Cash 3.00% + SFvv | 01/29/21 | 01/20/28 | Senior | 2932943 | 2929923 | 2936609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser, LLC <sup>+, a</sup> | Cash 4.125% | 05/02/24 | 11/15/28 | Senior | 356000 | 4735677 | 4838882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verde Purchaser, LLC <sup>+, a</sup> | Cash 4.50% + SFvv | 05/10/24 | 11/30/30 | Senior | 6666500 | 6661904 | 6693638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC <sup>+, a</sup> | 2.50% + SFv | 05/06/25 | 01/31/28 | Senior | 5500000 | 5498686 | 5471180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings, LLC <sup>+, a</sup> | Cash 3.25% + SFv | 06/06/24 | 10/19/29 | Senior | 4577000 | 4570614 | 4565466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI Group Midco, LLC <sup>+, a, e</sup> | Cash 5.75% + SF (1.00% Floor)v | 12/01/23 | 12/01/29 | Senior | 6053284 | 5943114 | 5832528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (3.79%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (3.79%)** |  |  |  |  |  | 606153780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (0.04%)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, a</sup> | Cash 5.00% + E# | 05/17/24 | 09/30/28 | Senior | 5437714 | 5448090 | 5887618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.04%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.04%)** |  |  |  |  |  | 5887618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (2.05%)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AD Education <sup>+, a</sup> | PIK 8.50% | 06/21/22 | 03/30/29 | Mezzanine | 16736735 | 16660045 | 18275098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alloheim Senioren-Residenzen AG <sup>+, a</sup> | Cash 5.00% + E# | 04/16/25 | 05/19/28 | Senior | 1296982 | 1092728 | 1337393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anticimex Global AB <sup>+, a</sup> | Cash 3.40% + SFvv | 06/18/24 | 11/16/28 | Senior | 8552267 | 5651229 | 5685100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asgard Investments B.V. <sup>+, a</sup> | Cash 5.50% + E## | 03/15/22 | 03/15/29 | Senior | 13721320 | 13532108 | 14666751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Finco S.à.r.l. <sup>+, a</sup> | Cash 4.25% + SFv | 11/14/19 | 10/09/26 | Senior | 1558774 | 1555379 | 1509096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Finco S.à.r.l. <sup>+, a</sup> | Cash 8.25% + S> | 10/25/19 | 10/09/27 | Second Lien | 36733592 | 36325484 | 36131679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athena BidCo GmbH <sup>+, a</sup> | Cash 2.75% + E### | 05/22/24 | 03/31/27 | Senior | 264895 | 4631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barentz Midco B.V. <sup>+, a</sup> | Cash 3.25% + SFvv | 04/29/24 | 03/30/31 | Senior | 2189000 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biscuit Holding S.A.S <sup>+, a, e</sup> | Cash 4.00% + E### | 06/03/24 | 02/12/27 | Senior | 4325208 | 4101138 | 4581396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BME Group Holding B.V. <sup>+, a</sup> | Cash 4.75% + E## | 03/22/24 | 10/30/26 | Senior | 39824 | 4160413 | 4274670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAB <sup>+, a</sup> | Cash 3.50% + E## | 06/12/24 | 02/09/28 | Senior | 7463202 | 7284091 | 7838561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEP V Investment 22 S.à.r.l. (Lux) <sup>+, a</sup> | PIK 8.25% + E### | 02/28/22 | 08/31/30 | Mezzanine | 1119808 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation BidCo GmbH <sup>+, a</sup> | Cash 5.25% + E## | 10/26/22 | 06/27/29 | Senior | 26760488 | 26333447 | 31092353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation HoldCo GmbH <sup>+, a, e</sup> | Cash 5.15% + E## | 08/08/24 | 08/08/31 | Senior | 1110043 | 1100935 | 1165963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTEC III GmbH <sup>+, a</sup> | Cash 3.50% + E## | 03/29/18 | 03/16/29 | Senior | 14847781 | 14567197 | 14926545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataCo AcquiCo GmbH <sup>+, a</sup> | Cash 6.00% + E## | 01/26/24 | 01/31/31 | Senior | 2580666 | 2549231 | 2746404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataCo AcquiCo GmbH <sup>+, a</sup> | Cash 6.00% + E### | 01/26/24 | 01/31/31 | Senior | 6892466 | 6731992 | 7360364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorna Sports, S.L. <sup>+, a</sup> | Cash 3.25% + E### | 06/25/24 | 03/30/29 | Senior | 5374619 | 5397491 | 5880108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europa University Education Group <sup>+, a</sup> | Cash 3.75% + E### | 06/13/24 | 06/13/31 | Senior | 3300000 | 3554594 | 3890204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financiere Astek <sup>+, a, e</sup> | Cash 6.50% + E## | 04/25/24 | 04/25/31 | Senior | 2722290 | 2679777 | 2896423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financiere Astek <sup>+, a</sup> | Cash 6.50% + E## | 04/25/24 | 04/25/31 | Senior | 6333943 | 6159759 | 6916876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financière Mendel <sup>+, a</sup> | Cash 3.25% + SFvv | 12/06/23 | 11/12/30 | Senior |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fusilli AcquiCo S.à.r.l. <sup>+, a</sup> | Cash 5.25% + E### | 01/27/22 | 04/12/26 | Senior | 6845735 | 6567424 | 7153143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Iberica de Congelados, SA <sup>+, a</sup> | Cash 7.12% + E### | 06/28/19 | 11/30/27 | Senior | 450931 | 445106 | 397964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Iberica de Congelados, SA <sup>+, a</sup> | Cash 7.75% + E## | 06/28/19 | 11/30/27 | Senior | 503895 | 496933 | 444707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Bidco AS <sup>+, a</sup> | Cash 4.5% + SFvv | 01/19/24 | 01/17/31 | Senior | 2757000 | 2722537 | 2733199 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Cost** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Bidco AS <sup>+, a</sup> | Cash 5.00% + SFvv | 01/19/24 | 01/19/31 | Senior | $3847647 | $3597724 | $3644265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfstream Bidco AS <sup>+, a</sup> | Cash 5.0% + SFvv | 04/14/25 | 01/23/31 | Senior | 1296982 | 2431674 | 2459879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HomeVi SAS <sup>+, a</sup> | Cash 3.25% + E## | 05/10/24 | 10/31/26 | Senior | 4817846 | 9884332 | 11560174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Holdco 3 Limited <sup>+, a, e</sup> | Cash 4.25% + SF (0.50% Floor)vv | 08/26/21 | 08/19/28 | Senior | 10285188 | 10227946 | 9925206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Limited <sup>+, a</sup> | Cash 3.75% + SFv | 03/17/23 | 03/01/30 | Senior | 1960000 | 1945749 | 1804023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infinity Bidco 1 Limited <sup>+, a</sup> | Cash 3.40% + E# | 07/03/24 | 07/06/28 | Senior | 3241938 | 3240320 | 3527713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nobel Bidco B.V. <sup>+, a</sup> | Cash 3.50% + E### | 06/12/24 | 09/01/28 | Senior | 5423992 | 5390734 | 5855291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nord Anglia Education PLC <sup>+, a</sup> | PIK 10.50% | 01/13/25 | 01/13/33 | Mezzanine | 11463751 | 390021 | 11441744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nouryon Finance B.V. <sup>+, a</sup> | Cash 3.50% + E## | 06/20/24 | 04/03/28 | Senior | 33194 | 2100000 | 2475757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEARLS (Netherlands) Bidco B.V. <sup>+, a</sup> | Cash 4.00% + SFvvv | 03/30/22 | 03/01/29 | Senior | 2439279 | 2429183 | 2442718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEARLS (Netherlands) Bidco B.V. <sup>+, a</sup> | Cash 4.00% + E## | 06/06/24 | 02/26/29 | Senior | 7940783 | 7639704 | 8207018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piolin II S.à.r.l. <sup>+, a</sup> | Cash 4.50% + E### | 06/11/24 | 09/16/29 | Senior | 10240413 | 7980248 | 8875709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet US Buyer LLC <sup>+, a</sup> | Cash 3.50% + SFvv | 02/20/24 | 02/07/31 | Senior | 2878250 | 2864988 | 2887881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainbow Jvco Ltd. <sup>+, a</sup> | Cash 7.25% + E##; PIK 7.25% | 02/24/22 | 02/24/30 | Mezzanine | 212930 | 4179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rainbow UK Holdco Limited <sup>+, a</sup> | Cash 3.75% + E### | 05/31/24 | 02/26/29 | Senior | 11935918 | 11947094 | 12883318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RC Acquisition II B.V. <sup>+, a</sup> | Cash 6.25% + E## | 12/19/23 | 12/18/30 | Senior | 9234378 | 9023518 | 9610293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sevetys Invest <sup>+, a, e</sup> | Cash 6.25% + E## | 12/16/22 | 08/03/29 | Senior | 17686276 | 17371604 | 19171871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Holdco B.V. <sup>+, a</sup> | Cash 4.25% + SFvvv | 08/26/24 | 01/03/28 | Senior | 2970266 | 4051195 | 4051195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywalker BidCo GmbH <sup>+, a</sup> | Cash 6.00% + E## | 12/20/23 | 12/20/30 | Senior | 2225494 | 2198269 | 2410064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skywalker BidCo GmbH <sup>+, a</sup> | Cash 6.00% + E### | 12/20/23 | 12/20/30 | Senior | 6537633 | 6395326 | 6968637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC <sup>+, a</sup> | Cash 3.25% + SFv | 06/25/24 | 01/31/29 | Senior | 10000000 | 9963546 | 9978400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo Financing Partnership <sup>+, a</sup> | Cash 2.50% + SFv | 02/27/20 | 04/30/28 | Senior | 6000000 | 6030115 | 5897220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.05%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.05%)** |  |  |  |  |  | 327982374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Debt (6.17%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Debt (6.17%)** |  |  |  |  | $974409729 | $986506361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (63.25%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (63.25%)** |  |  |  |  | $7293816694 | $10109032173 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Secondary Investments <sup>\*, c</sup> (16.89%)** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (1.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affinity Asia Pacific Fund IV (No.2) L.P. <sup>+, a, e</sup> | 09/30/24 | $2284329 | $4649814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Capital Fund 5 <sup>+, a, e</sup> | 09/30/24 | 1 | 59144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia Fund II, L.P. <sup>+, a, e</sup> | 03/31/25 | 455319 | 946298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund IV, L.P. <sup>+, a, e</sup> | 11/24/09 | 5345 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Asia Partners IV, L.P. <sup>+, a, e</sup> | 12/31/24 | 635001 | 866591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Asia Partners V, L.P. <sup>+, a, e</sup> | 12/31/24 | 2094748 | 1767259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Capital Partners IV, LP <sup>+, a, e</sup> | 09/30/24 | 200112 | 109346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia Pacific III, L.P. <sup>+, a, e</sup> | 01/11/13 | 1258462 | 246272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia Pacific IV, L.P. <sup>+, a, e</sup> | 12/31/24 | 1445497 | 1812020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Fund VIII (Cayman), L.P. <sup>+, a, e</sup> | 12/31/24 | 767204 | 1089432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund III L.P. <sup>+, a, e</sup> | 12/31/24 | 372023 | 445903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KV Asia Capital Fund I L.P. <sup>+, a, e</sup> | 09/30/24 | 104571 | 981099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBK Partners Colonel Fund, L.P. <sup>+, a, e</sup> | 09/20/21 | 47367427 | 77268542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navis Asia Fund VII, L.P. <sup>+, a, e</sup> | 03/31/25 | 10362003 | 16041261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Private Equity Asia III, L.P. <sup>+, a, e</sup> | 03/31/25 | 1 | 370393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund III L.P. <sup>+, a, e</sup> | 12/31/24 | 1139379 | 1247781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Baring Asia Private Equity Fund VII, L.P. <sup>+, a, e</sup> | 03/31/24 | 4719912 | 5691094 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2017, L.P. <sup>+, a, e</sup> | 03/31/25 | $7037359 | $11941787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2019, L.P. <sup>+, a, e</sup> | 03/31/25 | 16187760 | 22441891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2019S, L.P. <sup>+, a, e</sup> | 03/31/25 | 5423912 | 7456211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Asia VII (B), L.P. <sup>+, a, e</sup> | 12/07/18 | 7909741 | 17361090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore) II, L.P. <sup>+, a, e</sup> | 08/02/10 | 1 | 10342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore), L.P. <sup>+, a, e</sup> | 08/02/10 | 46978 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership II, L.P. <sup>+, a, e</sup> | 07/08/10 | 1 | 8038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus China L.P. <sup>+, a</sup> | 12/31/24 | 1459768 | 1629521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund III, L.P. <sup>+, a, e</sup> | 05/18/21 | 31458156 | 28723467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund IV, L.P. <sup>+, a, e</sup> | 05/31/21 | 5461757 | 5086141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.30%)** |  |  | 208250739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (11.35%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures V, L.P. <sup>+, a, e</sup> | 06/30/12 | 1760 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Investment Fund, L.P. <sup>+, a</sup> | 09/30/24 | 83355 | 132245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APH Extended Value Fund H LP (US) <sup>+, a, e</sup> | 12/13/24 | 33157420 | 36732950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P. <sup>+, a, e</sup> | 01/01/25 | 793231 | 957115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VI, L.P. <sup>+, a, e</sup> | 01/01/25 | 219534 | 315614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VII, L.P. <sup>+, a, e</sup> | 07/01/10 | 60993 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners (Delaware) VII, L.P. <sup>+, a, e</sup> | 10/01/09 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardian Co-Investment Fund IV <sup>+, a, e</sup> | 12/31/24 | 3545824 | 5572897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund V, L.P. <sup>+, a, e</sup> | 01/01/25 | 1449927 | 1718333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares PE Extended Value Fund, L.P. <sup>+, a, e</sup> | 11/14/19 | 24017734 | 37987576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Investors Fund IV, L.P. <sup>+, a, e</sup> | 02/25/25 | 4498160 | 4871291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP SEC Exchange Fund II LP <sup>+, a, e</sup> | 09/30/24 | 6068544 | 9518978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August Capital V Special Opportunities, L.P. <sup>+, a, e</sup> | 10/01/24 | 71291 | 71849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue Golden Continuation Fund PV, L.P. <sup>+, a, e</sup> | 04/26/22 | 2 | 10600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund VII, L.P. <sup>+, a</sup> | 12/31/24 | 462822 | 721269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund X, L.P. <sup>+, a, e</sup> | 06/30/11 | 471221 | 3540726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XI, L.P. <sup>+, a, e</sup> | 12/31/24 | 398358 | 468882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P. <sup>+, a, e</sup> | 12/31/24 | 754937 | 1125574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Venture Fund 2009, L.P. <sup>+, a, e</sup> | 09/30/24 | 1 | 61655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Venture Fund 2012, L.P. <sup>+, a</sup> | 09/30/24 | 1419228 | 1858301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital VIII Coinvestment Fund, L.P. <sup>+, a, e</sup> | 12/31/15 | 282 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC X Private Investors, L.P. <sup>+, a, e</sup> | 12/31/24 | 327077 | 452279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC XI Private Investor, L.P. <sup>+, a, e</sup> | 12/31/24 | 996001 | 1302960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. <sup>+, a, e</sup> | 09/03/21 | 1 | 10647740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. <sup>+, a, e</sup> | 09/30/24 | 39775 | 567000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund X-A, L.P. <sup>+, a, e</sup> | 09/03/21 | 19344684 | 22697098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bertram Growth Capital II-A, L.P. <sup>+, a, e</sup> | 09/30/15 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birch Hill Equity Partners (US) IV, LP <sup>+, a, e</sup> | 01/13/25 | 1 | 172020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners IV, L.P. <sup>+, a, e</sup> | 03/31/25 | 7263 | 11465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners V, L.P. <sup>+, a, e</sup> | 03/31/25 | 256 | 10851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners V-S, L.P. <sup>+, a, e</sup> | 03/31/25 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Capital Partners VIII <sup>+, a, e</sup> | 03/31/25 | 2084820 | 1913071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSI II Graduate Co-Invest I L.P. <sup>+, a, e</sup> | 05/29/25 | 36342779 | 49008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners V, L.P. <sup>+, a, e</sup> | 12/31/24 | 416540 | 350113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P. <sup>+, a, e</sup> | 03/31/24 | 39123042 | 50363677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P. <sup>+, a, e</sup> | 03/10/23 | 4036335 | 5390360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Syniverse Co-Investment, L.P. <sup>+, a</sup> | 12/31/24 | 105536 | 97310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCMP Capital Investors III, L.P. <sup>+, a, e</sup> | 12/31/24 | 7517 | 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a, e</sup> | 05/12/22 | 27422 | 139753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund VIII, L.P. <sup>+, a, e</sup> | 03/29/12 | 2 | 2 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. <sup>+, a, e</sup> | 12/31/24 | $797604 | $1025701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cortec Group Fund V, L.P. <sup>+, a, e</sup> | 09/30/24 | 1 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Court Square Capital Partners V <sup>+, a, e</sup> | 12/20/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Opportunities Access Offshore L.P. <sup>+, a, e</sup> | 09/30/20 | 1 | 9301003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Terra-Gen Growth Fund, L.P. <sup>+, a, e</sup> | 03/23/21 | 1 | 62947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EETF Sidecar, L.P. <sup>+, a, e</sup> | 04/30/21 | 72245 | 5641919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Co-Investment Fund I-C, L.P. <sup>+, a, e</sup> | 04/30/21 | 2311 | 780154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund I, L.P. <sup>+, a, e</sup> | 04/30/21 | 102336 | 1854323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners Credit Solutions II, L.P. <sup>+, a, e</sup> | 02/03/21 | 2083512 | 2630159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners III, L.P. <sup>+, a, e</sup> | 02/01/21 | 1 | 4999188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fengate Everest Continuation Fund L.P. <sup>+, a, e, d</sup> | 06/17/24 | 20843716 | 28382523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Capital Partners IV <sup>+, a, e</sup> | 12/31/24 | 744428 | 1134090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFL Parallel Fund CF, L.P. <sup>+, a, e</sup> | 12/31/24 | 3573994 | 5273739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare VI, L.P. <sup>+, a</sup> | 06/30/12 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Equity Partners V, L.P. <sup>+, a, e</sup> | 08/07/12 | 204488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FullBloom <sup>+, a</sup> | 07/17/19 | 234811 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA Continuity Fund I L.P. (Bermuda) <sup>+, a, e</sup> | 06/30/21 | 65737481 | 92891333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2021, L.P. <sup>+, a, e</sup> | 07/02/21 | 9047653 | 9802517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2023, L.P. <sup>+, a, e</sup> | 12/01/22 | 2970827 | 3260379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. <sup>+, a, e</sup> | 03/31/24 | 2239158 | 2833699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners V, L.P. <sup>+, a, e</sup> | 09/30/15 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar IX Opportunities Fund I <sup>+, a, e</sup> | 03/31/24 | 1187451 | 1444969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gores Capital Partners III, L.P. <sup>+, a, e</sup> | 01/01/25 | 41404 | 146814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side CF, L.P. <sup>+, a, e</sup> | 04/16/21 | 19775525 | 46822787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy Feeder I, L.P. <sup>+, a, e</sup> | 05/15/17 | 18635379 | 55977939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy, LLC <sup>+, a</sup> | 10/01/24 | 11956199 | 28852557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners 3.5, L.P. <sup>+, a, e</sup> | 05/21/13 | 1 | 66852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV L.P. <sup>+, a, e</sup> | 02/08/16 | 116996 | 13883744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Bayside Debt & LBO Fund II, L.P. <sup>+, a, e</sup> | 12/30/10 | 1 | 89356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup> | 05/26/21 | 33752699 | 37200436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup> | 12/27/21 | 75612686 | 102429958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Life VI (Jersey), L.P. <sup>+, a, e</sup> | 09/30/24 | 345231 | 532705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Continuation Fund, L.P. <sup>+, a, e</sup> | 09/09/19 | 14163763 | 51620585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners X, L.P. (Project Solace) <sup>+, a, e</sup> | 04/01/25 | 9990546 | 12520413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investcorp Technology Partners III (Cayman), L.P. <sup>+, a, e</sup> | 08/19/11 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.C. Flowers III-B L.P. <sup>+, a, e</sup> | 12/31/24 | 24111 | 40449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.C. Flowers IV L.P. <sup>+, a, e</sup> | 12/31/24 | 735925 | 914950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP International 2019E, L.P. <sup>+, a</sup> | 12/31/24 | 1135156 | 2083692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP Media V, L.P. <sup>+, a</sup> | 12/31/24 | 704405 | 882770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JVP VII Opportunity, L.P. <sup>+, a, e</sup> | 12/31/24 | 3055335 | 4518780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII (EEA) L.P. <sup>+, a, e</sup> | 12/31/24 | 1579705 | 2375821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup> | 06/09/22 | 123149784 | 140385827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSL Capital Partners CV I, L.P. <sup>+, a, e</sup> | 05/23/22 | 35822715 | 64882353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners II, L.P. <sup>+, a, e</sup> | 06/30/17 | 62679 | 2473549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners Realization Fund, L.P. <sup>+, a</sup> | 06/30/17 | 1 | 2475617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEP Captive Co-Invest II, L.P. <sup>+, a</sup> | 07/01/22 | 13746296 | 19713879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LS Power Equity Partners III Feeder 1, L.P. <sup>+, a, e</sup> | 01/01/25 | 5899032 | 9060984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners V, L.P. <sup>+, a, e</sup> | 03/31/11 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/15/21 | 7981415 | 10562692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mainsail Partners III, L.P. <sup>+, a, e</sup> | 09/30/24 | 346868 | 231899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Equity III, L.P. <sup>+, a, e</sup> | 09/30/24 | 24892 | 29006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners III, L.P. <sup>+, a, e</sup> | 06/30/11 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners V, L.P. <sup>+, a, e</sup> | 12/31/24 | 1233084 | 1412723 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monomoy Capital Partners II, L.P. <sup>+, a, e</sup> | 09/30/15 | $13021 | $126579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 14, L.P. <sup>+, a, e</sup> | 10/01/24 | 3750356 | 5498743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup> | 09/30/20 | 5902708 | 7279025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Capital V, L.P. <sup>+, a, e</sup> | 12/31/24 | 336332 | 423673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NewView Capital Fund I, L.P. <sup>+, a, e</sup> | 01/01/25 | 8657632 | 9177531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGP Natural Resources X, L.P. <sup>+, a, e</sup> | 09/30/24 | 192667 | 275780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northgate Growth Fund, L.P. <sup>+, a</sup> | 12/20/19 | 6880500 | 9360446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northlane Capital Partners II LP <sup>+, a, e</sup> | 12/31/24 | 2173012 | 2763094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVP VIII PG, L.P. <sup>+, a, e</sup> | 05/31/19 | 41920638 | 91581293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree Opportunities Fund Xb, L.P. <sup>+, a, e</sup> | 01/01/25 | 2803118 | 1671559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Partners V LP <sup>+, a, e</sup> | 12/31/24 | 1827005 | 2270523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Aggregator (AIV IV) LP <sup>+, a, e</sup> | 12/31/24 | 14549760 | 20628883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2024 Fund Offshore LP <sup>+, a, e</sup> | 12/31/24 | 13839281 | 16100592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palladium Equity Partners III, L.P. <sup>+, a, e</sup> | 08/02/10 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Direct Investments V, L.P. <sup>+, a, e</sup> | 05/01/25 | 1660718 | 1660718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Venture Capital Reinvestment Fund, L.P. <sup>+, a, e</sup> | 03/12/25 | 66182820 | 92578051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Venture Capital VI, L.P. <sup>+, a, e</sup> | 04/18/25 | 1462739 | 1462739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PlayCore CV, L.P. <sup>+, a, e</sup> | 11/21/24 | 18658615 | 24111054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners IV, L.P. <sup>+, a, e</sup> | 01/01/25 | 1 | 8915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners V, L.P. <sup>+, a, e</sup> | 06/30/11 | 404780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI - A, L.P. <sup>+, a, e</sup> | 01/01/25 | 14673 | 15306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI-A, L.P. <sup>+, a, e</sup> | 06/30/13 | 2 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VII-A, L.P. <sup>+, a, e</sup> | 06/30/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT2, L.P. <sup>+, a, e</sup> | 12/21/21 | 9302852 | 12520290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Omega II, L.P. <sup>+, a</sup> | 09/30/24 | 1271287 | 2454943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redpoint Ventures IV, L.P. <sup>+, a</sup> | 09/30/24 | 532193 | 533367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revelstoke EPIC Fund I, L.P. <sup>+, a, e</sup> | 11/20/19 | 44353234 | 66487050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverstone Global Energy and Power Fund VI, L.P. <sup>+, a, e</sup> | 01/01/25 | 837511 | 729466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RoundTable Healthcare Partners III, L.P. <sup>+, a, e</sup> | 09/30/24 | 388157 | 908098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samson Partners, L.P. <sup>+, a, e</sup> | 12/21/20 | 31364096 | 55273887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Dragon, L.P. <sup>+, a</sup> | 06/16/25 | 3891463 | 3891463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Shield, L.P. <sup>+, a</sup> | 06/16/25 | 1881276 | 1881276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 6, L.P. <sup>+, a</sup> | 09/30/24 | 379874 | 654066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 7, L.P. <sup>+, a</sup> | 09/30/24 | 211205 | 177281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sigma Partners 8, L.P. <sup>+, a</sup> | 09/30/24 | 366206 | 653017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners III, L.P. <sup>+, a, e</sup> | 03/31/13 | 4 | 839567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup> | 03/31/24 | 6940605 | 10526747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup> | 09/30/22 | 39682475 | 44240361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-1, L.P. <sup>+, a</sup> | 12/01/17 | 116072 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SL SPV-2, L.P. <sup>+, a</sup> | 06/30/10 | 4 | 6502561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Springcoast Partners I-A, L.P. <sup>+, a, e</sup> | 06/17/25 | 3768494 | 3768494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Capital Partners IV, L.P. <sup>+, a, e</sup> | 12/01/24 | 320943 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Partners – Small Market Growth 2009, L.P. <sup>+, a, e</sup> | 12/01/24 | 285021 | 587804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STG IV, L.P. <sup>+, a, e</sup> | 09/30/24 | 123084 | 225173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund IX-B, L.P. <sup>+, a, e</sup> | 12/31/24 | 1025958 | 1228678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund VIII-B, L.P. <sup>+, a, e</sup> | 12/31/24 | 97514 | 145024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Venture Capital Fund III-B, L.P. <sup>+, a, e</sup> | 12/31/24 | 176460 | 286387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Capital Partners V, L.P. <sup>+, a, e</sup> | 09/30/13 | 14639947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Life Sciences Fund IV CF, L.P. <sup>+, a, e</sup> | 12/31/24 | 3368192 | 3877352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SV Life Sciences Fund IV, L.P. <sup>+, a, e</sup> | 12/31/24 | 22386 | 76162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic & Pacific VI, L.P. <sup>+, a, e</sup> | 09/30/15 | 1 | 50044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic and Pacific VII-A L.P. <sup>+, a, e</sup> | 09/30/24 | 1285296 | 3009985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Subordinated Debt Fund III, L.P. <sup>+, a, e</sup> | 09/30/24 | 1 | 13531 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XI, L.P. <sup>+, a, e</sup> | 09/30/15 | $189098 | $804235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV VII (A), L.P. <sup>+, a, e</sup> | 09/30/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel (Cayman) Fund VII, L.P. <sup>+, a, e</sup> | 01/01/25 | 2783114 | 3696346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel Fund VII, L.P. <sup>+, a, e</sup> | 01/01/25 | 981706 | 1334225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Lee Parallel Fund VIII, L.P. <sup>+, a, e</sup> | 01/01/25 | 1030261 | 1118329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TorQuest Partners Fund (U.S.) II, L.P. <sup>+, a, e</sup> | 09/30/15 | 895011 | 211622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Healthcare Partners, L.P. <sup>+, a, e</sup> | 04/01/24 | 2792250 | 3221310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners V, L.P. <sup>+, a, e</sup> | 07/11/11 | 1066609 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VI, L.P. <sup>+, a, e</sup> | 12/31/12 | 3 | 252045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. <sup>+, a, e</sup> | 01/01/25 | 3168946 | 7132697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. <sup>+, a, e</sup> | 04/01/24 | 12700115 | 15647039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup> | 09/30/22 | 21361581 | 30874577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity Ventures 2024, L.P. <sup>+, a, e</sup> | 12/20/24 | 38680007 | 49941769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivest Fund V, L.P. <sup>+, a, e</sup> | 10/01/24 | 356877 | 836627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSCP CV II, L.P. <sup>+, a</sup> | 09/09/24 | 4016292 | 4590023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSCP CV II, L.P. <sup>+, a, e</sup> | 09/09/24 | 67203 | 31684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital V, L.P. <sup>+, a, e</sup> | 02/26/25 | 16526250 | 19668882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vector Capital VI, L.P. <sup>+, a, e</sup> | 02/26/25 | 1585379 | 1585379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P. <sup>+, a, e</sup> | 04/01/25 | 7911977 | 8620653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. <sup>+, a, e</sup> | 04/01/25 | 6162362 | 6713086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup> | 07/29/19 | 10076545 | 14128989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup> | 10/01/22 | 35069457 | 42642916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund V, L.P. <sup>+, a, e</sup> | 03/31/23 | 4136937 | 3832371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P. <sup>+, a, e</sup> | 12/31/24 | 3212740 | 4598606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity X, L.P. <sup>+, a</sup> | 09/28/12 | 1 | 203238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XI, L.P. <sup>+, a</sup> | 01/01/25 | 164203 | 270781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity XII, L.P. <sup>+, a, e</sup> | 03/31/25 | 6142861 | 8464272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XI, L.P. <sup>+, a</sup> | 09/30/24 | 27573 | 5069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a, e</sup> | 12/31/18 | 1 | 27970299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup> | 12/20/18 | 1850238 | 4607938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (11.35%)** |  |  | 1814445507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (0.25%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund V, L.P. <sup>+, a, e</sup> | 10/01/24 | 562178 | 884882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VI-B L.P. <sup>+, a, e</sup> | 03/31/25 | 9049850 | 12252329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VII-A SCSp <sup>+, a, e</sup> | 03/31/25 | 14481798 | 17090751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Global Financial Services Partners III, L.P. <sup>+, a, e</sup> | 12/31/24 | 3473559 | 2945901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NG Capital Partners I, L.P. <sup>+, a, e</sup> | 12/31/24 | 1 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitango Venture Capital Fund VI L.P. <sup>+, a, e</sup> | 09/30/24 | 4137429 | 5875298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria South American Partners II, L.P. <sup>+, a, e</sup> | 09/30/24 | 422104 | 123062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.25%)** |  |  | 39173108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (3.99%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Eurofund Vb, L.P. <sup>+, a</sup> | 09/30/09 | 3 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Growth Capital B, L.P. <sup>+, a, e</sup> | 10/01/14 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures III, L.P. <sup>+, a, e</sup> | 09/30/15 | 1 | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. <sup>+, a, e</sup> | 06/30/12 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures VI LP <sup>+, a, e</sup> | 10/01/24 | 163953 | 327706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-A <sup>+, a, e</sup> | 12/31/24 | 2016904 | 2678444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI, L.P. <sup>+, a</sup> | 09/30/10 | 2178 | 364638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI, L.P. <sup>+, a, e</sup> | 10/01/24 | 110957 | 148175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-E, L.P. <sup>+, a, e</sup> | 10/01/24 | 169489 | 365813 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alchemy Special Opportunities Fund II L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | $302746 | $445131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aparca8 Capital Estacionamientos, S.C.R., S.A. <sup>+, a, e, d</sup> | &nbsp;&nbsp;12/15/23 | 6498738 | 10197176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VI - A, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;07/01/11 | 2 | 32317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAX Europe VII - B, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;01/01/25 | 28576 | 55335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VII - B, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;04/30/11 | 332524 | 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax IX USD (Feeder) L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;01/01/25 | 901567 | 1209449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax VIII - A L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;01/01/25 | 408001 | 365670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;01/01/25 | 1924234 | 2083984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg IQ-EQ Fund SCSp <sup>+, a, e</sup> | &nbsp;&nbsp;01/13/22 | 12749518 | 33430820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg V FCPR <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 14942 | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg V FCPR <sup>+, a</sup> | &nbsp;&nbsp;09/30/15 | 1 | 9935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August Capital V, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;10/01/24 | 857687 | 747766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund III, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;03/31/25 | 1 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund V, SCSp <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 1195555 | 1805196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital IX, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;10/01/24 | 371045 | 1542012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC European Capital X LP <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 1069226 | 1825040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners II, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/28/12 | 60330 | 32016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners III, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/14 | 1924891 | 157904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 8716159 | 7432059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 2253178 | 1757281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCP IX L.P. No.2 <sup>+, a</sup> | &nbsp;&nbsp;09/30/14 | 1997564 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup> | &nbsp;&nbsp;12/17/21 | 36983903 | 65100657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners IX <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 16749 | 21125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners X L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 5466582 | 7548255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Pachelbel (A) SCSp <sup>+, a, e</sup> | &nbsp;&nbsp;07/08/24 | 1610663 | 2160263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VII L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;03/31/24 | 11514161 | 16330510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;03/31/24 | 11960042 | 13794130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners III L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 247167 | 428124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC European Equity Partners V, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/28/12 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP European Infrastructure 1, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;12/22/22 | 33258286 | 65377386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DBAG Fund VI (Guernsey) L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 322750 | 451148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elvaston Capital Fund V <sup>+, a, e</sup> | &nbsp;&nbsp;03/31/25 | 16898142 | 22295877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPIC I-b Fund SLP <sup>+, a, e</sup> | &nbsp;&nbsp;11/30/20 | 8978333 | 29306426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX, L.P. (EUR) <sup>+, a, e</sup> | &nbsp;&nbsp;03/31/25 | 30792320 | 38953389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESP Golden Bear Europe Fund <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/16 | 1 | 317564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurazeo Capital IV B SCSp <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 8537079 | 9281204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F2i III <sup>+, a, e</sup> | &nbsp;&nbsp;07/01/24 | 2669193 | 5257884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Cinven Fund, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;04/16/10 | 83945 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France Special Situations Fund I FPCI <sup>+, a, e</sup> | &nbsp;&nbsp;10/01/24 | 751333 | 88066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G Square Capital I <sup>+, a</sup> | &nbsp;&nbsp;12/01/24 | 1875 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galileo III FCPR <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/15 | 1 | 31616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners VII, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/15 | 1 | 254692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision Asset Solutions, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 1 | 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision SpringPoint L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 |  | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision V, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 99185 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HitecVision VI, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 1387998 | 1374912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Growth II (Jersey), L.P. <sup>+, a</sup> | &nbsp;&nbsp;09/30/24 | 1494223 | 1376509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures VI (Jersey), L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 11606964 | 15541513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Opportunity Partners II, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 61236 | 175773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investindustrial V L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;09/30/24 | 1157013 | 1024732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italian Private Equity Fund IV, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;01/29/16 | 1 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund III, L.P. <sup>+, a, e</sup> | &nbsp;&nbsp;10/01/14 | 563 | 7494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund III, L.P. (USD) <sup>+, a, e</sup> | &nbsp;&nbsp;12/31/24 | 1 | 22071 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund IV (EEA) L.P. <sup>+, a, e</sup> | 12/31/24 | $15658846 | $17048285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (EUR) SCSp <sup>+, a, e</sup> | 12/31/24 | 3730311 | 4512515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L Capital 3 FPCI <sup>+, a, e</sup> | 12/02/24 | 288770 | 466055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Latour Capital I <sup>+, a</sup> | 12/31/24 | 71613 | 4418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Living Bridge 5 L.P. <sup>+, a, e</sup> | 10/01/24 | 313338 | 759005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu III, L.P. <sup>+, a, e</sup> | 12/09/09 | 72602 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu V L.P. <sup>+, a, e</sup> | 12/31/24 | 2426353 | 3029816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu+ SCSp <sup>+, a, e</sup> | 12/06/21 | 38226197 | 81145972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree European Principal Fund IV Feeder (Cayman), L.P. <sup>+, a, e</sup> | 01/01/25 | 893496 | 1058407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VI, L.P. <sup>+, a, e</sup> | 12/31/24 | 1973177 | 2660570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VII-1 <sup>+, a, e</sup> | 12/31/24 | 370816 | 494977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira Europe II, L.P. <sup>+, a</sup> | 11/29/13 | 77176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira Europe III, L.P. <sup>+, a</sup> | 09/30/13 | 352692 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira Europe III, L.P. <sup>+, a, e</sup> | 01/01/25 | 30535 | 54969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VI L.P. 1 <sup>+, a, e</sup> | 01/01/25 | 2001586 | 2147591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup> | 09/29/22 | 35457714 | 47817668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VIII SCSp <sup>+, a, e</sup> | 03/30/25 | 11868550 | 14009590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Equity Partners 2010 LP <sup>+, a</sup> | 09/30/24 | 1 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Private Equity Fund V L.P. <sup>+, a, e</sup> | 10/01/24 | 213513 | 52062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Ventures IV C.V. <sup>+, a, e</sup> | 09/30/24 | 815255 | 1836142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC III G, LP <sup>+, a, e</sup> | 12/31/24 | 4454538 | 5184190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivean Special Opportunity Fund I Coöperatief U.A. <sup>+, a, e</sup> | 11/29/22 | 22713138 | 25284512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Europe Fund IV, L.P. <sup>+, a, e</sup> | 09/30/14 | 103961 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No.2) Limited Partnership <sup>+, a, e</sup> | 03/31/24 | 2011656 | 3821135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STG Alternative Investments S.C.A. SICAV-RAIF <sup>+, a, e</sup> | 09/17/21 | 17305825 | 35835663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Europe Private Equity Fund, L.P. <sup>+, a, e</sup> | 03/31/25 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TDR Capital III 'B' L.P. <sup>+, a, e</sup> | 10/01/24 | 2336090 | 2971595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seventh Cinven Fund, L.P. <sup>+, a, e</sup> | 03/31/24 | 7928084 | 11051145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilantic Capital Partners V (Europe) S.C.A., SICAR <sup>+, a, e</sup> | 11/20/20 | 3668622 | 4440178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilantic Europe VI SCSp <sup>+, a, e</sup> | 12/10/20 | 4166613 | 4449667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish Private Equity Fund III L.P. <sup>+, a, e</sup> | 09/30/24 | 1968049 | 2940306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEF V Feeder LP <sup>+, a, e</sup> | 01/01/25 | 73398 | 137961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (3.99%)** |  |  | 636795841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (16.89%)** |  | $1802751212 | $2698665195 |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (14.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (0.88%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Asia V, L.P. <sup>+, a, e</sup> | 09/01/23 | 328908 | 396431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund IX, L.P. <sup>+, a, e</sup> | 12/23/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund V, L.P. <sup>+, a, e</sup> | 12/01/10 | 1 | 217233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGH Capital Fund I <sup>+, a, e</sup> | 03/01/18 | 13984785 | 18284173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGH Capital VCLP II <sup>+, a, e</sup> | 02/01/22 | 1197454 | 835995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPEChina Fund III, L.P. <sup>+, a, e</sup> | 03/28/18 | 18351734 | 31019074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia VI L.P. <sup>+, a, e</sup> | 12/23/22 | 819904 | 701965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Fund VIII, L.P. <sup>+, a, e</sup> | 10/30/15 | 7636632 | 9156428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Partners V, L.P. <sup>+, a, e</sup> | 12/15/11 | 4634657 | 2271524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.4-C, L.P. <sup>+, a, e</sup> | 08/02/19 | 1707367 | 13368152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.5-B, L.P. <sup>+, a, e</sup> | 02/28/22 | 3726936 | 4120642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kedaara Capital Growth Fund IV <sup>+, a, e</sup> | 04/03/24 | 388233 | 318805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kedaara Capital III Limited <sup>+, a, e</sup> | 06/17/21 | 6472945 | 7317140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund IV SCSp <sup>+, a, e</sup> | 05/29/20 | 3508241 | 5362536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund III L.P. <sup>+, a, e</sup> | 05/09/18 | 7770937 | 10487314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund IV, L.P. <sup>+, a, e</sup> | 05/20/21 | 6947263 | 5020134 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Capital Fund IV L.P. <sup>+, a, e</sup> | 01/26/18 | $5464380 | $5578225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Baring Asia Private Equity Fund VII, L.P. <sup>+, a, e</sup> | 07/10/18 | 2517343 | 9566388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiara CG Private Equity Fund 2024, L.P. <sup>+, a, e</sup> | 11/29/24 | 26534 | 28600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG ASIA VIII (B), L.P. <sup>+, a, e</sup> | 07/01/22 | 7535001 | 8499270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustbridge Partners VI, L.P. <sup>+, a, e</sup> | 04/12/18 | 7401515 | 7914181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.88%)** |  |  | 140464210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (8.41%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Global Technology, L.P. <sup>+, a, e</sup> | 06/25/19 | 2124384 | 3185416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA Investors Fund VII L.P. <sup>+, a, e</sup> | 02/08/19 | 3335269 | 3630370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Capital Fund VII, L.P. <sup>+, a, e</sup> | 03/29/19 | 13336759 | 28319887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Capital Fund VIII, L.P. <sup>+, a, e</sup> | 07/10/23 | 533032 | 563304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P <sup>+, a, e</sup> | 06/01/17 | 15098443 | 33593144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VIII, L.P. <sup>+, a, e</sup> | 06/28/13 | 1 | 2617014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund IV, L.P. <sup>+, a, e</sup> | 04/19/12 | 1 | 1584732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund V, L.P. <sup>+, a, e</sup> | 12/28/15 | 5419361 | 8665326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund VI, L.P. <sup>+, a, e</sup> | 06/02/20 | 1745593 | 2807861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Capital Partners II, L.P. <sup>+, a, e</sup> | 01/01/14 | 94819 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P. <sup>+, a, e</sup> | 06/30/17 | 1 | 16555344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XIII, L.P. <sup>+, a, e</sup> | 08/07/20 | 17253219 | 19466462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XIV, L.P. <sup>+, a, e</sup> | 04/01/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Transportation Fund, L.P. <sup>+, a, e</sup> | 09/23/21 | 6282518 | 12232635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund IX, L.P. <sup>+, a, e</sup> | 03/18/16 | 4735936 | 14066378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund XI-TE, L.P. <sup>+, a, e</sup> | 12/18/23 | 488779 | 488779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caltius Partners V-A, L.P. <sup>+, a, e</sup> | 12/02/14 | 1068047 | 6275741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P. <sup>+, a, e</sup> | 11/29/17 | 35085227 | 55969673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P. <sup>+, a, e</sup> | 09/10/21 | 6157429 | 6377379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a</sup> | 04/27/22 | 988701 | 1097058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund IX, L.P. <sup>+, a, e</sup> | 07/31/13 | 40903 | 5310729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. <sup>+, a, e</sup> | 12/13/16 | 1 | 18189859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XI, L.P. <sup>+, a, e</sup> | 05/15/20 | 17378069 | 19497950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XII, L.P. <sup>+, a, e</sup> | 09/02/22 | 8905003 | 11338767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners V, L.P. <sup>+, a, e</sup> | 12/15/17 | 1 | 27406898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI, L.P. <sup>+, a, e</sup> | 12/10/19 | 14325635 | 21131730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VII, L.P. <sup>+, a, e</sup> | 09/23/21 | 11006401 | 12028004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VIII, L.P. <sup>+, a, e</sup> | 04/05/24 | 1617637 | 1360331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Mezzanine Partners VI, L.P. <sup>+, a, e</sup> | 03/30/12 | 1 | 269033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cressey & Company Fund VII-A L.P. <sup>+, a, e</sup> | 06/30/22 | 1417065 | 977201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V, LP <sup>+, a, e</sup> | 08/19/22 | 3296092 | 3653174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare Growth Buyout Fund X, L.P. <sup>+, a, e</sup> | 03/10/21 | 10473534 | 12844062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare Growth Buyout Fund XI, L.P. <sup>+, a, e</sup> | 09/20/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar AMBA CV, L.P. <sup>+, a</sup> | 04/01/23 | 376953 | 589460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. <sup>+, a, e</sup> | 02/21/19 | 4396214 | 25103766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VI, L.P. <sup>+, a, e</sup> | 09/01/12 | 1 | 207665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VII, L.P. <sup>+, a, e</sup> | 06/26/15 | 1 | 5650025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/23/17 | 74702 | 33548254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners X, L.P. <sup>+, a, e</sup> | 04/01/21 | 10471892 | 11502410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners XI, L.P. <sup>+, a, e</sup> | 04/26/23 | 759600 | 823557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar X Opportunities Fund, L.P. <sup>+, a, e</sup> | 08/13/21 | 2265591 | 2775641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genstar XI Opportunities Fund, L.P. <sup>+, a, e</sup> | 04/26/23 | 534168 | 625358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Data Infrastructure Fund II LP <sup>+, a, e, d</sup> | 01/27/23 | 2584376 | 2740873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoldPoint Mezzanine Partners IV, L.P. <sup>+, a, e</sup> | 12/30/15 | 326664 | 5190542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors IX, L.P. <sup>+, a, e</sup> | 03/01/22 | 8973340 | 10081296 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side VIII, L.P. <sup>+, a, e</sup> | 10/18/19 | $22439943 | $36026117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Heritage Partners, L.P. <sup>+, a, e</sup> | 12/17/20 | 1007440 | 5557990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners V, L.P. <sup>+, a, e</sup> | 02/23/18 | 3550731 | 8575960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners VI, L.P. <sup>+, a, e</sup> | 12/17/20 | 8577414 | 9299024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners IX, L.P. <sup>+, a, e</sup> | 09/24/21 | 6088418 | 6298000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VII, L.P. <sup>+, a, e</sup> | 12/14/15 | 900652 | 10208801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VIII, L.P. <sup>+, a, e</sup> | 12/19/18 | 9563093 | 20230149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VII, L.P. <sup>+, a, e</sup> | 06/30/14 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners X, L.P. <sup>+, a, e</sup> | 05/10/21 | 12240248 | 13935852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners XI, LP <sup>+, a, e</sup> | 03/31/23 | 7690 | 7690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGGC Fund IV, L.P. <sup>+, a, e</sup> | 04/08/22 | 1185097 | 2423022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup> | 09/01/21 | 5754300 | 6343989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup> | 12/27/21 | 7430156 | 10068433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XII (Co-Investors), L.P. <sup>+, a, e</sup> | 06/07/21 | 1643762 | 2124752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XIII, L.P. <sup>+, a, e</sup> | 12/23/22 | 2553744 | 2503825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners X, L.P. <sup>+, a, e</sup> | 07/06/18 | 1 | 12721783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners XI, L.P. <sup>+, a, e</sup> | 12/17/19 | 4643830 | 7895709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Ventures Partners XII, L.P. <sup>+, a, e</sup> | 06/07/21 | 6729777 | 6809465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jade Equity Investors II, L.P. <sup>+, a, e</sup> | 03/01/22 | 922767 | 1023554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K6 Private Investors, L.P. <sup>+, a, e</sup> | 06/28/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Khosla Ventures VIII, L.P. <sup>+, a, e</sup> | 01/06/23 | 1328861 | 1430058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII L.P. <sup>+, a, e</sup> | 01/31/18 | 2617507 | 29788910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup> | 10/01/22 | 1785110 | 2066793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XI, L.P. <sup>+, a, e</sup> | 02/01/12 | 6190 | 3891597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XIII, SCSP <sup>+, a, e</sup> | 04/06/21 | 8626025 | 10220321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XIV <sup>+, a, e</sup> | 12/19/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kleiner Perkins Caufield & Byers XIX LLC <sup>+, a, e</sup> | 03/05/20 | 7942500 | 13494562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kleiner Perkins Select Fund III, LLC <sup>+, a, e</sup> | 06/28/24 | 2600000 | 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLEINER PERKINS XXI, LLC <sup>+, a, e</sup> | 06/28/24 | 1787500 | 1787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors IX, L.P. <sup>+, a, e</sup> | 12/20/19 | 15535018 | 26414206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors VIII, L.P. <sup>+, a, e</sup> | 08/04/16 | 5508972 | 24033662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors X, L.P. <sup>+, a, e</sup> | 10/06/23 | 340405 | 367001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners IV, L.P. <sup>+, a, e</sup> | 06/28/24 | 5537640 | 4780872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VI, L.P. <sup>+, a, e</sup> | 11/25/16 | 796703 | 17578595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau Select Fund III, L.P. <sup>+, a, e</sup> | 12/20/19 | 4471898 | 6295180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau VII, L.P. <sup>+, a, e</sup> | 12/20/19 | 3825000 | 3566529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Total Opportunities, L.P. <sup>+, a, e</sup> | 05/28/21 | 3375000 | 4034897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures VII, L.P. <sup>+, a, e</sup> | 05/28/21 | 968750 | 1599981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures VIII, L.P. <sup>+, a, e</sup> | 04/03/23 | 1952680 | 2543385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/20/20 | 7546878 | 10012036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayfield Select III, L.P. <sup>+, a, e</sup> | 05/01/23 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mayfield XVII, L.P. <sup>+, a, e</sup> | 05/01/23 | 210001 | 217899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners IX-A, L.P. <sup>+, a, e</sup> | 03/12/19 | 2907347 | 8387658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners VII-A, L.P. <sup>+, a, e</sup> | 06/27/14 | 357845 | 2101200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners X-A, L.P. <sup>+, a, e</sup> | 07/19/21 | 8868728 | 10942228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEA 18 Venture Growth Equity, L.P. <sup>+, a, e</sup> | 12/22/21 | 2961000 | 2813877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 14, L.P. <sup>+, a, e</sup> | 05/04/12 | 1 | 6791680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup> | 06/06/19 | 7537707 | 9188442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 18, L.P. <sup>+, a, e</sup> | 12/22/21 | 1868596 | 2921019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Capital V, L.P. <sup>+, a, e</sup> | 06/29/17 | 172601 | 15263864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners VI, L.P. <sup>+, a, e</sup> | 10/16/20 | 16489294 | 24652632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners VII, L.P. <sup>+, a, e</sup> | 04/06/23 | 1466268 | 1442415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPhase Capital Fund III-A, L.P. <sup>+, a, e</sup> | 09/01/16 | 1 | 11980417 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPhase Capital Fund V, L.P. <sup>+, a, e</sup> | 08/04/23 | $325785 | $285467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novacap International Technologies VII L.P. <sup>+, a, e</sup> | 05/30/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners IV, L.P. <sup>+, a, e</sup> | 04/28/17 | 1 | 5252105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners V, L.P. <sup>+, a, e</sup> | 12/21/18 | 23220537 | 37534233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners VI, L.P. <sup>+, a, e</sup> | 02/25/22 | 2874793 | 3376240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital V, L.P. <sup>+, a, e</sup> | 02/03/20 | 4417810 | 4779107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital VI, L.P. <sup>+, a, e</sup> | 12/17/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennantPark Credit Opportunities Fund II, L.P. <sup>+, a, e</sup> | 08/03/12 | 1 | 663541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revelstoke Capital Partners Fund III, L.P <sup>+, a, e</sup> | 02/23/22 | 6055257 | 6676254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners IV, L.P. <sup>+, a, e</sup> | 07/30/12 | 1 | 11010429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup> | 03/31/17 | 18154264 | 45581254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup> | 06/04/20 | 5994592 | 7585610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VII, L.P. <sup>+, a, e</sup> | 05/26/22 | 4807135 | 5595784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital Growth Fund IV, L.P. <sup>+, a, e</sup> | 10/14/21 | 5740500 | 7857723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital Growth Fund V, L.P. <sup>+, a, e</sup> | 02/29/24 | 740000 | 728447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital VII, L.P. <sup>+, a, e</sup> | 10/14/21 | 2660000 | 3456037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spark Capital VIII, L.P. <sup>+, a, e</sup> | 02/29/24 | 315000 | 314500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund, L.P. <sup>+, a, e</sup> | 04/27/15 | 8323 | 3589674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XI, L.P. <sup>+, a, e</sup> | 10/01/21 | 2366837 | 2549026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XII, L.P. <sup>+, a, e</sup> | 10/01/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA Select Opportunities Fund II-B, L.P. <sup>+, a, e</sup> | 05/27/21 | 2701875 | 2797416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XIII-B, L.P. <sup>+, a, e</sup> | 05/02/19 | 4012500 | 18129783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA XIV-B, L.P. <sup>+, a, e</sup> | 05/27/21 | 10321250 | 11758587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV X, L.P. <sup>+, a, e</sup> | 08/31/18 | 3325954 | 14870371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCV XI (A), L.P. <sup>+, a, e</sup> | 10/02/20 | 8689126 | 10000533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners IV, L.P. <sup>+, a, e</sup> | 12/10/15 | 1 | 6269934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners V, L.P. <sup>+, a, e</sup> | 05/04/18 | 1354320 | 8531011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners VI, L.P. <sup>+, a, e</sup> | 06/11/21 | 12999081 | 12114182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners IX, L.P. <sup>+, a, e</sup> | 12/23/22 | 1287907 | 1408331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. <sup>+, a, e</sup> | 03/01/16 | 1 | 2997435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. <sup>+, a, e</sup> | 01/31/19 | 6818270 | 11571593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident IX, L.P. <sup>+, a, e</sup> | 11/19/21 | 14038927 | 17943951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VII, L.P. <sup>+, a, e</sup> | 09/22/16 | 1193097 | 38826169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup> | 04/05/19 | 13125517 | 24941594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident X, L.P. <sup>+, a, e</sup> | 06/24/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P. <sup>+, a, e</sup> | 08/31/18 | 17467290 | 20990669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. <sup>+, a, e</sup> | 04/28/22 | 17310960 | 19879300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund II, L.P. <sup>+, a, e</sup> | 12/19/17 | 293590 | 11771837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup> | 06/19/19 | 10076545 | 14128989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup> | 03/31/21 | 12415512 | 15310436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund V, L.P. <sup>+, a, e</sup> | 10/31/23 | 482769 | 599536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth 14, L.P. <sup>+, a, e</sup> | 01/31/22 | 6219000 | 7838826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P. <sup>+, a, e</sup> | 11/20/18 | 5333215 | 11574639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a</sup> | 12/19/14 | 1 | 7156124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup> | 12/20/18 | 6660857 | 16588578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIV, L.P. <sup>+, a, e</sup> | 01/19/22 | 2157385 | 2153776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Street Offshore Infrastructure Partners IV <sup>+, a, e</sup> | 11/02/22 | 8335974 | 9153158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windjammer Senior Equity Fund IV, L.P. <sup>+, a, e</sup> | 02/06/13 | 4855 | 3057987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (8.41%)** |  |  | 1345056797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (0.56%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VI-H L.P. <sup>+, a, e</sup> | 10/17/14 | 662130 | 8502598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patria - Brazilian Private Equity Fund IV, L.P. <sup>+, a, e</sup> | 06/30/11 | 4737450 | 3295930 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish Enterprise Fund VIII, L.P. <sup>+, a, e</sup> | 09/15/17 | $38254188 | $77129643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.56%)** |  |  | 88928171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (4.45%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adagia Capital Europe S.L.P. <sup>+, a, e</sup> | 06/01/21 | 5476103 | 7211088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-C, L.P. <sup>+, a, e</sup> | 05/31/19 | 15380794 | 28091944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-B, L.P. <sup>+, a, e</sup> | 07/01/12 | 1 | 1010464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-C, L.P <sup>+, a, e</sup> | 03/22/16 | 1 | 6741694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE X (USD) <sup>+, a, e</sup> | 05/31/22 | 9529257 | 11411286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE XI-C SCSp <sup>+, a, e</sup> | 06/20/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. <sup>+, a, e</sup> | 07/16/19 | 16557941 | 21018485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAX XI USD L.P. <sup>+, a, e</sup> | 06/30/22 | 7540761 | 8567164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg Mid-Cap <sup>+, a, e</sup> | 02/22/21 | 4736829 | 5196248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VI, FCPI <sup>+, a, e</sup> | 06/30/16 | 1 | 3838282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII S.à.r.l. <sup>+, a, e</sup> | 12/17/21 | 9499004 | 10828706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcel VI K/S <sup>+, a, e</sup> | 02/21/20 | 11584808 | 24830003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcel VII K/S <sup>+, a, e</sup> | 05/17/23 | 466435 | 609020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund IV, L.P. <sup>+, a, e</sup> | 09/01/14 | 1 | 2938646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund VI, SCSp <sup>+, a, e</sup> | 06/30/22 | 2104733 | 2445504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BC Partners XI, L.P. <sup>+, a, e</sup> | 12/15/21 | 21097413 | 27268876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bregal Unternehmerkapital IV-A SCSP <sup>+, a, e</sup> | 05/23/24 | 1296558 | 601116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapVest Equity Partners III B, L.P. <sup>+, a, e</sup> | 08/30/13 | 1 | 17166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capvis Equity V L.P. <sup>+, a, e</sup> | 01/17/18 | 12151342 | 22201434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P. <sup>+, a, e</sup> | 08/27/13 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V, L.P. <sup>+, a, e</sup> | 04/23/18 | 7269598 | 7538851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup> | 12/17/21 | 4595805 | 8097588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners XI <sup>+, a, e</sup> | 11/26/21 | 4865444 | 6491853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners IX L.P. <sup>+, a, e</sup> | 05/12/23 | 140086 | 149858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VI (A) L.P. <sup>+, a, e</sup> | 07/05/13 | 39622 | 6198028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII, L.P. <sup>+, a, e</sup> | 06/19/20 | 2024086 | 2508005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPE Deutschland IV <sup>+, a, e</sup> | 08/24/20 | 3807616 | 4719524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egeria Private Equity Fund VI Coöperatief U.A. <sup>+, a, e</sup> | 04/14/25 | 1782837 | 1837822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPIC Fund III, SLP <sup>+, a, e</sup> | 06/25/24 | 1576591 | 1445394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX, L.P. (USD) <sup>+, a, e</sup> | 05/15/20 | 18109404 | 23677954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Mid-Market (No.1) Feeder L.P. <sup>+, a, e</sup> | 07/01/16 | 1 | 12487625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT X, L.P. (USD) <sup>+, a, e</sup> | 04/28/22 | 12017054 | 12562628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent Private Equity Partners V, L.P. <sup>+, a, e</sup> | 06/28/24 | 2964382 | 3743396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHO Capital IV <sup>+, a, e</sup> | 04/11/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilde Buy-Out Fund VI C.V. <sup>+, a, e</sup> | 06/28/19 | 19734153 | 26317802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners IX L.P. <sup>+, a, e</sup> | 04/11/18 | 10452452 | 14453348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 10 L.P. <sup>+, a, e</sup> | 04/14/22 | 3844170 | 4848356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Mercury 4 L.P. <sup>+, a, e</sup> | 01/12/23 | 2269704 | 2621964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn 3 L.P. <sup>+, a, e</sup> | 02/25/22 | 12589286 | 15804096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn 4 L.P. <sup>+, a, e</sup> | 03/01/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn I L.P. <sup>+, a, e</sup> | 06/28/18 | 1 | 12874434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital 8 L.P. <sup>+, a, e</sup> | 12/19/16 | 1 | 15642640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Mercury 2 <sup>+, a, e</sup> | 02/15/17 | 1 | 16752405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impilo Healthcare AB <sup>+, a, e</sup> | 02/28/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Growth III (Jersey) L.P. <sup>+, a</sup> | 03/18/15 | 1 | 25621344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (EUR) SCSp <sup>+, a, e</sup> | 11/05/18 | 17783555 | 30723083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund VI (USD) <sup>+, a, e</sup> | 11/01/21 | 14707823 | 12860140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livingbridge 7 L.P. <sup>+, a, e</sup> | 09/04/20 | 10418659 | 11356155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCH Iberian Capital Fund V FCR <sup>+, a, e</sup> | 12/10/21 | 12177145 | 21152290 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** |
| **Private Equity Investments (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital Evo GP, SCSp <sup>+, a, e</sup> | 06/30/21 | $6291608 | $8098142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital Evolution II <sup>+, a, e</sup> | 12/14/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital IX, L.P. <sup>+, a, e</sup> | 07/18/17 | 12416891 | 38495868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital X, L.P. <sup>+, a, e</sup> | 09/30/20 | 15071651 | 25328275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital XI, L.P. <sup>+, a, e</sup> | 05/01/22 | 19112165 | 22861472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Fund V, SCSp <sup>+, a, e</sup> | 04/28/22 | 5646414 | 6583787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Private Equity Fund VI <sup>+, a, e</sup> | 12/17/24 | 243774 | 253249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VI-1, L.P. <sup>+, a, e</sup> | 03/12/15 | 1 | 4027696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Partners VIII-1 SCSp <sup>+, a, e</sup> | 05/12/22 | 10598970 | 12328049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup> | 06/21/19 | 23338239 | 32806208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permira VIII SCSp <sup>+, a, e</sup> | 02/10/22 | 12662258 | 15573297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProA Capital Iberian Buyout Fund IV, F.C.R. <sup>+, a, e</sup> | 05/31/23 | 3427558 | 3223132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivean Capital Fund VII Cooperatief U.A. <sup>+, a, e</sup> | 05/24/23 | 6949788 | 7914819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No.3) L.P. <sup>+, a, e</sup> | 05/01/16 | 1 | 5338683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Eighth Cinven Fund, L.P. <sup>+, a, e</sup> | 07/05/22 | 2424726 | 2429014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Paragon Partners Fund IV GmbH & Co. KG <sup>+, a, e</sup> | 04/29/22 | 1738260 | 1732669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seventh Cinven Fund, L.P. <sup>+, a, e</sup> | 04/16/19 | 23504783 | 34806019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vitruvian Investment Partnership V <sup>+, a, e</sup> | 10/07/22 | 2520530 | 2450371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (4.45%)** |  |  | 711564460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (14.30%)** |  | $1242772684 | $2286013638 |
| **Total Private Equity Investments (Cost $10,339,340,590)(94.44%)** |  |  | $15093711006 |
| **Total Investments (Cost $12,134,855,453)(106.26%)** |  |  | 16983588174 |
| **Other Assets in Excess of Liabilities ((6.26)%)** |  |  | (1000533666) |
| **Net Assets<sup>g</sup> (100.00%)** |  |  | $15983054508 |

---

---

| | |
|:---|:---|
| \* | Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary Investments are portfolios of assets on the secondary market. |
| \*\* | The Fair Value of any Direct Investment may not necessarily reflect the current or expected future performance of such Direct Investment or the Fair Value of the Fund's interest in such Direct Investment. Furthermore, the Fair Value of any Direct Investment has not been calculated, reviewed, verified or in any way approved by such Direct Investment or its general partner, manager or sponsor (including any of its affiliates). Please see below for further details regarding the valuation policy of the Fund. |
| \*\*\* | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). These securities may be sold in certain transactions in reliance on an exemption from registration (normally to "qualified institutional buyers" in accordance with Rule 144(a)(1) under the Securities Act). At June 30, 2025, the aggregate value of these securities is $211,878,996 or 1.28% of the Fund's net assets. |
| # | As of June 30, 2025, 1 month EURIBOR was 1.93%. |
| ## | As of June 30, 2025, 3 month EURIBOR was 1.94%. |
| ### | As of June 30, 2025, 6 month EURIBOR was 2.05%. |
| #### | As of June 30, 2025, 12 month EURIBOR was 2.07%. |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| + | The fair value of the investment was determined using significant unobservable inputs. |
| † | As of June 30, 2025, 1 month Bank Bill Swap Rate was 3.61%. |
| †† | As of June 30, 2025, 3 month Bank Bill Swap Rate was 3.60%. |
| > | As of June 30, 2025, 1 month Sterling Overnight Interbank Average Rate was 4.21%. |
| >> | As of June 30, 2025, 3 month Sterling Overnight Interbank Average Rate was 4.31%. |
| >>> | As of June 30, 2025, 6 month Sterling Overnight Interbank Average Rate was 4.43%. |
| ¤ ¤ | As of June 30, 2025, 3 month Stockholm Interbank Offered Rate was 2.14%. |
| v | As of June 30, 2025, 1 month Secured Overnight Financing Rate was 4.32%. |
| vv | As of June 30, 2025, 3 month Secured Overnight Financing Rate was 4.29%. |
| vvv | As of June 30, 2025, 6 month Secured Overnight Financing Rate was 4.15%. |
| vvvv | As of June 30, 2025, 12 month Secured Overnight Financing Rate was 3.88%. |
| a | Private equity investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of June 30, 2025 was is $15,093,711,006 or 94.44% of net assets. Total aggregated cost of restricted securities as of June 30, 2025 was $10,339,340,590. |
| b | Represents an affiliated issuer. |
| c | Investment does not issue shares. |
| d | Non-income producing. |
| e | Investment has been committed to but has not been fully funded by the Fund. |
| f | Security or a portion thereof is unsettled at June 30, 2025. |
| g | Net Assets include $562,326,905 of Repurchase amounts payable for tender offers. |

---

**A summary of outstanding financial instruments at June 30, 2025 is as follows:**

**Forward Foreign Currency Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| July 16, 2025 | BNY Mellon | $25624402 | 100000000 | $26779076 | $(1154673) |
| July 16, 2025 | BNY Mellon | 90000000 | $24102174 | $24101168 | $(1006) |
| July 16, 2025 | BNY Mellon | 10000000 | $2678020 | $2677907 | $(112) |
| July 16, 2025 | Barclays | $98285733 | 90000000 | $102954383 | $(4668650) |
| July 16, 2025 | Barclays | $32762016 | 30000000 | $34318128 | $(1556112) |
| July 16, 2025 | Barclays | $43569240 | £33000000 | $44588194 | $(1018954) |
| July 16, 2025 | Barclays | £20000000 | $27023746 | $27023148 | $(598) |
| July 16, 2025 | Barclays | £13000000 | $17565435 | $17565046 | $(389) |
| July 16, 2025 | Barclays | 70000000 | $80045182 | $80075631 | $30449 |
| July 16, 2025 | Barclays | 80000000 | $91485816 | $91515007 | $29191 |
| July 16, 2025 | ING Barings (U.S.) Capital Markets | $51501825 | 45000000 | $51477192 | $24633 |
| July 16, 2025 | ING Barings (U.S.) Capital Markets | $51501825 | 45000000 | $51477192 | $24633 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| July 16, 2025 | ING Barings (U.S.) Capital Markets | 60000000 | $68618010 | $68636255 | $18245 |
| July 16, 2025 | Nomura International PLC | $98254800 | 90000000 | $102954383 | $(4699583) |
| July 16, 2025 | Nomura International PLC | 45000000 | $51521400 | $51477192 | $(44208) |
| July 16, 2025 | Nomura International PLC | 45000000 | $51521400 | $51477192 | $(44208) |
| July 23, 2025 | BNY Mellon | $25638153 | 100000000 | $26785130 | $(1146977) |
| July 23, 2025 | BNY Mellon | 39200000 | $10496973 | $10499771 | $2798 |
| July 23, 2025 | BNY Mellon | 20000000 | $5355598 | $5357026 | $1428 |
| July 23, 2025 | BNY Mellon | 80000000 | $21434458 | $21428104 | $(6354) |
| July 23, 2025 | Bank of America | $21887455 | 18000000 | $22038474 | $(151019) |
| July 23, 2025 | Bank of America | 18000000 | $22037766 | $22038474 | $708 |
| July 23, 2025 | Barclays | $98338761 | 90000000 | $103043787 | $(4705026) |
| July 23, 2025 | Barclays | $32787315 | 30000000 | $34347929 | $(1560614) |
| July 23, 2025 | Barclays | $98335665 | 90000000 | $103043787 | $(4708122) |
| July 23, 2025 | Barclays | $10121917 | 39200000 | $10499770 | $(377853) |
| July 23, 2025 | Barclays | $24316816 | 20000000 | $24487193 | $(170377) |
| July 23, 2025 | Barclays | 20000000 | $24488350 | $24487194 | $(1156) |
| July 23, 2025 | Barclays | 60000000 | $68638386 | $68695858 | $57472 |
| July 23, 2025 | Barclays | 70000000 | $80151813 | $80145168 | $(6645) |
| July 23, 2025 | Barclays | 80000000 | $91660624 | $91594477 | $(66147) |
| July 30, 2025 | BNY Mellon | $48658722 | 40000000 | $49011066 | $(352344) |
| July 30, 2025 | BNY Mellon | 30000000 | $36758444 | $36758299 | $(145) |
| July 30, 2025 | BNY Mellon | 10000000 | $12253266 | $12252766 | $(499) |
| July 30, 2025 | Bank of America | $20970482 | 80000000 | $21436335 | $(465853) |
| July 30, 2025 | Bank of America | $26152494 | 100000000 | $26795420 | $(642925) |
| July 30, 2025 | Bank of America | 60000000 | $16075874 | $16077252 | $1378 |
| July 30, 2025 | Bank of America | 30000000 | $8042238 | $8038626 | $(3612) |
| July 30, 2025 | Bank of America | 70000000 | $18754176 | $18756793 | $2617 |
| July 30, 2025 | Bank of America | 20000000 | $5361492 | $5359084 | $(2408) |
| July 30, 2025 | Barclays | $16804696 | £13000000 | $17569167 | $(764471) |
| July 30, 2025 | Barclays | $98407413 | 90000000 | $103201565 | $(4794152) |
| July 30, 2025 | Barclays | $76531651 | 70000000 | $80267884 | $(3736233) |
| July 30, 2025 | Barclays | $35649650 | £27000000 | $36489807 | $(840157) |
| July 30, 2025 | Barclays | £20000000 | $27030952 | $27029487 | $(1465) |
| July 30, 2025 | Barclays | £20000000 | $27030952 | $27029487 | $(1465) |
| July 30, 2025 | Barclays | 10000000 | $11469133 | $11466841 | $(2292) |
| July 30, 2025 | Barclays | 70000000 | $80262833 | $80267884 | $5051 |
| July 30, 2025 | Barclays | 80000000 | $91753064 | $91734725 | $(18339) |
| August 13, 2025 | BNY Mellon | $36555497 | 30000000 | $37861652 | $(1306155) |
| August 13, 2025 | BNY Mellon | $26221324 | 100000000 | $27626526 | $(1405202) |
| August 13, 2025 | BNY Mellon | $36823144 | 30000000 | $37861653 | $(1038508) |
| August 13, 2025 | Bank of America | $44473236 | 40000000 | $47053643 | $(2580407) |
| August 13, 2025 | Bank of America | $5245392 | 20000000 | $5525306 | $(279913) |
| August 13, 2025 | Barclays | $76767294 | £60000000 | $82191192 | $(5423898) |
| August 13, 2025 | Barclays | $100421127 | 90000000 | $105870697 | $(5449570) |
| August 13, 2025 | Barclays | $77827925 | 70000000 | $82343876 | $(4515951) |
| August 13, 2025 | Barclays | $12186743 | 10000000 | $12620551 | $(433808) |
| August 13, 2025 | Macquarie Bank Limited | $81040050 | 70000000 | $82343876 | $(1303826) |
| August 13, 2025 | Macquarie Bank Limited | 70000000 | $80907540 | $82343876 | $1436336 |
| August 20, 2025 | Bank of America | $23462056 | 90000000 | $24859798 | $(1397742) |
| August 20, 2025 | Bank of America | $18744750 | 70000000 | $19335399 | $(590649) |
| August 20, 2025 | Bank of America | $5358634 | 20000000 | $5524399 | $(165766) |
| August 20, 2025 | Barclays | $84761258 | 70000000 | $88412760 | $(3651502) |
| August 20, 2025 | Barclays | $100471428 | 90000000 | $105915904 | $(5444476) |
| August 20, 2025 | Barclays | $22246118 | 20000000 | $23536868 | $(1290750) |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| August 20, 2025 | Barclays | $33399213 | 30000000 | $35305301 | $(1906088) |
| August 20, 2025 | ING Barings (U.S.) Capital Markets | $19584282 | 17500000 | $20594760 | $(1010478) |
| August 20, 2025 | Macquarie Bank Limited | $81076450 | 70000000 | $82379037 | $(1302587) |
| August 20, 2025 | Macquarie Bank Limited | 70000000 | $80962910 | $82379037 | $1416127 |
| August 27, 2025 | Bank of America | $25592748 | 100000000 | $27610473 | $(2017726) |
| August 27, 2025 | Barclays | $84808291 | 70000000 | $88486306 | $(3678015) |
| August 27, 2025 | Barclays | $100596033 | 90000000 | $105957624 | $(5361591) |
| August 27, 2025 | Barclays | $55690730 | 50000000 | $58865346 | $(3174616) |
| August 27, 2025 | Macquarie Bank Limited | $81112850 | 70000000 | $82411485 | $(1298635) |
| August 27, 2025 | Macquarie Bank Limited | 85000000 | $98355540 | $100071089 | $1715549 |
| September 10, 2025 | Bank of America | $2614110 | 10000000 | $2760597 | $(146487) |
| September 10, 2025 | Bank of America | $20937059 | 80000000 | $22084777 | $(1147718) |
| September 10, 2025 | Bank of America | $16060791 | 60000000 | $16563583 | $(502792) |
| September 10, 2025 | Bank of America | $8034376 | 30000000 | $8281791 | $(247415) |
| September 10, 2025 | Barclays | $52820420 | £40000000 | $54811811 | $(1991391) |
| September 10, 2025 | Barclays | $27039178 | £20000000 | $27405906 | $(366728) |
| September 10, 2025 | Barclays | $91829960 | 80000000 | $94277379 | $(2447419) |
| September 10, 2025 | ING Barings (U.S.) Capital Markets | $89525072 | 80000000 | $94277379 | $(4752307) |
| September 10, 2025 | ING Barings (U.S.) Capital Markets | $89582712 | 80000000 | $94277379 | $(4694667) |
| September 10, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91399240 | $94277379 | $2878139 |
| September 10, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91349400 | $94277379 | $2927979 |
| September 10, 2025 | ING Barings (U.S.) Capital Markets | $68867214 | 60000000 | $70708034 | $(1840820) |
| September 10, 2025 | Macquarie Bank Limited | $81188450 | 70000000 | $82492706 | $(1304256) |
| September 10, 2025 | Macquarie Bank Limited | 85000000 | $98452950 | $100169715 | $1716765 |
| September 10, 2025 | Nomura International PLC | $28771150 | 25700000 | $30286608 | $(1515458) |
| September 10, 2025 | Nomura International PLC | $62231215 | 55700000 | $65640625 | $(3409410) |
| September 10, 2025 | Nomura International PLC | $5592900 | 5000000 | $5892336 | $(299436) |
| September 10, 2025 | Nomura International PLC | 8640000 | $94582080 | $101819569 | $7237489 |
| September 17, 2025 | BNY Mellon | $10484266 | 39200000 | $10819227 | $(334961) |
| September 17, 2025 | BNY Mellon | $5349116 | 20000000 | $5520013 | $(170898) |
| September 17, 2025 | Bank of America | $19469386 | 74400000 | $20534451 | $(1065065) |
| September 17, 2025 | Bank of America | $4081227 | 15600000 | $4305611 | $(224384) |
| September 17, 2025 | Barclays | $26411446 | £20000000 | $27406600 | $(995154) |
| September 17, 2025 | Barclays | $26410966 | £20000000 | $27406600 | $(995634) |
| September 17, 2025 | Barclays | $27040454 | £20000000 | $27406600 | $(366146) |
| September 17, 2025 | Barclays | $80383961 | 70000000 | $82520930 | $(2136969) |
| September 17, 2025 | Barclays | $80453667 | 70000000 | $82520930 | $(2067263) |
| September 17, 2025 | ING Barings (U.S.) Capital Markets | $70020094 | 62500000 | $73679402 | $(3659308) |
| September 17, 2025 | ING Barings (U.S.) Capital Markets | $19611016 | 17500000 | $20630232 | $(1019216) |
| September 17, 2025 | ING Barings (U.S.) Capital Markets | $89683560 | 80000000 | $94309634 | $(4626074) |
| September 17, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91448320 | $94309634 | $2861314 |
| September 17, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91285560 | $94309634 | $3024074 |
| September 17, 2025 | Macquarie Bank Limited | $34810500 | 30000000 | $35366113 | $(555613) |
| September 17, 2025 | Macquarie Bank Limited | 15000000 | $17385000 | $17683056 | $298056 |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| September 17, 2025 | Macquarie Bank Limited | 15000000 | $17386650 | $17683056 | $296406 |
| September 24, 2025 | BNY Mellon | $12339600 | 10000000 | $12683903 | $(344302) |
| September 24, 2025 | Bank of America | $7959186 | 30400000 | $8388095 | $(428909) |
| September 24, 2025 | Bank of America | $3979594 | 15200000 | $4194047 | $(214454) |
| September 24, 2025 | Bank of America | $5236307 | 20000000 | $5518484 | $(282177) |
| September 24, 2025 | Bank of America | $6376904 | 24400000 | $6732550 | $(355646) |
| September 24, 2025 | Barclays | $48995950 | 40000000 | $50735608 | $(1739658) |
| September 24, 2025 | Barclays | $52823468 | £40000000 | $54814544 | $(1991076) |
| September 24, 2025 | Barclays | $27036440 | £20000000 | $27407272 | $(370832) |
| September 24, 2025 | Barclays | $24682411 | 20000000 | $25367804 | $(685393) |
| September 24, 2025 | Barclays | $68929908 | 60000000 | $70760619 | $(1830711) |
| September 24, 2025 | Barclays | $92049672 | 80000000 | $94347492 | $(2297820) |
| September 24, 2025 | ING Barings (U.S.) Capital Markets | $70116456 | 62500000 | $73708978 | $(3592522) |
| September 24, 2025 | ING Barings (U.S.) Capital Markets | $19616840 | 17500000 | $20638514 | $(1021674) |
| September 24, 2025 | ING Barings (U.S.) Capital Markets | $89779064 | 80000000 | $94347492 | $(4568428) |
| September 24, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91435400 | $94347492 | $2912092 |
| September 24, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $91341080 | $94347492 | $3006412 |
| September 24, 2025 | Macquarie Bank Limited | $81260900 | 70000000 | $82554055 | $(1293155) |
| September 24, 2025 | Macquarie Bank Limited | 85000000 | $98566850 | $100244210 | $1677360 |
| October 22, 2025 | BNY Mellon | $24053174 | 90000000 | $24820401 | $(767227) |
| October 22, 2025 | Bank of America | $22290177 | 18000000 | $22907087 | $(616910) |
| October 22, 2025 | Barclays | $11534303 | 10000000 | $11816465 | $(282162) |
| October 22, 2025 | Barclays | $92274424 | 80000000 | $94531718 | $(2257294) |
| October 29, 2025 | BNY Mellon | $2672255 | 10000000 | $2757339 | $(85083) |
| October 29, 2025 | BNY Mellon | $21392010 | 80000000 | $22058706 | $(666696) |
| October 29, 2025 | Barclays | $17577879 | £13000000 | $17819829 | $(241950) |
| October 29, 2025 | Barclays | $80756669 | 70000000 | $82749717 | $(1993048) |
| December 10, 2025 | ING Barings (U.S.) Capital Markets | $91941856 | 80000000 | $93035728 | $(1093872) |
| December 10, 2025 | ING Barings (U.S.) Capital Markets | $99189180 | 85700000 | $99664523 | $(475343) |
| December 10, 2025 | ING Barings (U.S.) Capital Markets | 85700000 | $99900490 | $99664523 | $(235967) |
| December 10, 2025 | ING Barings (U.S.) Capital Markets | 80000000 | $93256000 | $93035728 | $(220272) |
| December 10, 2025 | Nomura International PLC | $56813913 | 50700000 | $58961392 | $(2147479) |
| December 10, 2025 | Nomura International PLC | $39238850 | 35000000 | $40703131 | $(1464281) |
| December 10, 2025 | Nomura International PLC | 85700000 | $99259454 | $99664523 | $405069 |
| March 11, 2026 | ING Barings (U.S.) Capital Markets | $92447536 | 80000000 | $95210334 | $(2762798) |
| March 11, 2026 | Nomura International PLC | $62576165 | 55700000 | $66290195 | $(3714030) |
| March 11, 2026 | Nomura International PLC | $23268870 | 20700000 | $24635674 | $(1366804) |
| March 11, 2026 | Nomura International PLC | $11228500 | 10000000 | $11901292 | $(672792) |
| June 10, 2026 | ING Barings (U.S.) Capital Markets | $92853800 | 80000000 | $95633501 | $(2779701) |
| June 10, 2026 | Macquarie Bank Limited | $100073050 | 85000000 | $101610595 | $(1537545) |
| June 10, 2026 | Nomura International PLC | $45076000 | 40000000 | $47816750 | $(2740750) |
| June 10, 2026 | Nomura International PLC | $51526979 | 45700000 | $54630637 | $(3103658) |
| September 9, 2026 | ING Barings (U.S.) Capital Markets | $93260776 | 80000000 | $96085472 | $(2824696) |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

**Partners Group Private Equity (Master Fund), LLC** 

*(a Delaware Limited Liability Company)*

Consolidated Schedule of Investments —

June 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| September 9, 2026 | Macquarie Bank Limited | $100480200 | € | 85000000 | $102090814 | $(1610614) |
| September 9, 2026 | Nomura International PLC | $62872768 | € | 55700000 | $66899510 | $(4026742) |
| September 9, 2026 | Nomura International PLC | $17735505 | € | 15700000 | $18856774 | $(1121269) |
| September 9, 2026 | Nomura International PLC | $16950450 | € | 15000000 | $18016026 | $(1065576) |
| December 2, 2026 | ING Barings (U.S.) Capital Markets | $93487960 | € | 80000000 | $96426658 | $(2938698) |
| December 2, 2026 | Macquarie Bank Limited | $100839886 | € | 85000000 | $102453324 | $(1613438) |
| December 2, 2026 | Nomura International PLC | $93757943 | € | 85700000 | $103297058 | $(9539115) |
| March 10, 2027 | ING Barings (U.S.) Capital Markets | $93825448 | € | 80000000 | $96675315 | $(2849867) |
| March 10, 2027 | Macquarie Bank Limited | $83361278 | € | 70000000 | $84590901 | $(1229623) |
| March 10, 2027 | Macquarie Bank Limited | $17873400 | € | 15000000 | $18126622 | $(253222) |
| March 10, 2027 | Nomura International PLC | $96847488 | € | 86400000 | $104409340 | $(7561852) |
| June 16, 2027 | ING Barings (U.S.) Capital Markets | $102532637 | € | 85700000 | $103923166 | $(1390529) |
| June 16, 2027 | ING Barings (U.S.) Capital Markets | $95697080 | € | 80000000 | $97011123 | $(1314043) |
| June 16, 2027 | Macquarie Bank Limited | $83694506 | € | 70000000 | $84884733 | $(1190227) |
| June 16, 2027 | Macquarie Bank Limited | $17938350 | € | 15000000 | $18189586 | $(251236) |
|  |  |  |  |  |  | $**(195641387)** |

---

**Legend:**

---

| | |
|:---|:---|
| £| - British Pound |
| € | - Euro |
| BBSY | - Bank Bill Swap Rate |
| E | - EURIBOR |
| Fr. | - Swiss Franc |
| PIK | - Payment-in-kind |
| S | - Sterling Overnight Interbank Average Rate |
| SF | - Secured Overnight Financing Rate |
| SR | - Stockholm Interbank Offered Rate |
| zl | - Polish Zloty |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

The information contained in this section should be read in conjunction with the Fund's audited consolidated financial statements contained in its annual report for the year ended March 31, 2025.

Investments held by the Fund include short-term investments, publicly traded equity ("Public Investments"), direct equity and debt investments in operating companies ("Direct Investments") and primary and secondary investments in private equity funds ("Primary Investments" and "Secondary Investments", respectively, and together, "Private Equity Fund Investments"; Direct Investments and Private Equity Fund Investments, collectively, "Private Equity Investments").

Partners Group (USA) Inc. (the "Adviser") determines the fair value of the Fund's Private Equity Investments in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and the Fund's valuation procedures (the "Valuation Procedures"), which have been approved by the board of managers of the Fund (the "Board"). As authorized by the Valuation Procedures, the Adviser values the Fund's Private Equity Investments in consultation with its affiliates. The Valuation Procedures require evaluation of all relevant factors reasonably available to the Adviser and its affiliates at the time the Fund's Private Equity Investments are valued.

The Valuation Procedures are implemented by the Adviser and State Street Bank and Trust Company, as the Fund's administrator (the "Administrator"). Both the Adviser and the Administrator are subject to the oversight of, and report to, the Board. The Adviser and the Administrator monitor and review the methodologies of the various third-party pricing services that are employed by the Fund.

The Adviser and certain of its affiliates act as investment advisers to clients other than the Fund. However, the valuation attributed to a Private Equity Investment held by the Fund and the valuation attributable to the same Private Equity Investment held by another client or by one of its affiliates or by a client of one of its affiliates might differ due to differences in accounting, regulatory and other factors applicable to the Fund and to such other client or the Adviser's affiliate.

In conformity with U.S. GAAP, investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Estimated fair values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date. A three-level hierarchy is used to distinguish between (A) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (B) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). This distinction determines the classification of fair value measurements for disclosure purposes.

The various types of inputs used in determining the value of the Fund's investments are summarized below for each of the three levels:

● Level 1 – Pricing inputs are quoted prices available in active markets for identical investments as of the measurement date. The type of investments included in Level 1 include marketable securities that are primarily traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on that date, the closing bid price on the determination date. In accordance with authoritative guidance, the Fund does not apply a blockage discount to the quoted price for these investments, even in situations where the Fund holds a large position in an investment and a sale could reasonably impact the quoted price.

● Level 2 – Pricing inputs are observable inputs other than quoted prices for identical assets in active markets (i.e., not Level 1 inputs). Fair value is determined using models or other valuation methodologies through direct or indirect corroboration with observable market data. Investments that are generally included in this category include corporate notes, convertible notes, warrants and restricted public equity securities. The fair value of legally restricted equity securities may be discounted depending on the likely impact of the restrictions on liquidity and the Adviser's estimates.

● Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment and/or estimation. Investments that are included in this category are private equity and debt investments, as well as convertible notes and warrants that are not actively traded. The fair value for investments using Level 3 pricing inputs is based on the Adviser's estimates that consider a combination of various factors and performance measurements. These factors and measurements include the timing of the transaction; the market in which the investment operates; comparable market transactions; operational performance and projections of the investments; various performance multiples as applied to earnings before interest, taxes, depreciation, and amortization or a similar measure of earnings for the latest reporting period or a forward period; brokers' quotes; and discounted cash flow analysis.

Due to the inherent uncertainty of estimates, fair value determinations based on estimates may materially differ from the values that would have been used had a ready market for the securities existed. The following is a summary of the Fund's investments classified in the fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $624235728 | $— | $— | $624235728 |
| High Yield Bonds |  | 171255971 |  | 171255971 |
| Asset-Backed Securities |  |  | 79036744 | 79036744 |
| Floating Rate Loans |  |  | 1015348725 | 1015348725 |
| Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity | 71285085 | 730307 | 9050510420 | 9122525812 |
| &nbsp;&nbsp;&nbsp;Direct Debt |  | 4838882 | 981667479 | 986506361 |
| &nbsp;&nbsp;&nbsp;Total Direct Investments | $71285085 | $5569189 | $10032177899 | $10109032173 |
| Secondary Investments |  |  | 2698665195 | 2698665195 |
| Primary Investments |  |  | 2286013638 | 2286013638 |
| Total Investments | $695520813 | $176825160 | $16111242201 | $16983588174 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Foreign Currency Exchange Contracts | $— | $34007770 | $— | $34007770 |
| **Total Assets** | $— | $34007770 | $— | $34007770 |
| **Liabilities** |  |  |  |  |
| Foreign Currency Exchange Contracts | $— | $(229649157) | $— | $(229649157) |
| **Total Liabilities** | $— | $(229649157) | $— | $(229649157) |
| **Total Investments Net of Foreign Currency Exchange Contracts** | $695520813 | $(18816227) | $16111242201 | $16787946787 |

---

The following is a reconciliation of the amount of the account balances on April 1, 2025 and June 30, 2025 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance<br> as of <br> April 1, <br> 2025** | **Realized<br> Gain/(Loss)** | **Net Change in Unrealized Appreciation / (Depreciation)** | **Gross<br> Purchases** | **Gross<br> Sales** | **Net Amortization of Discount / (Premium)** | **Net Transfers<br> In or Out of<br> Level 3** | **Balance<br> as of <br> June 30, <br> 2025** |
| Asset-Backed Securities | $77121627 | $25928 | $1438251 | $3930000 | $(3483468) | $4406 | $— | $79036744 |
| Floating Rate Loans | $326426005 | $(106987) | $30268268 | $964726363 | $(309406982) | $480055 | $2962003 | $1015348725 |
| Direct Investments: |  |  |  |  |  |  |  |  |
| Direct Equity Investments | $8585997164 | $78798842 | $458976986 | $81044995 | $(154307567) | $— | $— | $9050510420 |
| Direct Debt Investments | $1404999348 | $213101 | $33602653 | $468847917 | $(923826973) | $793436 | $(2962003) | $981667479 |
| Total Direct Investments\* | $9990996512 | $79011943 | $492579639 | $549892912 | $(1078134540) | $793436 | $(2962003) | $10032177899 |
| Secondary Investments\* | $2671931827 | $1000570 | $43475873 | $100564765 | $(118307840) | $— | $— | $2698665195 |
| Primary Investments\* | $2201976666 | $251178 | $60008183 | $59794006 | $(36016395) | $— | $— | $2286013638 |
| Total | $15268452637 | $80182632 | $627770214 | $1678908046 | $(1545349225) | $1277897 | $— | $16111242201 |

---

\* *For the purposes of the tables above: (i) "Direct Investments" are private investments directly in the equity or debt of selected operating companies, often together with the management of the investee operating company; (ii) "Primary Investments" are investments in newly established private equity partnerships where underlying portfolio companies are generally not known as of the time of investment; and "Secondary Investments" are single or portfolios of assets acquired on the secondary market. However, in the private equity market sector the term "Secondary Investments" is generally understood to mean Private Equity Fund Investments acquired in the secondary market. Notwithstanding the foregoing, if the Fund reasonably determines that the strict application of the above definitions would not reflect the economic substance of any investment, the Fund may re-classify such investment as it deems appropriate.*

 

Changes in inputs or methods used for valuing investments may result in transfers in or out of levels within the fair value hierarchy. The inputs or methods used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. For the three months ended June 30, 2025, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the three months ended June 30, 2025 relating to investments in Level 3 assets still held at June 30, 2025 is $612,621,000, which is included as a component of net change in accumulated unrealized depreciation on investments on the Consolidated Statement of Operations.

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser for Level 3 Fair Value Measurements for investments held as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value at**<br> **June 30, 2025 (000's)\*** | **Valuation**<br> **Technique(s)** | **Unobservable Input** | **Range**<br> **(weighted average)** |
| Asset Backed Securities | $79037 | Adjusted reported net asset value | Reported net asset value | n/a |
| Floating Rate Loans | $406088 | Adjusted reported net asset value | Reported net asset value | n/a |
| Direct Equity | $1015349 | Discounted cash flow | Discount factor | 9.20% – 20.31% (15.56%) |
|  | 7158019 | Market comparable companies | Enterprise value to EBITDA multiple | 3.20x – 32.50x (17.59x) |
|  | 106820 | Market comparable companies | Price to book ratio | 1.90x – 1.90x (1.90x) |
|  | 224899 | Exit price | Recent transaction price | n/a |
|  | 553550 | Recent financing/transaction | Recent transaction price | n/a |
|  | 7865 | Reported fair value | Reported fair value | n/a |
|  | 168761 | Market comparable companies | Enterprise value to sales multiple | 1.34x– 18.50x (10.28x) |
| Direct Debt | $524398 | Broker quotes | Indicative quotes for an inactive market | n/a |
|  | 370182 | Discounted cash flow | Discount factor | 8.00% – 28.00% (9.87%) |
|  | 738 | Market comparable companies | Enterprise value to EBITDA multiple | 8.00x – 14.00x (10.79x) |
|  | 46538 | Exit price | Recent transaction price | n/a |
|  | 30190 | Recent financing/transaction | Recent transaction price | n/a |
|  | 9621 | Market comparable companies | Enterprise value to sales multiple | 14.10x – 14.10x (14.10x) |
| Primary and Secondary Investments | $4984679 | Adjusted reported net asset value | Reported net asset value | n/a |

---

\* Level 3 fair value includes accrued interest.

Level 3 Direct Equity Investments valued using an unobservable input are directly affected by a change in that input. For Level 3 Direct Debt Investments, the Fund estimates fair value utilizing earnings and multiples analysis or an analysis of discounted cash flows that considers the credit risk and interest rate risk of the particular investment. For Direct Investments, significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurements.

**Forward Foreign Currency Exchange Contracts**

The Fund may enter into forward foreign currency exchange contracts to manage foreign exchange rate risk. These contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date may be entered into as a hedge against either specific transactions or portfolio positions. The objective of the Fund's foreign currency hedging transactions is to reduce the risk that the U.S. Dollar value of the Fund's foreign currency denominated investments will decline due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are "marked-to-market" daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. The potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. Dollar are inherent in forward foreign currency exchange contracts.

During the three months ended June 30, 2025, the Fund entered into 192 long/short forward foreign currency exchange contracts. The Fund had $(120,416,671) in net realized gains (losses) and $(141,904,903) net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. The outstanding forward foreign currency exchange contract amounts at June 30, 2025 are representative of contract amounts during the period.

**Affiliated Investments**

Under Section 2(a)(3) of the Investment Company Act, a portfolio company is considered "affiliated" with the Fund if the Fund owns five percent or more of such portfolio company's outstanding voting securities. The Fund held at least five percent of the outstanding voting securities of the following portfolio companies as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares/<br> Principal as of<br> June 30, 2025** | **Fair Value as<br> of March 31, 2025** | **Gross<br> Additions<sup>(1)</sup>** | **Gross<br> Reductions<sup>(2)</sup>** | **Realized <br> Gains/ Losses** | **Change in<br> Unrealized<br> Gains (Losses)** | **Fair Value as of<br> June 30, 2025** | **Affiliated<br> Income/<br> Accretion of<br> Discount** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |
| Bock Capital JVCo Nature S.à.r.l. | 12590000000 | $241107667 | $- | $- | $- | $54073840 | $295181507 | $- |
| CapitalSpring Finance Company, LLC | 6166980 | 5209283 | 155851 |  |  | 100103 | 5465237 | 155851 |
| Confluent Health Holdings LP | 30344 | 70678267 |  |  |  | 863423 | 71541690 | 400432 |
| Dermatology Holdings, L.P.<sup>(4)</sup> |  | 171952426 |  |  |  | 71651 | 172024077 |  |
| Ecom Express Private Limited<sup>(4)(5)</sup> | 63417 | 7672908 | 1 |  |  | (7672909) |  |  |
| ECP Parent, LLC | 114028360 | 116129850 |  |  |  | 751203 | 116881053 | 162120 |
| EdgeCore Holdings LP<sup>(4)</sup> |  | 155593184 | 2386547 |  |  | 21057397 | 179037128 |  |
| Encore Holdings LP | 67986 | 151981910 |  |  |  | 8460394 | 160442304 |  |
| EnfraGen LLC | 37786 | 90596577 | 32063 |  |  | (37712) | 90590928 | 2138365 |
| Gateway Fleets Holdings, LP<sup>(4)</sup> |  | 1816000 | 17960 |  |  | (17960) | 1816000 |  |
| Green DC LuxCo Sarl | 46167289 | 249885870 | 5124990 | (6156) |  | 25917973 | 280922677 |  |
| Icebox Holdco I Inc<sup>(4)</sup> |  | 62798626 |  |  |  | 199082 | 62997708 | 760180 |
| Icebox Parent LP<sup>(4)</sup> |  | 303143923 |  |  |  | 1155136 | 304299059 |  |
| Idera, Inc.<sup>(4)</sup> |  | 1136766 |  | (1219975) |  | 83209 |  | 732017 |
| Idera Parent L.P.<sup>(4)</sup> |  | 180121935 |  |  |  | (11440792) | 168681143 | 203748 |
| KPOCH Holdings, L.P.<sup>(4)</sup> |  | 200518312 |  |  |  | (583312) | 199935000 | 1279511 |
| KPSKY Holdings L.P.<sup>(4)</sup> |  | 45279023 |  |  |  | 59472 | 45338495 | 148950 |
| Luxembourg Investment Company 285 S.à.r.l.<sup>(6)</sup> | 14865773 | 9221658 |  |  |  | (3183348) | 6038310 |  |
| Luxembourg Investment Company 293 S.à.r.l. | 9789622 | 53001474 | 1 | (7909820) | (1135995) | (5413346) | 38542314 |  |
| Luxembourg Investment Company 314 S.à.r.l.<sup>(6)</sup> | 192000 | 1 |  |  |  |  | 1 |  |
| Luxembourg Investment Company 404 S.à r.l. | 145800 | 23771673 |  | (4659) | 197 | 2158128 | 25925339 |  |
| Luxembourg Investment Company 414 S.à r.l. | 12316087 | 113657149 |  | (3927) | (229) | 12449158 | 126102151 |  |
| Luxembourg Investment Company 430 S.à r.l. | 52594635 | 79722892 |  | (2874) | (249) | 4842313 | 84562082 | 62148 |
| MHS Acquisition Holdings, LLC | 35641 | 510423 |  |  |  | (70954) | 439469 |  |
| MHS Blocker Purchaser L.P.<sup>(4)</sup> |  | 39465468 |  |  |  | (5486095) | 33979373 |  |
| Orbiter Investments S.à.r.l. | 8568857 | 225400615 |  |  |  | 1893921 | 227294536 |  |
| Partners Group Satellite HoldCo S.à.r.l. | 14993879 | 39639485 | 27940 |  |  | 3664987 | 43332412 |  |
| Partners Group Satellite Warehouse S.C.S.<sup>(4)</sup> |  | 1061955 | 677 |  |  | 65378 | 1128010 |  |
| Partners Terra Pte. Ltd. | 7980885 | 11267935 |  | (5004) | (838) | 316741 | 11578834 |  |
| PG BRPC Investment, LLC | 32079 | 76446421 |  |  |  | 2694180 | 79140601 | 402739 |
| PG Delta Holdco, LLC | 42616 | 111748823 |  |  |  | (10316493) | 101432330 | 461039 |
| PG Esmeralda Pte. Ltd. | 12790872 | 13641842 |  | (3906) |  | 7906663 | 21544599 |  |
| PG Investment Company 18 S.à.r.l. | 126506637 | 221932059 |  | (455) | 41 | 28931125 | 250862770 | 483074 |
| PG Investment Company 24 S.à.r.l. | 102251076 | 152967457 |  |  |  | 21717094 | 174684551 | 700666 |
| PG Investment Company 60 S.à.r.l. | 894375 | 6835284 | 1677409 |  |  | 1312574 | 9825267 |  |
| PG Investment Company 76 S.à.r.l. | 43837247 | 47907475 |  | (686) | 9 | 4612123 | 52518921 | **-** |
| PG Lion Management Warehouse S.C.S<sup>(4)(6)</sup> |  | 64839 |  |  |  | (10339) | 54500 |  |
| PG TLP S.à r.l. | 6473126 | 141565096 | (1) | (5193) | (361) | 21127191 | 162686732 |  |
| PG Wave Limited | 53215581 | 103594992 |  |  |  | 6674726 | 110269718 |  |
| Pharmathen GP S.à r.l. | 110300 | 1 |  |  |  |  | 1 |  |
| Pharmathen Topco S.à r.l. | 102498368 | 132405722 |  | (3128) | (45) | 18717890 | 151120439 |  |
| Polyusus Lux XVI S.à.r.l. | 533762359 | 2998142 | 7961 | (434) | 53 | 251731 | 3257453 |  |
| Root JVCo S.à r.l. | 29599124 | 126884066 | 40865 | (3021) | (104) | 12619048 | 139540854 | 125018 |
| SnackTime PG Holdings, Inc. | 12 |  | (1) |  |  | 1 |  | 54523 |
| Specialty Pharma Holdings LP<sup>(4)</sup> |  | 143805401 |  |  |  | 28510 | 143833911 | 225908 |
| Sunsure Energy Private Limited | 4942819 | 22603243 | 6857 | (2288) |  | 1204749 | 23812561 | 71700 |
| SureWerx Topco, L.P.<sup>(4)</sup> |  | 65339470 |  |  |  | 5033701 | 70373171 | 335299 |
| Surfaces SLP (SCSp)<sup>(4)</sup> |  | 23277717 |  |  |  | 913213 | 24190930 |  |
| Thermostat Purchaser, L.P.<sup>(4)</sup> |  | 113403193 |  |  |  | 441967 | 113845160 |  |
| WHCG Purchaser, L.P. | 10934833 | 27437454 |  |  |  | (1453933) | 25983521 |  |
| Zenith Longitude Limited | 26838037 | 364712669 |  |  |  | (7099735) | 357612934 | 4299165 |
| Zoncolan Topco S.à r.l. | 25768622 | 105475627 | 33891851 | (33899088) | (2397778) | 11935046 | 115005658 | - |
| **Total Non-Controlled Affiliates** |  | $4657390248 | $43370971 | $(43070614) | $(3535299) | $231518113 | $4885673419 | $13202453 |

---

<sup>(1)</sup> Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, the accretion of discounts and the exchange of one or more existing securities for one or more new securities.

<sup>(2)</sup> Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing securities for one or more new securities.

<sup>(3)</sup> Investment was exited during the period ended June 30, 2025.

<sup>(4)</sup> Investment does not issue shares.

<sup>(5)</sup> This investment is associated with PG Esmeralda Pte. Ltd.

<sup>(6)</sup> Luxembourg Investment Company 285 S.à.r.l, Luxembourg Investment Company 314 S.à.r.l and PG Lion Management Warehouse S.C.S. are related to the same investment.

**Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund and determined that there were no subsequent events that require disclosure in the consolidated financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Partners Group Private Equity (Master Fund), LLC

- **b. Investment Company Act file number:** 811-22241

- **c. CIK number of Registrant:** 0001447247

- **d. LEI of Registrant:** 549300N7WFXPO5N0PY84

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

  - **Street Address 1:** 1114 AVENUE OF THE AMERICAS

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-908-2600

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

- **a. Name of Series:** Partners Group Private Equity (Master Fund), LLC

- **c. LEI of Series:** 549300N7WFXPO5N0PY84

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $17970835349.74

**Total Liabilities:** $1425453936.82

**Net Assets:** $16545381412.92

**Cash Not Reported:** $132299906.72

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.72%                | 0.71%                | 1.64%                |
| Class ID N/A | 0.78%                | 0.77%                | 1.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40145052.57             | $263700434.80                              |
| Month 2  | $13499143.18             | $142535931.67                              |
| Month 3  | $190454861.44            | $227330934.14                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TK ELEVATOR MIDCO GMBH                                                               | TK Elevator Midco GmbH 2025 USD Term Loan B                                          | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |     9732095 | PA      | $9806253.84   | 0.06%             | 2030-04-30      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |    11772986 | NS      | $242938.77    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOBIAN FINANCE B                                                                     | Nobian Finance BV                                                                    | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | DBT              | CORP              | NL        |    10000000 | PA      | $11734050.00  | 0.07%             | 2026-07-15      | Fixed         | 3.62%                 | Yes           |                  3 | On Loan: No      |
| LEP Captive Co-Invest II, L.P.                                                       | LEP Captive Co-Invest II, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $19713879.26  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOBIAN FINANCE BV                                                                    | Nobian Finance BV 2025 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | LON              | CORP              | NL        |     5400000 | PA      | $6307683.17   | 0.04%             | 2030-07-31      | Floating      | 5.44%                 | Yes           |                  3 | On Loan: No      |
| COLOSSUS ACQUIRECO LLC                                                               | COLOSSUS ACQUIRECO LLC TERM LOAN B                                                   | CUSIP: 000000000<br>LEI: 2549009FT92RXWA46910 | Long             | LON              | CORP              | US        |     3800000 | PA      | $3793920.00   | 0.02%             | 2032-06-11      | Floating      | 6.08%                 | Yes           |                  3 | On Loan: No      |
| GERMAN TAX                                                                           | GERMAN TAX                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      187735 | NS      | $114149.08    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PARTNERS IV LP LIMITED PARTNERSHIP                                     | PROVIDENCE EQ PARTNERS IV LP LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oakley Capital Fund V, SCSp                                                          | Oakley Capital Fund V, SCSp                                                          | CUSIP: 000000000<br>LEI: 213800KW6MZUK12CQ815 | Long             |  | CORP              | LU        |           0 | OU      | $6583786.91   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Milestone Investment Holdings, LLC                                                   | Milestone Investment Holdings, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    22293150 | NS      | $30506690.10  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COTIVITI CORPORATION                                                                 | Cotiviti Corporation 2025 2nd Amendment Term Loan                                    | CUSIP: 22164MAF4<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     4500000 | PA      | $4485015.00   | 0.03%             | 2032-03-26      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| LUNA 2 5SARL                                                                         | Luna 2 5SARL                                                                         | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |      962000 | PA      | $1128815.61   | 0.01%             | 2032-07-01      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| UPCB FINANCE VII LTD                                                                 | UPCB Finance VII Ltd                                                                 | CUSIP: 000000000<br>LEI: 5493006V3WX8F38SQ991 | Long             | DBT              | CORP              | KY        |     3646000 | PA      | $4251495.66   | 0.03%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  3 | On Loan: No      |
| GHO CAPITAL IV                                                                       | GHO CAPITAL IV                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |           0 | NS      | $0.22         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nelipak Holding Company                                                              | Nelipak Holding Company 2024 Term Loan                                               | CUSIP: 000000000<br>LEI: 254900N32EC0WZNR0E52 | Long             | DBT              | CORP              | US        |     2744904 | PA      | $2659812.32   | 0.02%             | 2031-03-26      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| CHARTERHOUSE CAPITAL X L.P.                                                          | CHARTERHOUSE CAPITAL X L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     5220750 | NS      | $1271795.49   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                | AMERICAN AIRLINES INC 2025 TERM LOAN B                                               | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     1900000 | PA      | $1916150.00   | 0.01%             | 2032-05-28      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| Endurance International Group, Inc.                                                  | Endurance International Group, Inc. - Senior                                         | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |     2049998 | PA      | $4208875.31   | 0.03%             | 2028-02-10      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| BLACKROCK TREASURY TRUST 062                                                         | BLACKROCK TREASURY TRUST 062                                                         | CUSIP: 09248U551<br>LEI: 549300U5PI8CHFJM7202 | Long             | STIV             | CORP              | US        |   388768428 | OU      | $388768427.59 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Safety & Flow LLC                                                            | Madison Safety & Flow LLC 2025 Term Loan B                                           | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |     1985000 | PA      | $1996175.55   | 0.01%             | 2031-09-26      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-85082.69    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Luxembourg Investment Company 430 S.a r.l.                                           | Luxembourg Investment Company 430 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FI        |    52594635 | NS      | $66400975.05  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Amentum Government Services Holdings LLC                                             | Amentum Government Services Holdings LLC 2024 Term Loan B                            | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |      944167 | PA      | $945233.58    | 0.01%             | 2031-09-29      | Floating      | 6.57%                 | Yes           |                  3 | On Loan: No      |
| Partners Terra Pte. Ltd. (Singapore)                                                 | Partners Terra Pte. Ltd. (Singapore)                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |     7980885 | NS      | $11578834.15  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Lion Management Warehouse S.C.S.                                                  | PG Lion Management Warehouse S.C.S.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |      960000 | OU      | $54499.69     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nobel Bidco BV                                                                       | Nobel Bidco BV EUR Term Loan B                                                       | CUSIP: 000000000<br>LEI: 549300NZZFLYK83VVT71 | Long             | DBT              | CORP              | NL        |     5423992 | PA      | $5855290.95   | 0.04%             | 2028-09-01      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| High Bar Brands Operating LLC                                                        | High Bar Brands Operating LLC Revolver                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      436086 | PA      | $436048.84    | 0.00%             | 2029-11-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| OHA Credit Partners Ltd                                                              | OHA Credit Partners XI Ltd                                                           | CUSIP: 67109HAL5<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2047106.22   | 0.01%             | 2037-04-20      | Floating      | 10.02%                | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners VI, L.P.                                                        | Silver Lake Partners VI, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     5994592 | OU      | $7585610.49   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VISTA VIII LP                                                                        | VISTA VIII LP                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     6162362 | NS      | $6713085.89   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd                                                                     | CIFC Funding 2019-VI Ltd                                                             | CUSIP: 12556CAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1242350.11   | 0.01%             | 2037-07-16      | Floating      | 10.51%                | Yes           |                  3 | On Loan: No      |
| TRUCK HERO, INC.                                                                     | TRUCK HERO, INC.                                                                     | CUSIP: 000000000<br>LEI: 54930007KT5CX7XNSD31 | Long             | EC               | CORP              | US        |           0 | NS      | $1572084.16   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE GLOBAL FS III                                                                | CARLYLE GLOBAL FS III                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     3473559 | NS      | $2945901.07   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PDI TA Holdings, Inc.                                                                | PDI TA Holdings, Inc. - Unitranche DDTL                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2415447 | PA      | $740869.90    | 0.00%             | 2031-02-03      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CURE HOLDINGS                                                                        | CURE HOLDINGS                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        2723 | NS      | $13128.56     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rough Country, LLC - First Lien                                                      | Rough Country, LLC - First Lien                                                      | CUSIP: 74934KAC5<br>LEI: 549300ULXHJ9CR0QDU59 | Long             | DBT              | CORP              | US        |     1833197 | PA      | $1785517.56   | 0.01%             | 2028-07-28      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PG Investment Company 24 S.a r.l.                                                    | PG Investment Company 24 S.a r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      883460 | NS      | $16881043.75  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PARTNERS VI LP LIMITED PARTNERSHIP                                     | PROVIDENCE EQ PARTNERS VI LP LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4318.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Pegasus Co-Invest L.P.                                                           | KKR Pegasus Co-Invest L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |    11669000 | OU      | $20241403.66  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW BARING ASIA PRIV EQ IV                                                        | ESCROW BARING ASIA PRIV EQ IV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5345 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HARBOURVEST GLOBAL PRIVA PRIVATE FUND                                                | HARBOURVEST GLOBAL PRIVA PRIVATE FUND                                                | CUSIP: 000000000<br>LEI: 213800NBWV6WWV8TOL46 | Long             |  | CORP              | GG        |      526232 | NS      | $17987924.29  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIN EUROPE III, L.P.                                                                | BAIN EUROPE III, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |           1 | NS      | $1594.66      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APAX EUROPE VII B LP LIMITED PARTNERSHIP                                             | APAX EUROPE VII B LP LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $10243.52     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DWYER INSTRUMENTS INC                                                                | Dwyer Instruments Inc Revolver                                                       | CUSIP: 26745LAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    13438345 | PA      | $1366326.55   | 0.01%             | 2029-07-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| DILIGENT CORPORATION                                                                 | DILIGENT CORPORATION                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    20857887 | PA      | $20857887.00  | 0.13%             | 2030-04-08      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| BABILOU GROUP                                                                        | Babilou Group 2024 EUR Term Loan B                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |           1 | PA      | $0.00         | 0.00%             | 2030-11-18      | Variable      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Gulfstream Bidco AS - First Lien                                                     | Gulfstream Bidco AS - First Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NO        |     3847647 | PA      | $3644264.98   | 0.02%             | 2031-01-19      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Lux Ventures VIII, L.P.                                                              | Lux Ventures VIII, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2543385.23   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                    | Clarios Global LP 2025 USD Term Loan B                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     2100000 | PA      | $2110941.00   | 0.01%             | 2032-01-28      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| Avenue Golden Continuation Fund PV, L.P.                                             | Avenue Golden Continuation Fund PV, L.P.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2120000.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-1146976.85  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ineos Quattro Holdings UK Limited                                                    | Ineos Quattro Holdings UK Limited - First Lien                                       | CUSIP: 000000000<br>LEI: 213800HKSMBSJQ32CA45 | Long             | DBT              | CORP              | US        |     1960000 | PA      | $1804023.20   | 0.01%             | 2030-03-14      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1303825.60  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ACCORINVEST GROUP SA                                                                 | AccorInvest Group SA                                                                 | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      738000 | PA      | $914564.05    | 0.01%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |      485115 | OU      | $434679.69    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BACH PREFERENCE LIMITED                                                              | BACH PREFERENCE LIMITED                                                              | CUSIP: 000000000<br>LEI: 254900ICB7J9UUF31X43 | Long             | DBT              | CORP              | US        |    11463751 | PA      | $11441744.42  | 0.07%             | 2033-01-13      | Variable      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| CERELIA                                                                              | CERELIA 2025 EUR TERM LOAN B                                                         | CUSIP: 000000000<br>LEI: 549300VW8N3KO83VNX18 | Long             | LON              | CORP              | FR        |     2600000 | PA      | $3062293.70   | 0.02%             | 2032-06-03      | Floating      | 5.71%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-2580407.20  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Premier Care Dental Management LLC                                                   | Premier Care Dental Management LLC 2024 Incremental Delayed Draw Term Loan           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11873644 | PA      | $5924947.97   | 0.04%             | 2028-08-07      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $298056.37    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRG GROWTH II OFFSHORE LIMITED PARTNERSHIP                                           | TRG GROWTH II OFFSHORE LIMITED PARTNERSHIP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $10342.36     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIMBRIDGE ACQUISITION CO, INC                                                        | AIMBRIDGE ACQUISITION CO, INC                                                        | CUSIP: 000000000<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | EC               | CORP              | US        |     1680143 | NS      | $1129237.72   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIH RP HoldCo LP                                                                     | SIH RP HoldCo LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     5995126 | NS      | $13287124.99  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EGERIA VI                                                                            | EGERIA VI                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     1566230 | NS      | $1837822.52   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sixth Cinven Fund (No.2) Limited Partnership                                         | Sixth Cinven Fund (No.2) Limited Partnership                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $3450914.73   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tory Burch LLC                                                                       | Tory Burch LLC - First Lien                                                          | CUSIP: 89148GAF7<br>LEI: 549300GGL74W33KY2650 | Long             | DBT              | CORP              | US        |      962500 | PA      | $962880.00    | 0.01%             | 2028-04-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CLEARLAKE CAPITAL VIII, L.P.                                                         | CLEARLAKE CAPITAL VIII, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1348031 | NS      | $1133608.89   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners V, L.P.                                                         | Silver Lake Partners V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5318145.14   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1537544.63  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AURIS LUXEMBOURG III SARL                                                            | Auris Luxembourg III Sarl 2024 EUR Term Loan B5                                      | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | LON              | CORP              | LU        |     4000000 | PA      | $4709906.86   | 0.03%             | 2029-02-28      | Floating      | 6.21%                 | Yes           |                  3 | On Loan: No      |
| 3I GROWTH CAPITAL B LP LIMITED PARTNERSHIP                                           | 3I GROWTH CAPITAL B LP LIMITED PARTNERSHIP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Loa Pte. Ltd.                                                                     | PG Loa Pte. Ltd.                                                                     | CUSIP: 000000000<br>LEI: 8945006Q6Z7FASYZ6618 | Long             | EC               | CORP              | US        |     1209387 | NS      | $1547668.64   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-214454.48   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Carysfort Park CLO DAC 0.000 28 Jul 2034 Class D Reg144A                             | Carysfort Park CLO DAC 0.000 28 Jul 2034 Class D Reg144A                             | CUSIP: 000000000<br>LEI: 254900X3LEXBMRCA3Y50 | Long             | ABS-CBDO         | CORP              | US        |      500000 | PA      | $601868.28    | 0.00%             | 2034-07-28      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| RECESS HOLDINGS INC                                                                  | Recess Holdings Inc 2025 Repriced Term Loan                                          | CUSIP: 72811HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     8795271 | PA      | $8845668.23   | 0.05%             | 2030-02-20      | Floating      | 8.03%                 | Yes           |                  3 | On Loan: No      |
| Kohlberg TE Investors IX, L.P.                                                       | Kohlberg TE Investors IX, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $26414205.96  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Icebox Holdco I, Inc.                                                                | Icebox Holdco I, Inc.                                                                | CUSIP: 000000000<br>LEI: 254900DLB65AKI8CQ466 | Long             |  | CORP              | US        |    62643771 | OU      | $62997707.90  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Centerbridge Seaport Acquisition Fund, L.P.                                          | Centerbridge Seaport Acquisition Fund, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1097057.69   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TCV X, L.P.                                                                          | TCV X, L.P.                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $14870371.47  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HITECVISION V, LP                                                                    | HITECVISION V, LP                                                                    | CUSIP: 000000000<br>LEI: 254900T186QBPP4DVA47 | Long             |  | CORP              | US        |           0 | OU      | $2338.19      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE ASIA PARTNERS V, L.P.                                                        | CARLYLE ASIA PARTNERS V, L.P.                                                        | CUSIP: 000000000<br>LEI: 5493009TPAFXXO020U41 | Long             | EC               | CORP              | KY        |     2094748 | NS      | $1767259.29   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GULFSTREAM BIDCO AS                                                                  | GULFSTREAM BIDCO AS DELAYED DRAW TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NO        |     2757000 | PA      | $2733198.74   | 0.02%             | 2031-01-19      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| HGGC Fund IV, L.P.                                                                   | HGGC Fund IV, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2423021.84   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gloves Buyer Inc                                                                     | Gloves Buyer Inc 2025 Term Loan                                                      | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     3400000 | PA      | $3350428.00   | 0.02%             | 2032-01-17      | Floating      | 8.32%                 | Yes           |                  3 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                                               | RADIOLOGY PARTNERS INC 2025 TERM LOAN                                                | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |     7400000 | PA      | $7407326.00   | 0.04%             | 2032-06-25      | Floating      | 8.82%                 | Yes           |                  3 | On Loan: No      |
| Trident IX, L.P.                                                                     | Trident IX, L.P.                                                                     | CUSIP: 000000000<br>LEI: 335800KLFMJJVM3TUK37 | Long             |  | CORP              | US        |           0 | OU      | $12959519.69  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS III LIMITED PARTNERSHIP                                      | CARLYLE EUROPE PARTNERS III LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-767227.23   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FUGUE FINANCE BV                                                                     | FUGUE FINANCE BV 2025 FUNGIBLE TERM LOAN B                                           | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | US        |     2600000 | PA      | $2613702.00   | 0.02%             | 2032-01-09      | Floating      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| VS BUYER LLC                                                                         | VS Buyer LLC 2024 1st Lien Term Loan B                                               | CUSIP: 91834WAF7<br>LEI: 254900G5QLDMHSCYJK25 | Long             | LON              | CORP              | US        |     3791398 | PA      | $3816686.37   | 0.02%             | 2031-04-12      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| Rivean Capital Fund VII Cooperatief U.A.                                             | RIVEAN CAPITAL FUND VII                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     6261226 | NS      | $7599402.59   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SCP DRAGON, L.P.                                                                     | SCP DRAGON, L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3891463 | NS      | $3891463.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition S.a.r.l.                                          | AI Sirona (Luxembourg) Acquisition Sarl 2025 EUR Term Loan B                         | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | LON              | CORP              | LU        |     4300000 | PA      | $5072585.23   | 0.03%             | 2028-09-30      | Floating      | 6.13%                 | Yes           |                  3 | On Loan: No      |
| Vision Solutions Inc                                                                 | Vision Solutions Inc 2021 Incremental Term Loan                                      | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3284383 | PA      | $3194062.62   | 0.02%             | 2028-04-24      | Floating      | 8.27%                 | Yes           |                  3 | On Loan: No      |
| TRILON GROUP LLC                                                                     | TRILON GROUP LLC - Revolver                                                          | CUSIP: 89620FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1046630.72   | 0.01%             | 2029-05-25      | None          | 0.15%                 | Yes           |                  3 | On Loan: No      |
| TRIVEST FUND V, L.P.                                                                 | TRIVEST FUND V, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      356877 | NS      | $836627.18    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA XIV-B, L.P.                                                                       | TA XIV-B, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $11758587.28  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Student Transportation of America Holdings, Inc                                      | Student Transportation of America Holdings, Inc Delayed Draw Term Loan               | CUSIP: 86388BAC0<br>LEI: 549300O4G48RRYGSD439 | Long             | LON              | CORP              | US        |       60000 | PA      | $300.00       | 0.00%             | 2032-06-10      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| PROVIDENCE VI                                                                        | PROVIDENCE VI                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       14673 | NS      | $15305.99     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PHARMATHEN                                                                           | PHARMATHEN                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | NL        |     4069017 | NS      | $4879102.28   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Woof Parent L.P.                                                                     | Woof Parent L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        1441 | NS      | $19437.46     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Energy Capital Partners Credit Solutions II, L.P.                                    | Energy Capital Partners Credit Solutions II, L.P.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2630158.88   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-995154.18   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-5449570.20  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PERMIRA III                                                                          | PERMIRA III                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |       29486 | NS      | $54969.33     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALCHEMY SPECIAL OPP FUND II LP                                                       | ALCHEMY SPECIAL OPP FUND II LP                                                       | CUSIP: 000000000<br>LEI: 213800BDS2LY257SNI77 | Long             | EC               | CORP              | GB        |      226827 | NS      | $445131.38    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Grupo Iberica Congelados, SA                                                         | Grupo Iberica Congelados, SA - Senior                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |      450931 | PA      | $397963.94    | 0.00%             | 2024-11-28      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Argan Mauritius Limited                                                              | Argan Mauritius Limited                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      106215 | NS      | $14228402.08  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Otranto Park CLO 7.050 15 May 2035 Senior Secured                                    | Otranto Park CLO 7.050 15 May 2035 Senior Secured                                    | CUSIP: 000000000<br>LEI: 254900C89WZ4XL2PN587 | Long             | ABS-CBDO         | CORP              | IE        |     1172000 | PA      | $1413147.46   | 0.01%             | 2035-05-15      | Floating      | 7.05%                 | Yes           |                  3 | On Loan: No      |
| PVC REINVESTMENT FUND, L.P.                                                          | PVC REINVESTMENT FUND, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    66182820 | NS      | $92578051.21  | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARROYO INVESTORS FUND IV                                                             | ARROYO INVESTORS FUND IV                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     4498160 | NS      | $4871290.89   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 53 S.a.r.l                                                     | PG Investment Company 53 S.a.r.l                                                     | CUSIP: 000000000<br>LEI: 254900WGJ0IG0QIRL323 | Long             | EC               | CORP              | PT        |      711884 | NS      | $4349335.36   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECP PARENT, LLC                                                                      | ECP PARENT, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   105520023 | NS      | $5543334.47   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kingpin Intermediate Holdings LLC                                                    | Kingpin Intermediate Holdings LLC 2023 Term Loan B                                   | CUSIP: 49579GAH5<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |     8199534 | PA      | $8168528.62   | 0.05%             | 2028-02-08      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Convergint Tech LLC                                                                  | Convergint Tech LLC - Second Lien                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18351734 | PA      | $31019073.48  | 0.19%             | 2029-03-30      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Cedar Fair, L.P.                                                                     | Cedar Fair, L.P.                                                                     | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     2977500 | PA      | $6276583.50   | 0.04%             | 2031-05-01      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| American Water Works Co Inc                                                          | American Water Works Co Inc                                                          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             |  | CORP              | US        |      142675 | NS      | $19841812.25  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIRA VII                                                                          | PERMIRA VII                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     1805948 | NS      | $2709753.33   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT MID MARKET EUROPE (NO.1)                                                         | EQT MID MARKET EUROPE (NO.1)                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $12487624.95  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GERMAN TAX                                                                           | GERMAN TAX                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     1029239 | NS      | $4612822.18   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4705025.83  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                                | GFL Environmental Inc 2025 Term Loan B                                               | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |     1200000 | PA      | $1201956.00   | 0.01%             | 2032-03-03      | Floating      | 6.82%                 | Yes           |                  3 | On Loan: No      |
| VERTIV GROUP CORP                                                                    | VERTIV GROUP CORP                                                                    | CUSIP: 000000000<br>LEI: 549300ZT8RQ5VK10E643 | Long             | ABS-O            | CORP              | US        |      356000 | PA      | $4838881.50   | 0.03%             | 2028-11-15      | Variable      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Redstone Holdco 2 LP                                                                 | Redstone Holdco 2 LP - Senior                                                        | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1083704 | PA      | $1.00         | 0.00%             | 2028-04-27      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| ADVENT INT L GPE VIII/C, L.P.                                                        | ADVENT INT L GPE VIII/C, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6741693.70   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Strider Topco S.a.s. / Shares C (FRPS 2)                                             | Strider Topco S.a.s. / Shares C (FRPS 2)                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    52067087 | NS      | $77616117.07  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SHIFT4 PAYMENTS LLC                                                                  | SHIFT4 PAYMENTS LLC 2025 TERM LOAN                                                   | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |      900000 | PA      | $910125.00    | 0.01%             | 2032-05-07      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| INVESTINDUSTRIAL V LP                                                                | INVESTINDUSTRIAL V LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     1041322 | NS      | $1024732.01   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PENNANTPARK CREDIT OPP FUND LP LIMITED PARTNERSHIP                                   | PENNANTPARK CREDIT OPP FUND LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $663541.27    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $1677360.11   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                                                   | Union Pacific Corp                                                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             |  | CORP              | US        |       73917 | NS      | $17000910.00  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED CHF / SOLD USD                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | CH        |           1 | NC      | $707.74       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thevelia (US) LLC                                                                    | Thevelia (US) LLC 2024 Term Loan B                                                   | CUSIP: 88372KAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8945498 | PA      | $8995860.76   | 0.05%             | 2029-06-18      | Floating      | 7.26%                 | Yes           |                  3 | On Loan: No      |
| BlueConic                                                                            | BlueConic                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     3627408 | OU      | $7724373.08   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Hydra Buyer, Inc.                                                               | CD&R Hydra Buyer, Inc.                                                               | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | DBT              | CORP              | US        |     1782000 | PA      | $3747525.41   | 0.02%             | 2031-03-25      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW FOURTH CINVEN FUND LP                                                         | ESCROW FOURTH CINVEN FUND LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |       52964 | NS      | $636.40       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                                             | Boost Newco Borrower LLC 2025 USD Term Loan B                                        | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |     1791011 | PA      | $1799590.19   | 0.01%             | 2031-01-31      | Floating      | 6.26%                 | Yes           |                  3 | On Loan: No      |
| Global Medical Response, Inc.                                                        | Global Medical Response, Inc. - Senior                                               | CUSIP: 00169QAF6<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     7978852 | PA      | $0.00         | 0.00%             | 2025-10-02      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| TPG Partners VIII, L.P.                                                              | TPG Partners VIII, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11571592.67  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 293 S.a r.l.                                           | Luxembourg Investment Company 293 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NO        |     9789622 | NS      | $37060187.24  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Snacking Investments Bidco Pty Limited                                               | Snacking Investments Bidco Pty Limited USD Term Loan                                 | CUSIP: 000000000<br>LEI: 549300W8K88D3SM86Y18 | Long             | LON              | CORP              | US        |     1231750 | PA      | $1242995.88   | 0.01%             | 2026-12-18      | Floating      | 8.32%                 | Yes           |                  3 | On Loan: No      |
| NUVEI TECHNOLOGIES CORP                                                              | Nuvei Technologies Corp 2024 Term Loan B1                                            | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |     3740625 | PA      | $3752744.64   | 0.02%             | 2031-11-17      | Floating      | 7.31%                 | Yes           |                  3 | On Loan: No      |
| FINANCIERE ASTEK                                                                     | FINANCIERE ASTEK                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |     2722290 | PA      | $2896422.78   | 0.02%             | 2031-04-25      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| QUIMPER AB                                                                           | Quimper AB 2024 EUR Term Loan B                                                      | CUSIP: 000000000<br>LEI: 549300EI2YNCQDXVO313 | Long             | LON              | CORP              | SE        |     7000000 | PA      | $8232726.82   | 0.05%             | 2030-03-29      | Floating      | 5.79%                 | Yes           |                  3 | On Loan: No      |
| Trident VIII, L.P.                                                                   | Trident VIII, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $30874576.62  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUMMIT GROWTH EQUITY IX B LP                                                         | SUMMIT GROWTH EQUITY IX B LP                                                         | CUSIP: 000000000<br>LEI: 549300NO2R139MR8I257 | Long             | EC               | CORP              | US        |     1025958 | NS      | $1228678.07   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NMP VII L.P.                                                                         | NMP VII L.P.                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1466268 | NS      | $1442414.96   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Worldwide Express Operations, LLC                                                    | Worldwide Express Operations LLC 2024 Term Loan B                                    | CUSIP: 00435UAF5<br>LEI: 254900XFGYPZZSG8I385 | Long             | LON              | CORP              | US        |    12371478 | PA      | $12396591.60  | 0.07%             | 2028-07-26      | Floating      | 8.31%                 | Yes           |                  3 | On Loan: No      |
| Blackstone Cornerstone Co-Invest (CYM) L.P.                                          | Blackstone Cornerstone Co-Invest (CYM) L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $27315210.76  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Polaris TopCo S.a.r.l.                                                            | PG Polaris TopCo S.a.r.l.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    36879822 | NS      | $32645904.78  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVENT LATIN AMER PE VIIA SCSP                                                       | ADVENT LATIN AMER PE VIIA SCSP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    14481798 | NS      | $17090751.46  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EPIC FUND III, SLP                                                                   | EPIC FUND III, SLP                                                                   | CUSIP: 000000000<br>LEI: 2138005M3FK8FXSYDD32 | Long             | EC               | CORP              | LU        |     1500659 | NS      | $1445394.04   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Biogroup-LCD                                                                         | Biogroup-LCD 2021 EUR Term Loan B                                                    | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |     7463202 | PA      | $7838561.31   | 0.05%             | 2028-02-09      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| PG Investment Company 24 S.a r.l.                                                    | PG Investment Company 24 S.a r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | GB        |   101367616 | NS      | $157803506.54 | 0.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPL CORPORATION LIMITED                                                              | TPG Upswing Co-invest, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    18518292 | OU      | $15921138.91  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nautic Partners X-A, L.P.                                                            | Nautic Partners X-A, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10942227.81  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-224383.78   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                                                  | Dolcetto Holdco SpA                                                                  | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     2630000 | PA      | $3086055.15   | 0.02%             | 2032-07-14      | Floating      | 5.56%                 | Yes           |                  3 | On Loan: No      |
| MCAFEE LLC                                                                           | McAfee LLC 2024 USD 1st Lien Term Loan B                                             | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |     3130881 | PA      | $3067292.49   | 0.02%             | 2029-03-01      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| NORTH HAVEN ASIA III                                                                 | NORTH HAVEN ASIA III                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $187360.98    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ASTORG V FCPR                                                                        | ASTORG V FCPR                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       13448 | NS      | $9606.35      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND XII, L.P.                                                          | BAIN CAPITAL FUND XII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      754937 | NS      | $1125574.35   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 3I EUROPARTNERS VB LP C LIMITED PARTNERSHIP                                          | 3I EUROPARTNERS VB LP C LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS III LP                                                       | CARLYLE EUROPE PARTNERS III LP                                                       | CUSIP: 000000000<br>LEI: 213800JX9AN2IX4XMY65 | Long             | EC               | CORP              | GB        |      392504 | NS      | $157901.43    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $24633.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding 2022-IV Ltd 0.000 16 Jul 2035 Class E 144A                              | CIFC Funding 2022-IV Ltd 0.000 16 Jul 2035 Class E 144A                              | CUSIP: 12567XAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1285754.20   | 0.01%             | 2035-07-16      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SV LIFE SCIENCES FUND IV CF LP                                                       | SV LIFE SCIENCES FUND IV CF LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3368192 | NS      | $3877351.48   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| COMMSCOPE LLC                                                                        | CommScope LLC                                                                        | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      718000 | PA      | $712909.66    | 0.00%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| INSPIRED FINCO HOLDINGS LTD                                                          | INSPIRED FINCO HOLDINGS LTD 2025 EUR TERM LOAN B6 B 2                                | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |     2037037 | PA      | $2390269.45   | 0.01%             | 2031-02-28      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $57471.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                                              | Summer (BC) Holdco B Sa rl 2024 EUR Term Loan B                                      | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |     3737050 | PA      | $4363148.35   | 0.03%             | 2029-01-31      | Floating      | 6.66%                 | Yes           |                  3 | On Loan: No      |
| FH EP PARENT L.P.                                                                    | FH EP PARENT L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $15810173.64  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CABLEVISION LIGHTPATH LLC                                                            | Cablevision Lightpath LLC 2025 Repriced Term Loan                                    | CUSIP: 12687HAD9<br>LEI: 5493002ZVBLRLGES1R71 | Long             | LON              | CORP              | US        |     7917979 | PA      | $7948938.58   | 0.05%             | 2027-11-30      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| SPA HOLDINGS 3 OY                                                                    | SPA HOLDINGS 3 OY 2025 USD TERM LOAN B                                               | CUSIP: 78475BAB3<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |     6700000 | PA      | $6720971.00   | 0.04%             | 2030-05-23      | Floating      | 8.70%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4668650.21  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| VECTOR CAPITAL V, L.P.                                                               | VECTOR CAPITAL V, L.P.                                                               | CUSIP: 000000000<br>LEI: 549300M1ZA3UM0Z20S97 | Long             | EC               | CORP              | US        |    16526250 | NS      | $19668881.70  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                                             | Trident TPI Holdings Inc 2024 Term Loan B7                                           | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |     1646246 | PA      | $1627363.99   | 0.01%             | 2028-09-15      | Floating      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| National Mentor Holdings, Inc.                                                       | National Mentor Holdings, Inc. - Senior                                              | CUSIP: 63689EAR6<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |     1923876 | PA      | $1875779.28   | 0.01%             | 2028-03-02      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| VIRTUSA CORPORATION                                                                  | Virtusa Corporation 2024 Term Loan B                                                 | CUSIP: 92828KAP7<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |     3017800 | PA      | $3021602.43   | 0.02%             | 2029-02-15      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Starfish Intermediate, Inc.                                                          | Starfish Intermediate, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     7136374 | NS      | $238372072.05 | 1.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polyusus Lux XXIII S.a r.l. / Preferred Equity (Oct 21)                              | Polyusus Lux XXIII S.a r.l. / Preferred Equity (Oct 21)                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |      447324 | NS      | $162684.55    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEAMSYSTEM SPA                                                                       | TeamSystem SpA                                                                       | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     2418000 | PA      | $2845942.78   | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| GUROBI OPTIMIZATION LLC                                                              | GUROBI OPTIMIZATION LLC 2024 TERM LOAN                                               | CUSIP: 000000000<br>LEI: 549300TS3U4JKMR1B479 | Long             | LON              | CORP              | US        |     8283538 | PA      | $8283538.47   | 0.05%             | 2031-09-10      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| BLUECONIC HOLDING INC                                                                | BLUECONIC HOLDING INC - Unitranche                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18912000 | PA      | $18835435.52  | 0.11%             | 2028-01-27      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Sauer Brands Inc                                                                     | Sauer Brands Inc Delayed Draw Term Loan                                              | CUSIP: 80536AAC6<br>LEI: 25490051R6ZOBEBPQ519 | Long             | LON              | CORP              | US        |       86207 | PA      | $85991.38     | 0.00%             | 2032-02-19      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-7561852.21  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| COLOSSEUM DENTAL FINANCE BV                                                          | Colosseum Dental Finance BV EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 894500X1A9M6TIAPH296 | Long             | LON              | CORP              | NL        |     1900000 | PA      | $2240170.95   | 0.01%             | 2032-03-22      | Floating      | 5.76%                 | Yes           |                  3 | On Loan: No      |
| FORTIS 333 INC                                                                       | Fortis 333 Inc USD Term Loan B                                                       | CUSIP: 34958SAB5<br>LEI: 254900SLITS19RU1VB55 | Long             | LON              | CORP              | US        |     3000000 | PA      | $3018750.00   | 0.02%             | 2032-03-29      | Floating      | 7.79%                 | Yes           |                  3 | On Loan: No      |
| Aspire Bakeries Holdings LLC                                                         | Aspire Bakeries Holdings LLC Term Loan                                               | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |      994975 | PA      | $1000735.78   | 0.01%             | 2030-12-13      | Floating      | 8.57%                 | Yes           |                  3 | On Loan: No      |
| WARBURG PINCUS PE XII, L.P.                                                          | WARBURG PINCUS PE XII, L.P.                                                          | CUSIP: 000000000<br>LEI: 549300774CVJJGWH1Z55 | Long             | EC               | CORP              | US        |     6142861 | NS      | $8464272.26   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEARA                                                                                | NEARA                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     3026755 | NS      | $2374663.71   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lakeshore Intermediate LLC                                                           | Lakeshore Intermediate LLC Term Loan                                                 | CUSIP: 51207KAB5<br>LEI: 9845007F777G13ADC933 | Long             | DBT              | CORP              | US        |      984681 | PA      | $771596.00    | 0.00%             | 2028-09-29      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| TALBOT PARTICIPATION SAS                                                             | TALBOT PARTICIPATION SAS EUR TERM LOAN B                                             | CUSIP: 000000000<br>LEI: 213800YELAANTUZKN615 | Long             | LON              | CORP              | FR        |     6200000 | PA      | $7299337.12   | 0.04%             | 2032-06-27      | Floating      | 5.53%                 | Yes           |                  3 | On Loan: No      |
| CLAYTON DUBLR RICE FUND VIII B LIMITED PARTNERSHIP                                   | CLAYTON DUBLR RICE FUND VIII B LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FUSION5 (DEBT 2023) (1L)                                                             | FUSION5 (DEBT 2023) (1L)                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      966531 | PA      | $928385.42    | 0.01%             | 2030-04-10      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| BC XI PRIVATE INVESTOR, L.P.                                                         | BC XI PRIVATE INVESTOR, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      996001 | NS      | $1302959.54   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAI Partners VIII-1 SCSp                                                             | PAI Partners VIII-1 SCSp                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $6294066.69   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENSTAR CAPITAL PARTNERS V LP LIMITED PARTNERSHIP                                    | GENSTAR CAPITAL PARTNERS V LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GATEWAY FLEETS                                                                       | GATEWAY FLEETS                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $1816000.27   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STG Alternative Investments S.C.A. SICAV-RAIF                                        | STG Alternative Investments S.C.A. SICAV-RAIF                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $35835662.45  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DOLCETTO HOLDCO SPA                                                                  | Dolcetto Holdco SpA                                                                  | CUSIP: 000000000<br>LEI: 81560029E819F2CE4A42 | Long             | DBT              | CORP              | IT        |     3555000 | PA      | $4226542.88   | 0.03%             | 2032-07-14      | Fixed         | 5.62%                 | Yes           |                  3 | On Loan: No      |
| Primavera Capital Fund IV, L.P.                                                      | Primavera Capital Fund IV, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5020134.00   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Global Market Strategies Euro                                                | Carlyle Euro CLO 2021 0.000 15 Apr 2034 Class D 144A                                 | CUSIP: 000000000<br>LEI: 635400YTUTUJGB8CTX63 | Long             | ABS-CBDO         | CORP              | IE        |      333000 | PA      | $398964.26    | 0.00%             | 2034-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TKC Topco LLC                                                                        | TKC Topco LLC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     4632829 | NS      | $2556121.91   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 18 S.a r.l.                                                    | PG Investment Company 18 S.a r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SE        |   113856528 | NS      | $187312117.91 | 1.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vistria Fund V, L.P.                                                                 | Vistria Fund V, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3832371.14   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZABKA GROUP                                                                          | ZABKA GROUP                                                                          | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | PL        |    63259178 | NS      | $198976814.17 | 1.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VISTRIA FUND V LP                                                                    | VISTRIA FUND V LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $599535.60    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hobbs & Associates LLC                                                               | Hobbs & Associates LLC Term Loan B                                                   | CUSIP: 43385CAB4<br>LEI: 254900FAZYX24PP1RY58 | Long             | DBT              | CORP              | US        |     6078690 | PA      | $5528993.13   | 0.03%             | 2031-07-23      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-1464280.82  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| TRUSTBRIDGE PARTNERS VI, L.P.                                                        | TRUSTBRIDGE PARTNERS VI, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7914180.90   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AAL Delaware Holdco Inc                                                              | AAL Delaware Holdco Inc 2025 Term Loan                                               | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      794010 | PA      | $797614.81    | 0.00%             | 2031-07-30      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 285 S.a.r.l.                                           | Luxembourg Investment Company 285 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |     7865820 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | Snacktime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    42968136 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Heartland Home Services, Inc.                                                        | Heartland Home Services, Inc.  - Unitranche                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11730000 | PA      | $11410924.76  | 0.07%             | 2027-11-02      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-165766.31   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AIMBRIDGE ACQUISITION CO INC                                                         | Aimbridge Acquisition Co Inc 2025 1st Lien Second Out Term Loan                      | CUSIP: 00900YAH9<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |      571001 | PA      | $568385.77    | 0.00%             | 2030-03-11      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1560613.94  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CFC BIDCO 2022 LTD                                                                   | CFC BIDCO 2022 LTD TERM LOAN B                                                       | CUSIP: 12531JAB7<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    11300000 | PA      | $11300000.00  | 0.07%             | 2032-05-30      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-2762797.83  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED GBP / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $-1465.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| H&Z Unternehmensberatung                                                             | Skywalker BidCo GmbH - Unitranche                                                    | CUSIP: 000000000<br>LEI: 967600F6TW4S87M6PB57 | Long             | DBT              | CORP              | DE        |     6537633 | PA      | $6968636.76   | 0.04%             | 2030-12-20      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW PALLADIUM EQ PRTNRS III                                                       | ESCROW PALLADIUM EQ PRTNRS III                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-4026742.37  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| New Enterprise Associates 17, L.P.                                                   | New Enterprise Associates 17, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7279025.18   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-1515457.93  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| TERNA SPA                                                                            | TERNA SPA                                                                            | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             |  | CORP              | IT        |     1600405 | NS      | $16375490.56  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEDIGITAL BORROWER LLC                                                              | OneDigital Borrower LLC 2025 Repriced Term Loan                                      | CUSIP: 68277FAN9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |     5247000 | PA      | $5255185.32   | 0.03%             | 2031-07-02      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Pantheon International PLC/The Fund                                                  | Pantheon International PLC/The Fund                                                  | CUSIP: 000000000<br>LEI: 2138001B3CE5S5PEE928 | Long             |  | CORP              | GB        |     1773858 | NS      | $7631005.14   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                                               | Radiology Partners Inc                                                               | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     3554000 | PA      | $3594799.92   | 0.02%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| RAND PARENT LLC                                                                      | Rand Parent LLC 2025 Term Loan B                                                     | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5537640 | PA      | $5516929.07   | 0.03%             | 2030-03-18      | Floating      | 7.30%                 | Yes           |                  3 | On Loan: No      |
| Trilon Group, LLC                                                                    | Trilon Group, LLC - Unitranche DDTL                                                  | CUSIP: 89620FAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5119570 | PA      | $5139009.51   | 0.03%             | 2029-05-25      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1293155.38  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Elmwood CLO VII Ltd.                                                                 | Elmwood CLO VII Ltd                                                                  | CUSIP: 29002RAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3750000 | PA      | $3715621.16   | 0.02%             | 2037-10-17      | Floating      | 10.18%                | Yes           |                  3 | On Loan: No      |
| BC EUROPEAN CAPITAL IX LP                                                            | BC EUROPEAN CAPITAL IX LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-3174616.45  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| DATACO ACQUICO GMBH                                                                  | DATACO ACQUICO GMBH EUR DELAYED DRAW TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     2580666 | PA      | $2746404.31   | 0.02%             | 2031-01-31      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CHARTERHOUSE CAPITAL PART. IX                                                        | CHARTERHOUSE CAPITAL PART. IX                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       15074 | NS      | $21125.26     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WARBURG PINCUS GLOBAL GROWTH LP                                                      | WARBURG PINCUS GLOBAL GROWTH LP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11574638.66  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIT WORLDWIDE LOGISTICS INC                                                          | AIT Worldwide Logistics Inc 2025 Repriced Term Loan                                  | CUSIP: 00145AAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3980000 | PA      | $4001412.40   | 0.02%             | 2030-04-08      | Floating      | 8.26%                 | Yes           |                  3 | On Loan: No      |
| Fengate Everest Continuation Fund L.P.                                               | Fengate Everest Continuation Fund L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $28382523.35  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Leopard Holdings, Inc.                                                       | Project Leopard Holdings, Inc. - First Lien                                          | CUSIP: 74338UAG6<br>LEI: 254900QOZVLO3PEJYN33 | Long             | DBT              | CORP              | US        |     2730384 | PA      | $1760967.04   | 0.01%             | 2029-07-20      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2447418.78  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ares PE Extended Value Fund, L.P.                                                    | Ares PE Extended Value Fund, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $37987576.12  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDP VIII                                                                             | MDP VIII                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     7981415 | NS      | $10562692.41  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HITECVISION ASSET SOLUTIONS LP                                                       | HITECVISION ASSET SOLUTIONS LP                                                       | CUSIP: 000000000<br>LEI: 254900NGQXESVJ9K3O22 | Long             |  | CORP              | US        |           0 | OU      | $3518.26      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LTF Holdings, Inc.                                                                   | LTF Holdings, Inc.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3122345 | NS      | $64441193.73  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INDEX VENTURES GROWTH II, LP                                                         | INDEX VENTURES GROWTH II, LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     1344814 | NS      | $1376509.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Apax XI USD L.P.                                                                     | Apax XI USD L.P.                                                                     | CUSIP: 000000000<br>LEI: 213800W6FMNTP9263982 | Long             |  | CORP              | GG        |           0 | OU      | $8567164.47   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DataCo AcquiCo GmbH - Unitranche                                                     | DataCo AcquiCo GmbH - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     6892466 | PA      | $7360363.56   | 0.04%             | 2031-01-31      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CVC Capital Partners VII L.P.                                                        | CVC Capital Partners VII L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $13285647.29  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1390529.02  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Health Holdings LP                                                         | Confluent Health Holdings LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       30344 | NS      | $7318661.05   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LUXEMBOURG INV COMPANY 414                                                           | LUXEMBOURG INV COMPANY 414                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |     8303732 | OU      | $79071261.30  | 0.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Matterhorn TopCo, L.P.                                                               | Matterhorn TopCo, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     8804000 | NS      | $17059220.27  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-2938698.26  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $296406.37    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KSLB Holdings, LLC                                                                   | KSLB Holdings, LLC - Second Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      276923 | PA      | $242592.27    | 0.00%             | 2026-07-30      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| SPEEDSTER BIDCO GMBH                                                                 | Speedster Bidco GmbH 2024 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 254900LE837QB2YYV824 | Long             | LON              | CORP              | DE        |    10000000 | PA      | $11775001.83  | 0.07%             | 2031-12-10      | Floating      | 5.89%                 | Yes           |                  3 | On Loan: No      |
| Hg Mercury 4 L.P.                                                                    | Hg Mercury 4 L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $2621963.91   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HARVEST PARTNERS VII, L.P.                                                           | HARVEST PARTNERS VII, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10208801.26  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | XX        |           1 | NC      | $7237489.08   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FRAZIER HEALTHCARE VI LP LIMITED PARTNERSHIP                                         | FRAZIER HEALTHCARE VI LP LIMITED PARTNERSHIP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| First Brands Group LLC                                                               | First Brands Group LLC 2021 Term Loan                                                | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1244144 | PA      | $1208511.78   | 0.01%             | 2027-03-30      | Floating      | 9.59%                 | Yes           |                  3 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                                | Quikrete Holdings Inc                                                                | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |      933000 | PA      | $952968.07    | 0.01%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE PARTNERS VII, L.P.                                                           | CARLYLE PARTNERS VII, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    18908306 | NS      | $19583257.37  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLAYTON DUBLR RICE FUND X LIMITED PARTNERSHIP                                        | CLAYTON DUBLR RICE FUND X LIMITED PARTNERSHIP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $18189858.98  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aptean Inc                                                                           | Aptean Inc 2024 Revolver                                                             | CUSIP: 03834WAV7<br>LEI: 549300D5LUPGZUDZXC96 | Long             | LON              | CORP              | US        |      655044 | PA      | $649791.27    | 0.00%             | 2031-01-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Revelstoke Single Asset Fund I, L.P.                                                 | Revelstoke Single Asset Fund I, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $66487050.28  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | XX        |           1 | NC      | $-44208.39    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PAI Partners VIII-1 SCSp                                                             | PAI Partners VIII-1 SCSp                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6033981.89   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENSTAR CAPITAL PARTNERS VII LIMITED PARTNERSHIP                                     | GENSTAR CAPITAL PARTNERS VII LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5650024.91   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Advent International GPE X (USD)                                                     | Advent International GPE X (USD)                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $11411285.70  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LATOUR CAPITAL I                                                                     | LATOUR CAPITAL I                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       69105 | NS      | $4417.81      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Boost Purchaser LLC                                                          | Project Boost Purchaser LLC 2025 Refinancing Term Loan                               | CUSIP: 74339NAG1<br>LEI: 254900SVSL94NTLSDY26 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-07-16      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Carlyle Partners VIII, L.P.                                                          | Carlyle Partners VIII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6377378.74   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APOLLO VI                                                                            | APOLLO VI                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      219534 | NS      | $315613.49    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BYJU's Alpha, Inc.                                                                   | BYJU's Alpha, Inc. - Senior                                                          | CUSIP: 000000000<br>LEI: 254900EAJ040Y8AVVN71 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2026-11-05      | Floating      | 0.15%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1302586.72  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Lux Total Opportunities, L.P.                                                        | Lux Total Opportunities, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4034896.88   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1906088.45  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR EUROPEAN FUND IV (EEA) LP                                                        | KKR EUROPEAN FUND IV (EEA) LP                                                        | CUSIP: 000000000<br>LEI: 549300SGZX7NIKZABM28 | Long             | EC               | CORP              | GB        |    15036145 | NS      | $17048284.73  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FILTRATION GROUP CORPORATION                                                         | Filtration Group Corporation 2025 USD Term Loan B                                    | CUSIP: 31732FAV8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |     2026500 | PA      | $2039530.40   | 0.01%             | 2028-10-21      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Pactiv Evergreen Group Holdings Inc.                                                 | Pactiv Evergreen Group Holdings Inc 2024 Term Loan B4                                | CUSIP: 69526MAC5<br>LEI: 5493002QNV81KCX40V06 | Long             | DBT              | CORP              | US        |     1511789 | PA      | $0.00         | 0.00%             | 2028-09-24      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Peraton Corp.                                                                        | Peraton Corp. - Senior                                                               | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | DBT              | CORP              | US        |      886611 | PA      | $5337692.72   | 0.03%             | 2028-02-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PG TLP S.A R.L.                                                                      | PG TLP S.A R.L.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |           0 | NS      | $76134804.14  | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Dearborn Capital Partners VIII, L.P.                                         | Madison Dearborn Capital Partners VIII, L.P.                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10012035.51  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GOLDEN STATE FOOD LLC                                                                | Golden State Food LLC Term Loan B                                                    | CUSIP: 38121NAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2630191 | PA      | $2647760.60   | 0.02%             | 2031-12-04      | Floating      | 8.58%                 | Yes           |                  3 | On Loan: No      |
| BC Partners XI, L.P.                                                                 | BC Partners XI, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $6130210.25   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-344301.57   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| LUXEMBOURG INV COMPANY 414                                                           | LUXEMBOURG INV COMPANY 414                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |           0 | NS      | $47030889.57  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-282161.76   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BPEA EQT MID MARKET GROWTH                                                           | BPEA EQT MID MARKET GROWTH                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    19328293 | NS      | $19663716.53  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA SUBORDINATED DEBT FUND III                                                        | TA SUBORDINATED DEBT FUND III                                                        | CUSIP: 000000000<br>LEI: 5493004E9RQLB64S0S91 | Long             | EC               | CORP              | US        |           1 | NS      | $13531.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG Partners IX, L.P.                                                                | TPG Partners IX, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1408598.30   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ark EquityCo SAS                                                                     | Ark EquityCo SAS                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |    10925454 | OU      | $18269871.54  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CommScope Inc                                                                        | CommScope Inc 2024 Term Loan                                                         | CUSIP: 000000000<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |     4231835 | PA      | $4289811.30   | 0.03%             | 2029-12-17      | Variable      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Upfield BV                                                                           | Upfield BV 2024 USD Term Loan B10                                                    | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | DBT              | CORP              | US        |     2970266 | PA      | $4051195.11   | 0.02%             | 2028-01-03      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Summer (BC) Holdco B Sa rl                                                           | Summer (BC) Holdco B Sa rl 2024 USD Term Loan B                                      | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | US        |     5665281 | PA      | $5707770.86   | 0.03%             | 2029-02-15      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| NAUTIC PARTNERS VII A LP LIMITED PARTNERSHIP                                         | NAUTIC PARTNERS VII A LP LIMITED PARTNERSHIP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2101199.57   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EDGECORE DIGITAL INFRA                                                               | EDGECORE DIGITAL INFRA                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     6671726 | NS      | $8350325.78   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar XI Opportunities Fund, LP                                                    | Genstar XI Opportunities Fund, LP                                                    | CUSIP: 000000000<br>LEI: 98450073EC705F2DF378 | Long             |  | CORP              | US        |           0 | OU      | $625357.60    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1290749.64  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2136968.71  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| RIVERSTONE GLOBAL EAP VI                                                             | RIVERSTONE GLOBAL EAP VI                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      837511 | NS      | $729464.54    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRANCE SPEC. SIT. FUND I FPCI                                                        | FRANCE SPEC. SIT. FUND I FPCI                                                        | CUSIP: 000000000<br>LEI: 969500QO5A7SDJ4QJB22 | Long             | EC               | CORP              | FR        |      676206 | NS      | $88065.75     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HEARTLAND DENTAL LLC                                                                 | Heartland Dental LLC 2024 Term Loan                                                  | CUSIP: 42236WAW7<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     8440347 | PA      | $8468874.94   | 0.05%             | 2028-04-28      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1304256.43  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Green Equity Investors IX, L.P.                                                      | Green Equity Investors IX, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10081296.36  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL EUROPE FUND IV LP                                                       | BAIN CAPITAL EUROPE FUND IV LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $2938645.54   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| G SQUARE CAPITAL I                                                                   | G SQUARE CAPITAL I                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |        1687 | NS      | $1314.84      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW INVESTCO TECH III CAYMN                                                       | ESCROW INVESTCO TECH III CAYMN                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Value Building Partners I, L.P.                                                 | CD&R Value Building Partners I, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $8097588.20   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ITALIAN PRIVATE EQUITY FUND IV LP                                                    | ITALIAN PRIVATE EQUITY FUND IV LP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $4172.49      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HBX GROUP INTERNATIONAL PLC                                                          | HBX Group International PLC EUR Term Loan B                                          | CUSIP: 000000000<br>LEI: 984500745985CA77CS69 | Long             | LON              | CORP              | GB        |     5200000 | PA      | $6109333.13   | 0.04%             | 2032-02-13      | Floating      | 4.70%                 | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $858126.10    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS LLC                                                         | Focus Financial Partners LLC 2025 Incremental Term Loan B                            | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |     8879500 | PA      | $8889622.63   | 0.05%             | 2031-09-15      | Floating      | 7.06%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-9539115.16  | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| PDI TA Holdings, Inc.                                                                | PDI TA Holdings, Inc. - Unitranche                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6435871 | PA      | $6397256.22   | 0.04%             | 2031-01-02      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 314 S.a.r.l.                                           | Luxembourg Investment Company 314 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      192000 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HGCAPITAL 8 L.P.                                                                     | HGCAPITAL 8 L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $15642640.17  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Asgard Investments B.V.                                                              | Asgard Investments B.V. / Unitranche                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    13721320 | PA      | $14666751.38  | 0.09%             | 2029-03-15      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Partners Group Wave Limited                                                          | Partners Group Wave Limited                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    53215581 | NS      | $110269717.73 | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PLAYCORE CV, L.P.                                                                    | PLAYCORE CV, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    18658615 | NS      | $24111054.13  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC - Senior                                                           | CUSIP: 64072UAH5<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |          17 | PA      | $0.00         | 0.00%             | 2026-01-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| YI LLC                                                                               | YI LLC 2023 Revolver                                                                 | CUSIP: 98584JAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6053284 | PA      | $945985.40    | 0.01%             | 2029-12-03      | Fixed         | 0.50%                 | Yes           |                  3 | On Loan: No      |
| Pediatric Associates Holding Company LLC                                             | Pediatric Associates Holding Company LLC 2021 Term Loan B                            | CUSIP: 70533DAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3959184 | PA      | $4722467.14   | 0.03%             | 2028-12-29      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Deuce Finco Plc                                                                      | Deuce Finco Plc                                                                      | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |     5000000 | PA      | $6825856.10   | 0.04%             | 2027-06-15      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| TSCP CV II, LP                                                                       | TSCP CV II, LP                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     4016292 | NS      | $4590023.33   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gryphon Heritage Partners, L.P.                                                      | Gryphon Heritage Partners, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5557990.02   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4515950.60  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| DELTA 2 LUX SARL                                                                     | DELTA 2 LUX SARL 2024 TERM LOAN B2                                                   | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |     1033333 | PA      | $1037693.99   | 0.01%             | 2031-09-30      | Floating      | 6.32%                 | Yes           |                  3 | On Loan: No      |
| Bausch & Lomb, Inc.                                                                  | Bausch & Lomb, Inc. Term Loan                                                        | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    11156431 | PA      | $10612337.50  | 0.06%             | 2027-05-10      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW MURRA WARRA II ASST HLD                                                       | ESCROW MURRA WARRA II ASST HLD                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |           1 | NS      | $12149.05     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WOOF HOLDINGS INC                                                                    | WOOF Holdings Inc 2025 Second Out Exchange Term Loan                                 | CUSIP: 95004UAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1138830 | PA      | $632996.06    | 0.00%             | 2029-12-31      | Floating      | 8.34%                 | Yes           |                  3 | On Loan: No      |
| Aptean Inc                                                                           | Aptean Inc 2024 Delayed Draw Term Loan                                               | CUSIP: 03834WAW5<br>LEI: 549300D5LUPGZUDZXC96 | Long             | LON              | CORP              | US        |     1231353 | PA      | $1228274.40   | 0.01%             | 2031-01-30      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| The Eighth Cinven Fund, L.P.                                                         | The Eighth Cinven Fund, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $2429014.13   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Student Transportation of America Holdings, Inc                                      | Student Transportation of America Holdings, Inc Term Loan B                          | CUSIP: 86388BAD8<br>LEI: 549300O4G48RRYGSD439 | Long             | LON              | CORP              | US        |      900000 | PA      | $845644.80    | 0.01%             | 2032-06-10      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| GI Data Infrastructure Fund II LP                                                    | GI Data Infrastructure Fund II LP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2740872.89   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BREGAL IV A SCSP                                                                     | BREGAL IV A SCSP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     1218171 | NS      | $601116.02    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Williams Cos Inc                                                                     | Williams Cos Inc                                                                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             |  | CORP              | US        |      306883 | NS      | $19263045.91  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Young Innovations                                                                    | YI Group Midco, LLC - Unitranche                                                     | CUSIP: 000000000<br>LEI: 5493004XT61QHUMM6250 | Long             | DBT              | CORP              | US        |     6053284 | PA      | $5846772.16   | 0.04%             | 2029-12-01      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| The Paragon Partners Fund IV GmbH & Co. KG                                           | The Paragon Partners Fund IV GmbH & Co. KG                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $1732669.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Flynn Restaurant Group LP                                                            | Flynn Restaurant Group LP - Senior                                                   | CUSIP: 34410JAF8<br>LEI: 5493008VE8TQONGO3817 | Long             | DBT              | CORP              | US        |     3308456 | PA      | $3310664.83   | 0.02%             | 2028-12-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| THOMPSON ST CAP PARTNERS IV LP                                                       | THOMPSON ST CAP PARTNERS IV LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6269934.00   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC CAPITAL PACHELBEL (A) SCSP                                                       | CVC CAPITAL PACHELBEL (A) SCSP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      279672 | NS      | $403395.34    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARES CORPORATE OPPS FUND V LP LIMITED PARTNERSHIP                                    | ARES CORPORATE OPPS FUND V LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8665325.73   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Enterprise Associates 17, L.P.                                                   | New Enterprise Associates 17, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9188442.20   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW HCP PACKAGING                                                                 | ESCROW HCP PACKAGING                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALPHA GENERATION LLC                                                                 | Alpha Generation LLC Term Loan B                                                     | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     6577432 | PA      | $6591836.74   | 0.04%             | 2031-09-30      | Floating      | 6.31%                 | Yes           |                  3 | On Loan: No      |
| Global Blue Group Holding AG                                                         | Global Blue Group Holding AG                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |       97250 | NS      | $730307.09    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pretium PKG Holdings, Inc.                                                           | Pretium PKG Holdings, Inc. - Second Lien                                             | CUSIP: 74142KAH2<br>LEI: 254900S6SXME9YWLU075 | Long             | DBT              | CORP              | US        |     1800000 | PA      | $311634.00    | 0.00%             | 2029-10-01      | Variable      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| PSC III G, LP                                                                        | PSC III G, LP                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     3560271 | NS      | $5184190.38   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PHARMATHEN TOPCO                                                                     | PHARMATHEN TOPCO                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | NL        |     3560390 | NS      | $4483810.33   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-502791.71   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JVP INTERNATIONAL 2019E, L.P.                                                        | JVP INTERNATIONAL 2019E, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1135156 | NS      | $2083692.46   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tank Holding Corp.                                                                   | Tank Holding Corp. Revolving Credit Loan                                             | CUSIP: 87583FAM0<br>LEI: 549300WQKU58ILVYFJ26 | Long             | DBT              | CORP              | US        |      795545 | PA      | $787953.15    | 0.00%             | 2028-03-31      | Fixed         | 13.25%                | Yes           |                  3 | On Loan: No      |
| Strider Topco S.a.s. / Shares A (Ordinary Shares)                                    | Strider Topco S.a.s. / Shares A (Ordinary Shares)                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     8138656 | NS      | $32554972.60  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARCHKEY SOLUTIONS LLC                                                                | Archkey Solutions LLC 2024 Term Loan B                                               | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |     2893500 | PA      | $2613599.63   | 0.02%             | 2031-11-01      | Floating      | 9.08%                 | Yes           |                  3 | On Loan: No      |
| ProA Capital Iberian Buyout Fund IV, F.C.R.                                          | ProA Capital Iberian Buyout Fund IV, F.C.R.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $498749.56    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WELSH CARSON AND STOWE XII LIMITED PARTNERSHIP                                       | WELSH CARSON AND STOWE XII LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7156123.86   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rivean Special Opportunity Fund I Cooperatief U.A.                                   | Rivean Special Opportunity Fund I Cooperatief U.A.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |           0 | OU      | $25284512.39  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WARBURG PINCUS CHINA L.P.                                                            | WARBURG PINCUS CHINA L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1459768 | NS      | $1629521.05   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERFORMANCE VENTURE CAPITAL VI                                                       | PERFORMANCE VENTURE CAPITAL VI                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1462739 | NS      | $1462738.95   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BlueConic Holding, Inc.                                                              | BlueConic Holding, Inc.  - Unitranche                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7092000 | PA      | $7063288.32   | 0.04%             | 2028-01-27      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| CARESTREAM DENTAL LLC                                                                | CARESTREAM DENTAL LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     2000000 | NS      | $2000000.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomad Foods US LLC                                                                   | Nomad Foods US LLC 2023 Term Loan B5                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1161379 | PA      | $1162830.94   | 0.01%             | 2029-11-12      | Floating      | 6.67%                 | Yes           |                  3 | On Loan: No      |
| STONEPEAK NILE PARENT LLC                                                            | Stonepeak Nile Parent LLC Term Loan B                                                | CUSIP: 86184XAB0<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |     1800000 | PA      | $1809000.00   | 0.01%             | 2032-04-09      | Floating      | 7.06%                 | Yes           |                  3 | On Loan: No      |
| EnfraGen, LLC                                                                        | EnfraGen, LLC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       37786 | NS      | $90590927.57  | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunsure Energy Private Limited                                                       | Sunsure Energy Private Limited                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     3371095 | NS      | $3379593.64   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ONEX PARTNERS V LP                                                                   | ONEX PARTNERS V LP                                                                   | CUSIP: 000000000<br>LEI: 5493001SB586G48N7D29 | Long             | EC               | CORP              | CA        |     1827005 | NS      | $2270523.25   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners VII, L.P.                                                       | Silver Lake Partners VII, L.P.                                                       | CUSIP: 000000000<br>LEI: 213800FCYR5TH267AV68 | Long             |  | CORP              | US        |           0 | OU      | $5595784.11   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Academic Group Limited                                                        | Global Academic Group Limited AUD Facility B2                                        | CUSIP: 000000000<br>LEI: 54930078LSXETCO04Y93 | Long             | LON              | CORP              | NZ        |      653208 | PA      | $686661.49    | 0.00%             | 2027-06-30      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                           | Amneal Pharmaceuticals LLC 2023 Term Loan B                                          | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     8094184 | PA      | $8240931.81   | 0.05%             | 2028-05-04      | Floating      | 9.93%                 | Yes           |                  3 | On Loan: No      |
| PARTS TOWN, LLC                                                                      | PARTS TOWN, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      573501 | PA      | $572067.26    | 0.00%             | 2030-04-30      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Dentive Capital, LLC                                                                 | Dentive Capital, LLC - Senior                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4360460 | PA      | $4024239.80   | 0.02%             | 2028-12-23      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-170898.31   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DELTA TOPCO INC                                                                      | Delta TopCo Inc 2025 Term Loan B                                                     | CUSIP: 24780DAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6571072 | PA      | $6569035.47   | 0.04%             | 2029-11-30      | Floating      | 7.03%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-334960.67   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MINIMAX VIKING GMBH                                                                  | Minimax Viking GmbH 2025 USD Term Loan B                                             | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |     2100000 | PA      | $2114448.00   | 0.01%             | 2032-03-17      | Floating      | 6.56%                 | Yes           |                  3 | On Loan: No      |
| Astorg IQ-EQ Fund SCSp                                                               | Astorg IQ-EQ Fund SCSp                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $33430819.82  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 60 S.a.r.l.                                                    | PG Investment Company 60 S.a.r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      109610 | NS      | $819437.40    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clarience Technologies, LLC                                                          | Clarience Technologies, LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        3429 | NS      | $15350010.62  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vanquish Bidco                                                                       | Vanquish Bidco                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $4131279.94   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avoca CLO XXVI DAC 0.000 15 Apr 2035 XS2437856268                                    | Avoca CLO XXVI DAC 0.000 15 Apr 2035 XS2437856268                                    | CUSIP: 000000000<br>LEI: 54930020W4055CQVLI36 | Long             | ABS-CBDO         | CORP              | IE        |     1200000 | PA      | $1453065.29   | 0.01%             | 2035-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FUGUE FINCO PTY LTD                                                                  | FUGUE FINCO PTY LTD                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |     3621280 | PA      | $3604502.23   | 0.02%             | 2030-04-10      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| KKR EUROPEAN FUND V (EUR) SCSP                                                       | KKR EUROPEAN FUND V (EUR) SCSP                                                       | CUSIP: 000000000<br>LEI: 549300H8RFQ8KOAWCL42 | Long             | EC               | CORP              | US        |     3581528 | NS      | $4512515.36   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SG        |     6341681 | NS      | $6483157.99   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bernhard                                                                             | Bernhard                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    38954115 | OU      | $64868457.68  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BELRON UK FINANCE PLC                                                                | Belron UK Finance PLC                                                                | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     3667000 | PA      | $3689676.73   | 0.02%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| PROSOL SAS                                                                           | PROSOL SAS 2025 EUR FUNGIBLE TERM LOAN B                                             | CUSIP: 000000000<br>LEI: 969500SQUKFRVADD6263 | Long             | LON              | CORP              | FR        |     2100000 | PA      | $2470310.88   | 0.01%             | 2031-07-12      | Floating      | 5.79%                 | Yes           |                  3 | On Loan: No      |
| KKR Enterprise Co-Invest AIV A L.P.                                                  | KKR Enterprise Co-Invest AIV A L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |      716331 | OU      | $126656.58    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunsure Energy Private Limited                                                       | Sunsure Energy Private Limited                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    11944526 | OU      | $11944526.12  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NAKED JUICE LLC                                                                      | Naked Juice LLC 2025 FLTO Term Loan                                                  | CUSIP: 62984CAN3<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |      335121 | PA      | $157087.81    | 0.00%             | 2030-01-24      | Floating      | 10.43%                | Yes           |                  3 | On Loan: No      |
| Atmos Energy Corp                                                                    | Atmos Energy Corp                                                                    | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             |  | CORP              | US        |      107922 | NS      | $16621067.22  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Products Finance LLC                                                         | Primary Products Finance LLC 2024 1st Lien Term Loan B                               | CUSIP: 000000000<br>LEI: 549300D4W5WVUVR3LC81 | Long             | LON              | CORP              | US        |     2567565 | PA      | $2568925.97   | 0.02%             | 2029-04-01      | Floating      | 7.55%                 | Yes           |                  3 | On Loan: No      |
| CLIMEWORKS AG                                                                        | CLIMEWORKS AG                                                                        | CUSIP: 000000000<br>LEI: 54930006YPODWHHFXR63 | Long             | EC               | CORP              | CH        |       18455 | NS      | $23813.88     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL VENTURE FUND 2012                                                       | BAIN CAPITAL VENTURE FUND 2012                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1419228 | NS      | $1858300.77   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Samson Partners, L.P.                                                                | Samson Partners, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    31364096 | OU      | $55273886.79  | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HIGH BAR BRANDS OPERATING LLC                                                        | High Bar Brands Operating LLC Delayed Draw Term Loan                                 | CUSIP: 42964JAC8<br>LEI: 549300GYWHGR0ILB1A53 | Long             | LON              | CORP              | US        |      369102 | PA      | $363196.09    | 0.00%             | 2029-12-19      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| INDEX VENTURES LIFE VI, LP                                                           | INDEX VENTURES LIFE VI, LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      310711 | NS      | $532705.37    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TIARA CG PE FUND 2017, L.P.                                                          | TIARA CG PE FUND 2017, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |  1052689048 | NS      | $11941786.85  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG PARTNERS VIII, L.P.                                                              | TPG PARTNERS VIII, L.P.                                                              | CUSIP: 000000000<br>LEI: 549300D5KPNL1WZ1AU21 | Long             |  | CORP              | US        |           0 | OU      | $8304168.12   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NB PRIVATE EQUITY PARTNERS L                                                         | NB PRIVATE EQUITY PARTNERS L                                                         | CUSIP: 000000000<br>LEI: 213800UJH93NH8IOFQ77 | Long             |  | CORP              | GG        |      319232 | NS      | $6228015.08   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PITANGO VENTURE CAPITAL VI LP                                                        | PITANGO VENTURE CAPITAL VI LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5875298.50   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Daiwa ICP European Infrastructure 1, L.P.                                            | Daiwa ICP European Infrastructure 1, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $65377386.32  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orion Opportunity LP                                                                 | Orion Opportunity LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    40513413 | OU      | $58117260.70  | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-555612.73   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERMEDIATE CAPITAL GROUP                                                           | INTERMEDIATE CAPITAL GROUP                                                           | CUSIP: 000000000<br>LEI: 549300OGASR5WRKJ8R68 | Long             |  | CORP              | GB        |      688252 | NS      | $18170314.48  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinity Bidco 1 Limited                                                             | Infinity Bidco 1 Limited 2021 EUR Term Loan                                          | CUSIP: 000000000<br>LEI: 9845004UA0038RFF8C33 | Long             | DBT              | CORP              | GB        |     3241938 | PA      | $3527713.06   | 0.02%             | 2028-07-06      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Eagle Broadband Investments LLC                                                      | Eagle Broadband Investments LLC Term Loan                                            | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | DBT              | CORP              | US        |     4948320 | PA      | $4929280.60   | 0.03%             | 2027-11-12      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-3592521.77  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| EPIC CRUDE SERVICES LP                                                               | Epic Crude Services LP 2024 Term Loan B                                              | CUSIP: 29428XAG5<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |     2244375 | PA      | $2258424.79   | 0.01%             | 2031-10-15      | Floating      | 7.26%                 | Yes           |                  3 | On Loan: No      |
| BROWN GROUP HOLDING LLC                                                              | BROWN GROUP HOLDING LLC 2025 FUNGIBLE Add-On TLB 2                                   | CUSIP: 000000000<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     1837000 | PA      | $1830111.25   | 0.01%             | 2031-07-01      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| KOHLBERG TE INVESTORS VIII-B, L.P.                                                   | KOHLBERG TE INVESTORS VIII-B, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $24033661.61  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NC Ocala Co Invest Alpha, L.P.                                                       | NC Ocala Co Invest Alpha, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    60534545 | OU      | $87124343.82  | 0.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC                                                          | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                                          | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     1850000 | PA      | $1863116.50   | 0.01%             | 2032-06-25      | Floating      | 7.56%                 | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |    23004265 | OU      | $61220282.22  | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARCHER CAPITAL FUND 5                                                                | ARCHER CAPITAL FUND 5                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |           1 | NS      | $59144.07     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SURVEYOR CO INVEST SCSP                                                              | SURVEYOR CO INVEST SCSP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $25336730.03  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-428908.97   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1556111.74  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Astorg VIII Co-Invest Open Health                                                    | Astorg VIII Co-Invest Open Health                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |      358297 | OU      | $216002.61    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INDUSTRIAL OPP PARTNERS II                                                           | INDUSTRIAL OPP PARTNERS II                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       61236 | NS      | $175772.98    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Verifone Systems Inc                                                                 | Verifone Systems Inc 2025 Term Loan                                                  | CUSIP: 000000000<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |     2000000 | PA      | $1945000.00   | 0.01%             | 2028-08-18      | Floating      | 10.06%                | Yes           |                  3 | On Loan: No      |
| Insight Ventures Partners XII, L.P.                                                  | Insight Ventures Partners XII, L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $3026428.87   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARDIAN CO INVESTMENT FUND IV                                                         | ARDIAN CO INVESTMENT FUND IV                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3545824 | NS      | $5572897.37   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| (715)TPG VII                                                                         | (715)TPG VII                                                                         | CUSIP: 000000000<br>LEI: 549300FZZSZC5MZ45Q96 | Long             | EC               | CORP              | US        |     2118544 | NS      | $4755131.84   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW GBA GESELLSCHAFT                                                              | ESCROW GBA GESELLSCHAFT                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |      238583 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG TLP S.A R.L.                                                                      | PG TLP S.A R.L.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | IT        |    73782961 | OU      | $86551928.34  | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Surfaces SLP (SCSp)                                                                  | Surfaces SLP (SCSp)                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    29646816 | OU      | $24190929.73  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Jade Equity Investors II, L.P.                                                       | Jade Equity Investors II, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1023554.30   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VISTA EQUITY PARTNERS FUND VII                                                       | VISTA EQUITY PARTNERS FUND VII                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $20990669.47  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Partners VIII, L.P.                                                          | Carlyle Partners VIII, L.P.                                                          | CUSIP: 000000000<br>LEI: 549300F8LRP7EYGJD520 | Long             |  | CORP              | US        |           0 | OU      | $5390359.62   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KEDAARA FUND IV LP                                                                   | KEDAARA FUND IV LP                                                                   | CUSIP: 000000000<br>LEI: 335800C3B65CQD1GF148 | Long             | EC               | CORP              | US        |      388234 | NS      | $318804.54    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| General Atlantic Investment Partners 2023, L.P.                                      | General Atlantic Investment Partners 2023, L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3260378.65   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PATRIA BRAZILIAN PE FUND IV LP LIMITED PARTNERSHIP                                   | PATRIA BRAZILIAN PE FUND IV LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $3295929.43   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Green DC LuxCo sarl                                                                  | Green DC LuxCo sarl                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    26701331 | NS      | $159899249.77 | 0.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPARK CAPITAL GROWTH FUND V LP                                                       | SPARK CAPITAL GROWTH FUND V LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      740000 | NS      | $728447.12    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Artemis Acquisitions (UK) Limited                                                    | Artemis Acquisitions (UK) Limited 2025 EUR Term Loan                                 | CUSIP: 000000000<br>LEI: 2138008UA8QNAITNX138 | Long             | LON              | CORP              | GB        |     4000000 | PA      | $4632602.94   | 0.03%             | 2031-07-07      | Floating      | 5.14%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1010477.68  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CVC Capital Partners VIII, L.P.                                                      | CVC Capital Partners VIII, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $13794129.90  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEA 18 Venture Growth Equity, L.P.                                                   | NEA 18 Venture Growth Equity, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2921019.16   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                                       | Raven Acquisition Holdings LLC Delayed Draw Term Loan                                | CUSIP: 75419XAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      200000 | PA      | $199213.48    | 0.00%             | 2031-11-19      | Fixed         | 7.57%                 | Yes           |                  3 | On Loan: No      |
| J-STAR No.5-B, LP                                                                    | J-STAR No.5-B, LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JP        |           0 | OU      | $4120642.20   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG BRPC Investment, LLC                                                              | PG BRPC Investment, LLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       32079 | NS      | $79140601.16  | 0.48%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orbiter Investment S.a r.l.                                                          | Orbiter Investment S.a r.l.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     2869232 | NS      | $76108250.74  | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Pebble Co-Invest L.P.                                                            | KKR Pebble Co-Invest L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    29283000 | OU      | $30975264.57  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clearlake Capital Partners VII, L.P.                                                 | Clearlake Capital Partners VII, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12028003.71  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HUB INTERNATIONAL LIMITED                                                            | HUB International Limited 2025 Term Loan B                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |      927241 | PA      | $932971.52    | 0.01%             | 2030-06-20      | Floating      | 6.78%                 | Yes           |                  3 | On Loan: No      |
| CVC CAPITAL PARTNERS VI LP LIMITED PARTNERSHIP                                       | CVC CAPITAL PARTNERS VI LP LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $6198028.46   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACOF V                                                                               | ACOF V                                                                               | CUSIP: 000000000<br>LEI: 549300CSKSGM3ZOCOB91 | Long             | EC               | CORP              | US        |     1449927 | NS      | $1718333.41   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bain Capital Asia V, L.P.                                                            | Bain Capital Asia V, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $396430.84    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG VIII                                                                             | TPG VIII                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     6018110 | NS      | $7342870.84   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MITCHELL INTERNATIONAL INC                                                           | Mitchell International Inc 2024 1st Lien Term Loan                                   | CUSIP: 60662WAW2<br>LEI: 5493002RDNIGEM7SSV41 | Long             | DBT              | CORP              | US        |     4975000 | PA      | $4962450.38   | 0.03%             | 2031-06-17      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| MAGNESIUM CO INVEST SCSP                                                             | MAGNESIUM CO INVEST SCSP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    78803152 | OU      | $127558583.73 | 0.77%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oak Hill Capital Partners V, L.P.                                                    | Oak Hill Capital Partners V, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $37534233.30  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vistria Fund III, LP                                                                 | Vistria Fund III, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $14128988.80  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ILLUMINATE BUYER LLC                                                                 | Illuminate Buyer LLC 2024 1st Lien Term Loan B                                       | CUSIP: 45232UAG3<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |     1588000 | PA      | $1597305.68   | 0.01%             | 2029-12-31      | Floating      | 7.31%                 | Yes           |                  3 | On Loan: No      |
| MCH Iberian Capital Fund V FCR                                                       | MCH Iberian Capital Fund V FCR                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | ES        |           0 | OU      | $21152290.40  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nerve Co-Invest SCSp                                                                 | Nerve Co-Invest SCSp                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    34470319 | OU      | $71092518.54  | 0.43%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Safari Co-Investment L.P.                                                            | Safari Co-Investment L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     6996130 | OU      | $5632192.81   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd                                                                     | CIFC Funding 2021-I Ltd                                                              | CUSIP: 12563KAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2586741.28   | 0.02%             | 2037-07-25      | Floating      | 10.28%                | Yes           |                  3 | On Loan: No      |
| Blue Owl Capital Inc                                                                 | Blue Owl Capital Inc                                                                 | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      389366 | NS      | $7475827.20   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TIARA CG PE FUND 2024, L.P.                                                          | TIARA CG PE FUND 2024, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     4131694 | NS      | $28599.59     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TCV VII  A  LP LIMITED PARTNERSHIP                                                   | TCV VII  A  LP LIMITED PARTNERSHIP                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GALILEO III FCPR LP LIMITED PARTNERSHIP                                              | GALILEO III FCPR LP LIMITED PARTNERSHIP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $31615.64     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |      569945 | NS      | $1.34         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Mercury Co-Investor, L.P.                                                       | CD&R Mercury Co-Investor, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |    53921126 | OU      | $174415430.00 | 1.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG PARTNERS VI LP C LIMITED PARTNERSHIP                                             | TPG PARTNERS VI LP C LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $245190.11    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDVIP INC                                                                            | MDVIP Inc 2024 Repriced Term Loan B                                                  | CUSIP: 56150KAG0<br>LEI: 549300EAB6F7TKRLOT57 | Long             | LON              | CORP              | US        |     2765105 | PA      | $2772045.41   | 0.02%             | 2028-10-16      | Floating      | 7.31%                 | Yes           |                  3 | On Loan: No      |
| KPSKY Holdings, L.P.                                                                 | KPSKY Holdings, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    61566000 | OU      | $45338495.29  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chase Industries, Inc.                                                               | Chase Industries, Inc. - Second Lien                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           0 | PA      | $1.00         | 0.00%             | 2026-05-11      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Clayton, Dubilier & Rice Fund XII, L.P.                                              | Clayton, Dubilier & Rice Fund XII, L.P.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11338766.81  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLISH ENTERPRISE FUND VIII, LP                                                      | POLISH ENTERPRISE FUND VIII, LP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $77129643.31  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pamlico Capital V, L.P.                                                              | Pamlico Capital V, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4779107.40   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Berkshire Fund X-A, L.P.                                                             | Berkshire Fund X-A, L.P.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $22697098.09  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palmer Square European Loan Funding 2022-1 DAC 8.050 15 Oct 2031 Class F 144A        | Palmer Square European Loan Funding 2022-1 DAC 8.050 15 Oct 2031 Class F 144A        | CUSIP: 000000000<br>LEI: 549300OGFKGCPL337N48 | Long             | ABS-CBDO         | CORP              | IE        |      500000 | PA      | $600781.24    | 0.00%             | 2031-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PERMIRA EUROPE III LP LIMITED PARTNERSHIP                                            | PERMIRA EUROPE III LP LIMITED PARTNERSHIP                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $1.22         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE VERITAS CAPITAL FUND IX                                                          | THE VERITAS CAPITAL FUND IX                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       80373 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-3736233.20  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Inc                                                        | CCC Intelligent Solutions Inc Term Loan                                              | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |      995000 | PA      | $998940.20    | 0.01%             | 2032-01-23      | Floating      | 6.32%                 | Yes           |                  3 | On Loan: No      |
| Frazier Healthcare Growth Buyout Fund X, L.P.                                        | Frazier Healthcare Growth Buyout Fund X, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12844061.70  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TSCP CV II, LP                                                                       | TSCP CV II, LP                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       67203 | NS      | $31684.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                                                             | Virgin Media Bristol LLC - Senior                                                    | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | DBT              | CORP              | US        |     5500000 | PA      | $5471180.00   | 0.03%             | 2028-01-31      | Floating      | 6.93%                 | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PARTNERS VII A LIMITED PARTNERSHIP                                     | PROVIDENCE EQ PARTNERS VII A LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Strider Investment 3                                                                 | Strider Investment 3                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       24476 | NS      | $28720.26     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRANT THORNTON ADVISORS LLC                                                          | Grant Thornton Advisors LLC 2025 Incremental Term Loan                               | CUSIP: 38821UAF7<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     5000000 | PA      | $5035950.00   | 0.03%             | 2031-06-02      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| ConnectWise, LLC                                                                     | ConnectWise, LLC. - Senior                                                           | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1644750 | PA      | $3644494.49   | 0.02%             | 2028-09-29      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| SUMMIT EUROPE, L.P.                                                                  | SUMMIT EUROPE, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |           1 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HONY CAPITAL FUND VIII LP                                                            | HONY CAPITAL FUND VIII LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9156428.17   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Magnetite XXIV Ltd 6.622 15 Apr 2035 Class ER 144A                                   | Magnetite XXIV Ltd 6.622 15 Apr 2035 Class ER 144A                                   | CUSIP: 55954XAE7<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4102552.44   | 0.02%             | 2035-04-15      | Floating      | 6.62%                 | Yes           |                  3 | On Loan: No      |
| KLEINER PERKINS SELECTFUND III                                                       | KLEINER PERKINS SELECTFUND III                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2600000 | NS      | $2600000.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 285 S.a.r.l.                                           | Luxembourg Investment Company 285 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     6999953 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AKUR8 SAS                                                                            | AKUR8 SAS                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |      876616 | NS      | $11464791.37  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vitruvian Investment Partnership V                                                   | Vitruvian Investment Partnership V                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $2450370.67   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Verde Purchaser, LLC                                                                 | Verde Purchaser, LLC - First Lien                                                    | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |     6666500 | PA      | $6693638.35   | 0.04%             | 2030-11-30      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| 3i Group PLC                                                                         | 3i Group PLC                                                                         | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             |  | CORP              | GB        |      348421 | NS      | $19666849.61  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Clayton, Dubilier & Rice Fund XI, L.P.                                               | Clayton, Dubilier & Rice Fund XI, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $2377798.53   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HBM Healthcare Investments AG                                                        | HBM Healthcare Investments AG                                                        | CUSIP: 000000000<br>LEI: 549300IFDFSDRT4D3076 | Long             |  | CORP              | CH        |       33059 | NS      | $7098301.25   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OAK INVESTMENT PARTNERS XII LP LIMITED PARTNERSHIP                                   | OAK INVESTMENT PARTNERS XII LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL VENTURE FUND 2009                                                       | BAIN CAPITAL VENTURE FUND 2009                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $61655.12     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Maverick Bidco Inc                                                                   | Maverick Bidco Inc 2021 2nd Lien Term Loan                                           | CUSIP: 57767KAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6603000 | PA      | $6508114.89   | 0.04%             | 2029-05-18      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Kaman Corporation                                                                    | Kaman Corporation 2025 Term Loan B                                                   | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     2500000 | PA      | $2292250.00   | 0.01%             | 2032-02-26      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| INSIGHT VENTURE PARTNERS X LP                                                        | INSIGHT VENTURE PARTNERS X LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     9990546 | NS      | $12520412.57  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Evergreen Services Group, LLC                                                        | Evergreen Services Group, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4247852 | PA      | $2370717.49   | 0.01%             | 2029-06-15      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| PAI EUROPE VII 1                                                                     | PAI EUROPE VII 1                                                                     | CUSIP: 000000000<br>LEI: 549300E21KKN1MCYTS95 | Long             | EC               | CORP              | FR        |      356130 | NS      | $494976.57    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUMERU EQ PARTNERS FUND LIMITED PARTNERSHIP                                          | SUMERU EQ PARTNERS FUND LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3589674.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT IX, L.P. (EUR)                                                                   | EQT IX, L.P. (EUR)                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    28511527 | NS      | $38953388.72  | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KEDAARA CAPITAL III                                                                  | KEDAARA CAPITAL III                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7317139.74   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1298635.04  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fugue Finance B.V.                                                                   | Fugue Finance B.V. - Senior                                                          | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | DBT              | CORP              | US        |     5433680 | PA      | $0.00         | 0.00%             | 2028-01-25      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| SL SPV 2, L.P.                                                                       | SL SPV 2, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $918470.21    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CB Poly Holdings, LLC                                                                | CB Poly Holdings, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      171270 | NS      | $25715732.61  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS III LP LIMITED PARTNERSHIP                                      | SILVER LAKE PARTNERS III LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $161928.40    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Checkers Topco, LLC                                                                  | Checkers Topco, LLC                                                                  | CUSIP: 162809107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        9517 | NS      | $78696.68     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED CHF / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CH        |           1 | NC      | $-498.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CRESCENT CAPITAL PARTNERS IV                                                         | CRESCENT CAPITAL PARTNERS IV                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      292647 | NS      | $109345.56    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar IX Opportunities Fund I                                                      | Genstar IX Opportunities Fund I                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1444969.26   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEAMSYSTEM SPA                                                                       | TeamSystem SpA                                                                       | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     4078000 | PA      | $4779996.77   | 0.03%             | 2032-07-01      | Floating      | 5.19%                 | Yes           |                  3 | On Loan: No      |
| Kene Acquisition Inc                                                                 | Kene Acquisition Inc 2024 Revolver                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      483708 | PA      | $475919.67    | 0.00%             | 2031-02-07      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ESCROW CVC EUROPEAN EQUITY V B                                                       | ESCROW CVC EUROPEAN EQUITY V B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |           1 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PIOLIN BIDCO SAU                                                                     | Piolin Bidco SAU 2024 EUR Term Loan B4                                               | CUSIP: 000000000<br>LEI: 959800TK7BDDNB10UP50 | Long             | DBT              | CORP              | ES        |    10240413 | PA      | $8875709.00   | 0.05%             | 2029-09-16      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| CLAYTON DUBLR RICE FUND IX LIMITED PARTNERSHIP                                       | CLAYTON DUBLR RICE FUND IX LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $5310729.03   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BERKSHIRE FUND XI TE                                                                 | BERKSHIRE FUND XI TE                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       25725 | NS      | $25725.21     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATHENA HOLDCO SAS                                                                    | Athena Holdco SAS 2024 EUR 1st Lien Term Loan B                                      | CUSIP: 000000000<br>LEI: 2549000RJO0263KQGB75 | Long             | LON              | CORP              | FR        |     3400000 | PA      | $4003620.31   | 0.02%             | 2031-04-14      | Floating      | 5.44%                 | Yes           |                  3 | On Loan: No      |
| EQT IX, L.P. (USD)                                                                   | EQT IX, L.P. (USD)                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $3164875.12   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Polaris Warehouse SCSp                                                            | PG Polaris Warehouse SCSp                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1036153.05   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NVP VIII PG, L.P.                                                                    | NVP VIII PG, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $91581293.43  | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-1366803.88  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MARLIN EQUITY III, LP                                                                | MARLIN EQUITY III, LP                                                                | CUSIP: 000000000<br>LEI: 549300C0WHHWLL9SCM75 | Long             | EC               | CORP              | US        |       24892 | NS      | $29005.99     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Old Dominion Freight Line Inc                                                        | Old Dominion Freight Line Inc                                                        | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       68718 | NS      | $11152931.40  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zenith Longitude Limited                                                             | Zenith Longitude Limited                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    26838037 | NS      | $357612933.73 | 2.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSIGHT PARTNERS XIII, L.P.                                                          | INSIGHT PARTNERS XIII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1817899 | NS      | $1782242.34   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1830710.90  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Hellman & Friedman Capital Partners X, L.P.                                          | Hellman & Friedman Capital Partners X, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $13935852.37  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROSSINI SARL                                                                         | Rossini Sarl                                                                         | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |     2840000 | PA      | $3373876.14   | 0.02%             | 2029-12-31      | Floating      | 6.23%                 | Yes           |                  3 | On Loan: No      |
| Insight Ventures Partners XII, L.P.                                                  | Insight Ventures Partners XII, L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $3783036.08   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sevetys Invest                                                                       | Sevetys Invest - Unitranche DDTL                                                     | CUSIP: 000000000<br>LEI: 969500O1I4BPAK8Y9105 | Long             | DBT              | CORP              | FR        |    17686276 | PA      | $19171870.64  | 0.12%             | 2028-07-12      | None          | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED GBP / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $-598.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BAIN CAPITAL FUND XI, L.P.                                                           | BAIN CAPITAL FUND XI, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      398358 | NS      | $468882.11    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APRO LLC                                                                             | Apro LLC 2024 Term Loan B                                                            | CUSIP: 03834XAP8<br>LEI: 549300HALLMPVGYAKP14 | Long             | DBT              | CORP              | US        |     3275250 | PA      | $3274594.95   | 0.02%             | 2031-07-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PARTNERS VI A LP LIMITED PARTNERSHIP                                   | PROVIDENCE EQ PARTNERS VI A LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PEARLS (Netherlands) Bidco B.V.                                                      | PEARLS (Netherlands) Bidco B.V. / First Lien                                         | CUSIP: 000000000<br>LEI: 2549005MTFX0VLL0UQ17 | Long             | DBT              | CORP              | US        |     2439279 | PA      | $2442718.37   | 0.01%             | 2029-02-28      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PRIMAVERA CAPITAL FUND III LP                                                        | PRIMAVERA CAPITAL FUND III LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     1139379 | NS      | $1247780.98   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cornerstone Building Brands Inc                                                      | Cornerstone Building Brands Inc 2021 Term Loan B                                     | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     2969072 | PA      | $3151156.81   | 0.02%             | 2028-04-12      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| (707)TPG VII                                                                         | (707)TPG VII                                                                         | CUSIP: 000000000<br>LEI: 549300FZZSZC5MZ45Q96 | Long             | EC               | CORP              | US        |     3168946 | NS      | $2377565.16   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nordic Capital Evo GP, SCSp                                                          | Nordic Capital Evo GP, SCSp                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $8098141.66   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ineos Quattro Holdings UK Limited                                                    | INEOS Quattro Holdings UK Ltd 2023 USD 1st Lien Term Loan B                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3258750 | PA      | $3069351.45   | 0.02%             | 2029-04-02      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| JOHN BEAN TECHNOLOGIES CORP                                                          | JOHN BEAN TECHNOLOGIES CORP TERM LOAN B                                              | CUSIP: 47783YAP4<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |      997500 | PA      | $1002986.25   | 0.01%             | 2032-01-02      | Floating      | 6.67%                 | Yes           |                  3 | On Loan: No      |
| Graphite Capital Partners IX L.P.                                                    | Graphite Capital Partners IX L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $14453348.20  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS IV LP LIMITED PARTNERSHIP                                       | SILVER LAKE PARTNERS IV LP LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $11010428.63  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elmwood CLO X Ltd                                                                    | Elmwood CLO X Ltd                                                                    | CUSIP: 29002WAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4500000 | PA      | $4599234.23   | 0.03%             | 2034-04-20      | Floating      | 10.12%                | Yes           |                  3 | On Loan: No      |
| NGP NATURAL RESOURCES X, LP                                                          | NGP NATURAL RESOURCES X, LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      192667 | NS      | $275780.04    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eurazeo SE                                                                           | Eurazeo SE                                                                           | CUSIP: 000000000<br>LEI: 969500C656AA39O94N60 | Long             |  | CORP              | FR        |      210922 | NS      | $14985939.32  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-282176.95   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Axcel VI K/S                                                                         | Axcel VI K/S                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DK        |           0 | OU      | $24830003.06  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Enterprise Associates 14, L.P.                                                   | New Enterprise Associates 14, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |           1 | OU      | $6791680.12   | 0.04%             | N/A             | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $-6354.49     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC                                                                         | ACRISURE LLC 2025 TERM LOAN B                                                        | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |     2200000 | PA      | $2211704.00   | 0.01%             | 2032-06-04      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| American Industrial Partners Capital Fund VIII, LP                                   | American Industrial Partners Capital Fund VIII, LP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $563303.70    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAKLEY CAPITAL V                                                                     | OAKLEY CAPITAL V                                                                     | CUSIP: 000000000<br>LEI: 213800KW6MZUK12CQ815 | Long             | EC               | CORP              | LU        |      130803 | NS      | $153484.51    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Alpha Intermediate Holding, Inc.                                             | Project Alpha Intermediate Holding Inc 2024 1st Lien Term Loan B                     | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6320240 | PA      | $6364102.47   | 0.04%             | 2030-10-26      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| American Tower Corp                                                                  | American Tower Corp                                                                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             |  |  | US        |      102489 | NS      | $22640844.99  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Hero Topco, L.P.                                                                | Real Hero Topco, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    13722831 | OU      | $19382593.09  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $18245.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-5361590.62  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                                                                    | HERC HOLDINGS INC TERM LOAN B                                                        | CUSIP: 000000000<br>LEI: 549300TP80QLITMSBP82 | Long             | LON              | CORP              | US        |     1000000 | PA      | $1005420.00   | 0.01%             | 2032-06-02      | Floating      | 6.33%                 | Yes           |                  3 | On Loan: No      |
| SPRING EDUCATION GROUP                                                               | SPRING EDUCATION GROUP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    36342779 | NS      | $49008201.19  | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL SPV-1, L.P.                                                                       | SL SPV-1, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REDWOOD SERVICES GROUP LLC                                                           | REDWOOD SERVICES GROUP LLC 2022 TERM LOAN                                            | CUSIP: 75807LAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     9629273 | PA      | $7747664.08   | 0.05%             | 2029-06-15      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| AEA Investors Fund VII LP                                                            | AEA Investors Fund VII LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3630370.27   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Safari Co-Investment L.P.                                                            | Safari Co-Investment L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     2361000 | OU      | $1900708.88   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INEOS US Finance LLC                                                                 | Ineos US Finance LLC 2021 USD Term Loan B                                            | CUSIP: 45672JAL4<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |      857143 | PA      | $839914.29    | 0.01%             | 2028-11-08      | Floating      | 6.93%                 | Yes           |                  3 | On Loan: No      |
| Fides S.p.A                                                                          | Fides S.p.A                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       78505 | NS      | $252799.03    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATNORTH                                                                              | ATNORTH                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |           0 | NS      | $20324573.58  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $2878138.78   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| APAX IX USD                                                                          | APAX IX USD                                                                          | CUSIP: 000000000<br>LEI: 2138003JQAL75HTX1638 | Long             | EC               | CORP              | US        |      901567 | NS      | $1209448.50   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEXPHASE CAPITAL FUND III/A,LP                                                       | NEXPHASE CAPITAL FUND III/A,LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11980417.00  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN ASIA II                                                                         | BAIN ASIA II                                                                         | CUSIP: 000000000<br>LEI: 5STZ3RLTMN1T20SVK541 | Long             | EC               | CORP              | US        |      455319 | NS      | $946298.40    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARCHKEY SOLUTIONS LLC                                                                | Archkey Solutions LLC 2024 Delayed Draw Term Loan B                                  | CUSIP: 48205CAD7<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |      300000 | PA      | $298613.17    | 0.00%             | 2031-11-01      | Variable      | 9.03%                 | Yes           |                  3 | On Loan: No      |
| ECP PARENT, LLC                                                                      | ECP PARENT, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   100008345 | NS      | $100424779.99 | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRYPHON PARTNERS IV LP                                                               | GRYPHON PARTNERS IV LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $13883743.95  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECP Parent, LLC                                                                      | ECP Parent, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     4250000 | NS      | $5451122.25   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| The Seventh Cinven Fund, L.P.                                                        | The Seventh Cinven Fund, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $34806018.74  | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AmSurg HoldCo, LLC                                                                   | AmSurg HoldCo, LLC - 2L                                                              | CUSIP: 000000000<br>LEI: 549300OL60X0LPKY8N60 | Long             | EC               | CORP              | US        |      896098 | NS      | $27103511.25  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRIDIRON ENERGY, LLC                                                                 | GRIDIRON ENERGY, LLC                                                                 | CUSIP: 000000000<br>LEI: 549300RV7JT1M77MFB25 | Long             | EC               | CORP              | US        |    11956199 | NS      | $28852556.75  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pharmathen Topco Sarl                                                                | Pharmathen Topco Sarl                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | NL        |    98858068 | NS      | $146636628.46 | 0.89%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MADISON DEARBORN V, L.P.                                                             | MADISON DEARBORN V, L.P.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AlixPartners LLP                                                                     | AlixPartners LLP 2021 USD Term Loan B                                                | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | DBT              | CORP              | US        |     4935555 | PA      | $4963342.63   | 0.03%             | 2028-02-04      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Truist Insurance Holdings LLC                                                        | Truist Insurance Holdings LLC 2024 Term Loan B                                       | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      900000 | PA      | $901692.00    | 0.01%             | 2031-05-06      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| EETF Sidecar, L.P.                                                                   | EETF Sidecar, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $794907.51    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OVERBAY CAPITAL 2024 OFFSHORE                                                        | OVERBAY CAPITAL 2024 OFFSHORE                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    13839281 | NS      | $16100592.08  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG PARTNERS VI LP B LIMITED PARTNERSHIP                                             | TPG PARTNERS VI LP B LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DTI HOLDCO INC                                                                       | DTI Holdco Inc 2025 Term Loan B                                                      | CUSIP: 23358EAK5<br>LEI: 549300QQVMUL3P8XVJ27 | Long             | LON              | CORP              | US        |     6869939 | PA      | $6815529.55   | 0.04%             | 2029-04-26      | Floating      | 8.31%                 | Yes           |                  3 | On Loan: No      |
| ROUNDTABLE HEALTHCARE P. III                                                         | ROUNDTABLE HEALTHCARE P. III                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $908098.14    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                             | Clarios Global LP / Clarios US Finance Co                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1575000 | PA      | $1850238.20   | 0.01%             | 2026-05-15      | Fixed         | 4.38%                 | Yes           |                  3 | On Loan: No      |
| KSL Capital Partners CV I, L.P.                                                      | KSL Capital Partners CV I, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $64882352.58  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | PT        |     2362997 | NS      | $4833021.36   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FUGUE NZ BIDCO LIMITED                                                               | FUGUE NZ BIDCO LIMITED                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | NZ        |     2370912 | PA      | $2377078.99   | 0.01%             | 2030-10-04      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| L CAPITAL 3 FPCI                                                                     | L CAPITAL 3 FPCI                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      259895 | NS      | $466054.80    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AVALARA INC                                                                          | Avalara Inc 2025 Term Loan B                                                         | CUSIP: 05338KAB3<br>LEI: 549300Q16CMW239SS315 | Long             | LON              | CORP              | US        |     5155044 | PA      | $4535190.00   | 0.03%             | 2032-03-26      | Floating      | 7.55%                 | Yes           |                  3 | On Loan: No      |
| EnCap Energy Transition Fund I, LP                                                   | EnCap Energy Transition Fund I, LP                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1854323.45   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HIG BAYSIDE DEBT LBO FUND II LIMITED PARTNERSHIP                                     | HIG BAYSIDE DEBT LBO FUND II LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $89355.55     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trident VIII, L.P.                                                                   | Trident VIII, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $24941593.77  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Element Materials Technology Group US Holdings Inc                                   | Element Materials Technology Group US Holdings Inc Initial Term Loan                 | CUSIP: 000000000<br>LEI: 213800EGOJGGUKUGEZ30 | Long             | DBT              | CORP              | US        |     5886839 | PA      | $5919981.71   | 0.04%             | 2029-06-22      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                                                              | Summer (BC) Holdco B Sa rl 2024 USD Term Loan B                                      | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |     5651011 | PA      | $5621446.00   | 0.03%             | 2029-02-15      | Floating      | 9.58%                 | Yes           |                  3 | On Loan: No      |
| PROVIDENCE IV                                                                        | PROVIDENCE IV                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $8914.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIH RP HoldCo LP                                                                     | SIH RP HoldCo LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    39540146 | NS      | $70125793.74  | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vanquish Topco                                                                       | Vanquish Topco                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      379731 | NS      | $1.04         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOURYON FINANCE BV                                                                   | Nouryon Finance BV 2024 USD Term Loan B2                                             | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     2364165 | PA      | $2379981.03   | 0.01%             | 2028-04-03      | Floating      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| GORES III                                                                            | GORES III                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       41404 | NS      | $146814.20    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EYECARE PARTNERS                                                                     | ECP Parent, LLC - Preferred Equity                                                   | CUSIP: 000000000<br>LEI: 254900ZAACWK09RJ8W93 | Long             | EP               | CORP              | US        |     8508337 | NS      | $5461815.72   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mavis Tire Express Services Corp.                                                    | Mavis Tire Express Services Corp 2025 Repriced Term Loan                             | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |     2593500 | PA      | $2607141.81   | 0.02%             | 2028-05-04      | Floating      | 7.30%                 | Yes           |                  3 | On Loan: No      |
| RIVERSIDE EUROPE FUND IV LP LIMITED PARTNERSHIP                                      | RIVERSIDE EUROPE FUND IV LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.14         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd                                                                     | CIFC Funding 2024-II Ltd                                                             | CUSIP: 17181VAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2462940.00   | 0.01%             | 2037-04-22      | Variable      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Carlyle Global Market Strategies Euro CLO 2015-1 DAC 5.500 16 Jan 2033 Class DR 144A | Carlyle Global Market Strategies Euro CLO 2015-1 DAC 5.500 16 Jan 2033 Class DR 144A | CUSIP: 000000000<br>LEI: 6354009FNKUUSW6DCK80 | Long             | ABS-CBDO         | CORP              | IE        |     1502063 | PA      | $1760416.95   | 0.01%             | 2033-01-16      | Floating      | 5.50%                 | Yes           |                  3 | On Loan: No      |
| VISTRIA FUND IV LP                                                                   | VISTRIA FUND IV LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $42642916.23  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $2927978.78   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dermatology Holdings, L.P.                                                           | Dermatology Holdings, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   120019757 | OU      | $172024077.34 | 1.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BME Group Holding B.V.                                                               | BME Group Holding B.V.                                                               | CUSIP: 000000000<br>LEI: 549300Y5PCNMQXYRRY06 | Long             | DBT              | CORP              | NL        |       39824 | PA      | $4274669.65   | 0.03%             | 2029-12-31      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Raptor Parent, LLC                                                                   | Raptor Parent, LLC Unitranche                                                        | CUSIP: 000000000<br>LEI: 254900FCZMRX1YEKJ405 | Long             | DBT              | CORP              | US        |    13792374 | PA      | $13792373.86  | 0.08%             | 2029-04-01      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Kohlberg TE Investors X, L.P.                                                        | Kohlberg TE Investors X, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $367000.65    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| National Mentor Holdings, Inc.                                                       | National Mentor Holdings, Inc. - Senior                                              | CUSIP: 63689EAT2<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |     1984930 | PA      | $54630.34     | 0.00%             | 2028-03-02      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| WAYSTAR TECHNOLOGIES INC                                                             | Waystar Technologies Inc 2024 1st Lien Term Loan B                                   | CUSIP: 000000000<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |     2974149 | PA      | $2992737.87   | 0.02%             | 2029-10-22      | Floating      | 6.58%                 | Yes           |                  3 | On Loan: No      |
| Refresco 2 Co-Invest SCSp                                                            | Refresco 2 Co-Invest SCSp                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |    33469844 | OU      | $59261788.09  | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| T-VIII Mercury Co-Invest LP                                                          | T-VIII Mercury Co-Invest LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     5014064 | OU      | $9121309.58   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-1065576.00  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                                                                 | Waste Management Inc                                                                 | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             |  | CORP              | US        |       54299 | NS      | $12423068.21  | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| REDPOINT VENTURES IV, LP                                                             | REDPOINT VENTURES IV, LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      532193 | NS      | $533367.18    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC Capital Partners PLC                                                             | CVC Capital Partners PLC                                                             | CUSIP: 000000000<br>LEI: 213800E8UQS1KA32YD39 | Long             |  | CORP              | JE        |      663187 | NS      | $13524889.05  | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-2017726.33  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ESCROW EXAMWORKS GROUP, INC.                                                         | ESCROW EXAMWORKS GROUP, INC.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| USALCO LLC                                                                           | USALCO LLC 2024 Delayed Draw Term Loan                                               | CUSIP: 91732NAM5<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |      154121 | PA      | $153350.28    | 0.00%             | 2031-09-30      | Fixed         | 8.30%                 | Yes           |                  3 | On Loan: No      |
| PERMIRA EUROPE II LP LIMITED PARTNERSHIP                                             | PERMIRA EUROPE II LP LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bain Capital Europe Fund VI, SCSp                                                    | Bain Capital Europe Fund VI, SCSp                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $2445504.37   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| American Industrial Partners Capital Fund VII, L.P.                                  | American Industrial Partners Capital Fund VII, L.P.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $28319887.49  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-370831.96   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Pharmathen Topco Sarl                                                                | Pharmathen Topco Sarl                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |       79910 | NS      | $1.15         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AFFINITY ASIA PACIFIC FUND IV                                                        | AFFINITY ASIA PACIFIC FUND IV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2284329 | NS      | $4649813.95   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL SPV 2, L.P.                                                                       | SL SPV 2, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1539816.12   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW CBI PARENT LP                                                                 | ESCROW CBI PARENT LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     5611689 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TOTAL FLEET SOLUTIONS                                                                | TOTAL FLEET SOLUTIONS                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    35000000 | OU      | $31361190.00  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMNIA Coinvest LP                                                                    | OMNIA Coinvest LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    15306665 | OU      | $29509703.95  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Onex Fox L.P.                                                                        | Onex Fox L.P.                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    45225381 | OU      | $106820270.31 | 0.65%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG HEALTHCARE PARTNERS, L.P.                                                        | TPG HEALTHCARE PARTNERS, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3221309.96   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Firefly Bidco Limited                                                           | CD&R Firefly Bidco Limited 2024 GBP Term Loan B5                                     | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |     5500000 | PA      | $7544639.03   | 0.05%             | 2028-06-21      | Floating      | 9.96%                 | Yes           |                  3 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                                                             | Windsor Holdings III LLC 2025 USD Term Loan B                                        | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |     2260993 | PA      | $2267300.80   | 0.01%             | 2030-08-01      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| NTS Holding Corporation, Inc.                                                        | NTS Holding Corporation, Inc.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Sprint Co-Invest L.P.                                                            | KKR Sprint Co-Invest L.P.                                                            | CUSIP: 000000000<br>LEI: 7245005GNYH6GM202369 | Long             |  | CORP              | NL        |     3200662 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED GBP / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $-388.70      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown Group Holding, LLC                                                             | BROWN GROUP HOLDING, LLC - Term Loan B2                                              | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | DBT              | CORP              | US        |     2165884 | PA      | $2169497.21   | 0.01%             | 2031-07-01      | Variable      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1229622.63  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BIRCH HILL EQUITY PARTNERS IV                                                        | BIRCH HILL EQUITY PARTNERS IV                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |           1 | NS      | $172019.85    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND X LP B                                                             | BAIN CAPITAL FUND X LP B                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $997874.72    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROVIDENCE EQ PARTNERS V LP LIMITED PARTNERSHIP                                      | PROVIDENCE EQ PARTNERS V LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Khosla Ventures VIII, L.P.                                                           | Khosla Ventures VIII, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1430058.09   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LUNA 2.5 SARL                                                                        | LUNA 2.5 SARL 2025 EUR TERM LOAN                                                     | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | LON              | CORP              | LU        |     1600000 | PA      | $1882817.50   | 0.01%             | 2032-06-18      | Floating      | 5.46%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED GBP / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $-1465.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $-111.82      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Permira VIII SCSp                                                                    | Permira VIII SCSp                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $9573747.32   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Permira VIII SCSp                                                                    | Permira VIII SCSp                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $5999550.04   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1093871.58  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SC Landco Parent, LLC                                                                | SC Landco Parent, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        2672 | NS      | $484491.82    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd 0.000 21 Apr 2035                                                   | CIFC Funding Ltd 0.000 21 Apr 2035                                                   | CUSIP: 12571HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1028970.02   | 0.01%             | 2035-04-21      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-4699583.21  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1993048.21  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDPOINT MEZZ PARTNERS IV LP                                                        | GOLDPOINT MEZZ PARTNERS IV LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5190541.64   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRP INVESTORS II L.P.                                                                | FRP INVESTORS II L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    47761620 | OU      | $78266202.97  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KV ASIA CAPITAL FUND I LP                                                            | KV ASIA CAPITAL FUND I LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $981099.13    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR EUROPEAN FUND III LP (USD)                                                       | KKR EUROPEAN FUND III LP (USD)                                                       | CUSIP: 000000000<br>LEI: 706YO8IKX5CR8NBZ8F72 | Long             | EC               | CORP              | KY        |           1 | NS      | $22071.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CapitalSpring Finance Company, LLC                                                   | CapitalSpring Finance Company, LLC - Mezzanine                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3146434 | PA      | $3213253.32   | 0.02%             | 2023-02-10      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Aurium CLO V Designated Activity Co 0.000 17 Apr 2034 Class E 144A                   | Aurium CLO V Designated Activity Co 0.000 17 Apr 2034 Class E 144A                   | CUSIP: 000000000<br>LEI: 54930047TGCCLKRB2236 | Long             | ABS-CBDO         | CORP              | IE        |     1500000 | PA      | $1805927.78   | 0.01%             | 2034-04-17      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sempra Energy                                                                        | Sempra Energy                                                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             |  | CORP              | US        |      148586 | NS      | $11252417.78  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED CHF / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CH        |           1 | NC      | $-1156.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Trident IX, L.P.                                                                     | Trident IX, L.P.                                                                     | CUSIP: 000000000<br>LEI: 335800KLFMJJVM3TUK37 | Long             |  | CORP              | US        |           0 | OU      | $4984430.52   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW CONTINUITY CNC CAPITAL                                                        | ESCROW CONTINUITY CNC CAPITAL                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        1021 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MHS Acquisition Holdings, LLC                                                        | MHS Acquisition Holdings, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      202568 | NS      | $181507.64    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AVETTA                                                                               | AVETTA                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $24321463.62  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ELSAN SAS                                                                            | Elsan SAS 2025 EUR Term Loan B                                                       | CUSIP: 000000000<br>LEI: 969500KPGB0PD8HGDD09 | Long             | LON              | CORP              | FR        |     5000000 | PA      | $5874358.78   | 0.04%             | 2031-06-16      | Floating      | 5.52%                 | Yes           |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                                                             | Virgin Media Bristol LLC 2020 USD Term Loan Q                                        | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $9978400.00   | 0.06%             | 2029-01-31      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW CERAMTEC GMBH                                                                 | ESCROW CERAMTEC GMBH                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      575918 | NS      | $1.35         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Icebox Parent LP                                                                     | Icebox Parent LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   122197759 | OU      | $304299058.62 | 1.84%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CROWN CASTLE INTL CORP REIT  0.0                                                     | CROWN CASTLE INTL CORP REIT  0.0                                                     | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             |  |  | US        |       93228 | NS      | $9573583.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PG Investment Company 60 S.a.r.l.                                                    | PG Investment Company 60 S.a.r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |     4495918 | OU      | $6047596.68   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oak Hill Credit                                                                      | OHA Credit Funding 6 Ltd                                                             | CUSIP: 67098QAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2000000.00   | 0.01%             | 2037-10-20      | Floating      | 9.52%                 | Yes           |                  3 | On Loan: No      |
| Skopima Merger Sub Inc                                                               | Skopima Merger Sub Inc 2024 Repriced Term Loan                                       | CUSIP: 36171NAG1<br>LEI: 254900K3R60UMIODZD21 | Long             | LON              | CORP              | US        |    12708332 | PA      | $12590525.83  | 0.08%             | 2028-05-12      | Floating      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| Herschend Entertainment Company, LLC                                                 | Herschend Entertainment Company LLC 2025 Term Loan B                                 | CUSIP: 42778EAG6<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |      600000 | PA      | $606000.00    | 0.00%             | 2032-05-27      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| Ferrovial SE                                                                         | Ferrovial SE                                                                         | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             |  | CORP              | NL        |      213483 | NS      | $11335216.63  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| International Entertainment JJCo 3 Ltd                                               | International Entertainment JJCo 3 Ltd USD Term Loan B                               | CUSIP: 000000000<br>LEI: 254900C44ND8RC7Z9K20 | Long             | LON              | CORP              | GB        |     4600000 | PA      | $4634500.00   | 0.03%             | 2032-04-29      | Floating      | 8.03%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS IV LP                                                        | CARLYLE EUROPE PARTNERS IV LP                                                        | CUSIP: 000000000<br>LEI: 2138003N1DJLKVZ3B190 | Long             | EC               | CORP              | GB        |     8320760 | NS      | $7432058.84   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUN CAPITAL PARTNERS V LIMITED PARTNERSHIP                                           | SUN CAPITAL PARTNERS V LIMITED PARTNERSHIP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EXPONENT PE PARTNERS V, L.P.                                                         | EXPONENT PE PARTNERS V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     2287752 | NS      | $3224568.70   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BARING ASIA PRIVATE EQ FUND V LIMITED PARTNERSHIP                                    | BARING ASIA PRIVATE EQ FUND V LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $217233.37    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Calpine Corporation                                                                  | Calpine Corporation 2024 Term Loan B10                                               | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |     9950000 | PA      | $9961840.50   | 0.06%             | 2031-01-31      | Floating      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| AURIS LUXEMBOURG III SARL                                                            | Auris Luxembourg III Sarl 2024 Term Loan B4                                          | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | LON              | CORP              | LU        |     5234374 | PA      | $5270386.20   | 0.03%             | 2029-02-28      | Floating      | 7.85%                 | Yes           |                  3 | On Loan: No      |
| CDR X                                                                                | CDR X                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      797604 | NS      | $1025700.93   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SureWerx Topco, L.P.                                                                 | SureWerx Topco, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $387758.82    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oak Hill Credit                                                                      | OHA Credit Funding 19 Ltd                                                            | CUSIP: 67111SAA1<br>LEI: 254900WSB9O7FH7DWN37 | Long             | ABS-CBDO         | CORP              | BM        |      950000 | PA      | $987081.57    | 0.01%             | 2037-07-20      | Floating      | 9.87%                 | Yes           |                  3 | On Loan: No      |
| OAKTREE EUROPEAN IV FEEDER                                                           | OAKTREE EUROPEAN IV FEEDER                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      862803 | NS      | $1058407.43   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SOUND INPATIENT PHYSICIANS                                                           | Sound Inpatient Physicians 2024 Tranche A Term Loan (First Out)                      | CUSIP: 83607JAD3<br>LEI: 54930047QBMPL027P218 | Long             | DBT              | CORP              | US        |      578825 | PA      | $605010.19    | 0.00%             | 2028-06-28      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| TA ATLANTIC + PACIFIC VII A LP                                                       | TA ATLANTIC + PACIFIC VII A LP                                                       | CUSIP: 000000000<br>LEI: 549300HZOM4OFJI2VG66 | Long             |  | CORP              | US        |           0 | OU      | $3009985.32   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 3I EUROPARTNERS VB LP LIMITED PARTNERSHIP                                            | 3I EUROPARTNERS VB LP LIMITED PARTNERSHIP                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $122.44       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG VII LIMITED PARTNERSHIP                                                          | TPG VII LIMITED PARTNERSHIP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2997435.30   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oakley Capital V Co-Investment (A) SCSp                                              | Oakley Capital V Co-Investment (A) SCSp                                              | CUSIP: 000000000<br>LEI: 213800KW6MZUK12CQ815 | Long             |  | CORP              | GB        |    35792803 | OU      | $76169816.05  | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR North America Fund XIII, SCSP                                                    | KKR North America Fund XIII, SCSP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10220321.44  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-475343.17   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-3651502.15  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    30909440 | OU      | $46613474.86  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                                                                | Ahead DB Holdings LLC 2024 Term Loan B3                                              | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |     1994987 | PA      | $2002009.77   | 0.01%             | 2031-02-03      | Floating      | 7.26%                 | Yes           |                  3 | On Loan: No      |
| Riverside Assessments LLC                                                            | Riverside Assessments LLC - Term Loan                                                | CUSIP: 000000000<br>LEI: 549300W8MR6VL98HTW10 | Long             | DBT              | CORP              | US        |     2683067 | PA      | $2638128.81   | 0.02%             | 2031-03-19      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| SL SPV 2, L.P.                                                                       | SL SPV 2, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2748325.40   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PEGASUS BIDCO BV                                                                     | Pegasus BidCo BV 2024 Term Loan B                                                    | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |     6932546 | PA      | $6997573.61   | 0.04%             | 2029-07-12      | Floating      | 7.54%                 | Yes           |                  3 | On Loan: No      |
| Froneri Lux Finco Sarl                                                               | Froneri Lux Finco Sarl 2024 USD Term Loan B4                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7959273 | PA      | $7862090.01   | 0.05%             | 2031-09-30      | Floating      | 6.33%                 | Yes           |                  3 | On Loan: No      |
| TMF Group Holding B.V.                                                               | TMF Group Holding BV 2025 EUR Term Loan B                                            | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |     2000000 | PA      | $2355352.39   | 0.01%             | 2028-05-03      | Floating      | 5.44%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | PL        |           1 | NC      | $1377.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Holdings, L.P.                                                               | Alliant Holdings, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    24784703 | OU      | $43078416.19  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND XII LP                                                             | BAIN CAPITAL FUND XII LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $16555343.82  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARES MANAGEMENT LP                                                                   | ARES MANAGEMENT LP                                                                   | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             |  | CORP              | US        |       66086 | NS      | $11430895.42  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ELVASTON V                                                                           | ELVASTON V                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |    15646493 | NS      | $22295876.88  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WARBURG PINCUS PE X LP D LIMITED PARTNERSHIP                                         | WARBURG PINCUS PE X LP D LIMITED PARTNERSHIP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $203238.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARESTREAM DENTAL LLC                                                                | CARESTREAM DENTAL LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      306125 | NS      | $2205000.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookhaven Park CLO Ltd                                                              | Brookhaven Park CLO LTD                                                              | CUSIP: 113525AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1038843.44   | 0.01%             | 2037-04-19      | Floating      | 10.77%                | Yes           |                  3 | On Loan: No      |
| KSLB Holdings, LLC                                                                   | KSLB Holdings, LLC - Second Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2520000 | PA      | $2207589.60   | 0.01%             | 2026-07-30      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| NEA 14 LP                                                                            | NEA 14 LP                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     3750356 | NS      | $5498742.59   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE SYNIVERSE CO INVEST LP                                                       | CARLYLE SYNIVERSE CO INVEST LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      105536 | NS      | $97310.04     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WHCG PURCHASER, LP                                                                   | WHCG PURCHASER, LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    10934833 | NS      | $11929454.35  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                  | CLYDESDALE ACQ HOLDINGS INC - First Lien                                             | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     5309787 | PA      | $5318441.75   | 0.03%             | 2029-03-30      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ADVENT INTERNATIONAL GPE VI LP                                                       | ADVENT INTERNATIONAL GPE VI LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       99862 | NS      | $148175.06    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | Snacktime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    11441864 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TURKISH PE FUND III LP                                                               | TURKISH PE FUND III LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1968049 | NS      | $2940305.85   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AUTOFORM ENGINEERING GMBH                                                            | AutoForm Engineering GmbH 2025 EUR Fungible Add On Term Loan B                       | CUSIP: 000000000<br>LEI: 2549000RS84F7T4DUD44 | Long             | LON              | CORP              | LU        |     3300000 | PA      | $3895431.20   | 0.02%             | 2029-02-28      | Floating      | 5.94%                 | Yes           |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC - Senior                                                           | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2027-04-15      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| CELLNEX TELECOM SAU                                                                  | CELLNEX TELECOM SAU                                                                  | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             |  | CORP              | ES        |      779183 | NS      | $30116950.69  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordic Capital XI, L.P.                                                              | Nordic Capital XI, L.P.                                                              | CUSIP: 000000000<br>LEI: 549300347T3T55Y4FK29 | Long             |  | CORP              | LU        |           0 | OU      | $22861471.59  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVENT LATIN AMERICAN PE V                                                           | ADVENT LATIN AMERICAN PE V                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      562178 | NS      | $884882.04    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PDI TA Holdings, Inc.                                                                | PDI TA Holdings Inc 2024 Delayed Draw Term Loan                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2415447 | PA      | $2400954.69   | 0.01%             | 2031-02-03      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition Sarl                                              | AI Sirona (Luxembourg) Acquisition Sarl 2024 EUR Term Loan B                         | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | DBT              | CORP              | LU        |     5437714 | PA      | $5887618.26   | 0.04%             | 2028-09-29      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Red Planet Borrower, LLC                                                             | Red Planet Borrower, LLC - First Lien                                                | CUSIP: 57165KAB2<br>LEI: 254900LGTHBRY5NA0C90 | Long             | DBT              | CORP              | US        |     6065553 | PA      | $6763532.30   | 0.04%             | 2028-10-02      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7372701.24   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-366146.18   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | PL        |           1 | NC      | $-3612.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-764470.59   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HG SATURN I L.P.                                                                     | HG SATURN I L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $12874433.66  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERMIRA VIII SCSP                                                                    | PERMIRA VIII SCSP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    10954477 | NS      | $14009590.10  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NTS Holding Corporation, Inc.                                                        | NTS Holding Corporation, Inc.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOLDING SOCOTEC                                                                      | Holding Socotec 2024 USD Term Loan B                                                 | CUSIP: 000000000<br>LEI: 969500TSHWNDZONA3M83 | Long             | LON              | CORP              | FR        |     1440244 | PA      | $1453753.37   | 0.01%             | 2028-06-30      | Floating      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| TPG ASIA VII (B) L.P.                                                                | TPG ASIA VII (B) L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $17361090.52  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GERMAN TAX                                                                           | GERMAN TAX                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |      646265 | NS      | $115390.20    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rohm Holding GmbH                                                                    | Rohm Holding GmbH 2024 USD PIK Term Loan B                                           | CUSIP: 000000000<br>LEI: 529900TDB6090VCVJG31 | Long             | LON              | CORP              | DE        |     6720353 | PA      | $6532720.62   | 0.04%             | 2029-01-31      | Floating      | 9.72%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-299436.17   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                                                      | CMS Energy Corp                                                                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             |  | CORP              | US        |      208087 | NS      | $14412105.62  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-666696.14   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AUGUST CAPITAL V SO                                                                  | AUGUST CAPITAL V SO                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       71291 | NS      | $71848.98     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NexPhase Capital Fund V, LP                                                          | NexPhase Capital Fund V, LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $285467.49    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1991391.20  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MHS Acquisition Holdings, LLC                                                        | MHS Acquisition Holdings, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      852593 | NS      | $763952.54    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CQP HOLDCO LP                                                                        | CQP Holdco LP 2024 1st Lien Term Loan B                                              | CUSIP: 12657QAE3<br>LEI: 549300LPL012JY5D4B69 | Long             | LON              | CORP              | US        |     7878685 | PA      | $7906969.28   | 0.05%             | 2030-12-31      | Floating      | 6.31%                 | Yes           |                  3 | On Loan: No      |
| DEUCE FINCO                                                                          | Deuce Finco Plc                                                                      | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |     6000000 | PA      | $8191027.32   | 0.05%             | 2027-06-15      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| PHOENIX EQUITY PARTNERS 2010                                                         | PHOENIX EQUITY PARTNERS 2010                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $4863.81      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR SPRINT CO INVEST                                                                 | KKR SPRINT CO INVEST                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    40297982 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FFL PARALLEL FUND CF, L.P.                                                           | FFL PARALLEL FUND CF, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3573994 | NS      | $5273739.08   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIMBRIDGE HOSPITALITY LP                                                             | AIMBRIDGE HOSPITALITY LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     4145864 | NS      | $3866764.54   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elia System Operator SA/NV                                                           | Elia Group SA/NV                                                                     | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             |  | CORP              | BE        |       84060 | NS      | $9636778.75   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitalSpring Finance Company, LLC                                                   | CapitalSpring Finance Company, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3020546 | NS      | $2251984.08   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Halo Parent Newco, LLC                                                               | Halo Parent Newco, LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        1109 | NS      | $17004406.81  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AmSurg HoldCo, LLC                                                                   | AmSurg HoldCo, LLC                                                                   | CUSIP: 000000000<br>LEI: 549300OL60X0LPKY8N60 | Long             | EC               | CORP              | US        |     3969418 | NS      | $7587077.74   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                                                 | Mehilainen Yhtiot Oy                                                                 | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |      749000 | PA      | $884922.65    | 0.01%             | 2032-06-30      | Fixed         | 5.12%                 | Yes           |                  3 | On Loan: No      |
| THERMOSTAT PURCHASER                                                                 | THERMOSTAT PURCHASER                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    71817900 | OU      | $113845160.54 | 0.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-170377.17   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tidal Waste & Recycling Holdings LLC                                                 | Tidal Waste & Recycling Holdings LLC Term Loan B                                     | CUSIP: 88636PAK7<br>LEI: 254900IQT82RE5KFAZ50 | Long             | LON              | CORP              | US        |      997500 | PA      | $1007016.15   | 0.01%             | 2031-10-24      | Floating      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| HGCAPITAL MERCURY 2                                                                  | HGCAPITAL MERCURY 2                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $16752404.75  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ABINGWORTH BIOVENTURES VI LP                                                         | ABINGWORTH BIOVENTURES VI LP                                                         | CUSIP: 000000000<br>LEI: 21380027WYKZ6N61KI13 | Long             | EC               | CORP              | GB        |      122839 | NS      | $327705.70    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 53 S.a.r.l                                                     | PG Investment Company 53 S.a.r.l                                                     | CUSIP: 000000000<br>LEI: 254900WGJ0IG0QIRL323 | Long             | EP               | CORP              | PL        |     6084618 | NS      | $8420610.39   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vista Equity Partners Fund VIII, L.P.                                                | Vista Equity Partners Fund VIII, L.P.                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $19879300.50  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ROHM HOLDING GMBH                                                                    | Rohm Holding GmbH 2024 EUR PIK Term Loan B                                           | CUSIP: 000000000<br>LEI: 529900TDB6090VCVJG31 | Long             | LON              | CORP              | DE        |     6010086 | PA      | $6813052.61   | 0.04%             | 2029-01-31      | Floating      | 7.35%                 | Yes           |                  3 | On Loan: No      |
| INSIGHT VENTURE PARTNERS X, L.                                                       | INSIGHT VENTURE PARTNERS X, L.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12721783.26  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OPAL BIDCO SAS                                                                       | OPAL BIDCO                                                                           | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |     6666000 | PA      | $6769649.64   | 0.04%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| MONTAGU V L.P.                                                                       | MONTAGU V L.P.                                                                       | CUSIP: 000000000<br>LEI: 5493000OSSRPNTMHZO58 | Long             | EC               | CORP              | GB        |     2330415 | NS      | $3029816.36   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       14984 | NS      | $142322.10    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BELLA HOLDING COMPANY LLC                                                            | Bella Holding Company LLC 2025 Term Loan                                             | CUSIP: 54317EAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     8913569 | PA      | $8959563.10   | 0.05%             | 2028-05-10      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| ESCROW VISTRIA CATAPULT HLDING                                                       | ESCROW VISTRIA CATAPULT HLDING                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      234811 | NS      | $0.94         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW GBA GESELLSCHAFT FUR                                                          | ESCROW GBA GESELLSCHAFT FUR                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      155380 | NS      | $1.09         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRAPHITE CAPITAL PARTNERS VII LIMITED PARTNERSHIP                                    | GRAPHITE CAPITAL PARTNERS VII LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $254691.81    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CAMELOT RETURN MERGER SU                                                             | Camelot Return Merger Sub Inc                                                        | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1371037.50   | 0.01%             | 2028-08-01      | Fixed         | 8.75%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-2779700.83  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Satellite HoldCo, S.ar.l.                                             | Partners Group Satellite HoldCo, S.ar.l.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     7017978 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Husky Injection Molding Systems, Ltd.                                                | Husky Injection Molding Systems, Ltd.                                                | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | DBT              | CORP              | CA        |     2475000 | PA      | $2488266.00   | 0.02%             | 2029-02-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 285 S.a.r.l.                                           | Luxembourg Investment Company 285 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |    15392035 | OU      | $6038310.39   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADB SAFEGATE BV                                                                      | ADB SAFEGATE BV EUR TERM LOAN B                                                      | CUSIP: 000000000<br>LEI: 549300VEA6M98P4M7O29 | Long             | LON              | CORP              | BE        |     1800000 | PA      | $2126322.51   | 0.01%             | 2032-05-24      | Floating      | 6.13%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-3103658.85  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $3024073.96   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearlake Capital Partners                                                           | Clearlake Capital Partners                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $27406897.61  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $29191.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Athenahealth, Inc.                                                                   | Athenahealth, Inc. - Initial Term Loan                                               | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    10535778 | PA      | $10563486.79  | 0.06%             | 2029-02-15      | Variable      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Planet US Buyer LLC                                                                  | Planet US Buyer LLC                                                                  | CUSIP: 72706RAB2<br>LEI: 254900ZE51SEX2EFFH74 | Long             | DBT              | CORP              | US        |     2878250 | PA      | $2887881.48   | 0.02%             | 2031-02-07      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| ALPHA GENERATION LLC                                                                 | ALPHA GENERATION LLC 2025 TERM LOAN B                                                | CUSIP: 000000000<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |     5400000 | PA      | $5386500.00   | 0.03%             | 2031-09-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| LUMIN DIGITAL, LLC                                                                   | LUMIN DIGITAL, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     5098332 | NS      | $6666370.34   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar Capital Partners XI, LP                                                      | Genstar Capital Partners XI, LP                                                      | CUSIP: 000000000<br>LEI: 98450073EC705F2DF378 | Long             |  | CORP              | US        |           0 | OU      | $823557.03    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Redstone Holdco 2 LP                                                                 | Redstone Holdco 2 LP - Second Lien                                                   | CUSIP: 75774EAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2500000 | PA      | $1.00         | 0.00%             | 2029-04-27      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| CALTIUS PARTNERS V A LP LIMITED PARTNERSHIP                                          | CALTIUS PARTNERS V A LP LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6275740.80   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW BCPE HERCULES HOLDINGS                                                        | ESCROW BCPE HERCULES HOLDINGS                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      869932 | NS      | $2048079.73   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EnCap Energy Co-Investment Fund I-C, L.P.                                            | EnCap Energy Co-Investment Fund I-C, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $780153.53    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radwell Parent, LLC                                                                  | Radwell Parent, LLC - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5851446 | PA      | $5851446.43   | 0.04%             | 2029-04-01      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| MHS Acquisition Holdings, LLC                                                        | MHS Acquisition Holdings, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         356 | NS      | $103275.63    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMANN GIRRBACH                                                                       | Polyusus Lux XVI S.a.r.l.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |   489319992 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG DELTA HOLDCO LLC                                                                  | PG DELTA HOLDCO LLC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       42616 | NS      | $101432329.98 | 0.61%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL SPV-1, L.P.                                                                       | SL SPV-1, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rocket Software Inc                                                                  | Rocket Software Inc - Senior                                                         | CUSIP: 77313DAN1<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-11-28      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| SV LIFE SCIENCES FUND IV, L.P.                                                       | SV LIFE SCIENCES FUND IV, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       22386 | NS      | $76162.01     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TH LEE VIII                                                                          | TH LEE VIII                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1030261 | NS      | $1118328.74   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APAX EUROPE VI A LP LIMITED PARTNERSHIP                                              | APAX EUROPE VI A LP LIMITED PARTNERSHIP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $32316.75     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rivage Luxco S.a.r.l                                                                 | Rivage Luxco S.a.r.l                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      450000 | NS      | $402697.75    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LEE EQUITY PARTNERS IV                                                               | LEE EQUITY PARTNERS IV                                                               | CUSIP: 000000000<br>LEI: 2549001M2IY6YIP15D04 | Long             | EC               | CORP              | US        |     5537640 | NS      | $4780871.66   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLIMEWORKS                                                                           | CLIMEWORKS                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | CH        |     8155043 | NS      | $7366119.72   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INDEX VENTURES VI (JERSEY), LP                                                       | INDEX VENTURES VI (JERSEY), LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |    10446372 | NS      | $15541513.07  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GREENSQUARE OPERATING HOLDCO                                                         | GREENSQUARE OPERATING HOLDCO                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | AU        |      389330 | NS      | $254810.43    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kaseya Inc                                                                           | Kaseya Inc 2025 1st Lien Term Loan B                                                 | CUSIP: 48578AAB4<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |     5286750 | PA      | $5326030.55   | 0.03%             | 2032-03-20      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| MHS Acquisition Holdings, LLC                                                        | MHS Acquisition Holdings, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       35285 | NS      | $154685.17    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW BAIN CAPITAL VIII CO                                                          | ESCROW BAIN CAPITAL VIII CO                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         282 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-251235.64   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $-66146.81    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR Asian Fund IV SCSp                                                               | KKR Asian Fund IV SCSp                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $5362536.20   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KENE Holdings, L.P.                                                                  | KENE Holdings, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           1 | OU      | $448243.14    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Prometric Holdings PIK, Inc.                                                         | Prometric Holdings PIK, Inc.                                                         | CUSIP: 000000000<br>LEI: 54930034OH1XQT27TX40 | Long             | DBT              | CORP              | US        |     8577963 | PA      | $8848240.48   | 0.05%             | 2026-01-29      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| APPLOVIN                                                                             | APPLOVIN                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      351924 | NS      | $351923.56    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW CBI PARENT, L.P.                                                              | ESCROW CBI PARENT, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RAPTOR HOLDING PARENT LP                                                             | RAPTOR HOLDING PARENT LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       11209 | NS      | $1117567.85   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XVI SARL SHL                                                            | POLYUSUS LUX XVI SARL SHL                                                            | CUSIP: 000000000<br>LEI: 5299005I6KUTPNYY8G45 | Long             |  | CORP              | AT        |      874249 | OU      | $1.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2257294.12  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GREENSQUARE OPERATING HOLDCO                                                         | GREENSQUARE OPERATING HOLDCO                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |        7946 | NS      | $5200.31      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TH LEE PARALLEL VII                                                                  | TH LEE PARALLEL VII                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      981706 | NS      | $1334224.84   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD+R MARKET CO INVESTOR L.P.                                                         | CD+R MARKET CO INVESTOR L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    78514453 | OU      | $71266548.18  | 0.43%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Otranto Park CLO 4.150 15 May 2035 Class D 144A                                      | Otranto Park CLO 4.150 15 May 2035 Class D 144A                                      | CUSIP: 000000000<br>LEI: 254900C89WZ4XL2PN587 | Long             | ABS-CBDO         | CORP              | IE        |      750000 | PA      | $900263.19    | 0.01%             | 2035-05-15      | Floating      | 4.15%                 | Yes           |                  3 | On Loan: No      |
| BI Gen Holdings, Inc.                                                                | BI Gen Holdings, Inc.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       14561 | NS      | $283296.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OVERBAY 2024 AGGREGATOR AIV IV                                                       | OVERBAY 2024 AGGREGATOR AIV IV                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    14549760 | NS      | $20628882.52  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Permira VII L.P.                                                                     | Permira VII L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $45107914.82  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BC X PRIVATE INVESTORS, L.P.                                                         | BC X PRIVATE INVESTORS, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      327077 | NS      | $452279.13    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENSTAR CAPITAL PARTNERS VIII LIMITED PARTNERSHIP                                    | GENSTAR CAPITAL PARTNERS VIII LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $33548254.29  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OT Luxco 3 & Cy S.C.A.                                                               | OT Luxco 3 & Cy S.C.A. - Mezzanine                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      844553 | PA      | $844235.45    | 0.01%             | 2027-05-31      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| RED PLANET BORROWER LLC                                                              | Red Planet Borrower LLC 2024 Incremental Term Loan B                                 | CUSIP: 57165KAD8<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |     3192000 | PA      | $3213290.64   | 0.02%             | 2028-10-02      | Floating      | 9.58%                 | Yes           |                  3 | On Loan: No      |
| Gryphon Partners VI, L.P.                                                            | Gryphon Partners VI, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9299023.63   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-355645.69   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1019216.18  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SHERWOOD FINANCING PLC                                                               | Sherwood Financing PLC                                                               | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |     4800000 | PA      | $5639243.62   | 0.03%             | 2029-12-15      | Floating      | 7.47%                 | Yes           |                  3 | On Loan: No      |
| Myrrha                                                                               | Myrrha - Mezzanine                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    16736735 | PA      | $18275097.52  | 0.11%             | 2029-03-30      | Variable      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| OAKTREE OPPORTUNITIES XB                                                             | OAKTREE OPPORTUNITIES XB                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2803118 | NS      | $1686360.36   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brown Group Holding LLC                                                              | Brown Group Holding LLC Term Loan B                                                  | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | DBT              | CORP              | US        |     2976794 | PA      | $2983418.73   | 0.02%             | 2031-07-01      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Ciddan S.a.r.l.                                                                      | Ciddan S.a.r.l.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    12263240 | NS      | $52916562.21  | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TECTA AMERICA CORP                                                                   | Tecta America Corp 2025 Term Loan B                                                  | CUSIP: 000000000<br>LEI: 54930083ULRH07WCC129 | Long             | LON              | CORP              | US        |     1400000 | PA      | $1408540.00   | 0.01%             | 2032-02-18      | Floating      | 7.31%                 | Yes           |                  3 | On Loan: No      |
| QUARTZ ACQUIRECO LLC                                                                 | Quartz Acquireco LLC 2025 Term Loan B                                                | CUSIP: 74773KAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4974684 | PA      | $4996472.65   | 0.03%             | 2030-06-28      | Floating      | 6.57%                 | Yes           |                  3 | On Loan: No      |
| FUGUE FINANCE BV                                                                     | Fugue Finance BV 2025 Term Loan B                                                    | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | US        |    13360196 | PA      | $13430604.27  | 0.08%             | 2032-01-09      | Floating      | 7.39%                 | Yes           |                  3 | On Loan: No      |
| Flash Charm, Inc.                                                                    | Flash Charm Inc 2024 Term Loan                                                       | CUSIP: 45168RAT0<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |     1219933 | PA      | $1147285.97   | 0.01%             | 2028-03-02      | Floating      | 7.82%                 | Yes           |                  3 | On Loan: No      |
| Inspired FinCo Holdings Limited                                                      | Inspired FinCo Holdings Limited 2025 EUR Term Loan B6 (B) (1)                        | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |     1018519 | PA      | $1195134.72   | 0.01%             | 2031-02-28      | Floating      | 5.37%                 | Yes           |                  3 | On Loan: No      |
| team.blue Finco Sarl                                                                 | teamblue Finco Sarl 2024 EUR Term Loan B                                             | CUSIP: 000000000<br>LEI: 549300DR8PIYMOZ4YU85 | Long             | LON              | CORP              | LU        |    10700000 | PA      | $12506843.97  | 0.08%             | 2029-09-30      | Floating      | 5.65%                 | Yes           |                  3 | On Loan: No      |
| Southwick Park CLO, Ltd.                                                             | Southwick Park CLO LLC 0.000 20 Jul 2032 Class E 144A                                | CUSIP: 84604YAK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      800000 | PA      | $811378.01    | 0.00%             | 2032-07-20      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KDOR Merger Sub Inc.                                                                 | KDOR Merger Sub Inc.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         481 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CAPVEST EQUITY PARTNERS III B LIMITED PARTNERSHIP                                    | CAPVEST EQUITY PARTNERS III B LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JE        |           0 | OU      | $17165.86     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADAGIA PARTNERS                                                                      | ADAGIA PARTNERS                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $7211088.10   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CORTEC GROUP FUND V, LP                                                              | CORTEC GROUP FUND V, LP                                                              | CUSIP: 000000000<br>LEI: 549300WLJ5TJO34KN858 | Long             |  | CORP              | US        |           0 | OU      | $105.65       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aptean Inc                                                                           | Aptean Inc 2024 Term Loan                                                            | CUSIP: 03834WAU9<br>LEI: 549300D5LUPGZUDZXC96 | Long             | LON              | CORP              | US        |     7040312 | PA      | $7022710.81   | 0.04%             | 2031-01-30      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| TIARA CG PE FUND 2019S, L.P.                                                         | TIARA CG PE FUND 2019S, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   811340174 | NS      | $7456210.77   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vanquish Topco                                                                       | Vanquish Topco                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | GB        |    34851987 | NS      | $35397052.31  | 0.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA XI LP LIMITED PARTNERSHIP                                                         | TA XI LP LIMITED PARTNERSHIP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $423659.63    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SC Landco Parent, LLC                                                                | SC Landco Parent, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |           0 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR European Fund V (EUR) SCSp                                                       | KKR European Fund V (EUR) SCSp                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7965243.60   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                                                 | Mehilainen Yhtiot Oy                                                                 | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |     1817000 | PA      | $2143828.31   | 0.01%             | 2032-06-30      | Floating      | 5.41%                 | Yes           |                  3 | On Loan: No      |
| UKG Inc                                                                              | UKG Inc 2024 Term Loan B                                                             | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     3909630 | PA      | $3934651.82   | 0.02%             | 2031-02-10      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Advent Global Technology, L.P.                                                       | Advent Global Technology, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3185416.09   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radiology Partners Inc                                                               | Radiology Partners Inc 2024 Extended Term Loan B                                     | CUSIP: 000000000<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |     2158969 | PA      | $2157338.23   | 0.01%             | 2029-01-31      | Floating      | 8.09%                 | Yes           |                  3 | On Loan: No      |
| OAKLEY CAPITAL PE FUND VI                                                            | OAKLEY CAPITAL PE FUND VI                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      215825 | NS      | $99764.92     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR AMERICAS FUND XII L.P.                                                           | KKR AMERICAS FUND XII L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $29788910.10  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROOFPOINT INC                                                                       | PROOFPOINT INC 2025 FUNGIBLE TERM LOAN                                               | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     1500000 | PA      | $1509390.00   | 0.01%             | 2028-08-31      | Floating      | 7.31%                 | Yes           |                  3 | On Loan: No      |
| Radiology Partners, Inc.                                                             | Radiology Partners, Inc.                                                             | CUSIP: 000000000<br>LEI: 549300SFTAG2177WUZ08 | Long             | ABS-O            | CORP              | US        |     7715086 | PA      | $7099564.02   | 0.04%             | 2029-01-31      | Variable      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| EETF Sidecar I-C, L.P.                                                               | EETF Sidecar I-C, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4847010.62   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aena SME SA                                                                          | Aena SME SA                                                                          | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |      747020 | NS      | $19858398.91  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MADISON DEARBORN CAP V LP C LIMITED PARTNERSHIP                                      | MADISON DEARBORN CAP V LP C LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEWVIEW I                                                                            | NEWVIEW I                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     8657632 | NS      | $9177531.46   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                                  | Shermco Intermediate Holdings, Inc.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       11525 | NS      | $2829842.51   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WP XI                                                                                | WP XI                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      164203 | NS      | $270780.96    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 430 S.a r.l.                                           | Luxembourg Investment Company 430 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FI        |    12539869 | OU      | $18161106.88  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA ATLANTIC   PACIFIC VI LP LIMITED PARTNERSHIP                                      | TA ATLANTIC   PACIFIC VI LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $50044.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMANN GIRRBACH                                                                       | Polyusus Lux XVI S.a.r.l.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |    44442345 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $1715548.97   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Critical Start, Inc.                                                                 | Critical Start, Inc. - Unitranche                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4852224 | PA      | $4772902.11   | 0.03%             | 2028-05-18      | None          | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                      | Benefit Street Partners CLO XXXIV Ltd                                                | CUSIP: 081923AC8<br>LEI: 25490002NPB1AZIR3342 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2027525.00   | 0.01%             | 2037-07-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Pharmathen Manco S.C.Sp.                                                             | Pharmathen Manco S.C.Sp.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      110300 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW US INFRA CORP                                                                 | ESCROW US INFRA CORP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $435437.42    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oakley Capital V Co- Investment (A) SCSp                                             | Oakley Capital V Co- Investment (A) SCSp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $8545340.84   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EURAZEO CAPITAL IV B SCSP                                                            | EURAZEO CAPITAL IV B SCSP                                                            | CUSIP: 000000000<br>LEI: 894500LHVDGEF6Y74B30 | Long             | EC               | CORP              | LU        |     8199290 | NS      | $9281203.71   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CEP V Investment 22 S.ar.l. (Lux)                                                    | CEP V Investment 22 S.ar.l. (Lux)  - Mezzanine                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1119808 | PA      | $0.00         | 0.00%             | 2030-08-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| TIARA CG PE FUND 2019, L.P.                                                          | TIARA CG PE FUND 2019, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |  2421458968 | NS      | $22441890.86  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRUIST INSURANCE HOLDINGS LLC                                                        | TRUIST INSURANCE HOLDINGS LLC 2025 FUNGIBLE Add-On Term Loan B                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      900000 | PA      | $897750.00    | 0.01%             | 2031-05-06      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| TPG PARTNERS VI LP LIMITED PARTNERSHIP                                               | TPG PARTNERS VI LP LIMITED PARTNERSHIP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6853.81      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLEARLAKE CAPITAL VIII LP 1                                                          | CLEARLAKE CAPITAL VIII LP 1                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1617637 | NS      | $226721.77    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ballyrock Ltd                                                                        | Ballyrock CLO 20 Ltd                                                                 | CUSIP: 05876DAG6<br>LEI: 254900WX8CA21F2QI356 | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3000000.00   | 0.02%             | 2036-10-15      | Floating      | 10.46%                | Yes           |                  3 | On Loan: No      |
| J.C. FLOWERS IV L.P.                                                                 | J.C. FLOWERS IV L.P.                                                                 | CUSIP: 000000000<br>LEI: 549300S3WUP4MXF4NQ06 | Long             | EC               | CORP              | KY        |      735925 | NS      | $914949.80    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STORABLE INC                                                                         | Storable Inc 2025 Term Loan B                                                        | CUSIP: 86210LAD0<br>LEI: 2549000AWFN27KOH3F59 | Long             | LON              | CORP              | US        |     2793000 | PA      | $2801742.09   | 0.02%             | 2031-04-16      | Floating      | 7.56%                 | Yes           |                  3 | On Loan: No      |
| APOLLO INVESTMENT FUND IX, L.P                                                       | APOLLO INVESTMENT FUND IX, L.P                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $33593144.09  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-2849867.01  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ESCROW VEPF VII CO INVST 2A LP                                                       | ESCROW VEPF VII CO INVST 2A LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $12620.11     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aston Finco S.a.r.l.                                                                 | Aston FinCo S.a r.l. - Second Lien                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    36733592 | PA      | $36131678.99  | 0.22%             | 2027-10-09      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Dwyer                                                                                | Pascal Midco 2, LLC - Unitranche DDTL                                                | CUSIP: 26745LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13438344 | PA      | $2699080.72   | 0.02%             | 2029-07-20      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| LERNEN BIDCO LIMITED                                                                 | Lernen Bidco Limited 2024 USD Term Loan B2                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4179026 | PA      | $4209491.35   | 0.03%             | 2031-10-27      | Floating      | 8.31%                 | Yes           |                  3 | On Loan: No      |
| Trilon Group, LLC                                                                    | Trilon Group, LLC - Unitranche                                                       | CUSIP: 89620FAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5106609 | PA      | $5125999.40   | 0.03%             | 2029-05-25      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Republic Services Inc                                                                | Republic Services Inc                                                                | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             |  | CORP              | US        |       73014 | NS      | $17999411.28  | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ECP Parent, LLC                                                                      | ECP Parent, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |          85 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BC Partners XI, L.P.                                                                 | BC Partners XI, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GU        |           0 | OU      | $21138666.19  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BERTRAM GROWTH CAPITAL II A LP LIMITED PARTNERSHIP                                   | BERTRAM GROWTH CAPITAL II A LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Strider Investment 2                                                                 | Strider Investment 2                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      278539 | NS      | $1116515.92   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Traviata Co-invest L.P.                                                          | KKR Traviata Co-invest L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    83375000 | OU      | $166890062.30 | 1.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 261 S.a r.l.                                           | Luxembourg Investment Company 261 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    18471122 | NS      | $39991284.73  | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BC EUROPEAN CAPITAL X LP                                                             | BC EUROPEAN CAPITAL X LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     1031685 | NS      | $1825039.85   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLACKSTONE IV                                                                        | BLACKSTONE IV                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7263 | NS      | $11464.52     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-1397742.18  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chase Industries, Inc.                                                               | Chase Industries, Inc. - Second Lien                                                 | CUSIP: 000000000<br>LEI: 254900EY28A1C9E1I083 | Long             | DBT              | CORP              | US        |     1276647 | PA      | $1.00         | 0.00%             | 2027-11-11      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-642924.54   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BAIN CAPITAL FUND X LP C                                                             | BAIN CAPITAL FUND X LP C                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Partners Group Satellite Warehouse S.C.S.                                            | Partners Group Satellite Warehouse S.C.S.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |     1349220 | OU      | $1128010.42   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Anticimex International AB                                                           | Anticimex International AB 2024 Term Loan B6                                         | CUSIP: 03703HAB2<br>LEI: 54930005SBU6WYFBEB41 | Long             | LON              | CORP              | SE        |     8552267 | PA      | $5685099.94   | 0.03%             | 2028-11-16      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Harvest Partners IX, L.P.                                                            | Harvest Partners IX, L.P.                                                            | CUSIP: 000000000<br>LEI: 635400HJ1VABMFGWWX81 | Long             |  | CORP              | US        |           0 | OU      | $6297999.93   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| J-STAR No.4-C, L.P.                                                                  | J-STAR No.4-C, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $13368151.79  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WPEF V FEEDER                                                                        | WPEF V FEEDER                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |       70827 | NS      | $137961.04    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 293 S.a r.l.                                           | Luxembourg Investment Company 293 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NO        |    14736863 | OU      | $1482126.91   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIXTH CINVEN FUND (NO.2) LP                                                          | SIXTH CINVEN FUND (NO.2) LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |      194337 | NS      | $370220.41    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW MONTAGU III LP                                                                | ESCROW MONTAGU III LP                                                                | CUSIP: 000000000<br>LEI: 549300RA3SJGWHLZ5B88 | Long             | EC               | CORP              | GB        |       29448 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Partners VII, L.P.                                                           | Carlyle Partners VII, L.P.                                                           | CUSIP: 000000000<br>LEI: 549300F8LRP7EYGJD520 | Long             |  | CORP              | US        |           0 | OU      | $4400088.03   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS V, L.P.                                                         | SILVER LAKE PARTNERS V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $45581253.94  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |     2196503 | OU      | $3267985.73   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVENT INTERNATIONAL GPE IX A                                                        | ADVENT INTERNATIONAL GPE IX A                                                        | CUSIP: 000000000<br>LEI: 222100IKWW14G1IVO482 | Long             | EC               | CORP              | LU        |     1947619 | NS      | $2678443.65   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Matterhorn TopCo, L.P.                                                               | Matterhorn TopCo, L.P.                                                               | CUSIP: 000000000<br>LEI: 549300Q4Q9S68YMYDD65 | Long             | EC               | CORP              | US        |     1325238 | NS      | $2021945.14   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar Capital Partners IX, L.P.                                                    | Genstar Capital Partners IX, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $25103765.78  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TMF GROUP HOLDING BV                                                                 | TMF Group Holding BV 2025 USD Term Loan B                                            | CUSIP: 000000000<br>LEI: 213800H27OKZZZ2CB779 | Long             | LON              | CORP              | NL        |     1943464 | PA      | $1955610.82   | 0.01%             | 2028-05-03      | Floating      | 7.02%                 | Yes           |                  3 | On Loan: No      |
| Montagu+ SCSp                                                                        | Montagu+ SCSp                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $81145971.50  | 0.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avoca CLO XXVI DAC 0.000 15 Apr 2035 XS2437855880                                    | Avoca CLO XXVI DAC 0.000 15 Apr 2035 XS2437855880                                    | CUSIP: 000000000<br>LEI: 54930020W4055CQVLI36 | Long             | ABS-CBDO         | CORP              | IE        |      750000 | PA      | $906340.23    | 0.01%             | 2035-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KKR EUROPEAN FUND III LP LIMITED PARTNERSHIP                                         | KKR EUROPEAN FUND III LP LIMITED PARTNERSHIP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $7492.87      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Strider Topco S.a.s. / IBL (shareholder loan)                                        | Strider Topco S.a.s. / IBL (shareholder loan)                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |     3123362 | OU      | $4456971.45   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FS EQUITY PARTNERS V LP LIMITED PARTNERSHIP                                          | FS EQUITY PARTNERS V LP LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TORQUEST PARTNERS US II LIMITED PARTNERSHIP                                          | TORQUEST PARTNERS US II LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CA        |           0 | OU      | $211622.13    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kene Acquisition Inc                                                                 | Kene Acquisition Inc - Unitranche                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3941187 | PA      | $3566473.46   | 0.02%             | 2031-08-02      | None          | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1610613.99  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MADISON IAQ LLC                                                                      | Madison IAQ LLC 2025 Term Loan B                                                     | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |     6000000 | PA      | $6038760.00   | 0.04%             | 2032-05-06      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| LBM ACQUISITION LLC                                                                  | LBM Acquisition LLC 2024 Incremental Term Loan B                                     | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     9730130 | PA      | $9289832.21   | 0.06%             | 2031-06-06      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| HGCAPITAL TRUST PLC                                                                  | HGCAPITAL TRUST PLC                                                                  | CUSIP: 000000000<br>LEI: 213800J7QUJJBEFSIN38 | Long             |  | CORP              | GB        |     2874996 | NS      | $20285126.53  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MBK Partners Colonel Fund, L.P.                                                      | MBK Partners Colonel Fund, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $77268542.30  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PetSmart Inc                                                                         | PetSmart Inc 2021 Term Loan B                                                        | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5953728 | PA      | $5912352.95   | 0.04%             | 2028-02-11      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Bausch + Lomb Corporation                                                            | Bausch + Lomb Corporation                                                            | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     1965000 | PA      | $1969912.50   | 0.01%             | 2028-09-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| SIGMA PARTNERS 6, LP                                                                 | SIGMA PARTNERS 6, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $654065.95    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-279912.61   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                                             | Clarios Global LP / Clarios US Finance Co                                            | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      400000 | PA      | $411516.00    | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS III LP C LIMITED PARTNERSHIP                                    | SILVER LAKE PARTNERS III LP C LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $299707.34    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THYME HOLDCO S A R L                                                                 | THYME HOLDCO S A R L 2025 EUR TERM LOAN B                                            | CUSIP: 000000000<br>LEI: 5493000JH6PEHFW3QO15 | Long             | LON              | CORP              | LU        |     5800000 | PA      | $6835558.18   | 0.04%             | 2032-06-27      | Floating      | 5.53%                 | Yes           |                  3 | On Loan: No      |
| NEWLY WEDS FOODS INC                                                                 | Newly Weds Foods Inc Term Loan B                                                     | CUSIP: 75701MAE5<br>LEI: 549300W1NZ5SVUKC3665 | Long             | LON              | CORP              | US        |     4500000 | PA      | $4522500.00   | 0.03%             | 2032-03-15      | Floating      | 6.56%                 | Yes           |                  3 | On Loan: No      |
| MasOrange Finco Plc                                                                  | MasOrange Finco Plc 2025 EUR Term Loan B                                             | CUSIP: 000000000<br>LEI: 549300PONZMYNJTH6970 | Long             | LON              | CORP              | GB        |    24197458 | PA      | $28204317.48  | 0.17%             | 2031-03-25      | Floating      | 4.79%                 | Yes           |                  3 | On Loan: No      |
| NIELSEN CONSUMER INC                                                                 | Nielsen Consumer Inc 2025 USD Term Loan                                              | CUSIP: 45674PAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4588500 | PA      | $4607863.47   | 0.03%             | 2028-03-06      | Floating      | 7.82%                 | Yes           |                  3 | On Loan: No      |
| New Enterprise Associates 18, L.P.                                                   | New Enterprise Associates 18, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2813876.79   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REDPOINT OMEGA II, LP                                                                | REDPOINT OMEGA II, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      769811 | NS      | $1901422.79   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-465852.90   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Seventh Cinven Fund, L.P.                                                        | The Seventh Cinven Fund, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $8446604.82   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Blue Holding LP                                                               | Global Blue Holding LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           1 | OU      | $11057754.65  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LUX VENTURES VII, L.P.                                                               | LUX VENTURES VII, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1599980.72   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Velocity Holdings US LP                                                              | Velocity Holdings US LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    22345109 | OU      | $28998476.53  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALLIED BENEFIT SYSTEMS HLDING                                                        | ALLIED BENEFIT SYSTEMS HLDING                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $38819398.41  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Discovery Energy Holding Corporation                                                 | Discovery Energy Holding Corporation                                                 | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | DBT              | CORP              | US        |     4396553 | PA      | $6434548.89   | 0.04%             | 2031-05-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW MURRA WARRA II PROJECT                                                        | ESCROW MURRA WARRA II PROJECT                                                        | CUSIP: 000000000<br>LEI: 549300GSCIQ7ZNP80W10 | Long             | EC               | CORP              | AU        |           1 | NS      | $3037.75      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KSLB Holdings, LLC                                                                   | KSLB Holdings, LLC - Second Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3212308 | PA      | $363888.40    | 0.00%             | 2026-07-30      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                                                        | Magenta Security Holdings LLC 2024 Second Out Term Loan                              | CUSIP: 55909UAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-07-27      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Hg Saturn 3 L.P.                                                                     | Hg Saturn 3 L.P.                                                                     | CUSIP: 000000000<br>LEI: 213800PY1F6M9JZ73I60 | Long             |  | CORP              | US        |           0 | OU      | $5222222.89   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $-1006.31     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MIDOCEAN PARTNERS V, L.P.                                                            | MIDOCEAN PARTNERS V, L.P.                                                            | CUSIP: 000000000<br>LEI: 549300JNIO85ADHARY73 | Long             | EC               | CORP              | US        |     1233084 | NS      | $1412723.33   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-1038507.61  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HANGER INC                                                                           | Hanger Inc 2024 Term Loan B                                                          | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |     1944177 | PA      | $1954558.72   | 0.01%             | 2031-10-23      | Floating      | 7.82%                 | Yes           |                  3 | On Loan: No      |
| BLACKSTONE CAP V                                                                     | BLACKSTONE CAP V                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         256 | NS      | $10850.81     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE INC                                                          | Global Medical Response Inc 2024 PIK Term Loan                                       | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    13799850 | PA      | $13846973.81  | 0.08%             | 2028-10-31      | Floating      | 9.07%                 | Yes           |                  3 | On Loan: No      |
| ALBION FINANCING 1SARL /                                                             | Albion Financing 1 SARL / Aggreko Holdings Inc                                       | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1062000 | PA      | $1088548.94   | 0.01%             | 2030-05-21      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| MOTION FINCO SARL                                                                    | MOTION FINCO SARL 2024 USD TERM LOAN B                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     2952774 | PA      | $2843285.38   | 0.02%             | 2029-11-12      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Encore Holdings LP                                                                   | Encore Holdings LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       67986 | NS      | $160442303.83 | 0.97%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PRIMAVERA CAPITAL FUND III L.P                                                       | PRIMAVERA CAPITAL FUND III L.P                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10487314.40  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FINCO UTILITAS BV                                                                    | FINCO UTILITAS BV 2025 EUR FUNGIBLE TERM LOAN B                                      | CUSIP: 000000000<br>LEI: 699400OA31YDOOASVM61 | Long             | LON              | CORP              | BE        |     4300000 | PA      | $5055127.31   | 0.03%             | 2030-09-30      | Floating      | 5.45%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS V, LP                                                        | CARLYLE EUROPE PARTNERS V, LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     2172799 | NS      | $1757280.59   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALLOHEIM SENIOREN                                                                    | ALLOHEIM SENIOREN CIDRON KUMA 2 SARL / FIRST LIE                                     | CUSIP: 000000000<br>LEI: 2549004YHD7GOLT9Y166 | Long             | DBT              | CORP              | DE        |     1296982 | PA      | $1337393.05   | 0.01%             | 2026-02-27      | None          | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-1154672.52  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Genstar AMBA CV, L.P.                                                                | Genstar AMBA CV, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $589460.40    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE PARTNERS VII, L.P.                                                           | CARLYLE PARTNERS VII, L.P.                                                           | CUSIP: 000000000<br>LEI: 549300F8LRP7EYGJD520 | Long             | EC               | CORP              | US        |     2404663 | NS      | $2249973.17   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| R/C GEP FUND IV                                                                      | R/C GEP FUND IV                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DENTIVE, LLC                                                                         | DENTIVE, LLC                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3917430 | PA      | $3615370.80   | 0.02%             | 2028-12-23      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Grupo Iberica Congelados, SA                                                         | Grupo Iberica Congelados, SA - Senior                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |      503895 | PA      | $444707.51    | 0.00%             | 2024-11-28      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XVI S.A.R.L.                                                            | POLYUSUS LUX XVI S.A.R.L.                                                            | CUSIP: 000000000<br>LEI: 5299005I6KUTPNYY8G45 | Long             | EP               | CORP              | AT        |     2776066 | NS      | $3257450.08   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERMIRA VI                                                                           | PERMIRA VI                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     1932466 | NS      | $2147590.55   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HELLMAN   FRIEDMAN VII LP LIMITED PARTNERSHIP                                        | HELLMAN   FRIEDMAN VII LP LIMITED PARTNERSHIP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar Capital Partners IX, L.P.                                                    | Genstar Capital Partners IX, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2833698.60   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BGH CAPITAL FUND I                                                                   | BGH CAPITAL FUND I                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | AU        |           0 | OU      | $18284172.84  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAYFIELD SELECT III, L.P.                                                            | MAYFIELD SELECT III, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      250000 | NS      | $250000.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 261 S.a.r.l.                                           | Luxembourg Investment Company 261 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |        1484 | NS      | $30807047.13  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CPPIB CAPITAL INC                                                                    | CPPIB Capital Inc Term Loan B                                                        | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1389502 | PA      | $1393851.64   | 0.01%             | 2031-08-20      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| BERKSHIRE FUND XI TE                                                                 | BERKSHIRE FUND XI TE                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       34300 | NS      | $34300.28     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CITRIN COOPERMAN ADVISORS LLC                                                        | Citrin Cooperman Advisors LLC 2025 Delayed Draw Term Loan                            | CUSIP: 17737EAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      254545 | PA      | $253299.98    | 0.00%             | 2032-04-01      | Fixed         | 7.33%                 | Yes           |                  3 | On Loan: No      |
| GEI SIDE CF                                                                          | GEI SIDE CF                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    19775525 | NS      | $46822787.23  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bracket Intermediate Holding Corp                                                    | Bracket Intermediate Holding Corp 2024 Term Loan                                     | CUSIP: 10378RAM5<br>LEI: 54930011OZELK2VOFB56 | Long             | LON              | CORP              | US        |     5444129 | PA      | $5476521.07   | 0.03%             | 2028-05-08      | Floating      | 8.57%                 | Yes           |                  3 | On Loan: No      |
| Brookfield Corp                                                                      | Brookfield Corp                                                                      | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             |  | CORP              | CA        |      126980 | NS      | $7849903.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Satellite HoldCo, S.ar.l.                                             | Partners Group Satellite HoldCo, S.ar.l.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |     7975901 | NS      | $43332412.30  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fusilli AcquiCo S.a r.l.                                                             | Fusilli AcquiCo S.a r.l. - First Lien                                                | CUSIP: 000000000<br>LEI: 213800G1TUZMUD1NMC83 | Long             | DBT              | CORP              | SE        |     6845735 | PA      | $7153143.41   | 0.04%             | 2023-10-12      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Energy Capital Partners III, L.P.                                                    | Energy Capital Partners III, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4999188.00   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Engineered Machinery Holdings, Inc.                                                  | Engineered Machinery Holdings, Inc. - Senior                                         | CUSIP: 26658NAP4<br>LEI: 5493008AR0NPSLW8EW07 | Long             | DBT              | CORP              | US        |     1548000 | PA      | $1557108.56   | 0.01%             | 2028-05-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ESCROW TRG GROWTH OFFSHORE                                                           | ESCROW TRG GROWTH OFFSHORE                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       46978 | NS      | $0.99         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                                       | Raven Acquisition Holdings LLC Term Loan B                                           | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2993000 | PA      | $2799256.32   | 0.02%             | 2031-11-19      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| Miller Homes Group Finco PLC                                                         | Miller Homes Group Finco PLC                                                         | CUSIP: 000000000<br>LEI: 98450057058CDE2E9650 | Long             | DBT              | CORP              | GB        |     3500000 | PA      | $4826611.04   | 0.03%             | 2029-05-15      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| TRIDENT VII, L.P.                                                                    | TRIDENT VII, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $38826169.10  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CAPITAL V, L.P.                                                         | NEW MOUNTAIN CAPITAL V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      336332 | NS      | $423672.71    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cengage Learning, Inc.                                                               | Cengage Learning, Inc.                                                               | CUSIP: 15131YAN5<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2998125.00   | 0.02%             | 2031-03-22      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| Icon Partners V, L.P.                                                                | Icon Partners V, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $59826609.26  | 0.36%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Boxer Parent Company Inc                                                             | Boxer Parent Company Inc 2025 USD Term Loan B                                        | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |     4350938 | PA      | $4351286.32   | 0.03%             | 2031-07-30      | Floating      | 7.28%                 | Yes           |                  3 | On Loan: No      |
| HUSKY INJECTION / TITAN                                                              | Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC                          | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      200000 | PA      | $200000.00    | 0.00%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| GULFSTREAM BIDCO AS                                                                  | GULFSTREAM BIDCO AS                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1296982 | PA      | $2459878.56   | 0.01%             | 2031-01-23      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| BERKSHIRE FUND VIII, LP                                                              | BERKSHIRE FUND VIII, LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       39775 | NS      | $566999.60    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stonepeak Tiger (Co-Invest) Holdings (I-B) LP                                        | Stonepeak Tiger (Co-Invest) Holdings (I-B) LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    33561996 | OU      | $33870498.03  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ciddan S.a.r.l.                                                                      | Ciddan S.a.r.l.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    21307659 | NS      | $27592799.43  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chrysaor Bidco Sarl                                                                  | Chrysaor Bidco Sarl USD Term Loan B                                                  | CUSIP: 000000000<br>LEI: 254900CXX37NCB7A8J31 | Long             | LON              | CORP              | LU        |     2594166 | PA      | $2615723.52   | 0.02%             | 2031-10-30      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $1416126.72   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CD&R Firefly Bidco Limited                                                           | CD&R Firefly Bidco Limited 2025 GBP Term Loan                                        | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |     6500000 | PA      | $8890388.22   | 0.05%             | 2029-04-29      | Floating      | 9.21%                 | Yes           |                  3 | On Loan: No      |
| Help/Systems Holdings, Inc                                                           | Help/Systems Holdings, Inc - Senior                                                  | CUSIP: 42351EAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4019697 | PA      | $3840418.49   | 0.02%             | 2026-11-19      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND X LP                                                               | BAIN CAPITAL FUND X LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1873943.13   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Apollo Global Management Inc                                                         | Apollo Global Management Inc                                                         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             |  | CORP              | US        |      148123 | NS      | $21012728.78  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JVP VII OPPORTUNITY, L.P.                                                            | JVP VII OPPORTUNITY, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     3055335 | NS      | $4518779.96   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $1427.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                                              | SBA Communications Corp                                                              | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             |  | CORP              | US        |       48314 | NS      | $11338812.66  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Recorded Books Inc.                                                                  | Recorded Books Inc. 2021 Term Loan                                                   | CUSIP: 37610GAE8<br>LEI: 549300YXME0U2XYD7K47 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-08-29      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| VISTRIA FUND II, L.P.                                                                | VISTRIA FUND II, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11771836.90  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cressey & Company Fund VII-A LP                                                      | Cressey & Company Fund VII-A LP                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $977201.10    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR AMERICAS FUND XII (EEA) LP                                                       | KKR AMERICAS FUND XII (EEA) LP                                                       | CUSIP: 000000000<br>LEI: 549300A6UDZ4P3UGCO82 | Long             | EC               | CORP              | KY        |     1579705 | NS      | $2375821.30   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Vlll Co-Investment (D) SCSp                                                      | EQT Vlll Co-Investment (D) SCSp                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CH        |           0 | OU      | $10435202.74  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4794152.40  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     5433284 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Advent International GPE IX-C                                                        | Advent International GPE IX-C                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $28091943.59  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Bidco Limited                                                                  | Eagle Bidco Limited 2021 EUR Term Loan B                                             | CUSIP: 000000000<br>LEI: 213800YANPDABTN5JJ43 | Long             | LON              | CORP              | GB        |     6900000 | PA      | $8079168.00   | 0.05%             | 2028-03-20      | Floating      | 5.52%                 | Yes           |                  3 | On Loan: No      |
| Cowboy Holdco I                                                                      | Cowboy Holdco I - Unitranche                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8899659 | PA      | $8752037.35   | 0.05%             | 2028-05-18      | None          | 0.07%                 | Yes           |                  3 | On Loan: No      |
| ESP GOLDEN BEAR EUROPE FUND LP                                                       | ESP GOLDEN BEAR EUROPE FUND LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | IE        |           0 | OU      | $317564.34    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Insight Partners XIII, L.P.                                                          | INSIGHT PARTNERS XIII LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2553744 | NS      | $721582.84    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPFIELD BV                                                                           | Upfield BV 2025 USD Term Loan B12                                                    | CUSIP: 000000000<br>LEI: 254900U4MHW4MZWGFU47 | Long             | LON              | CORP              | US        |    12952468 | PA      | $12987569.31  | 0.08%             | 2028-01-03      | Floating      | 8.06%                 | Yes           |                  3 | On Loan: No      |
| PT Intermediate Holdings III LLC                                                     | PT Intermediate Holdings III LLC 2024 Term Loan                                      | CUSIP: 000000000<br>LEI: 549300GS4WLFTDUXPD62 | Long             | DBT              | CORP              | US        |    27442289 | PA      | $27373683.74  | 0.17%             | 2030-04-09      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| The Baring Asia Private Equity Fund VII, L.P.                                        | The Baring Asia Private Equity Fund VII, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9566388.48   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GERMAN TAX                                                                           | GERMAN TAX                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |     9255649 | NS      | $15069576.80  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CeramTec AcquiCo GmbH                                                                | CERAMTEC ACQUICO GMBH - Facility B1                                                  | CUSIP: 000000000<br>LEI: 9845001D9F4A861EIB39 | Long             | DBT              | CORP              | DE        |    14847781 | PA      | $14926544.55  | 0.09%             | 2029-01-19      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| CSX Corp                                                                             | CSX Corp                                                                             | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             |  | CORP              | US        |      285577 | NS      | $9312665.97   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| APLEONA HOLDING GMBH                                                                 | APLEONA HOLDING GMBH 2025 EUR DELAYED DRAW Term Loan                                 | CUSIP: 000000000<br>LEI: 254900O4RJ7PDAMUHY66 | Long             | LON              | CORP              | DE        |      345000 | PA      | $396728.23    | 0.00%             | 2032-04-10      | Floating      | 6.19%                 | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SG        |    48899552 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                           | Cornerstone OnDemand, Inc. - First Lien                                              | CUSIP: 86803YAD5<br>LEI: 549300Z402F16H5EGH48 | Long             | DBT              | CORP              | US        |     2947500 | PA      | $2804310.18   | 0.02%             | 2028-10-16      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Symphony CLO XXV Ltd 0.000 19 Apr 2034 Class D 144A                                  | Symphony CLO XXV Ltd 0.000 19 Apr 2034 Class D 144A                                  | CUSIP: 87167YAA9<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |      752616 | PA      | $734220.24    | 0.00%             | 2034-04-19      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FIESTA PURCHASER INC                                                                 | Fiesta Purchaser Inc 2024 1st Lien Term Loan B                                       | CUSIP: 31659LAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6237118 | PA      | $6266058.35   | 0.04%             | 2031-02-12      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| Hunter Holdco 3 Limited                                                              | Hunter Holdco 3 Limited - Senior                                                     | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | DBT              | CORP              | US        |    10285188 | PA      | $9925205.94   | 0.06%             | 2028-08-04      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Spring Education Group, Inc.                                                         | Spring Education Group, Inc. - Senior                                                | CUSIP: 84840EAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7720636 | PA      | $7776147.71   | 0.05%             | 2030-10-04      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Dentive Capital, LLC                                                                 | Dentive Capital, LLC Revolver                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1557757 | PA      | $1449563.85   | 0.01%             | 2027-05-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-151018.91   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TEREX CORPORATION                                                                    | Terex Corporation 2024 Term Loan B                                                   | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |     1995000 | PA      | $2009763.00   | 0.01%             | 2031-10-08      | Floating      | 6.29%                 | Yes           |                  3 | On Loan: No      |
| Boyce Park 0.000 21 Apr 2035 Class E 144A                                            | Boyce Park 0.000 21 Apr 2035 Class E 144A                                            | CUSIP: 103226AA4<br>LEI: 54930028S3PFXX4SMQ72 | Long             | ABS-CBDO         | CORP              | JE        |     2625000 | PA      | $2686182.92   | 0.02%             | 2035-04-21      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| WOOF HOLDINGS INC                                                                    | WOOF Holdings Inc 2025 First Out Exchange Term Loan                                  | CUSIP: 95004UAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3902067 | PA      | $3326512.36   | 0.02%             | 2029-12-31      | Floating      | 8.28%                 | Yes           |                  3 | On Loan: No      |
| Trilantic Europe VI SCSp                                                             | Trilantic Europe VI SCSp                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $4449666.98   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INDEX VENT GRWTH III JERSEY LIMITED PARTNERSHIP                                      | INDEX VENT GRWTH III JERSEY LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JE        |           0 | OU      | $25621343.82  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACRISURE LLC                                                                         | Acrisure LLC 2024 1st Lien Term Loan B6                                              | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    13625277 | PA      | $13644489.13  | 0.08%             | 2030-11-06      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| International Entertainment JJCo 3 Ltd                                               | International Entertainment JJCo 3 Ltd GBP Term Loan B                               | CUSIP: 000000000<br>LEI: 254900C44ND8RC7Z9K20 | Long             | LON              | CORP              | GB        |     2500000 | PA      | $3447945.42   | 0.02%             | 2032-04-29      | Floating      | 9.21%                 | Yes           |                  3 | On Loan: No      |
| AKUR8 SAS                                                                            | AKUR8 SAS                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      684686 | NS      | $8954636.92   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECO MATERIAL TECH INC                                                                | ECO Material Tech Inc Term Loan                                                      | CUSIP: 27888XAB3<br>LEI: 2549001ARPX05UHXX452 | Long             | LON              | CORP              | US        |     2000000 | PA      | $2013760.00   | 0.01%             | 2032-02-12      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| RUBIX GROUP MIDCO 3 LIMITED                                                          | RUBIX GROUP MIDCO 3 LIMITED 2025 EUR TERM LOAN B5                                    | CUSIP: 000000000<br>LEI: 213800ENCGCXQFBAPG24 | Long             | LON              | CORP              | GB        |     6400000 | PA      | $7547416.06   | 0.05%             | 2028-09-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TRANSDIGM INC                                                                        | TransDigm Inc 2024 Term Loan                                                         | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     4664750 | PA      | $4684248.66   | 0.03%             | 2032-01-19      | Floating      | 6.82%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $-2292.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TCV XI (A), L.P.                                                                     | TCV XI (A), L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $10000532.84  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW ASTORG V FCPR LP                                                              | ESCROW ASTORG V FCPR LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |           1 | NS      | $9935.23      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $3006411.87   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AEA International Holdings (Lux) S.a.r.l.                                            | AEA International Holdings (Lux) Sarl 2024 USD Term Loan B                           | CUSIP: 46033XAE1<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     2220303 | PA      | $2236954.97   | 0.01%             | 2028-09-07      | Floating      | 7.03%                 | Yes           |                  3 | On Loan: No      |
| LUMIN DIGITAL, LLC COM EQUITY                                                        | LUMIN DIGITAL, LLC COM EQUITY                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $26665494.42  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SureWerx Topco, L.P.                                                                 | SureWerx Topco, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    54353000 | OU      | $69985411.98  | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS III LP LIMITED PARTNERSHIP                                      | SILVER LAKE PARTNERS III LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $225951.17    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA Select Opportunities Fund II-B, L.P.                                              | TA Select Opportunities Fund II-B, L.P.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $2797416.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR NORTH AMERICA FUND XI LP LIMITED PARTNERSHIP                                     | KKR NORTH AMERICA FUND XI LP LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $3891597.25   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nelipak Holding Company                                                              | Nelipak Holding Company                                                              | CUSIP: 000000000<br>LEI: 254900N32EC0WZNR0E52 | Long             | DBT              | CORP              | US        |     2744904 | PA      | $1169990.66   | 0.01%             | 2031-03-26      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-3678015.22  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Rivage LuxCo                                                                         | Rivage LuxCo                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      450000 | NS      | $63281074.54  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Care Bidco SAS                                                                       | Care Bidco SAS EUR Term Loan B                                                       | CUSIP: 000000000<br>LEI: 969500PBV3M3GSI8NZ84 | Long             | DBT              | CORP              | FR        |     2100000 | PA      | $2474278.16   | 0.01%             | 2028-11-06      | Floating      | 5.89%                 | Yes           |                  3 | On Loan: No      |
| Northgate Growth Fund, L.P.                                                          | Northgate Growth Fund, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9360445.50   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STG IV, LP                                                                           | STG IV, LP                                                                           | CUSIP: 000000000<br>LEI: 549300XLV12A07VTTD61 | Long             |  | CORP              | US        |           0 | OU      | $225172.95    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HELLMAN + FRIEDMAN XI, LP                                                            | HELLMAN + FRIEDMAN XI, LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7690 | NS      | $7689.90      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APOLLO INVESTMENT FUND VIII LP LIMITED PARTNERSHIP                                   | APOLLO INVESTMENT FUND VIII LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2617014.44   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EdgeCore Holdings, LP                                                                | EdgeCore Holdings, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    91135470 | OU      | $170686801.73 | 1.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEW MOUNTAIN CAPITAL V, L.P.                                                         | NEW MOUNTAIN CAPITAL V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $15263864.32  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KSLB Holdings, LLC                                                                   | KSLB Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      252000 | NS      | $1.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERMIRA EUROPE III LP B LIMITED PARTNERSHIP                                          | PERMIRA EUROPE III LP B LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $2493.49      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $-220272.42   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Datix Bidco Limited                                                                  | Datix Bidco Limited                                                                  | CUSIP: 000000000<br>LEI: 2138007JSSM3UFPWGB32 | Long             | DBT              | CORP              | GB        |     2399040 | PA      | $2370911.30   | 0.01%             | 2031-04-01      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| APAX VIII A                                                                          | APAX VIII A                                                                          | CUSIP: 000000000<br>LEI: 213800GG7GXGLR3L4R72 | Long             | EC               | CORP              | GG        |      393985 | NS      | $365669.49    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ciddan S.a.r.l.                                                                      | Ciddan S.a.r.l.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |    23249522 | NS      | $2705992.37   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| High Bar Brands                                                                      | Dieter's Metal Fabricating Limited - First Lien                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      436086 | PA      | $429108.97    | 0.00%             | 2029-12-19      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Astorg VIII Co-Invest Open Health                                                    | Astorg VIII Co-Invest Open Health                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |    21396003 | OU      | $12877058.82  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW EXACT CARE LLC                                                                | ESCROW EXACT CARE LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $123590.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-433807.91   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ADVENT INTERNATIONAL GPE VI LP LIMITED PARTNERSHIP                                   | ADVENT INTERNATIONAL GPE VI LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $254398.70    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Howden Group Holdings Ltd                                                            | Howden Group Holdings Ltd 2024 USD Term Loan B                                       | CUSIP: 000000000<br>LEI: 875500V3HPKZIQP10J32 | Long             | LON              | CORP              | GB        |     3071040 | PA      | $3094349.34   | 0.02%             | 2030-04-18      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| Centauro Co-Investment Fund, L.P.                                                    | Centauro Co-Investment Fund, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |    13252512 | OU      | $4407172.71   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Capri Acquisitions Topco Limited                                                     | Capri Acquisitions Topco Limited                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     8345985 | NS      | $35887747.89  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FFL CAPITAL PARTNERS IV                                                              | FFL CAPITAL PARTNERS IV                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      744428 | NS      | $1134090.18   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AP VIII Prime Security Services Holdings, L.P.                                       | AP VIII Prime Security Services Holdings, L.P.                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     5925072 | OU      | $4142768.77   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AVISTA CAPITAL PARTNERS II LP LIMITED PARTNERSHIP                                    | AVISTA CAPITAL PARTNERS II LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.04         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LS POWER EQUITY III FEEDER 1                                                         | LS POWER EQUITY III FEEDER 1                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     5899032 | NS      | $9060984.17   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DPE Deutschland IV                                                                   | DPE Deutschland IV                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |           0 | OU      | $4719523.63   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ABINGWORTH BIOVENTURES V LP LIMITED PARTNERSHIP                                      | ABINGWORTH BIOVENTURES V LP LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.37         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RIMES TECHNOLOGIES CORPORATION                                                       | RIMES TECHNOLOGIES CORPORATION                                                       | CUSIP: 000000000<br>LEI: 549300BM81WFCQUGB130 | Long             | EC               | CORP              | US        |           0 | NS      | $4888834.28   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TRUCORDIA INSURANCE HLDNGS LLC                                                       | TRUCORDIA INSURANCE HLDNGS LLC TERM LOAN B                                           | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |     6500000 | PA      | $6558955.00   | 0.04%             | 2032-06-14      | Floating      | 7.56%                 | Yes           |                  3 | On Loan: No      |
| MONOMOY CAPITAL PARTNERS II LP LIMITED PARTNERSHIP                                   | MONOMOY CAPITAL PARTNERS II LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $126579.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BCPE EMPIRE HOLDINGS INC                                                             | BCPE Empire Holdings Inc 2025 Term Loan B                                            | CUSIP: 05550HAQ8<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |     4544321 | PA      | $4553682.77   | 0.03%             | 2030-12-11      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-4568427.87  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC.                                                                      | SABRE GLBL INC. - Senior                                                             | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2027-12-17      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| BAIN XIII                                                                            | BAIN XIII                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $19466461.93  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Kene Acquisition Inc                                                                 | Kene Acquisition Inc 2024 Delayed Draw Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      166847 | PA      | $164949.80    | 0.00%             | 2031-02-07      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| PG Esmeralda Pte. Ltd.                                                               | PG Esmeralda Pte. Ltd.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     7421005 | NS      | $2173224.36   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| USALCO LLC                                                                           | USALCO LLC 2024 Term Loan B                                                          | CUSIP: 91732NAL7<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |     1642521 | PA      | $1499190.61   | 0.01%             | 2031-09-30      | Floating      | 8.30%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-241950.37   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ZACAPA SARL                                                                          | Zacapa SARL 2024 Term Loan                                                           | CUSIP: 000000000<br>LEI: 213800VIVQIJLORBU468 | Long             | LON              | CORP              | LU        |     9186295 | PA      | $9224234.81   | 0.06%             | 2029-03-22      | Floating      | 8.03%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-5444476.36  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR European Fund V (EUR) SCSp                                                       | KKR European Fund V (EUR) SCSp                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $22757838.88  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                                              | Beach Acquisition Bidco LLC                                                          | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1778808.64   | 0.01%             | 2032-07-15      | Fixed         | 5.25%                 | Yes           |                  3 | On Loan: No      |
| Europa University Education Group, S.L.U.                                            | Europa University Education Group SL 2024 EUR 1st Lien Term Loan B                   | CUSIP: 000000000<br>LEI: 2549009PF73QPWLZWG67 | Long             | DBT              | CORP              | ES        |     3300000 | PA      | $3890203.68   | 0.02%             | 2031-10-30      | Floating      | 5.69%                 | Yes           |                  3 | On Loan: No      |
| DATIX BIDCO LIMITED                                                                  | DATIX BIDCO LIMITED                                                                  | CUSIP: 000000000<br>LEI: 2138007JSSM3UFPWGB32 | Long             | ABS-O            | CORP              | US        |      901982 | PA      | $976384.72    | 0.01%             | 2031-04-30      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     2058933 | NS      | $24036620.79  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TDR CAPITAL III B L.P.                                                               | TDR CAPITAL III B L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     2102502 | NS      | $2971595.37   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ODIDO GROUP HOLDING BV                                                               | Odido Group Holding BV                                                               | CUSIP: 000000000<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |     6000000 | PA      | $7072155.94   | 0.04%             | 2030-01-15      | Fixed         | 5.50%                 | Yes           |                  3 | On Loan: No      |
| Inspired FinCo Holdings Limited                                                      | Inspired FinCo Holdings Limited 2025 EUR Term Loan B6                                | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |      244444 | PA      | $286473.79    | 0.00%             | 2031-02-28      | Floating      | 5.37%                 | Yes           |                  3 | On Loan: No      |
| KPOCH Holdings, LP                                                                   | KPOCH Holdings, LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   187500000 | OU      | $199935000.00 | 1.21%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-995634.18   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1190227.00  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| HITECVISION SPRINGPOINT LP                                                           | HITECVISION SPRINGPOINT LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $1617.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Evergreen Services Group, LLC                                                        | Evergreen Services Group, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1870250 | PA      | $1864835.20   | 0.01%             | 2025-12-31      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Inmar Inc                                                                            | Inmar Inc 2023 Term Loan                                                             | CUSIP: 45763FAT5<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |     2288500 | PA      | $2309966.13   | 0.01%             | 2031-10-30      | Floating      | 10.26%                | Yes           |                  3 | On Loan: No      |
| AUGUST CAPITAL V, L.P.                                                               | AUGUST CAPITAL V, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      857687 | NS      | $747765.85    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 404 S.a r.l.                                           | Luxembourg Investment Company 404 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      145800 | NS      | $8378592.95   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IGT HOLDING IV AB                                                                    | IGT Holding IV AB 2025 USD Term Loan B5                                              | CUSIP: 000000000<br>LEI: 549300S0NZ6VQU5JU607 | Long             | LON              | CORP              | SE        |     3324000 | PA      | $3355179.12   | 0.02%             | 2031-09-01      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| CHARTER NEX US INC                                                                   | Charter NEX US Inc 2024 Term Loan B1                                                 | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |     1397940 | PA      | $1405488.67   | 0.01%             | 2030-11-29      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Lernen Bidco Limited                                                                 | Lernen Bidco Limited EUR Term Loan B1                                                | CUSIP: 000000000<br>LEI: 894500YKKF2CXAP6DR25 | Long             | LON              | CORP              | GB        |     6000000 | PA      | $7066831.61   | 0.04%             | 2029-04-25      | Floating      | 7.71%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-4752306.78  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                           | Cornerstone OnDemand, Inc. - First Lien                                              | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | DBT              | CORP              | US        |     1164000 | PA      | $1100778.93   | 0.01%             | 2028-10-16      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CHARTERHOUSE CAPITAL X L.P.                                                          | CHARTERHOUSE CAPITAL X L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     4344804 | NS      | $6276458.57   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR European Fund VI (USD)                                                           | KKR European Fund VI (USD)                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $5050340.34   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                                                  | LSF12 Crown US Commercial Bidco LLC Term Loan B                                      | CUSIP: 50221UAC5<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |     6800000 | PA      | $6825500.00   | 0.04%             | 2031-12-02      | Floating      | 8.58%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-2147479.35  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-1065064.88  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS LLC                                                         | FOCUS FINANCIAL PARTNERS LLC 2025 FUNGIBLE Add-On Term Loan B                        | CUSIP: 000000000<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |     4800000 | PA      | $4764000.00   | 0.03%             | 2031-09-15      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| EQT AB                                                                               | EQT AB                                                                               | CUSIP: 000000000<br>LEI: 213800U7P9GOIRKCTB34 | Long             |  | CORP              | SE        |      247644 | NS      | $8284882.37   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIN CAPITAL EUROPE V, SCSP                                                          | BAIN CAPITAL EUROPE V, SCSP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     1154485 | NS      | $1805195.76   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL SPV 2, L.P.                                                                       | SL SPV 2, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1295950.26   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THOMPSON ST CAP PARTNERS V LP                                                        | THOMPSON ST CAP PARTNERS V LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8531010.66   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR & CO INC -A                                                                      | KKR & CO INC -A                                                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             |  | CORP              | US        |      120962 | NS      | $16077059.42  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EOLO S.P.A.                                                                          | EOLO S.P.A.                                                                          | CUSIP: 000000000<br>LEI: 81560046D0F489B08569 | Long             | EP               | CORP              | IT        |     5384750 | NS      | $6898669.19   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC CAPITAL PARTNERS IX L.P.                                                         | CVC CAPITAL PARTNERS IX L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      133185 | NS      | $149857.58    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Idera Parent, LP.                                                                    | Idera Parent, LP.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   151702453 | OU      | $168681142.81 | 1.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FAIRJOURNEY BIOLOGICS                                                                | FAIRJOURNEY BIOLOGICS                                                                | CUSIP: 000000000<br>LEI: 894500O16E2NZ5MM4R66 | Long             | EC               | CORP              | PT        |      358449 | NS      | $1.26         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESSENDI SA                                                                           | Essendi SA                                                                           | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |     3140000 | PA      | $3732283.61   | 0.02%             | 2032-05-15      | Floating      | 5.81%                 | Yes           |                  3 | On Loan: No      |
| ESCROW VISTRA GROUP LIMITED                                                          | ESCROW VISTRA GROUP LIMITED                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7428 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sedgwick Claims Management Services Inc                                              | Sedgwick Claims Management Services Inc 2023 Term Loan B                             | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | DBT              | CORP              | US        |     1741250 | PA      | $8462141.03   | 0.05%             | 2031-07-31      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Oceankey II Corp.                                                                    | Oceankey II Corp. - Senior                                                           | CUSIP: 67526KAC3<br>LEI: 254900Q3ECXZMSZNNZ82 | Long             | DBT              | CORP              | US        |           0 | PA      | $1998213.29   | 0.01%             | 2028-12-15      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| VERISURE HOLDING AB                                                                  | Verisure Holding AB                                                                  | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |    10000000 | PA      | $11725199.12  | 0.07%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS III B LIMITED PARTNERSHIP                                    | CARLYLE EUROPE PARTNERS III B LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IRIS Holdings Inc.                                                                   | IRIS HOLDINGS INC. - Initial Term Loan                                               | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |           0 | PA      | $5632635.11   | 0.03%             | 2028-06-28      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| ZF Invest                                                                            | ZF Invest                                                                            | CUSIP: 000000000<br>LEI: 969500AEFV8YOHIJUO57 | Long             | DBT              | CORP              | FR        |     4800000 | PA      | $5646424.86   | 0.03%             | 2028-07-12      | Floating      | 5.42%                 | Yes           |                  3 | On Loan: No      |
| GRYPHON PARTNERS V, L.P.                                                             | GRYPHON PARTNERS V, L.P.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8575960.08   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners VI, L.P.                                                        | Silver Lake Partners VI, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $38523239.97  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palmer Square CLO Ltd                                                                | Palmer Square CLO 2024-2 LTD                                                         | CUSIP: 69703MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4145819.52   | 0.03%             | 2037-07-20      | Floating      | 9.97%                 | Yes           |                  3 | On Loan: No      |
| CVC ASIA PACIFIC IV, L.P.                                                            | CVC ASIA PACIFIC IV, L.P.                                                            | CUSIP: 000000000<br>LEI: 529900L9S1ZHZ0788G48 | Long             | EC               | CORP              | KY        |     1445497 | NS      | $1812019.57   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SLP West Holdings Co-Invest Feeder II, L.P.                                          | SLP West Holdings Co-Invest Feeder II, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |       23429 | OU      | $1.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VARSITY BRANDS INC                                                                   | Varsity Brands Inc 2025 Term Loan                                                    | CUSIP: 92227QAF3<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |     3790500 | PA      | $3805207.14   | 0.02%             | 2031-08-26      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE ASIA PARTNERS IV, L.P.                                                       | CARLYLE ASIA PARTNERS IV, L.P.                                                       | CUSIP: 000000000<br>LEI: 5493003KQP0QLAVZBU25 | Long             | EC               | CORP              | KY        |      635001 | NS      | $866590.94    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Icon Partners IV, L.P.                                                               | Icon Partners IV, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6343988.76   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Olympus Water US Holding Corporation                                                 | Olympus Water US Holding Corporation 2024 USD Term Loan                              | CUSIP: 68163YAJ4<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |     1370234 | PA      | $1362451.22   | 0.01%             | 2031-06-20      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| BLACKSTONE GROUP INC/THE -A                                                          | BLACKSTONE GROUP INC/THE -A                                                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             |  | CORP              | US        |       89658 | NS      | $13410147.06  | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Bidco SpA                                                                   | TeamSystem SpA                                                                       | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     6000000 | PA      | $7002540.87   | 0.04%             | 2028-02-15      | Fixed         | 3.50%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1840820.09  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Sound Inpatient Physicians                                                           | Sound Inpatient Physicians 2024 Tranche B Term Loan (Second Out)                     | CUSIP: 83607JAE1<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |     1000422 | PA      | $4830736.37   | 0.03%             | 2028-06-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE PARTNERS V, L.P.                                                             | CARLYLE PARTNERS V, L.P.                                                             | CUSIP: 000000000<br>LEI: 549300WG3G5LSWOUFS50 | Long             | EC               | CORP              | US        |      416540 | NS      | $350112.77    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Global Market Strategies Euro CLO 2015-1 DAC 0.000 16 Jan 2033 Sub 144A      | Carlyle Global Market Strategies Euro CLO 2015-1 DAC 0.000 16 Jan 2033 Sub 144A      | CUSIP: 000000000<br>LEI: 6354009FNKUUSW6DCK80 | Long             | ABS-CBDO         | CORP              | IE        |     3000000 | PA      | $685033.84    | 0.00%             | 2033-01-16      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ADVENT INTERNATIONAL GPE VI B LIMITED PARTNERSHIP                                    | ADVENT INTERNATIONAL GPE VI B LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $110239.44    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elmwood CLO 28 Ltd                                                                   | Elmwood CLO 28 Ltd                                                                   | CUSIP: 29003PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1400000 | PA      | $1455714.51   | 0.01%             | 2037-04-17      | Floating      | 10.28%                | Yes           |                  3 | On Loan: No      |
| ACP INVESTMENT FUND, LP                                                              | ACP INVESTMENT FUND, LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       83355 | NS      | $132245.01    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WHCG PURCHASER, LP 1                                                                 | WHCG PURCHASER, LP 1                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $3368881.39   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $2861313.96   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE DIRECT INV, V                                                            | PERFORMANCE DIRECT INV, V                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1660718 | NS      | $1660718.22   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE PARTNERS VII LP LIMITED PARTNERSHIP                                          | CARLYLE PARTNERS VII LP LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $55969673.29  | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE LTD                                                                 | PG ESMERALDA PTE LTD                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     6853838 | NS      | $12888217.01  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND X, L.P.                                                            | BAIN CAPITAL FUND X, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      471218 | NS      | $668907.17    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT IX, L.P. (USD)                                                                   | EQT IX, L.P. (USD)                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $20513079.40  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Warburg Pincus Global Growth 14, L.P.                                                | Warburg Pincus Global Growth 14, L.P.                                                | CUSIP: 000000000<br>LEI: 549300Q0SQ1DXWXY4D79 | Long             |  | CORP              | US        |           0 | OU      | $7838825.75   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS II LP LIMITED PARTNERSHIP                                    | CARLYLE EUROPE PARTNERS II LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.16         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Primo Brands Corporation                                                             | Primo Brands Corporation 2025 Term Loan B                                            | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     1344250 | PA      | $1351575.96   | 0.01%             | 2028-03-31      | Floating      | 6.55%                 | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS III LP B LIMITED PARTNERSHIP                                    | SILVER LAKE PARTNERS III LP B LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $151981.12    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENSTAR CAPITAL PARTNERS VI LP LIMITED PARTNERSHIP                                   | GENSTAR CAPITAL PARTNERS VI LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $207665.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LEE EQUITY PARTNERS II, L.P.                                                         | LEE EQUITY PARTNERS II, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2473549.01   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SHERWOOD FINANCING PLC                                                               | Sherwood Financing PLC                                                               | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |     4000000 | PA      | $5446167.06   | 0.03%             | 2026-11-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| ORION US FINCO INC.                                                                  | Orion US Finco Inc 1st Lien Term Loan                                                | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4800000 | PA      | $4834272.00   | 0.03%             | 2032-05-20      | Floating      | 7.81%                 | Yes           |                  3 | On Loan: No      |
| Aimco                                                                                | AIMCO CLO 21 Ltd                                                                     | CUSIP: 00901XAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     3000000 | PA      | $3104445.63   | 0.02%             | 2037-04-18      | Floating      | 10.27%                | Yes           |                  3 | On Loan: No      |
| TEAMSYSTEM SPA                                                                       | TeamSystem SpA                                                                       | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |     3830000 | PA      | $4505174.27   | 0.03%             | 2031-07-31      | Floating      | 5.78%                 | Yes           |                  3 | On Loan: No      |
| HANGER INC                                                                           | Hanger Inc 2024 Delayed Draw Term Loan                                               | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |      250856 | PA      | $250014.87    | 0.00%             | 2031-10-23      | Variable      | 7.82%                 | Yes           |                  3 | On Loan: No      |
| Pre-Paid Legal Services Inc                                                          | Pre-Paid Legal Services Inc 2021 Term Loan                                           | CUSIP: 74006LAS1<br>LEI: 549300DKH5WJ2J8QU878 | Long             | DBT              | CORP              | US        |    10675568 | PA      | $10641038.75  | 0.06%             | 2028-12-15      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Tivity Health, Inc.                                                                  | Tivity Health, Inc. - Unitranche                                                     | CUSIP: 000000000<br>LEI: U5UKZMHGMOP0CPFG4B24 | Long             | DBT              | CORP              | US        |    20388166 | PA      | $20272374.28  | 0.12%             | 2029-06-28      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| JVP MEDIA V, L.P.                                                                    | JVP MEDIA V, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      704405 | NS      | $882769.99    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                                               | IMA Industria Macchine Automatiche SpA                                               | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |     6000000 | PA      | $7006234.28   | 0.04%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  3 | On Loan: No      |
| Berkshire Fund VIII, L.P.                                                            | Berkshire Fund VIII, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10647739.49  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Allied Universal Holdco LLC                                                          | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                         | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-05-12      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| KKR Associates Indigo Equity Partners, L.P.                                          | KKR Associates Indigo Equity Partners, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2066793.22   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-1405202.23  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| The Baring Asia Private Equity Fund VII, L.P.                                        | The Baring Asia Private Equity Fund VII, L.P.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5311691.22   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Green DC LuxCo sarl                                                                  | Green DC LuxCo sarl                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    37402098 | OU      | $42712934.39  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HONY CAPITAL PARTNERS V LP                                                           | HONY CAPITAL PARTNERS V LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $2271524.18   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG PARTNERS V LP C LIMITED PARTNERSHIP                                              | TPG PARTNERS V LP C LIMITED PARTNERSHIP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.07         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PLANO HOLDCO INC                                                                     | Plano HoldCo Inc Term Loan B                                                         | CUSIP: 72712EAB3<br>LEI: 254900C53JLEP3CCOQ10 | Long             | LON              | CORP              | US        |     4788000 | PA      | $4620420.00   | 0.03%             | 2031-10-02      | Floating      | 7.79%                 | Yes           |                  3 | On Loan: No      |
| Skywalker BidCo GmbH - Unitranche DDTL                                               | Skywalker BidCo GmbH - Unitranche DDTL                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     2225494 | PA      | $2410064.49   | 0.01%             | 2030-12-20      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| HERA CO INVESTMENT LP                                                                | HERA CO INVESTMENT LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $16338313.95  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WHCG Purchaser, LP                                                                   | WHCG Purchaser, LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    68399200 | OU      | $10685186.23  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1021673.60  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| POLYUSUS LUX XVI S.A.R.L.                                                            | POLYUSUS LUX XVI S.A.R.L.                                                            | CUSIP: 000000000<br>LEI: 5299005I6KUTPNYY8G45 | Long             | EP               | CORP              | AT        |          22 | NS      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIGMA PARTNERS 8, LP                                                                 | SIGMA PARTNERS 8, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      366206 | NS      | $653016.93    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |      726600 | OU      | $651058.73    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elmwood CLO X Ltd                                                                    | Elmwood CLO X Ltd                                                                    | CUSIP: 29002WAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2000000.00   | 0.01%             | 2038-07-20      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Insight Venture Partners Continuation Fund, L.P.                                     | Insight Venture Partners Continuation Fund, L.P.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $51620585.41  | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BARING ASIA PE VII LP                                                                | BARING ASIA PE VII LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      295626 | NS      | $379402.86    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | PT        |    27236127 | NS      | $9375245.43   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 404 S.a r.l.                                           | Luxembourg Investment Company 404 S.a r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |    13620275 | OU      | $17546745.97  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARTEMIS BIDCO SAS                                                                    | ARTEMIS BIDCO SAS EUR TERM LOAN B                                                    | CUSIP: 000000000<br>LEI: 636700R5GUXSGSLJT555 | Long             | LON              | CORP              | FR        |     3600000 | PA      | $4240098.97   | 0.03%             | 2032-05-28      | Floating      | 5.83%                 | Yes           |                  3 | On Loan: No      |
| ECI MACOLA MAX HOLDING LLC                                                           | ECI Macola Max Holding LLC 2024 Term Loan                                            | CUSIP: 26825UAM3<br>LEI: 549300MZ2LKM75L5EI42 | Long             | LON              | CORP              | US        |     1632373 | PA      | $1638935.24   | 0.01%             | 2030-05-09      | Floating      | 7.54%                 | Yes           |                  3 | On Loan: No      |
| Icon Partners V, L.P.                                                                | Icon Partners V, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $42603349.08  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSIGHT XII CO INVEST                                                                | INSIGHT XII CO INVEST                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1180417.80   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MADISON DEARBORN CAP PRTNRS V LIMITED PARTNERSHIP                                    | MADISON DEARBORN CAP PRTNRS V LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barracuda Networks Inc                                                               | Barracuda Networks Inc - Second Lien                                                 | CUSIP: 06832FAE7<br>LEI: 549300CXGRZWNMPU8080 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1248140.00   | 0.01%             | 2030-05-17      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                                             | Raven Acquisition Holdings LLC                                                       | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1207910.40   | 0.01%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $2798.09      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO OVRSEAS PARTNERS VII DE LIMITED PARTNERSHIP                                   | APOLLO OVRSEAS PARTNERS VII DE LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-672791.73   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| STERLING SMG 2009                                                                    | STERLING SMG 2009                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      285021 | NS      | $587804.01    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-253221.56   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Cornerstone Building Brands Inc                                                      | Cornerstone Building Brands Inc 2024 Term Loan B                                     | CUSIP: 72431HAE0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     1691500 | PA      | $1455253.13   | 0.01%             | 2031-05-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| AQA Acquisition Holding Inc                                                          | AQA Acquisition Holding Inc 2024 Term Loan                                           | CUSIP: 03836HAJ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-03-03      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| UPSTREAM REHABILITION INC                                                            | UPSTREAM REHABILITION INC - Senior                                                   | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | DBT              | CORP              | US        |     6125783 | PA      | $4819161.78   | 0.03%             | 2026-11-20      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| TH LEE PARALLEL CAYMAN VII                                                           | TH LEE PARALLEL CAYMAN VII                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2783114 | NS      | $3696345.55   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Luxembourg Investment Company 261 S.a.r.l.                                           | Luxembourg Investment Company 261 S.a.r.l.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    41828495 | OU      | $74230967.68  | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CyrusOne Finance Corp                                                                | CyrusOne Finance Corp                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $97137219.44  | 0.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $-235966.83   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE FUND IX, L.P.                                                              | BERKSHIRE FUND IX, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $14066378.45  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | LU        |     1317968 | NS      | $2513367.82   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC CAPITAL PARTNERS VII L.P.                                                        | CVC CAPITAL PARTNERS VII L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     1996952 | NS      | $3044862.96   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVENT INTERNATIONAL GPE VII LIMITED PARTNERSHIP                                     | ADVENT INTERNATIONAL GPE VII LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1010464.45   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INCEPTION HOLDCO SARL                                                                | Inception Holdco Sarl 2025 USD Term Loan B                                           | CUSIP: 45073SAB1<br>LEI: 549300V0LY56J9HGCK92 | Long             | LON              | CORP              | US        |     1089000 | PA      | $1099900.89   | 0.01%             | 2031-04-09      | Floating      | 8.05%                 | Yes           |                  3 | On Loan: No      |
| Vinci SA                                                                             | Vinci SA                                                                             | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             |  | CORP              | FR        |      164113 | NS      | $24090634.33  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGH BAR BRANDS OPERATING LLC                                                        | High Bar Brands Operating LLC Term Loan                                              | CUSIP: 42964JAD6<br>LEI: 549300GYWHGR0ILB1A53 | Long             | LON              | CORP              | US        |     2093215 | PA      | $2059723.10   | 0.01%             | 2029-12-19      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| AUDIOTONIX                                                                           | AUDIOTONIX                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |           0 | NS      | $17433805.42  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TC Energy Corp                                                                       | TC Energy Corp                                                                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             |  | CORP              | CA        |      221786 | NS      | $10762571.93  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square European Loan Funding 2022-1 DAC 5.900 15 Oct 2031 Class E 144A        | Palmer Square European Loan Funding 2022-1 DAC 5.900 15 Oct 2031 Class E 144A        | CUSIP: 000000000<br>LEI: 549300OGFKGCPL337N48 | Long             | ABS-CBDO         | CORP              | IE        |      667000 | PA      | $803563.58    | 0.00%             | 2031-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| VICTORIA SOUTH AMER. PARTNR II                                                       | VICTORIA SOUTH AMER. PARTNR II                                                       | CUSIP: 000000000<br>LEI: 549300CCT8RA902O2457 | Long             | EC               | CORP              | US        |      422104 | NS      | $123061.56    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 60 S.a.r.l.                                                    | PG Investment Company 60 S.a.r.l.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | GB        |      784765 | NS      | $2958233.27   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLOS B&B ITALIA SPA                                                                  | Flos B&b Italia SPA                                                                  | CUSIP: 000000000<br>LEI: 815600907387ED411436 | Long             | DBT              | CORP              | IT        |     5000000 | PA      | $5678227.07   | 0.03%             | 2029-12-15      | Floating      | 5.85%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-1121268.88  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| OPAL BIDCO SAS                                                                       | Opal Bidco SAS USD Term Loan B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6100000 | PA      | $6149593.00   | 0.04%             | 2032-04-28      | Floating      | 7.52%                 | Yes           |                  3 | On Loan: No      |
| SUMMIT GROWTH EQUITY VIII B LP                                                       | SUMMIT GROWTH EQUITY VIII B LP                                                       | CUSIP: 000000000<br>LEI: 549300P3DS2QJ4HQ1480 | Long             | EC               | CORP              | US        |       97514 | NS      | $145023.99    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SL SPV-1, L.P.                                                                       | SL SPV-1, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLACKHAWK NETWORK HOLDINGS INC                                                       | Blackhawk Network Holdings Inc 2025 Term Loan B                                      | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |     6138155 | PA      | $6185664.32   | 0.04%             | 2029-03-12      | Floating      | 8.33%                 | Yes           |                  3 | On Loan: No      |
| BC EUROPEAN CAPITAL IX, L.P.                                                         | BC EUROPEAN CAPITAL IX, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      333944 | NS      | $1542010.90   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERMIRA VII L.P.                                                                     | PERMIRA VII L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $32806207.80  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LEEDS EQUITY PARTNERS VI, L.P.                                                       | LEEDS EQUITY PARTNERS VI, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $17578595.33  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1991075.93  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1018954.20  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Help/Systems Holdings, Inc                                                           | Help/Systems Holdings, Inc - Second Lien                                             | CUSIP: 40435TAK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3600000 | PA      | $2745000.00   | 0.02%             | 2027-11-19      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| STERLING CAPITAL PARTNERS IV                                                         | STERLING CAPITAL PARTNERS IV                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      320943 | NS      | $0.96         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KLEINER PERKINS XXI, LLC                                                             | KLEINER PERKINS XXI, LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1787500 | NS      | $1787500.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | LU        |    18549374 | NS      | $36249672.36  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BAIN CAPITAL FUND VII, L.P.                                                          | BAIN CAPITAL FUND VII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      462822 | NS      | $721268.58    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GA Continuity Fund I L.P.                                                            | GA Continuity Fund I L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $92891333.02  | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZEPHYR SYNDICATION L.P.                                                              | ZEPHYR SYNDICATION L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |           0 | NS      | $17492542.52  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Summit Acquisition Inc                                                               | Summit Acquisition Inc 2024 Term Loan B                                              | CUSIP: 86600DAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      997500 | PA      | $1002487.50   | 0.01%             | 2031-10-16      | Floating      | 8.01%                 | Yes           |                  3 | On Loan: No      |
| TA XI, LP                                                                            | TA XI, LP                                                                            | CUSIP: 000000000<br>LEI: 549300PRKYRGDRRMWL35 | Long             |  | CORP              | US        |           0 | OU      | $380575.27    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW GBA GESELLSCHAFT FUR                                                          | ESCROW GBA GESELLSCHAFT FUR                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |     1432376 | NS      | $1.68         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEP Group Inc                                                                        | NEP Group Inc 2023 Term Loan B                                                       | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1071076 | PA      | $996100.92    | 0.01%             | 2026-08-19      | Floating      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| kdc/one Development Corporation, Inc.                                                | kdc/one Development Corporation, Inc. 2020 Term Loan B                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1476919 | PA      | $0.00         | 0.00%             | 2025-12-22      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| TRINITY VENTURES 2024, L.P.                                                          | TRINITY VENTURES 2024, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    38680007 | NS      | $49941768.91  | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APAX X USD                                                                           | APAX X USD                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1924234 | NS      | $2083984.29   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR Associates Indigo Equity Partners, L.P.                                          | KKR Associates Indigo Equity Partners, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $140385827.44 | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHARLOTTE BUYER INC                                                                  | Charlotte Buyer Inc 2025 Repriced Term Loan B                                        | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4036413 | PA      | $4043355.97   | 0.02%             | 2028-02-11      | Floating      | 8.58%                 | Yes           |                  3 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                                                 | Infrastrutture Wireless Italiane SpA                                                 | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |      787122 | NS      | $9587101.80   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $1436335.60   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rainbow Finco Sa rl                                                                  | Rainbow Finco Sa rl EUR Term Loan B                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    11935918 | PA      | $12883318.06  | 0.08%             | 2029-02-23      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| MATADOR BIDCO SARL                                                                   | Matador Bidco Sarl 2024 Term Loan B                                                  | CUSIP: 000000000<br>LEI: 549300CNVJU6794GIZ49 | Long             | LON              | CORP              | LU        |     8523676 | PA      | $8587603.53   | 0.05%             | 2029-07-30      | Floating      | 8.58%                 | Yes           |                  3 | On Loan: No      |
| NAKED JUICE LLC                                                                      | Naked Juice LLC 2025 FLSO Term Loan                                                  | CUSIP: 62984CAM5<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |     1326995 | PA      | $984192.24    | 0.01%             | 2029-01-24      | Floating      | 7.68%                 | Yes           |                  3 | On Loan: No      |
| EXPONENT PE PARTNERS V 1                                                             | EXPONENT PE PARTNERS V 1                                                             | CUSIP: 000000000<br>LEI: 984500FSFD56112DME22 | Long             | EC               | CORP              | GB        |      318415 | NS      | $518827.37    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HONY CAPITAL VIII (CAYMAN)                                                           | HONY CAPITAL VIII (CAYMAN)                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      767204 | NS      | $1089431.83   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     3936244 | NS      | $1.11         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR EUROPEAN FUND III LP C LIMITED PARTNERSHIP                                       | KKR EUROPEAN FUND III LP C LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clayton, Dubilier & Rice Fund XI, L.P.                                               | Clayton, Dubilier & Rice Fund XI, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $17120150.79  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Delta 2 (LUX) S.a.r.l.                                                               | Delta 2 (LUX) Sarl 2024 Term Loan B1                                                 | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |     2066667 | PA      | $2075387.99   | 0.01%             | 2031-09-30      | Floating      | 6.32%                 | Yes           |                  3 | On Loan: No      |
| Mauritius (Luxemburg) Investments Sarl / Common Equity                               | Mauritius (Luxemburg) Investments Sarl / Common Equity                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |       11698 | NS      | $1.16         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INCEPTION HOLDCO S A R L                                                             | INCEPTION HOLDCO S A R L 2025 USD FUNGIBLE TERM LOAN                                 | CUSIP: 45073SAC9<br>LEI: 549300V0LY56J9HGCK92 | Long             | LON              | CORP              | US        |      300000 | PA      | $303003.00    | 0.00%             | 2031-04-18      | Floating      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| KKR European Fund VI (USD)                                                           | KKR European Fund VI (USD)                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $7809800.04   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XVI SARL SHL                                                            | POLYUSUS LUX XVI SARL SHL                                                            | CUSIP: 000000000<br>LEI: 5299005I6KUTPNYY8G45 | Long             |  | CORP              | AT        |      339873 | OU      | $1.20         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Diligent Corporation                                                                 | Diligent Corporation 2024 Revolver                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20857887 | PA      | $2365746.46   | 0.01%             | 2030-08-02      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Naked Juice LLC                                                                      | Naked Juice LLC Term Loan                                                            | CUSIP: 62984CAD5<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | DBT              | CORP              | US        |     1979644 | PA      | $0.00         | 0.00%             | 2029-01-24      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| White Cap Supply Holdings, LLC                                                       | White Cap Buyer LLC 2024 Term Loan B                                                 | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |     4577000 | PA      | $4565465.96   | 0.03%             | 2029-10-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Aparca8 Capital Estacionamientos, S.C.R., S.A.                                       | Aparca8 Capital Estacionamientos, S.C.R., S.A.                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | ES        |           0 | OU      | $10197175.51  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FAIRJOURNEY BIOLOGICS                                                                | FAIRJOURNEY BIOLOGICS                                                                | CUSIP: 000000000<br>LEI: 894500O16E2NZ5MM4R66 | Long             | EP               | CORP              | PT        |    43478798 | NS      | $52518919.60  | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-366727.60   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ESCROW ELGIN CO INVESTMENT LP2                                                       | ESCROW ELGIN CO INVESTMENT LP2                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAI EUROPE VI 1 LP LIMITED PARTNERSHIP                                               | PAI EUROPE VI 1 LP LIMITED PARTNERSHIP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $4027696.35   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Velvet LP SCS                                                                        | VELVET LP SCS                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PL        |           0 | NS      | $200249.61    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Partners VII, L.P.                                                           | Carlyle Partners VII, L.P.                                                           | CUSIP: 000000000<br>LEI: 549300F8LRP7EYGJD520 | Long             |  | CORP              | US        |           0 | OU      | $24130359.47  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Welsh, Carson, Anderson & Stowe XIV, L.P.                                            | Welsh, Carson, Anderson & Stowe XIV, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2153775.69   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SANDVINE CORPORATION                                                                 | Sandvine Corporation 2025 Exit Term Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      593695 | PA      | $534325.18    | 0.00%             | 2025-03-03      | Variable      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Aurium CLO VII DAC 5.860 15 May 2034 Class E 144A                                    | Aurium CLO VII DAC 5.860 15 May 2034 Class E 144A                                    | CUSIP: 000000000<br>LEI: 549300V2IBKMYWMKX423 | Long             | ABS-CBDO         | CORP              | IE        |     1521243 | PA      | $1798560.35   | 0.01%             | 2034-05-15      | Floating      | 5.86%                 | Yes           |                  3 | On Loan: No      |
| Gilde Buy-Out Fund VI C.V.                                                           | Gilde Buy-Out Fund VI C.V.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |           0 | OU      | $26317802.40  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MAINSAIL PARTNERS III, LP                                                            | MAINSAIL PARTNERS III, LP                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $231898.82    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Athena BidCo GmbH                                                                    | Athena BidCo GmBH 2020 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 3912007R7X33FTYO8Z65 | Long             | DBT              | CORP              | DE        |      264895 | PA      | $0.00         | 0.00%             | 2027-03-31      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| MOTEL ONE GMBH                                                                       | Motel One GmbH EUR Term Loan B                                                       | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | LON              | CORP              | DE        |     8300000 | PA      | $9800131.88   | 0.06%             | 2032-05-03      | Floating      | 6.44%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $-18339.20    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Acrisure LLC                                                                         | Acrisure LLC / Acrisure Finance Inc                                                  | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3000000 | PA      | $3085926.00   | 0.02%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2067262.71  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-616909.83   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RIVEAN CAPITAL FUND VII                                                              | RIVEAN CAPITAL FUND VII                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |           0 | OU      | $315416.33    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wellman Park CLO Ltd                                                                 | Wellman Park CLO Ltd                                                                 | CUSIP: 94972AAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2082199.20   | 0.01%             | 2037-07-15      | Floating      | 10.56%                | Yes           |                  3 | On Loan: No      |
| CITRIN COOPERMAN ADVISORS LLC                                                        | Citrin Cooperman Advisors LLC 2025 Term Loan B                                       | CUSIP: 17737EAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4200000 | PA      | $3964353.27   | 0.02%             | 2032-04-01      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| APH EXTENDED VALUE H LP (US)                                                         | APH EXTENDED VALUE H LP (US)                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    33157420 | NS      | $36732950.39  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polyusus Lux XXIII S.a r.l. / Preferred Equity (Apr 22)                              | Polyusus Lux XXIII S.a r.l. / Preferred Equity (Apr 22)                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |     1155552 | NS      | $63317.38     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORD ANGLIA EDUCATION PLC                                                            | NORD ANGLIA EDUCATION PLC                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |           0 | NS      | $11063763.16  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSIGHT XII CO INVEST (1)                                                            | INSIGHT XII CO INVEST (1)                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $944334.25    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPECIALTY PHARMA HOLDINGS LP                                                         | Specialty Pharma Holdings LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    90509738 | OU      | $143833911.43 | 0.87%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS IV LIMITED PARTNERSHIP                                       | CARLYLE EUROPE PARTNERS IV LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.17         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aston Lux Acquisitions S.ar.l                                                        | Aston Lux Acquisitions S.ar.l                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     2881265 | OU      | $4331440.65   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tank Holding Corporation                                                             | Tank Holding Corporation Unitranche                                                  | CUSIP: 87583FAN8<br>LEI: 549300WQKU58ILVYFJ26 | Long             | DBT              | CORP              | US        |    20899620 | PA      | $19939491.46  | 0.12%             | 2028-03-31      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| PAI EUROPE VI, L.P.                                                                  | PAI EUROPE VI, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     1895103 | NS      | $2660569.81   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW VEPF VII CO INVEST 2A                                                         | ESCROW VEPF VII CO INVEST 2A                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $30460.22     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIFC Funding Ltd                                                                     | CIFC Funding 2021-IV Ltd                                                             | CUSIP: 12547GAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $965700.79    | 0.01%             | 2037-07-23      | Floating      | 10.48%                | Yes           |                  3 | On Loan: No      |
| Blackrock European CLO VIII DAC 6.260 20 Jan 2036 Class ER 144A                      | Blackrock European CLO VIII DAC 6.260 20 Jan 2036 Class ER 144A                      | CUSIP: 000000000<br>LEI: 549300OTSZ7OLB1QJL06 | Long             | ABS-CBDO         | CORP              | IE        |     1000000 | PA      | $1203808.99   | 0.01%             | 2036-01-20      | Floating      | 6.26%                 | Yes           |                  3 | On Loan: No      |
| ESCROW SHINGLE COINVEST LP                                                           | ESCROW SHINGLE COINVEST LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           0 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOURYON FINANCE BV                                                                   | Nouryon Finance BV 2024 USD Term Loan B1                                             | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     2641535 | PA      | $2661346.46   | 0.02%             | 2028-04-03      | Floating      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| NG CAPITAL PARTNERS I, L.P.                                                          | NG CAPITAL PARTNERS I, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |           1 | NS      | $885.00       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LIVING BRIDGE 5 L.P.                                                                 | LIVING BRIDGE 5 L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      234763 | NS      | $759004.96    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rivean Special Opportunity Fund I Cooperatief U.A.                                   | Rivean Special Opportunity Fund I Cooperatief U.A.                                   | CUSIP: 25213YAU9<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | DBT              | CORP              | US        |     1556000 | PA      | $3893487.84   | 0.02%             | 2028-10-04      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Kaman Corporation                                                                    | Kaman Corporation 2025 Delayed Draw Term Loan                                        | CUSIP: 48354VAN2<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |      215517 | PA      | $215247.84    | 0.00%             | 2032-02-26      | Fixed         | 7.08%                 | Yes           |                  3 | On Loan: No      |
| Axcel VII K/S                                                                        | Axcel VII K/S                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $609019.75    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-840157.11   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                                | Quikrete Holdings Inc 2025 Term Loan B                                               | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     2872800 | PA      | $2879637.26   | 0.02%             | 2032-02-10      | Floating      | 6.58%                 | Yes           |                  3 | On Loan: No      |
| MESA NATURAL GAS SOLUTIONS                                                           | MESA NATURAL GAS SOLUTIONS                                                           | CUSIP: 000000000<br>LEI: 9845008457DB3860A558 | Long             | EC               | CORP              | US        |           0 | NS      | $11223792.04  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |     1790256 | OU      | $5079866.87   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dorna Sports SL                                                                      | Dorna Sports SL 2022 EUR Term Loan B                                                 | CUSIP: 000000000<br>LEI: 95980020140005602218 | Long             | DBT              | CORP              | ES        |     5374619 | PA      | $5880108.47   | 0.04%             | 2029-03-30      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| EPIC I-b Fund SLP                                                                    | EPIC I-b Fund SLP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $29306426.27  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APAX EUROPE VII B                                                                    | APAX EUROPE VII B                                                                    | CUSIP: 000000000<br>LEI: 213800NESKZJGJXPS434 | Long             | EC               | CORP              | GG        |       26926 | NS      | $30787.66     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GREENCROSS LIMITED                                                                   | GREENCROSS LIMITED AUD TERM LOAN                                                     | CUSIP: 000000000<br>LEI: 549300T7CZ1RJUGVYR22 | Long             | LON              | CORP              | AU        |     9364117 | PA      | $8810628.43   | 0.05%             | 2025-02-26      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| WINDJAMMER SEN EQ IV LIMITED PARTNERSHIP                                             | WINDJAMMER SEN EQ IV LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3057987.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DBAG FUND VI (GUERNSEY) LP                                                           | DBAG FUND VI (GUERNSEY) LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |      292526 | NS      | $451148.42    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | US        |           1 | NC      | $-1613438.40  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-3714029.93  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Nu Pagamentos SA                                                                     | Nu Pagamentos SA                                                                     | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             |  | CORP              | KY        |       40344 | NS      | $553519.68    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-4694666.78  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Ziggo Financing Partnership                                                          | Ziggo Financing Partnership - Senior                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6000000 | PA      | $5897220.00   | 0.04%             | 2028-04-30      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Clearlake Capital Partners VI, L.P.                                                  | Clearlake Capital Partners VI, L.P.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $21131730.10  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SOUTHERN CAPITAL FUND IV L.P.                                                        | SOUTHERN CAPITAL FUND IV L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5578225.16   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AGL CLO Ltd.                                                                         | AGL CLO 9 LTD                                                                        | CUSIP: 001208AE7<br>LEI: 549300U1G1VA46DEO184 | Long             | ABS-CBDO         | CORP              | KY        |     3500000 | PA      | $3602457.39   | 0.02%             | 2037-04-20      | Floating      | 10.77%                | Yes           |                  3 | On Loan: No      |
| VISTA VII LP                                                                         | VISTA VII LP                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     7911977 | NS      | $7371917.35   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hunter Douglas Inc.                                                                  | Hunter Douglas Inc 2025 USD Term Loan B                                              | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     9386807 | PA      | $9419097.51   | 0.06%             | 2032-01-20      | Floating      | 7.53%                 | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-2740750.41  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | US        |           1 | NC      | $-3409410.08  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Charterhouse Capital Partners XI                                                     | Charterhouse Capital Partners XI                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6491852.92   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ABINGWORTH BIOVENT V COINV GW LIMITED PARTNERSHIP                                    | ABINGWORTH BIOVENT V COINV GW LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.37         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FFML Holdco Limited                                                                  | FFML Holdco Limited - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |    11564338 | PA      | $11262860.73  | 0.07%             | 2028-11-30      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |      857658 | OU      | $768490.89    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALBION FINANCING 3 SARL                                                              | Albion Financing 3 SARL 2025 USD Term Loan B                                         | CUSIP: 00847NAE6<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     4893223 | PA      | $4882846.67   | 0.03%             | 2029-08-16      | Floating      | 7.26%                 | Yes           |                  3 | On Loan: No      |
| NAVIS ASIA FUND VII, L.P.                                                            | NAVIS ASIA FUND VII, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    10362003 | NS      | $16041261.07  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Value Building Partners I, L.P.                                                 | CD&R Value Building Partners I, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $65100657.18  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pascal Midco 2, LLC                                                                  | Pascal Midco 2, LLC - Unitranche                                                     | CUSIP: 26745LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10714465 | PA      | $10616918.84  | 0.06%             | 2029-07-20      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| APOLLO INVESTMENT FUND VII LP LIMITED PARTNERSHIP                                    | APOLLO INVESTMENT FUND VII LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $0.98         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AAVAS Financiers Limited                                                             | AAVAS Financiers Limited                                                             | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | US        |   525113619 | NS      | $2481313.27   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vistria Fund IV, L.P.                                                                | Vistria Fund IV, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $15310436.49  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunsure Energy Private Limited                                                       | Sunsure Energy Private Limited                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1571724 | NS      | $8488440.84   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORTHSTAR GROUP SERVICES INC                                                         | Northstar Group Services Inc 2024 Term Loan B                                        | CUSIP: 66707RAF4<br>LEI: 549300XH4ERCEE5LSB06 | Long             | DBT              | CORP              | US        |     2878250 | PA      | $2891355.39   | 0.02%             | 2030-05-31      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| CONSERVICE MIDCO LLC                                                                 | Conservice Midco LLC 2025 Term Loan B                                                | CUSIP: 20848PAK4<br>LEI: 254900F6TNZYKCEM6A28 | Long             | LON              | CORP              | US        |     1620202 | PA      | $1627638.63   | 0.01%             | 2030-05-13      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Biscuit International                                                                | Biscuit International EUR Term Loan                                                  | CUSIP: 000000000<br>LEI: 9695009XXZ7E1IX37P87 | Long             | DBT              | CORP              | FR        |     4325208 | PA      | $4581395.55   | 0.03%             | 2027-02-12      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-5423898.09  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Belron Finance 2019 LLC                                                              | Belron Finance 2019 LLC 2024 USD Term Loan B                                         | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     8237750 | PA      | $8289235.94   | 0.05%             | 2031-10-16      | Floating      | 7.01%                 | Yes           |                  3 | On Loan: No      |
| MADISON DEARBORN CAP V B LIMITED PARTNERSHIP                                         | MADISON DEARBORN CAP V B LIMITED PARTNERSHIP                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUMMER BC HOLDCO A SARL                                                              | Summer BC Holdco A Sarl                                                              | CUSIP: 000000000<br>LEI: 984500EFA0BRE0008996 | Long             | DBT              | CORP              | LU        |     2703158 | PA      | $3181692.07   | 0.02%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| First Brands Group LLC                                                               | First Brands Group LLC 2022 Incremental Term Loan                                    | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      740042 | PA      | $718951.19    | 0.00%             | 2027-03-30      | Floating      | 9.59%                 | Yes           |                  3 | On Loan: No      |
| Constellation BidCo GmbH - Unitranche                                                | Constellation BidCo GmbH - Unitranche                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    26760488 | PA      | $31092353.00  | 0.19%             | 2029-06-30      | None          | 0.07%                 | Yes           |                  3 | On Loan: No      |
| ONEX CORPORATION                                                                     | ONEX CORPORATION                                                                     | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             |  | CORP              | CA        |      188589 | NS      | $15439309.93  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HOMEVI SAS                                                                           | HomeVi SaS 2024 EUR Term Loan B                                                      | CUSIP: 000000000<br>LEI: 9695001URJB6VUATPK20 | Long             | DBT              | CORP              | FR        |     4817846 | PA      | $11560174.46  | 0.07%             | 2029-10-31      | Floating      | 7.05%                 | Yes           |                  3 | On Loan: No      |
| Radiology Partners, Inc.                                                             | Radiology Partners, Inc. First Lien                                                  | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     2729579 | PA      | $0.00         | 0.00%             | 2025-07-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Icon Partners IV, L.P.                                                               | Icon Partners IV, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $37200435.63  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT X, L.P. (USD)                                                                    | EQT X, L.P. (USD)                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12562628.29  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                  | Clydesdale Acquisition Holdings Inc 2025 Delayed Draw Term Loan                      | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |       53265 | PA      | $53305.61     | 0.00%             | 2032-04-01      | Floating      | 7.54%                 | Yes           |                  3 | On Loan: No      |
| MAYFIELD XVII, L.P.                                                                  | MAYFIELD XVII, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      210001 | NS      | $217898.96    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Mountain Partners VI, L.P.                                                       | New Mountain Partners VI, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $24652632.29  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raptor Merger Sub Debt, LLC                                                          | Raptor Parent, LLC - Unitranche                                                      | CUSIP: 75063DAB3<br>LEI: 254900FCZMRX1YEKJ405 | Long             | DBT              | CORP              | US        |     1120924 | PA      | $1187384.60   | 0.01%             | 2029-04-01      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                                                        | Magenta Security Holdings LLC 2024 First Out Term Loan                               | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |           1 | PA      | $0.00         | 0.00%             | 2028-07-27      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Raptor Parent, LLC                                                                   | Raptor Parent, LLC                                                                   | CUSIP: 75063DAC1<br>LEI: 254900FCZMRX1YEKJ405 | Long             | DBT              | CORP              | US        |     1522996 | PA      | $1522996.39   | 0.01%             | 2029-04-01      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| PG Polaris TopCo S.a.r.l.                                                            | PG Polaris TopCo S.a.r.l.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1941043 | NS      | $14861668.27  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Revelstoke Capital Partners Fund III, L.P                                            | Revelstoke Capital Partners Fund III, L.P                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6676254.38   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners V, L.P.                                                         | Silver Lake Partners V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4596370.65   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT VIII Co-Investment (D) SCSp                                                      | EQT VIII Co-Investment (D) SCSp                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CH        |    39366320 | OU      | $215832349.86 | 1.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carestream Dental Technology Inc                                                     | Carestream Dental Technology Inc Term Loan                                           | CUSIP: 14173QAD6<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     3513857 | PA      | $3566564.54   | 0.02%             | 2030-08-30      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CVC CAPITAL PARTNERS PACHELBE                                                        | CVC CAPITAL PARTNERS PACHELBE                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     1497699 | NS      | $1756867.83   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ProA Capital Iberian Buyout Fund IV, F.C.R.                                          | PROA CAPITAL IBERIAN BUYOUT IV                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     2589662 | NS      | $2724381.87   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg VII Co-Invest ERT                                                             | Astorg VII Co-Invest ERT                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     6829600 | OU      | $16296270.84  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PIPER PRIVATE EQUITY FUND V LP                                                       | PIPER PRIVATE EQUITY FUND V LP                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      159971 | NS      | $52061.45     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-4626073.96  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| LTF Holdings, Inc.                                                                   | LTF Holdings, Inc.                                                                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2351867 | NS      | $6843891.01   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nvent Electric Public Limited Company                                                | Nvent Electric Public Limited Company Term Loan B                                    | CUSIP: 05614GAC5<br>LEI: 254900LK60A9DK5W5N81 | Long             | LON              | CORP              | US        |     1850000 | PA      | $1861303.50   | 0.01%             | 2032-01-30      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| Centerbridge Seaport Acquisition Fund, L.P.                                          | Centerbridge Seaport Acquisition Fund, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $139752.61    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHRYSAOR BIDCO SARL                                                                  | Chrysaor Bidco Sarl USD Delayed Draw Term Loan                                       | CUSIP: 000000000<br>LEI: 254900CXX37NCB7A8J31 | Long             | LON              | CORP              | LU        |      192814 | PA      | $192814.37    | 0.00%             | 2031-10-30      | Floating      | 7.28%                 | Yes           |                  3 | On Loan: No      |
| Astorg VIII Sarl                                                                     | Astorg VIII Sarl                                                                     | CUSIP: 000000000<br>LEI: 2221001Y947JO3Z1TN57 | Long             |  | CORP              | LU        |           0 | OU      | $10828706.04  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CANADIAN NATL RAILWAY CO                                                             | CANADIAN NATL RAILWAY CO                                                             | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             |  | CORP              | CA        |      141161 | NS      | $14634437.42  | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PG Loa Pte. Ltd.                                                                     | PG Loa Pte. Ltd.                                                                     | CUSIP: 000000000<br>LEI: 8945006Q6Z7FASYZ6618 | Long             | EP               | CORP              | US        |    22978363 | NS      | $29405707.35  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ICON PARTNERS IV LP                                                                  | ICON PARTNERS IV LP ICON PARTNERS IV                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    31458156 | NS      | $28723467.32  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UP EDUCATION LTD                                                                     | UP EDUCATION LTD NZD TERM LOAN C                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NZ        |      395158 | PA      | $425416.74    | 0.00%             | 2027-06-30      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CLIMEWORKS AG                                                                        | CLIMEWORKS AG                                                                        | CUSIP: 000000000<br>LEI: 54930006YPODWHHFXR63 | Long             | EP               | CORP              | CH        |    58205144 | NS      | $72907253.66  | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG Asia VIII (B), L.P.                                                              | TPG Asia VIII (B), L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8499269.70   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SCP SHIELD, L.P.                                                                     | SCP SHIELD, L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1881276 | NS      | $1881276.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECP Terra-Gen Growth Fund, LP                                                        | ECP Terra-Gen Growth Fund, LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $62947.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CCMP CAPITAL INVESTORS III LP                                                        | CCMP CAPITAL INVESTORS III LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7517 | NS      | $12537.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ATNORTH                                                                              | ATNORTH                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    19465958 | NS      | $57985918.91  | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Foundation Building Materials, Inc.                                                  | Foundation Building Materials, Inc. - 2024 Incremental Term Loan                     | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |     3857437 | PA      | $5727150.60   | 0.03%             | 2031-01-29      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Oak Hill Capital Partners VI, L.P.                                                   | Oak Hill Capital Partners VI, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3376240.27   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-1147718.16  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT Infrastructure IV Co-Investment (B) SCSp                                         | EQT Infrastructure IV Co-Investment (B) SCSp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    94861790 | OU      | $140680414.43 | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR ASIAN FUND III L.P.                                                              | KKR ASIAN FUND III L.P.                                                              | CUSIP: 000000000<br>LEI: 5493001U3DJWKMUU6F04 | Long             | EC               | CORP              | US        |      372023 | NS      | $445903.30    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Root JVCo S.a r.l.                                                                   | Root JVCo S.a r.l.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | PT        |     9591389 | OU      | $12509143.59  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SAMMONTANA ITALIA SPA                                                                | Sammontana Italia SpA                                                                | CUSIP: 000000000<br>LEI: 8156002DFC51B8173A68 | Long             | DBT              | CORP              | IT        |     3294000 | PA      | $3860606.16   | 0.02%             | 2031-10-15      | Floating      | 6.03%                 | Yes           |                  3 | On Loan: No      |
| GRYPHON PARTNERS 3.5 LP                                                              | GRYPHON PARTNERS 3.5 LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $66852.28     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW MURRA WARRA WIND FARM                                                         | ESCROW MURRA WARRA WIND FARM                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |           1 | NS      | $0.66         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Green Equity Investors Side CF, L.P.                                                 | Green Equity Investors Side CF, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $55977939.12  | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| General Atlantic Investment Partners 2021, L.P.                                      | General Atlantic Investment Partners 2021, L.P.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9802516.79   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trilantic Capital Partners V (Europe) S.C.A., SICAR                                  | Trilantic Capital Partners V (Europe) S.C.A., SICAR                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |     3164284 | OU      | $4440178.41   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NOURYON FINANCE BV                                                                   | Nouryon Finance BV 2024 EUR Term Loan B                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | DBT              | CORP              | NL        |       33194 | PA      | $2475756.65   | 0.01%             | 2028-04-03      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| CAPVIS EQUITY V L.P.                                                                 | CAPVIS EQUITY V L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $22201434.04  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIBT Holdings, Inc.                                                                  | CIBT Global, Inc. - Senior                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2024-06-01      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Aston FinCo S.a r.l.                                                                 | Aston FinCo S.a r.l. - Senior                                                        | CUSIP: 04625CAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1558774 | PA      | $1509096.01   | 0.01%             | 2026-10-09      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| EQT VIII Co-Investment (C) SCSp                                                      | EQT VIII Co-Investment (C) SCSp                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    56985983 | OU      | $58598743.38  | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALERA GROUP INC                                                                      | ALERA GROUP INC 2025 TERM LOAN                                                       | CUSIP: 01451PAB2<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |     3000000 | PA      | $3022740.00   | 0.02%             | 2032-05-31      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| SS&C Technologies Inc                                                                | SS&C Technologies Inc 2024 Term Loan B8                                              | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     3405337 | PA      | $3396170.17   | 0.02%             | 2031-05-09      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| ASP SEC EXCHANGE FUND II LP                                                          | ASP SEC EXCHANGE FUND II LP                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9518978.45   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Genstar Capital Partners X, L.P.                                                     | Genstar Capital Partners X, L.P.                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $11502409.93  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| kdc/one Development Corporation, Inc.                                                | kdc/one Development Corporation Inc 2024 USD Term Loan                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     3676919 | PA      | $3693685.36   | 0.02%             | 2028-08-15      | Floating      | 8.32%                 | Yes           |                  3 | On Loan: No      |
| ESCROW MURRA WARRA PROJ HLD TR                                                       | ESCROW MURRA WARRA PROJ HLD TR                                                       | CUSIP: 000000000<br>LEI: 549300GSCIQ7ZNP80W10 | Long             | EC               | CORP              | AU        |           1 | NS      | $0.66         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1739658.26  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ESCROW CIVICA                                                                        | ESCROW CIVICA                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |        3082 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONTABO FINCO SARL                                                                   | CONTABO FINCO SARL EUR INCREMENTAL TERM LOAN B                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1110043 | PA      | $1165963.23   | 0.01%             | 2028-10-15      | None          | 0.07%                 | Yes           |                  3 | On Loan: No      |
| PT2, L.P.                                                                            | PT2, L.P.                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12520289.88  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chase Industries, Inc.                                                               | Chase Industries, Inc. - 1.5 Lien                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1515278 | PA      | $395364.56    | 0.00%             | 2025-11-11      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Wilvo Group                                                                          | RC Acquisition II B.V. - Unitranche                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NA        |     9234378 | PA      | $9610293.14   | 0.06%             | 2030-11-12      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| DST Opportunities Access Offshore LP                                                 | DST Opportunities Access Offshore LP                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $9301002.88   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Alliant Holdings Intermediate, LLC                                                   | Alliant Holdings Intermediate LLC 2024 Term Loan B6                                  | CUSIP: 01881UAM7<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |     6231342 | PA      | $6258635.38   | 0.04%             | 2031-09-19      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $30449.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Avenue Golden Continuation Fund PV, L.P.                                             | Avenue Golden Continuation Fund PV, L.P.                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8480000.00   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CEVA SANTE ANIMALE                                                                   | Ceva Sante Animale 2024 USD Term Loan B                                              | CUSIP: 000000000<br>LEI: 969500FG3VYTO80D0A13 | Long             | LON              | CORP              | FR        |           0 | PA      | $0.00         | 0.00%             | 2030-11-08      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PEARLS (Netherlands) Bidco BV                                                        | PEARLS (Netherlands) Bidco BV 2022 EUR Term Loan B                                   | CUSIP: 000000000<br>LEI: 2549005MTFX0VLL0UQ17 | Long             | DBT              | CORP              | NL        |     7940783 | PA      | $8207017.52   | 0.05%             | 2029-02-26      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| DOTDASH MEREDITH INC                                                                 | DOTDASH MEREDITH INC 2025 TERM LOAN B                                                | CUSIP: 25849KAH0<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |      783000 | PA      | $786915.00    | 0.00%             | 2032-06-17      | Floating      | 7.81%                 | Yes           |                  3 | On Loan: No      |
| Cure Holdings, LLC                                                                   | Cure Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      263891 | NS      | $120808.82    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 1 S.A.R.L                                                      | PG Investment Company 1 S.A.R.L                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |    52879187 | OU      | $62048702.02  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DRAGON BUYER INC                                                                     | Dragon Buyer Inc Term Loan B                                                         | CUSIP: 26143FAB5<br>LEI: 2549006V6EIUFGF2Y127 | Long             | LON              | CORP              | US        |     5771000 | PA      | $5789063.23   | 0.03%             | 2031-09-30      | Floating      | 7.55%                 | Yes           |                  3 | On Loan: No      |
| ETECK                                                                                | ETECK                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |     6385371 | NS      | $8550496.97   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FINANCIERE ASTEK                                                                     | FINANCIERE ASTEK EUR Delayed Draw Term Loan UNFUNDED                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     6333943 | PA      | $6916875.70   | 0.04%             | 2031-04-30      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| BLACKSTONE VIII                                                                      | BLACKSTONE VIII                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2084820 | NS      | $1913070.51   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | SnackTime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          12 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IRIDIUM SATELLITE LLC                                                                | Iridium Satellite LLC 2024 Term Loan B                                               | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |     2473176 | PA      | $2484972.98   | 0.02%             | 2030-09-20      | Floating      | 6.58%                 | Yes           |                  3 | On Loan: No      |
| RAINBOW JVCO LTD                                                                     | RAINBOW JVCO LTD                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      212930 | PA      | $0.00         | 0.00%             | 2030-02-24      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Ballyrock Ltd                                                                        | Ballyrock CLO 18 Ltd                                                                 | CUSIP: 05875XAE8<br>LEI: 2549009NE3IA6DAH4G62 | Long             | ABS-CBDO         | CORP              | KY        |     2260000 | PA      | $2260000.00   | 0.01%             | 2038-04-15      | Floating      | 8.97%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS II, LP                                                       | CARLYLE EUROPE PARTNERS II, LP                                                       | CUSIP: 000000000<br>LEI: 2138003Z2CFMW8R7L109 | Long             | EC               | CORP              | US        |           1 | NS      | $32015.30     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONVERGEONE                                                                          | CONVERGEONE                                                                          | CUSIP: 000000000<br>LEI: 254900PRFQRQIU08WI18 | Long             | EC               | CORP              | US        |      248182 | NS      | $1292367.19   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS V LP                                                         | CARLYLE EUROPE PARTNERS V LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $7538851.13   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| West Street Offshore Infrastructure Partners IV                                      | West Street Offshore Infrastructure Partners IV                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9153157.87   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Summer (BC) Holdco B Sarl                                                            | Summer (BC) Holdco B Sa rl 2024 EUR Term Loan                                        | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | US        |      570642 | PA      | $666245.99    | 0.00%             | 2029-01-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| NOBIAN FINANCE BV                                                                    | Nobian Finance BV 2024 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | LON              | CORP              | NL        |     3200000 | PA      | $3750615.42   | 0.02%             | 2029-07-02      | Floating      | 5.69%                 | Yes           |                  3 | On Loan: No      |
| CARLYLE EUROPE PARTNERS III C LIMITED PARTNERSHIP                                    | CARLYLE EUROPE PARTNERS III C LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $1.41         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REDWOOD SERVICES GROUP LLC                                                           | REDWOOD SERVICES GROUP LLC 2022 1st LIEN DELAYED DRAW Term Loan                      | CUSIP: 75807LAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1859111 | PA      | $1853728.62   | 0.01%             | 2029-06-15      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| VISTA EQUITY PARTNERS VII                                                            | VISTA EQUITY PARTNERS VII                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1086804 | NS      | $1248735.62   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VOYAGE AUSTRALIA PTY LIMITED                                                         | VOYAGE AUSTRALIA PTY LIMITED - Senior                                                | CUSIP: 000000000<br>LEI: 984500552F00VE5LE453 | Long             | DBT              | CORP              | AU        |     1640500 | PA      | $1646476.56   | 0.01%             | 2028-07-20      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| APLEONA HOLDING GMBH                                                                 | APLEONA HOLDING GMBH 2025 EUR TERM LOAN B                                            | CUSIP: 000000000<br>LEI: 254900O4RJ7PDAMUHY66 | Long             | LON              | CORP              | DE        |     4600000 | PA      | $5029285.99   | 0.03%             | 2032-04-10      | Floating      | 6.19%                 | Yes           |                  3 | On Loan: No      |
| Macquarie Bank Ltd.                                                                  | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DFE              |  | XX        |           1 | NC      | $1716764.96   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-3659307.78  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-685392.96   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Harvest Partners VIII, L.P.                                                          | Harvest Partners VIII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $20230149.46  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-377853.38   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F2I III                                                                              | F2I III                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     2487590 | NS      | $5257884.15   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECP V, LP                                                                            | ECP V, LP                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3653173.79   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spark Capital Growth Fund IV, L.P.                                                   | Spark Capital Growth Fund IV, L.P.                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7857722.69   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Unit4                                                                                | Unit4                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NE        | 12590000000 | NS      | $295181506.94 | 1.78%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cure Holdings, LLC                                                                   | Cure Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3226215 | NS      | $1151503.88   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Summit Partners Growth Equity Fund XI, L.P.                                          | Summit Partners Growth Equity Fund XI, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2549026.11   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GoTo Group, Inc.                                                                     | GoTo Group, Inc. - First Lien Second Out                                             | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-04-28      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Dentive Capital, LLC                                                                 | Dentive Capital, LLC - Unitranche                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9897599 | PA      | $9134429.51   | 0.06%             | 2027-05-27      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Riverside Assessments LLC                                                            | Riverside Assessments LLC Revolver                                                   | CUSIP: 76882JAC5<br>LEI: 549300W8MR6VL98HTW10 | Long             | DBT              | CORP              | US        |     2683067 | PA      | $385411.16    | 0.00%             | 2031-03-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ASTORG VI, FCPI                                                                      | ASTORG VI, FCPI                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $3838281.98   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-352343.66   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TRG GROWTH PARTNERSHIP II LP LIMITED PARTNERSHIP                                     | TRG GROWTH PARTNERSHIP II LP LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8038.26      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC EUROPEAN EQUITY III L.P.                                                         | CVC EUROPEAN EQUITY III L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      247167 | NS      | $428124.39    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SURGERY CENTER HOLDINGS INC                                                          | Surgery Center Holdings Inc 2024 Term Loan B                                         | CUSIP: 86880NBB8<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |      885875 | PA      | $890862.90    | 0.01%             | 2030-12-19      | Floating      | 7.07%                 | Yes           |                  3 | On Loan: No      |
| SPRINGCOAST PARTNERS I A, L.P.                                                       | SPRINGCOAST PARTNERS I A, L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3768494 | NS      | $3768494.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AmSurg HoldCo, LLC                                                                   | AmSurg HoldCo, LLC - 2L (BSL)                                                        | CUSIP: 000000000<br>LEI: 549300OL60X0LPKY8N60 | Long             | EC               | CORP              | US        |     2087478 | NS      | $2087478.40   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lerer Hippeau VII, LP                                                                | Lerer Hippeau VII, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3566529.45   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VOYAGER PARENT LLC                                                                   | VOYAGER PARENT LLC TERM LOAN B                                                       | CUSIP: 92921HAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3000000 | PA      | $2993700.00   | 0.02%             | 2032-07-01      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4708121.83  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ADVENT INTERNATIONAL GPE VII E                                                       | ADVENT INTERNATIONAL GPE VII E                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      169489 | NS      | $365812.76    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG Inc                                                                              | TPG Inc                                                                              | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |      122745 | NS      | $6433065.45   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OAK HILL CAPITAL PARTNERS IV                                                         | OAK HILL CAPITAL PARTNERS IV                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5252105.00   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIONAL GRID PLC                                                                    | NATIONAL GRID PLC                                                                    | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             |  | CORP              | GB        |     1150321 | NS      | $16729089.10  | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTH HAVEN ASIA III TE                                                              | NORTH HAVEN ASIA III TE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $183031.69    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MRI Software LLC                                                                     | MRI Software LLC 2020 Revolver                                                       | CUSIP: 000000000<br>LEI: 549300LNQ2G4DKR9QR85 | Long             | LON              | CORP              | US        |      579940 | PA      | $576909.20    | 0.00%             | 2027-02-10      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PRIME VENTURES IV C.V.                                                               | PRIME VENTURES IV C.V.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JE        |           0 | OU      | $1836141.72   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FUGUE FINANCE BV                                                                     | Fugue Finance BV 2025 EUR Term Loan B                                                | CUSIP: 000000000<br>LEI: 254900LPOM3DXTS8SI47 | Long             | LON              | CORP              | NL        |     3000000 | PA      | $3524368.85   | 0.02%             | 2032-01-09      | Floating      | 5.30%                 | Yes           |                  3 | On Loan: No      |
| SCIH Salt Holdings Inc                                                               | SCIH Salt Holdings Inc 2021 Incremental Term Loan B                                  | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      498747 | PA      | $500597.22    | 0.00%             | 2029-01-31      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2297819.87  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PROMETRIC HOLDINGS INC                                                               | PROMETRIC HOLDINGS INC 2025 TERM LOAN B                                              | CUSIP: 80358TAG1<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |     5400000 | PA      | $5427000.00   | 0.03%             | 2032-06-18      | Floating      | 8.07%                 | Yes           |                  3 | On Loan: No      |
| Ryan LLC                                                                             | Ryan LLC Term Loan                                                                   | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | DBT              | CORP              | US        |     4031585 | PA      | $4041986.48   | 0.02%             | 2030-11-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ROSSINI SARL                                                                         | Rossini Sarl                                                                         | CUSIP: 000000000<br>LEI: 549300EC5JCCW6F83R11 | Long             | DBT              | CORP              | LU        |      906000 | PA      | $1124957.70   | 0.01%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Astorg Mid-Cap                                                                       | Astorg Mid-Cap                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |           0 | OU      | $5196248.00   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-247415.02   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ARES CORPORATE OPPS FUND IV LP LIMITED PARTNERSHIP                                   | ARES CORPORATE OPPS FUND IV LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1584732.43   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                                             | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC        | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     5000000 | PA      | $5187430.00   | 0.03%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  3 | On Loan: No      |
| APAX EUROPE VII B, L.P.                                                              | APAX EUROPE VII B, L.P.                                                              | CUSIP: 000000000<br>LEI: 213800NESKZJGJXPS434 | Long             | EC               | CORP              | GG        |        9160 | NS      | $24546.85     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Academic Group Limited                                                        | Global Academic Group Limited - Unitranche                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |    12728400 | PA      | $12369171.72  | 0.07%             | 2027-06-30      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Max US BidCo Inc.                                                                    | Max US BidCo Inc. - First Lien                                                       | CUSIP: 57778YAB1<br>LEI: 254900BY85K73YD65D15 | Long             | DBT              | CORP              | US        |     4950000 | PA      | $4923082.50   | 0.03%             | 2030-10-02      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| CRITICAL START INC                                                                   | CRITICAL START INC - Revolving Loan                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10248409 | PA      | $1768393.22   | 0.01%             | 2028-05-18      | None          | 6.00%                 | Yes           |                  3 | On Loan: No      |
| MOTEL ONE GMBH/MUENCHEN                                                              | Motel One GmbH/Muenchen                                                              | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |     2000000 | PA      | $2526989.72   | 0.02%             | 2031-04-02      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| PLATFORM HOLD TRUST                                                                  | PLATFORM HOLD TRUST                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | AU        |    17921420 | NS      | $1241907.50   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT IX Co-Investment (F) SCSp                                                        | EQT IX Co-Investment (F) SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |   103097510 | OU      | $148386699.91 | 0.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                  | Clydesdale Acquisition Holdings Inc 2025 Term Loan B                                 | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     3046735 | PA      | $3049081.39   | 0.02%             | 2032-04-01      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| TACALA LLC                                                                           | Tacala LLC 2024 Term Loan B                                                          | CUSIP: 87339PAD5<br>LEI: 549300XTM341KBSTDI88 | Long             | LON              | CORP              | US        |     2370090 | PA      | $2388505.60   | 0.01%             | 2031-01-31      | Floating      | 7.83%                 | Yes           |                  3 | On Loan: No      |
| AIMBRIDGE ACQUISITION CO INC                                                         | Aimbridge Acquisition Co Inc 2025 First Out Term Loan                                | CUSIP: 00900YAG1<br>LEI: 549300SPGKLVE9WYCQ20 | Long             | LON              | CORP              | US        |      564906 | PA      | $566318.50    | 0.00%             | 2030-03-11      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| SL SPV-1, L.P.                                                                       | SL SPV-1, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.04         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Evergreen Services Group, LLC                                                        | Evergreen Services Group, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3985586 | PA      | $3974045.68   | 0.02%             | 2029-06-15      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| J.C. FLOWERS III B L.P.                                                              | J.C. FLOWERS III B L.P.                                                              | CUSIP: 000000000<br>LEI: 549300F4TMP3EN5BN326 | Long             | EC               | CORP              | KY        |       24111 | NS      | $40449.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Central Parent Inc                                                                   | Central Parent Inc 2024 Term Loan B                                                  | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           0 | PA      | $1624345.35   | 0.01%             | 2029-07-06      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Chase Industries, Inc.                                                               | Chase Industries, Inc. - Second Lien                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           0 | PA      | $1.00         | 0.00%             | 2026-05-11      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| ADVENT LATIN AMRCN PE FND VI H LIMITED PARTNERSHIP                                   | ADVENT LATIN AMRCN PE FND VI H LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8502598.05   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VECTOR CAPITAL VI, L.P.                                                              | VECTOR CAPITAL VI, L.P.                                                              | CUSIP: 000000000<br>LEI: 2549004UUXW718N45833 | Long             | EC               | CORP              | US        |     1585379 | NS      | $1585379.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| QXO INC                                                                              | QXO Inc Term Loan B                                                                  | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |      453333 | PA      | $457540.26    | 0.00%             | 2032-04-30      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Telenet Financing USD LLC                                                            | Telenet Financing USD LLC - Senior                                                   | CUSIP: 000000000<br>LEI: 213800BMPOX34U6DWN81 | Long             | DBT              | CORP              | US        |     5400000 | PA      | $5311116.00   | 0.03%             | 2028-04-30      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| KKR APPLE BIDCO LLC                                                                  | KKR Apple Bidco LLC 2025 Term Loan                                                   | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |     4477500 | PA      | $4495051.80   | 0.03%             | 2031-09-23      | Floating      | 6.82%                 | Yes           |                  3 | On Loan: No      |
| Brand Industrial Services Inc                                                        | Brand Industrial Services Inc 2024 Term Loan B                                       | CUSIP: 10524MAS6<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     6788695 | PA      | $5769836.06   | 0.03%             | 2030-08-01      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Thompson Street Capital Partners VI, L.P.                                            | Thompson Street Capital Partners VI, L.P.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12114181.56  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Proampac PG Borrower LLC                                                             | Proampac PG Borrower LLC 2024 Term Loan                                              | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |     1977736 | PA      | $1989859.41   | 0.01%             | 2028-09-15      | Floating      | 8.55%                 | Yes           |                  3 | On Loan: No      |
| EQT Future Co-Investment (C) SCSp                                                    | EQT Future Co-Investment (C) SCSp                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | SE        |    44439170 | OU      | $96680121.80  | 0.58%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $-6645.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $5051.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grant Thornton Advisors LLC                                                          | Grant Thornton Advisors LLC 2025 Term Loan B                                         | CUSIP: 38821UAD2<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     3870799 | PA      | $3884733.63   | 0.02%             | 2031-06-02      | Floating      | 7.08%                 | Yes           |                  3 | On Loan: No      |
| PROCERA NETWORKS, INC.                                                               | PROCERA NETWORKS, INC.                                                               | CUSIP: 000000000<br>LEI: 549300YTQRMII0IRM239 | Long             | EC               | CORP              | US        |       50291 | NS      | $923246.75    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $4607938.25   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WELSH CARSON ANDRSN + STOWE XI                                                       | WELSH CARSON ANDRSN + STOWE XI                                                       | CUSIP: 000000000<br>LEI: 549300IE78X4UGT2S553 | Long             | EC               | CORP              | US        |       27573 | NS      | $5068.99      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nerve Co-Invest SCSp                                                                 | Nerve Co-Invest SCSp                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |     4671962 | OU      | $9635580.35   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Oscar AcquisitionCo, LLC                                                             | Oscar AcquisitionCo, LLC                                                             | CUSIP: 68778DAB4<br>LEI: 254900RDCZK0Q19MEL65 | Long             | DBT              | CORP              | US        |     7397324 | PA      | $6917533.36   | 0.04%             | 2029-04-29      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Astorg VII Co-Invest ERT                                                             | Astorg VII Co-Invest ERT                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    32787729 | OU      | $78169405.19  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADVENT LATIN AMER PE VI B L.P.                                                       | ADVENT LATIN AMER PE VI B L.P.                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     9049849 | NS      | $12252328.71  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRYPHON DEBT MERGER SUB INC                                                          | GRYPHON DEBT MERGER SUB INC TERM LOAN B                                              | CUSIP: 40054QAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4500000 | PA      | $4515975.00   | 0.03%             | 2032-06-18      | Floating      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| COWBOY TOPCO INC                                                                     | COWBOY TOPCO INC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     1348750 | NS      | $1933124.26   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAINT INTERMEDIATE III LLC                                                           | Paint Intermediate III LLC 2024 Term Loan B                                          | CUSIP: 69575EAL3<br>LEI: 549300C2JJM7BNZTR054 | Long             | LON              | CORP              | US        |     1296750 | PA      | $1294727.07   | 0.01%             | 2031-10-09      | Floating      | 7.29%                 | Yes           |                  3 | On Loan: No      |
| AVID BIOSERVICES                                                                     | AVID BIOSERVICES                                                                     | CUSIP: 000000000<br>LEI: 549300GRUS3ZMGP8MX22 | Long             | EC               | CORP              | US        |           0 | NS      | $20284311.24  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 18 S.a r.l.                                                    | PG Investment Company 18 S.a r.l.                                                    | CUSIP: 000000000<br>LEI: 254900WGJ0IG0QIRL323 | Long             | EC               | CORP              | SE        |    12650109 | NS      | $63550651.87  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | WELSH CARSON AND STOWE XIII LIMITED PARTNERSHIP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $9215876.61   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Silver Lake Partners VI, L.P.                                                        | Silver Lake Partners VI, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $5717121.14   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Academic Group Limited                                                        | Global Academic Group Limited - Unitranche                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |     4651970 | PA      | $4371406.62   | 0.03%             | 2027-06-30      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Campaign Monitor (UK) Limited                                                        | Campaign Monitor (UK) Limited - Second Lien                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      232085 | PA      | $212490.62    | 0.00%             | 2025-11-06      | Floating      | 0.14%                 | Yes           |                  3 | On Loan: No      |
| Equinix Inc                                                                          | Equinix Inc                                                                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             |  |  | US        |       16442 | NS      | $13073198.62  | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kleiner Perkins Caufield & Byers XIX LLC                                             | Kleiner Perkins Caufield & Byers XIX LLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $13494561.66  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Southern Veterinary Partners LLC                                                     | Southern Veterinary Partners LLC 2024 1st Lien Term Loan                             | CUSIP: 84410HAN0<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |     1895250 | PA      | $1904802.06   | 0.01%             | 2031-12-04      | Floating      | 7.54%                 | Yes           |                  3 | On Loan: No      |
| Aston Lux Acquisitions S.ar.l                                                        | Aston Lux Acquisitions S.ar.l                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      218625 | NS      | $294826.25    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Yunfeng Capital Fund IV, L.P.                                                        | Yunfeng Capital Fund IV, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $5086140.80   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CB Titan MidCo Holdings, Inc.                                                        | CB Titan MidCo Holdings, Inc.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       56634 | NS      | $1.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PGPE BERKSHIRE FUND XI TE                                                            | PGPE BERKSHIRE FUND XI TE                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      488779 | NS      | $428753.51    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GENSTAR X OPPORTUNITIES                                                              | GENSTAR X OPPORTUNITIES                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2775640.94   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESCROW MIDOCEAN PARTNERS III                                                         | ESCROW MIDOCEAN PARTNERS III                                                         | CUSIP: 000000000<br>LEI: 54930085V10J32EW1988 | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Saphilux Sarl                                                                        | Saphilux Sarl 2024 USD Term Loan B                                                   | CUSIP: 000000000<br>LEI: 222100CX5OA6ONWOBW66 | Long             | LON              | CORP              | LU        |     4500000 | PA      | $4533750.00   | 0.03%             | 2028-07-18      | Floating      | 8.31%                 | Yes           |                  3 | On Loan: No      |
| AAVAS Financiers Limited                                                             | AAVAS Financiers Limited                                                             | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | IN        |     2623753 | NS      | $590069.21    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WARBURG PINCUS GLOBAL GROWTH                                                         | WARBURG PINCUS GLOBAL GROWTH                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     3212740 | NS      | $4598606.20   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE SEVENTH CINVEN FUND, L.P.                                                        | THE SEVENTH CINVEN FUND, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |     1646644 | NS      | $2604540.12   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS V, L.P.                                                         | SILVER LAKE PARTNERS V, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      534341 | NS      | $612231.36    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-146487.34   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE CAP V S                                                                   | BLACKSTONE CAP V S                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |           1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIXTH CINVEN FUND (NO.3) LIMIT                                                       | SIXTH CINVEN FUND (NO.3) LIMIT                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $5338682.71   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC Capital Partners VIII, L.P.                                                      | CVC Capital Partners VIII, L.P.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JE        |           0 | OU      | $2508005.36   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mitratech Holding Inc                                                                | Matterhorn Topco, LP - LP Interests                                                  | CUSIP: 000000000<br>LEI: 549300Q4Q9S68YMYDD65 | Long             |  | CORP              | US        |     1212439 | OU      | $1566201.60   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orbiter Investment S.a r.l.                                                          | Orbiter Investment S.a r.l.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     5699625 | NS      | $151186284.97 | 0.91%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Insight Venture Partners XI, L.P.                                                    | Insight Venture Partners XI, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $7895709.47   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Checkers Holdings, Inc.                                                              | Checkers Holdings, Inc. - Senior                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           1 | PA      | $0.00         | 0.00%             | 2024-04-25      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Ares Capital Corp                                                                    | Ares Capital Corp                                                                    | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             |  | CORP              | US        |      454447 | NS      | $9975111.65   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SL SPV-1, L.P.                                                                       | SL SPV-1, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED CHF / SOLD USD                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CH        |           1 | NC      | $-144.84      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CVC CAPPRTNRS ASIA PACIFIC III LIMITED PARTNERSHIP                                   | CVC CAPPRTNRS ASIA PACIFIC III LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPORT GROUP HOLDING GMBH                                                             | Sport Group Holding GmbH 2024 EUR 1st Lien Term Loan B                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |     2600000 | PA      | $3064703.87   | 0.02%             | 2031-07-08      | Floating      | 5.94%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |           1 | NC      | $-590648.58   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Lerer Hippeau Select Fund III, LP                                                    | Lerer Hippeau Select Fund III, LP                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $6295180.25   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SLP West Holdings Co-Invest Feeder II, L.P.                                          | SLP West Holdings Co-Invest Feeder II, L.P.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |        1946 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aimco                                                                                | AIMCO CLO Series 2015-A                                                              | CUSIP: 00900MAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1967607 | PA      | $2056162.25   | 0.01%             | 2034-10-17      | Floating      | 10.63%                | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | XX        |           1 | NC      | $-44208.39    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NSM TOP HOLDINGS CORP                                                                | NSM TOP HOLDINGS CORP 2025 TERM LOAN B                                               | CUSIP: 42237DAJ7<br>LEI: 213800VQP5JZREMJQI78 | Long             | LON              | CORP              | US        |     3307548 | PA      | $3331031.88   | 0.02%             | 2029-05-14      | Floating      | 9.06%                 | Yes           |                  3 | On Loan: No      |
| SPARK CAPITAL VIII                                                                   | SPARK CAPITAL VIII                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      315000 | NS      | $314500.10    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | XX        |           1 | NC      | $2912091.87   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INEOS FINANCE PLC                                                                    | INEOS Finance PLC                                                                    | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     1800000 | PA      | $1814185.80   | 0.01%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  3 | On Loan: No      |
| UTZ Quality Foods, LLC                                                               | Utz Quality Foods, LLC - Senior                                                      | CUSIP: 91809EAE1<br>LEI: 549300K2HU2ISL0R2Q75 | Long             | DBT              | CORP              | US        |     2932943 | PA      | $2936608.86   | 0.02%             | 2028-01-20      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| American Airlines Inc                                                                | American Airlines Inc 2023 1st Lien Term Loan                                        | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     4950000 | PA      | $4932774.00   | 0.03%             | 2029-06-04      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | PL        |           1 | NC      | $-2408.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GUROBI OPTIMIZATION LLC                                                              | Gurobi Optimization LLC 2024 Revolver                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      720308 | PA      | $713919.81    | 0.00%             | 2031-09-10      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MCAFEE LLC                                                                           | MCAFEE LLC 2022 EUR TERM LOAN B                                                      | CUSIP: 57906HAC1<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |       31489 | PA      | $9068980.66   | 0.05%             | 2029-03-01      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Vistria Fund III, LP                                                                 | Vistria Fund III, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $14128988.80  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                                             | Olympus Water US Holding Corp                                                        | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     3077000 | PA      | $2925746.06   | 0.02%             | 2028-10-01      | Fixed         | 4.25%                 | Yes           |                  3 | On Loan: No      |
| Carlyle Retail Turkey Partners, L.P.                                                 | Carlyle Retail Turkey Partners, L.P.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | TR        |     7070769 | OU      | $9189150.34   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RYAN SPECIALTY GROUP LLC                                                             | Ryan Specialty Group LLC 2024 USD Term Loan B                                        | CUSIP: 78350UAJ4<br>LEI: 549300K52N7QBO3PYY45 | Long             | LON              | CORP              | US        |      995000 | PA      | $999975.00    | 0.01%             | 2031-09-15      | Floating      | 6.56%                 | Yes           |                  3 | On Loan: No      |
| PG Investment Company 1 S.A.R.L                                                      | PG Investment Company 1 S.A.R.L                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    20383872 | NS      | $46058286.94  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC ASIA PACIFIC III, L.P.                                                           | CVC ASIA PACIFIC III, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      257025 | NS      | $246270.56    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WELSH CARSON AND STOWE XII LIMITED PARTNERSHIP                                       | WELSH CARSON AND STOWE XII LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $27970299.30  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-1314043.42  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | SnackTime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |     3432609 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRESCENT MEZZANINE PARTNERS VI LIMITED PARTNERSHIP                                   | CRESCENT MEZZANINE PARTNERS VI LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $269032.84    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BGH Capital VCLP II                                                                  | BGH Capital VCLP II                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | AU        |           0 | OU      | $835995.20    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bank of New York Mellon                                                              | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-1306154.84  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AIF IX                                                                               | AIF IX                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      793231 | NS      | $957114.53    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Casper BidCo SAS                                                                     | Casper BidCo SAS 2025 EUR Term Loan B                                                | CUSIP: 000000000<br>LEI: 969500OUD0VB2606MD53 | Long             | LON              | CORP              | FR        |     5900000 | PA      | $6929874.13   | 0.04%             | 2031-03-21      | Floating      | 5.94%                 | Yes           |                  3 | On Loan: No      |
| ABINGWORTH BIOVENTURES III LP LIMITED PARTNERSHIP                                    | ABINGWORTH BIOVENTURES III LP LIMITED PARTNERSHIP                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $3668.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nomura International PLC                                                             | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DFE              |  | XX        |           1 | NC      | $405069.17    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CVC CAPITAL ASIA VI LP                                                               | CVC CAPITAL ASIA VI LP                                                               | CUSIP: 000000000<br>LEI: 213800YZDZACOY3X1I53 | Long             | EC               | CORP              | US        |      819904 | NS      | $701964.93    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Imagine Learning, LLC                                                                | Imagine Learning, LLC                                                                | CUSIP: 94935RAF0<br>LEI: 254900W855WLN58WNJ32 | Long             | DBT              | CORP              | US        |     8978026 | PA      | $8823424.24   | 0.05%             | 2029-12-21      | Floating      | 7.94%                 | Yes           |                  3 | On Loan: No      |
| Clarios Global LP                                                                    | Clarios Global LP 2024 EUR Term Loan B                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |     7012491 | PA      | $8227998.47   | 0.05%             | 2031-07-16      | Floating      | 4.91%                 | Yes           |                  3 | On Loan: No      |
| Nautic Partners IX-A, L.P.                                                           | Nautic Partners IX-A, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $8387657.58   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SIGMA PARTNERS 7, LP                                                                 | SIGMA PARTNERS 7, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      211205 | NS      | $177280.66    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DILIGENT CORPORATION                                                                 | DILIGENT CORPORATION                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3575690 | PA      | $3524826.74   | 0.02%             | 2030-08-05      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd                                                      | Benefit Street Partners CLO XXXIV Ltd                                                | CUSIP: 081923AA2<br>LEI: 25490002NPB1AZIR3342 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1039633.55   | 0.01%             | 2037-07-25      | Floating      | 10.98%                | Yes           |                  3 | On Loan: No      |
| Spark Capital VII, L.P.                                                              | Spark Capital VII, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $3456036.92   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $-2824695.99  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| LEE EQUITY PARTNERS REALIZATION FUND, L.P.                                           | LEE EQUITY PARTNERS REALIZATION FUND, L.P.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2475617.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ares Corporate Opportunities Fund VI, L.P.                                           | Ares Corporate Opportunities Fund VI, L.P.                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $2807860.77   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Apex Tool Group, LLC                                                                 | Apex Tool Group, LLC - Initial Term Loan                                             | CUSIP: 03759DAK4<br>LEI: 549300LWC59TPOM4ZR02 | Long             | DBT              | CORP              | US        |     3186576 | PA      | $1680515.53   | 0.01%             | 2029-02-08      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Confluent Health, LLC                                                                | Confluent Health, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    27265681 | NS      | $64223029.28  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pre-Paid Legal Services, Inc.                                                        | Pre-Paid Legal Services, Inc. - Initial Term Loan (Second Lien)                      | CUSIP: 74006LAU6<br>LEI: 549300DKH5WJ2J8QU878 | Long             | DBT              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2029-12-14      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED PLN / SOLD USD                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | PL        |           1 | NC      | $2617.30      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 3I EUROPARTNERS VB LP B LIMITED PARTNERSHIP                                          | 3I EUROPARTNERS VB LP B LIMITED PARTNERSHIP                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $60.31        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barentz International B.V.                                                           | Barentz International B.V. - USD Term Loan                                           | CUSIP: 000000000<br>LEI: 213800GN25HEJ4PXGN52 | Long             | DBT              | CORP              | NL        |     2189000 | PA      | $1.00         | 0.00%             | 2031-03-03      | None          | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Green Equity Investors Side VIII, L.P.                                               | Green Equity Investors Side VIII, L.P.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $36026116.73  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORDIC CAPITAL IX, L.P.                                                              | NORDIC CAPITAL IX, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |           0 | OU      | $38495868.16  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                                                 | Dynamo Newco II GmbH USD Term Loan B                                                 | CUSIP: 26806DAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4615125 | PA      | $4651215.28   | 0.03%             | 2031-09-30      | Floating      | 8.19%                 | Yes           |                  3 | On Loan: No      |
| VEONET GROUP                                                                         | VEONET GROUP                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |    23978080 | OU      | $47185645.49  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Icon Partners V, L.P.                                                                | Icon Partners V, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $10068433.19  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sauer Brands Inc                                                                     | Sauer Brands Inc Term Loan B                                                         | CUSIP: 80536AAB8<br>LEI: 25490051R6ZOBEBPQ519 | Long             | LON              | CORP              | US        |     1000000 | PA      | $920080.00    | 0.01%             | 2032-02-04      | Floating      | 7.57%                 | Yes           |                  3 | On Loan: No      |
| HITECVISION VI, LP                                                                   | HITECVISION VI, LP                                                                   | CUSIP: 000000000<br>LEI: 2549008OGA1GVRM2GO03 | Long             | EC               | CORP              | US        |     1387998 | NS      | $1374912.03   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NORTHLANE CAPITAL II LP                                                              | NORTHLANE CAPITAL II LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     2173012 | NS      | $2763093.84   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Checkers Drive-in Restaurants, Inc.                                                  | Checkers Drive-in Restaurants, Inc. - SSTL First Lien                                | CUSIP: 16280UAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        4456 | PA      | $4284.02      | 0.00%             | 2024-04-25      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Crown Subsea Communications Holding,Inc.                                             | Crown Subsea Communications HoldingInc 2024 Term Loan B1                             | CUSIP: 22860EAJ1<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |    12812146 | PA      | $12894912.56  | 0.08%             | 2031-01-30      | Floating      | 8.33%                 | Yes           |                  3 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC                                               | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B                          | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |     6583500 | PA      | $6606344.75   | 0.04%             | 2032-01-30      | Floating      | 6.83%                 | Yes           |                  3 | On Loan: No      |
| Platin2025 Holdings Sa rl                                                            | Platin2025 Holdings Sa rl 2025 EUR Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300POVTRETJ0OX880 | Long             | LON              | CORP              | LU        |     6000000 | PA      | $6989879.71   | 0.04%             | 2028-12-29      | Floating      | 5.60%                 | Yes           |                  3 | On Loan: No      |
| CUBE INDUSTRIALS BUYER INC                                                           | Cube Industrials Buyer Inc 2024 Term Loan                                            | CUSIP: 22971EAB4<br>LEI: 25490058FG1NWDNJ5K52 | Long             | LON              | CORP              | US        |      997500 | PA      | $1003734.38   | 0.01%             | 2031-10-17      | Floating      | 7.77%                 | Yes           |                  3 | On Loan: No      |
| CIFC Funding 2021-VI Ltd                                                             | CIFC Funding 2021-VI Ltd 0.000 15 Oct 2034 Class E 144A                              | CUSIP: 12570PAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1540727.15   | 0.01%             | 2034-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Investor AB                                                                          | Investor AB                                                                          | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             |  | CORP              | SE        |      417059 | NS      | $12235886.67  | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MJH HEALTHCARE HOLDINGS LLC                                                          | MJH Healthcare Holdings LLC 2024 Term Loan B                                         | CUSIP: 000000000<br>LEI: 254900YSRB2CUEJCMV73 | Long             | LON              | CORP              | US        |     3635082 | PA      | $3660091.62   | 0.02%             | 2029-01-29      | Floating      | 7.58%                 | Yes           |                  3 | On Loan: No      |
| MAGENTA SECURITY HOLDINGS LLC                                                        | Magenta Security Holdings LLC 2024 Third Out Term Loan                               | CUSIP: 55909UAG4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      984699 | PA      | $253707.23    | 0.00%             | 2028-07-27      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| CCP IX LP  NO. 2 LIMITED PARTNERSHIP                                                 | CCP IX LP  NO. 2 LIMITED PARTNERSHIP                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $1.89         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CENGAGE LEARNING INC                                                                 | Cengage Learning Inc 2024 1st Lien Term Loan B                                       | CUSIP: 15131YAQ8<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |           0 | PA      | $3007623.15   | 0.02%             | 2031-03-24      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Hg Saturn 3 L.P.                                                                     | Hg Saturn 3 L.P.                                                                     | CUSIP: 000000000<br>LEI: 213800PY1F6M9JZ73I60 | Long             |  | CORP              | US        |           0 | OU      | $10581872.78  | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TA XIII-B, L.P.                                                                      | TA XIII-B, L.P.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $18129783.08  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polyusus Lux XXIII S.a r.l. / Common Equity (Oct 21)                                 | Polyusus Lux XXIII S.a r.l. / Common Equity (Oct 21)                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     1341978 | NS      | $871489.72    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nordic Capital X, L.P.                                                               | Nordic Capital X, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | JE        |           0 | OU      | $25328275.08  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PROMETRIC HOLDINGS INC                                                               | Prometric Holdings Inc 2024 Term Loan                                                | CUSIP: 80358TAF3<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |     5820874 | PA      | $5712482.79   | 0.03%             | 2028-01-31      | Floating      | 9.06%                 | Yes           |                  3 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.                                          | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan                           | CUSIP: 23344MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |           0 | PA      | $9177772.38   | 0.06%             | 2028-03-31      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CLAYTON DUBLR RICE FUND VIII LIMITED PARTNERSHIP                                     | CLAYTON DUBLR RICE FUND VIII LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |           0 | OU      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SUMMIT VENTURE CAPITAL III B                                                         | SUMMIT VENTURE CAPITAL III B                                                         | CUSIP: 000000000<br>LEI: 549300MWXV1V1N63GW41 | Long             | EC               | CORP              | US        |      176460 | NS      | $286386.93    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Campaign Monitor (UK) Limited                                                        | Campaign Monitor (UK) Limited - Second Lien                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1856677 | PA      | $1699924.99   | 0.01%             | 2025-11-06      | Floating      | 0.14%                 | Yes           |                  3 | On Loan: No      |
| Storm King Park CLO, Ltd                                                             | Storm King Park CLO LTD                                                              | CUSIP: 862179AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1500000 | PA      | $1500000.00   | 0.01%             | 2037-10-15      | Floating      | 10.41%                | Yes           |                  3 | On Loan: No      |
| Elmwood CLO 26 Ltd                                                                   | Elmwood CLO 26 Ltd                                                                   | CUSIP: 29004DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2595641.55   | 0.02%             | 2037-04-18      | Floating      | 10.72%                | Yes           |                  3 | On Loan: No      |
| AD EDUCATION                                                                         | AD Education 2024 EUR Term Loan B                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |     4500000 | PA      | $5303133.49   | 0.03%             | 2031-11-14      | Floating      | 6.14%                 | Yes           |                  3 | On Loan: No      |
| LSF10 XL Bidco SCA                                                                   | LSF10 XL Bidco SCA 2021 EUR Term Loan B4                                             | CUSIP: 000000000<br>LEI: 254900O6UUYRRZZ5I689 | Long             | DBT              | CORP              | LU        |     5000000 | PA      | $5843028.87   | 0.04%             | 2028-04-12      | Floating      | 6.12%                 | Yes           |                  3 | On Loan: No      |
| SUNRISE FINANCING PARTNERSHIP                                                        | Sunrise Financing Partnership Term Loan AAA                                          | CUSIP: 000000000<br>LEI: 213800DXWIS9KORQ3X94 | Long             | LON              | CORP              | US        |     4300000 | PA      | $4304386.00   | 0.03%             | 2032-02-15      | Floating      | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Hg Genesis 10 L.P.                                                                   | Hg Genesis 10 L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $4848355.99   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |     3752001 | OU      | $10885435.29  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |        8232 | NS      | $45350.38     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SOVOS COMPLIANCE LLC                                                                 | Sovos Compliance LLC 2025 Term Loan B                                                | CUSIP: 84611YAE0<br>LEI: 549300M9XYG5WP2QHH07 | Long             | LON              | CORP              | US        |     4604115 | PA      | $4639290.30   | 0.03%             | 2029-08-13      | Floating      | 8.31%                 | Yes           |                  3 | On Loan: No      |
| ING Baring U.S. Capital Markets                                                      | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: Z0MI2JT14K8OXYZWX446 | N/A              | DFE              |  | US        |           1 | NC      | $24633.39     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings Transportation Fund, L.P.                                                    | Barings Transportation Fund, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |           0 | OU      | $12232635.07  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHG HEALTHCARE SERVICES INC                                                          | CHG Healthcare Services Inc 2024 Term Loan B1                                        | CUSIP: 12541HAW3<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |     1781978 | PA      | $1792313.06   | 0.01%             | 2028-09-29      | Floating      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| Premier Care Dental Management LLC                                                   | Premier Care Dental Management LLC Revolver                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1569270 | PA      | $1559306.00   | 0.01%             | 2027-08-05      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Livingbridge 7 LP                                                                    | Livingbridge 7 LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |           0 | OU      | $11356154.69  | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Apax X USD L.P.                                                                      | Apax X USD L.P.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |           0 | OU      | $21018484.74  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Partners Group Private Equity (Master Fund), LLC

**Signature:** Brian Igoe

**Name of Signer:** Brian Igoe

**Title:** Chief Financial Officer