# EDGAR Filing Document

**Accession Number:** 0001447247
**File Stem:** 0001752724-23-047168
**Filing Date:** 2023-2
**Character Count:** 634876
**Document Hash:** 0961de2ade32f4f035944aae31a65dac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047168.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047168

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Partners Group Private Equity (Master Fund), LLC
- **CENTRAL INDEX KEY:** 0001447247
- **IRS NUMBER:** 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:** 23683957

**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 —**

**December 31, 2022 (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 December 31, 2022, is set forth below:

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) |

---

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

![](fp0082397_01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Industry** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value** |
| **Common Stocks (1.22%)** | **Common Stocks (1.22%)** | **Common Stocks (1.22%)** | **Common Stocks (1.22%)** | **Common Stocks (1.22%)** |
| &nbsp;&nbsp;&nbsp;**North America (0.69%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | Communication | 05/29/20 | 21933 | $4646506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | Utilities | 02/16/16 | 47317 | 7212530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp. | Diversified Financial Services | 02/16/16 | 229577 | 4237991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp. | Diversified Financial Services | 06/28/19 | 43580 | 2981744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | Utilities | 02/16/16 | 62457 | 7002054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Group, Inc. | Diversified Financial Services | 07/12/19 | 45845 | 3401699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management, Inc. | Diversified Financial Services | 07/18/22 | 6164 | 176693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Business Partners LP | Diversified Financial Services | 03/17/22 | 48729 | 911310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | Diversified Financial Services | 12/12/22 | 24654 | 775122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian National Railway Co. | Transportation | 05/14/19 | 58386 | 6913711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | Utilities | 11/01/19 | 68163 | 4316763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle International Corp. | Communication | 02/16/16 | 31741 | 4306619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | Utilities | 02/16/16 | 55486 | 2165816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc. | Diversified Financial Services | 07/31/20 | 5388 | 3528871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Street Finance Corp. | Diversified Financial Services | 04/07/21 | 356943 | 2452198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis Inc. | Utilities | 12/18/17 | 99204 | 3960109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital BDC Inc. | Diversified Financial Services | 02/24/22 | 142000 | 1867300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HarbourVest Global Private Equity | Diversified Financial Services | 12/21/18 | 82676 | 2232346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | Diversified Financial Services | 02/16/16 | 71534 | 3319893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Corporation | Diversified Financial Services | 02/16/16 | 17576 | 845152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services Inc. | Commercial & Professional Services | 08/28/17 | 46358 | 5979255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | Utilities | 11/01/19 | 45416 | 1805918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | Industrials | 12/01/22 | 6746 | 4245730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | Transportation | 06/29/16 | 17379 | 3597974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management Inc. | Utilities | 07/02/20 | 26716 | 4191206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.69%)** |  |  |  | 87074510 |
| &nbsp;&nbsp;&nbsp;**Western Europe (0.53%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3i Group Plc | Diversified Financial Services | 10/01/20 | 175294 | 2826178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aena SA | Transportation | 12/21/18 | 41641 | 5210474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apax Global Alpha Ltd. | Diversified Financial Services | 01/19/21 | 485904 | 1094012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBGI SICAV S.A. | Diversified Financial Services | 03/21/19 | 2696279 | 5078346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom SA | Communication | 05/15/19 | 179250 | 5912303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elia System Operator SA/NV | Utilities | 11/03/22 | 18839 | 2668787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT AB | Diversified Financial Services | 04/06/20 | 40418 | 856432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gimv N.V. | Diversified Financial Services | 02/12/16 | 31933 | 1498823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBM Healthcare Investments AG | Diversified Financial Services | 04/07/20 | 4834 | 1049961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HgCapital Trust PLC | Diversified Financial Services | 02/12/16 | 1520977 | 6366014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HICL Infrastructure Co Ltd. | Diversified Financial Services | 03/30/16 | 2076718 | 4046301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Graphite Enterprise Trust PLC | Diversified Financial Services | 02/12/16 | 119861 | 1692434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | Diversified Financial Services | 12/12/16 | 98453 | 1359366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment AB Kinnevik | Diversified Financial Services | 04/06/20 | 145117 | 1997525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor AB | Diversified Financial Services | 08/28/17 | 160160 | 2894390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | Utilities | 02/12/16 | 378176 | 4536584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NB Private Equity Partners Ltd. | Diversified Financial Services | 11/06/19 | 137871 | 2644839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orsted AS | Utilities | 06/15/21 | 8156 | 739088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pantheon International Participations Plc | Diversified Financial Services | 11/04/19 | 480330 | 1502031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terna Rete Elettrica Nazionale SpA | Utilities | 01/05/18 | 774420 | 5685246 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Industry** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value** |
| **Public Investments (continued)** | | | | |
| &nbsp;&nbsp;&nbsp;**Common Stocks (continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vinci SA | Transportation | 02/12/16 | 83197 | $8277662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.53%)** |  |  |  | 67936796 |
| **Total Common Stocks (Cost $141,919,790)(1.22%)** | **Total Common Stocks (Cost $141,919,790)(1.22%)** | **Total Common Stocks (Cost $141,919,790)(1.22%)** |  | $155011306 |

---

**Asset-Backed Securities (0.59%)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair**<br> **Value<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;**North America (0.25%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ARES LI CLO Ltd. <sup>\*\*\*, +</sup> | 6.85% + L^^ | 07/26/21 | 07/15/34 | Series 2019-51A, Class ER | 500000 | 455956 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2021-VI Ltd. <sup>\*\*\*, +</sup> | 6.25% + L^^ | 09/22/21 | 10/15/34 | Series 2021-6A, Class E | 1500000 | 1350268 |
| &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 | 1222112 |
| &nbsp;&nbsp;&nbsp;CIFC Funding Ltd. <sup>\*\*\*, +</sup> | 7.27% + SFvv | 04/05/22 | 04/21/35 | Series 2022-3A, Class E | 1000000 | 946095 |
| &nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. <sup>\*\*\*, +</sup> | 6.15% + L^^ | 08/02/21 | 08/20/34 | Series 2021-95A, Class E | 1500000 | 1292162 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding LX Ltd. <sup>+</sup> | 5.50% + SFvv | 11/28/22 | 10/25/35 | Series 2022-60A, Class D | 1000000 | 1000562 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding LX Ltd. <sup>+</sup> | 8.95% + SFvv | 11/28/22 | 10/25/35 | Series 2022-60A, Class E | 1250000 | 1213442 |
| &nbsp;&nbsp;&nbsp;Magnetite CLO Ltd. <sup>\*\*\*, +</sup> | 6.20% + L^^ | 10/01/21 | 10/25/34 | Series 2021-30A, Class E | 1625000 | 1487158 |
| &nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd. <sup>\*\*\*, +</sup> | 3.05% + SFvv | 02/04/22 | 04/15/35 | Series 2019-24A, Class DR | 2600000 | 2427488 |
| &nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd. <sup>\*\*\*, +</sup> | 6.40% + SFvv | 02/04/22 | 04/15/35 | Series 2019-24A, Class ER | 4000000 | 3640521 |
| &nbsp;&nbsp;&nbsp;Magnetite XXVI Ltd. <sup>\*\*\*, +</sup> | 5.95% + L^^ | 08/02/21 | 07/25/34 | Series 2020-26A, Class ER | 1000000 | 911096 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman CLO XXI Ltd. <sup>\*\*\*, +</sup> | 3.30% + L^^ | 04/02/21 | 04/20/34 | Series 2016-21A, Class DR2 | 500000 | 477997 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman CLO XXI Ltd. <sup>\*\*\*, +</sup> | 6.46% + L^^ | 04/02/21 | 04/20/34 | Series 2016-21A, Class ER2 | 1000000 | 899395 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 45 Ltd. <sup>\*\*\*, +</sup> | 6.25% + L^^ | 10/07/21 | 10/14/35 | Series 2021-45A, Class E | 1000000 | 905942 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 49 Ltd. <sup>\*\*\*, +</sup> | 7.00% + SFvv | 05/03/22 | 07/25/34 | Series 2022-49A, Class E | 1440000 | 1334428 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO IX <sup>\*\*\*, +</sup> | 7.45% + L^^ | 09/22/21 | 10/15/34 | Series 2020-9A, Class ER | 3500000 | 3238222 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO XII Ltd. <sup>\*\*\*, +</sup> | 8.11% + SFvv | 05/13/22 | 07/20/35 | Series 2022-12A, Class E | 1000000 | 940155 |
| &nbsp;&nbsp;&nbsp;Southwick Park CLO LLC <sup>\*\*\*, +</sup> | 6.25% + L^^ | 11/16/21 | 07/20/32 | Series 2019-4A, Class ER | 1800000 | 1585578 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXV Ltd. <sup>\*\*\*, +</sup> | 3.60% + L^^ | 03/12/21 | 04/19/34 | Series 2021-25A, Class D | 1000000 | 916783 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXV Ltd. <sup>\*\*\*, +</sup> | 6.50% + L^^ | 03/12/21 | 04/19/34 | Series 2021-25A, Class E | 1750000 | 1575664 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXXIII Ltd. <sup>\*\*\*, +</sup> | 7.10% + SFvv | 04/27/22 | 04/24/35 | Series 2022-33A, Class E | 1250000 | 1167033 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Asset-Backed Securities (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tallman Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.35% + L^^ | 04/09/21 | 04/20/34 | Series 2021-1A, Class E | 1500000 | $1384856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellman Park CLO Ltd. <sup>\*\*\*, +</sup> | 6.25% + L^^ | 05/10/21 | 07/15/34 | Series 2021-1A, Class E | 1000000 | 916687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.25%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.25%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (0.25%)** |  |  |  | 31289600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (0.34%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 23 Ltd. <sup>+</sup> | 5.93% + SFvv | 11/02/22 | 01/20/36 | Series 2022-23A, Class D | 2000000 | 1979845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO IX DAC <sup>\*\*\*, +</sup> | 6.70% + E## | 02/23/22 | 10/28/34 | Series 9A, Class E | 1750000 | 1587314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurium CLO V Designated Activity Co. <sup>\*\*\*, +</sup> | 3.50% + E## | 03/08/21 | 04/17/34 | Series 5A, Class DR | 1000000 | 944404 |
| &nbsp;&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 | 1360973 |
| &nbsp;&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 | 1335079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avoca CLO XXV DAC <sup>\*\*\*, +</sup> | 6.14% + E## | 10/20/21 | 10/15/34 | Series 25A, Class E | 1600000 | 1435736 |
| &nbsp;&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 | 1020588 |
| &nbsp;&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 | 671062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock European CLO IV DAC <sup>\*\*\*, +</sup> | 4.80% + E## | 04/26/22 | 07/15/30 | Series 4A, Class E | 1502600 | 1353527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock European CLO VIII DAC <sup>\*\*\*, +</sup> | 3.30% + E## | 02/03/22 | 01/20/36 | Series 8A, Class DR | 1000000 | 938328 |
| &nbsp;&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 | 2500000 | 2251170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock European CLO XI DAC <sup>+</sup> | 3.00% + E## | 10/27/22 | 07/17/34 | Series 11A, Class D | 1002067 | 931486 |
| &nbsp;&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 | 2317390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyce Park CLO Ltd. <sup>\*\*\*, +</sup> | 3.10% + SFvv | 01/28/22 | 04/21/35 | Series 2022-1A, Class D | 2500000 | 2298198 |
| &nbsp;&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 | 301433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Euro CLO 2021-2 DAC <sup>\*\*\*, +</sup> | 6.25% + E## | 09/27/21 | 10/15/35 | Series 2021-2A, Class D | 3000000 | 2673754 |
| &nbsp;&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 | 1192081 |
| &nbsp;&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 | 1354144 |
| &nbsp;&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 | 453117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Cordatus Loan Fund <sup>+</sup> | 6.16% + E## | 11/07/22 | 01/15/37 | Series 26A, Class D1 | 1100000 | 1120271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Cordatus Loan Fund <sup>+</sup> | 7.73% + E## | 11/07/22 | 01/15/37 | Series 26A, Class D2 | 400000 | 409472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edmondstown Park CLO DAC <sup>+</sup> | 6.19% + E## | 11/18/22 | 07/21/35 | Series 1A, Class D | 1100000 | 994474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edmondstown Park CLO DAC <sup>+</sup> | 6.77% + E## | 11/18/22 | 07/21/35 | Series 1A, Class E | 1250000 | 1272980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elm Park CLO <sup>\*\*\*, +</sup> | 6.16% + E## | 03/26/21 | 04/15/34 | Series 1A, Class DRR | 666000 | 602578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elm Park CLO <sup>\*\*\*, +</sup> | 3.50% + E## | 03/26/21 | 04/15/34 | Series 1A, Class CRR | 1000000 | 958893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park EUR Funding XVI DAC <sup>\*\*\*, +</sup> | 6.02% + E## | 04/15/21 | 05/25/34 | Series 16A, Class E | 1406000 | 1247431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon 58 Ltd. <sup>\*\*\*, +</sup> | 7.20% + SFvv | 04/21/22 | 07/15/37 | Series 2022-1A, Class E | 2140000 | 2108742 |
| &nbsp;&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 | 1075667 |
| &nbsp;&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 | 733012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2021-1 DAC <sup>\*\*\*, +</sup> | 5.95% + E## | 08/02/21 | 04/15/31 | Series 2021-1A, Class E | 714000 | 672217 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Public Investments (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;Palmer Square European Loan Funding 2021-2 DAC <sup>\*\*\*, +</sup> | 8.05% + E## | 10/15/21 | 07/15/31 | Series 2021-2A, Class F | 375000 | $333120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2021-2 DAC <sup>\*\*\*, +</sup> | 5.90% + E## | 10/15/21 | 07/15/31 | Series 2021-2A, Class E | 625000 | 582185 |
| &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 | 617675 |
| &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 | 441923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding 2022-1 DAC <sup>\*\*\*, +</sup> | 7.37% + E## | 03/17/22 | 10/15/31 | Series 2022-2A, Class E | 1500000 | 1449639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley Stream Park CLO Ltd. <sup>+</sup> | 5.71% + SFvv | 11/01/22 | 10/20/34 | Series 2022-1A, Class D | 1500000 | 1503587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesey Park CLO DAC <sup>\*\*\*, +</sup> | 7.16% + E## | 05/09/22 | 11/16/32 | Series 1A, Class D | 1017104 | 935855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Euro CLO V DAC <sup>\*\*\*, +</sup> | 5.81% + E## | 08/06/21 | 04/15/35 | Series 5A, Class E | 417000 | 371068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (0.34%)** |  |  |  |  |  | 43830418 |

---

---

| | |
|:---|:---|
| **Total Asset-Backed Securities (Cost $84,827,463)(0.59%)** | $75120018 |

---

**Private Equity Investments (95.86%)**

**Direct Investments \* (69.19%)**

**Direct Equity (60.28%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value**<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (6.09%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAVAS Financiers Limited <sup>+, a, e</sup> | Common equity | 03/28/18 | 3891752 | $78524909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan Mauritius Limited <sup>+, a, e</sup> | Common equity | 05/09/16 | 106215 | 20501736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pebble Co-Invest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 05/13/21 |  | 20725032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kowloon Co-Investment, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/04/15 |  | 6988110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Asset Hold Trust <sup>+, a, b, e</sup> | Common equity | 09/10/18 | 13186543 | 22565584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Asset Hold Trust <sup>+, a, b, e</sup> | Common equity | 07/30/20 | 18628227 | 16164243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra II Project Hold Trust <sup>+, a, b, e</sup> | Common equity | 07/30/20 | 10 | 4041061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murra Warra Project Hold Trust <sup>+, a, b, e</sup> | Common equity | 09/10/18 | 429366 | 5641395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Terra Pte. Ltd. <sup>+, a, b, e</sup> | Common equity | 05/14/21 | 4372335 | 4808344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, b, e</sup> | Common equity | 03/03/21 | 5433284 | 5463462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, b, e</sup> | Preferred equity | 03/03/21 | 488996 | 49171211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Esmeralda Pte. Ltd. <sup>+, a, b, e</sup> | Preferred equity | 09/26/22 | 63417 | 7944117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup> | Common equity | 04/25/22 | 1209388 | 1204637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Loa Pte. Ltd. <sup>+, a</sup> | Preferred equity | 04/25/22 | 22978363 | 22888103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, c, e</sup> | Member interest | 12/27/22 |  | 7228256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup> | Common equity | 12/27/22 | 481884 | 481884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunsure Energy Private Limited <sup>+, a, b, e</sup> | Preferred equity | 12/27/22 | 1927535 | 1927535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchstone Co-Investment, L.P. <sup>+, a, c</sup> | Limited partnership interest | 06/24/19 |  | 1082457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchstone Co-Investment, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 12/18/18 |  | 1880612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Upswing Co-Invest, L.P. <sup>+, a, c</sup> | Limited partnership interest | 01/10/19 |  | 32325236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zenith Longitude Limited <sup>+, a, b, e</sup> | Common equity | 08/13/21 | 26838037 | 461686241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (6.09%)** |  |  |  | 773244165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (29.86%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Insurance Services, Inc. <sup>+, a, c</sup> | Limited partnership interest | 12/01/21 |  | $27493770 |
| &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 |  | 11715794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VII Co-Invest ERT <sup>+, a, c</sup> | Limited partnership interest | 04/28/21 |  | 62930191 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE Hercules Holdings, L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/30/18 |  | $42722680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BI Gen Holdings, Inc. <sup>+, a</sup> | Common equity | 01/01/21 | 14561 | 310820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burger Bossco Holdings, Inc. <sup>+, a</sup> | Preferred equity | 12/31/20 | 300 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burger Bossco Holdings, Inc. <sup>+, a</sup> | Common equity | 01/01/21 | 145 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a</sup> | Common equity | 03/01/17 | 3020546 | 2637691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Poly Holdings, LLC <sup>+, a, e</sup> | Preferred equity | 08/16/16 | 171270 | 55776809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CB Titan MidCo Holdings, Inc. <sup>+, a</sup> | Common equity | 01/01/21 | 56634 | 35047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBI Parent, L.P. <sup>+, a, b</sup> | Common equity | 01/06/21 | 1145918 | 54086860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBI Parent, L.P. <sup>+, a, b, c</sup> | Member interest | 10/17/22 |  | 5696339 |
| &nbsp;&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 |  | 232982586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent Health, LLC <sup>+, a, b, e</sup> | Common equity | 06/24/19 | 27246 | 60649378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConvergeOne Investment L.P. <sup>+, a</sup> | Common equity | 07/03/19 | 3120 | 961416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cowboy Topco, Inc. <sup>+, a</sup> | Common equity | 05/18/22 | 1348750 | 1351802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a</sup> | Common equity | 05/13/21 | 238834 | 1245356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cure Holdings, LLC <sup>+, a, e</sup> | Common equity | 05/13/21 | 2723 | 12850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dermatology Holdings, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 04/01/22 |  | 129772872 |
| &nbsp;&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 |  | 53375413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Parent, LLC <sup>+, a, b</sup> | Common equity | 11/15/21 | 105520023 | 159938706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeCore Holdings, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 11/10/22 |  | 39083333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Holdings LP <sup>+, a, b, c, e</sup> | Limited partnership interest | 07/01/22 |  | 53700167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen LLC <sup>+, a, b, e</sup> | Common equity | 09/17/19 | 37786 | 58566804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Infrastructure IV Co-Investment (B) SCSp <sup>+, a, c</sup> | Limited partnership interest | 03/09/20 |  | 125239476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT IX Co-Investment (F) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 11/15/21 |  | 120833852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (C) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 01/25/19 |  | 141798564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXW Coinvest L.P. <sup>+, a, c</sup> | Limited partnership interest | 06/17/16 |  | 19664690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP Investors II, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 09/16/22 |  | 47765155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halo Parent Newco, LLC <sup>+, a</sup> | Preferred equity | 02/22/22 | 1109 | 17512827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Holdco I Inc. <sup>+, a, b, c</sup> | Member interest | 03/01/22 |  | 63404199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icebox Parent L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 12/22/21 |  | 121264229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera Parent L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 03/02/21 |  | 217751687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KDOR Merger Sub Inc. <sup>+, a</sup> | Common equity | 05/11/18 | 481 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Holdings, L.P. <sup>+, a, c</sup> | Limited partnership interest | 08/08/19 |  | 382717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Cavalry Co-Invest Blocker Parent L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 03/24/22 |  | 48310306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Enterprise Co-Invest AIV A L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 07/31/20 |  | 880074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Enterprise Co-Invest L.P. <sup>+, a, e</sup> | Common equity | 10/09/18 | 9684 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPOCH Holdings, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 11/10/22 |  | 187525500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPSKY Holdings L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 10/19/21 |  | 56625575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup> | Common equity | 07/30/18 | 252000 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTF Holdings, Inc. <sup>+, a, e</sup> | Common equity | 01/06/20 | 3464630 | 41367674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matterhorn Topco, L.P. <sup>+, a</sup> | Common equity | 05/19/21 | 88040 | 10789144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup> | Common equity | 03/10/17 | 356 | 665436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Acquisition Holdings, LLC <sup>+, a, b</sup> | Preferred equity | 03/10/17 | 35285 | 361443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MHS Blocker Purchaser L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 03/10/17 |  | 79397525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milestone Investment Holdings, LLC <sup>+, a, e</sup> | Common equity | 09/23/21 | 22293150 | 28665050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiplan Corp. <sup>+, a</sup> | Common equity | 06/07/16 | 1438764 | 1640191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NC Ocala Co-Invest Alpha, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/24/21 |  | 70279695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NDES Holdings, LLC <sup>+, a</sup> | Preferred equity | 09/19/11 | 500000 | 2793364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHCP IV SF COI, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 01/31/18 |  | 48994986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Coinvest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 10/23/20 |  | 19244978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Fox, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 04/25/19 |  | 67055402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Opportunity L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 09/01/21 |  | 39178461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot SPV, L.P. <sup>+, a, c</sup> | Limited partnership interest | 03/18/21 |  | 54055774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG BRPC Investment, LLC <sup>+, a, b, e</sup> | Common equity | 08/01/19 | 32079 | 80671697 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Equity (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Delta HoldCo, LLC <sup>+, a, b, e</sup> | Common equity | 06/24/21 | 30481 | $53749318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raptor Holding Parent, L.P. <sup>+, a</sup> | Common equity | 04/01/22 | 11209 | 1331333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Hero Topco, L.P. <sup>+, a, c</sup> | Limited partnership interest | 04/01/21 |  | 12328729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safari Co-Investment L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 03/14/18 |  | 10698364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC <sup>+, a</sup> | Common equity | 11/28/16 | 2672 | 485957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SC Landco Parent, LLC <sup>+, a</sup> | Preferred equity | 04/21/17 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shermco Intermediate Holdings, Inc. <sup>+, a, e</sup> | Common equity | 06/05/18 | 11525 | 1426597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shingle Coinvest L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 05/29/18 |  | 198478199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIH RP HoldCo L.P. <sup>+, a, e</sup> | Common equity | 09/10/19 | 5995126 | 62362382 |
| &nbsp;&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 |  | 27114575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnackTime PG Holdings, Inc. <sup>+, a, b, e</sup> | Common equity | 05/23/18 | 12 | 27381828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SnackTime PG Holdings, Inc. <sup>+, a, b, c, e</sup> | Member interest | 05/23/18 |  | 20308707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Pharma Holdings LP <sup>+, a, b, c</sup> | Limited partnership interest | 04/01/21 |  | 95248074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starfish Intermediate, Inc. <sup>+, a</sup> | Preferred equity | 06/06/22 | 7136374 | 189606936 |
| &nbsp;&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 |  | 32124671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SureWerx Topco, L.P. <sup>+, a, b, c, e</sup> | Limited partnership interest | 12/28/22 |  | 51287146 |
| &nbsp;&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 |  | 5321193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 08/31/21 |  | 73537364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKC Topco LLC <sup>+, a</sup> | Common equity | 10/14/16 | 4632829 | 201926 |
| &nbsp;&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 |  | 4259445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Holdings US LP <sup>+, a, c, e</sup> | Limited partnership interest | 08/31/22 |  | 22813600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VEPF VII Co-Invest 2-A, L.P. <sup>+, a, c, e</sup> | Limited partnership interest | 04/06/21 |  | 91768907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHCG Purchaser, L.P. <sup>+, a, b, c</sup> | Limited partnership interest | 06/22/21 |  | 34216837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woof Parent L.P. <sup>+, a</sup> | Common equity | 12/21/20 | 1441 | 2826216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (29.86%)** |  |  |  | 3788044666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (1.74%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Retail Turkey Partners, L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/11/13 |  | $5726315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zabka Polska SA <sup>+, a</sup> | Preferred equity | 09/25/19 |  | 98617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zabka Polska SA <sup>+, a</sup> | Common equity | 09/25/19 | 2551723 | 211830393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zabka Polska SA <sup>+, a, e</sup> | Preferred equity | 09/25/19 | 120777003 | 3077915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (1.74%)** |  |  |  | 220733240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South America (0.03%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centauro Co-Investment Fund, L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/28/13 |  | $3382536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South America (0.03%)** |  |  |  | 3382536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (22.56%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ark EquityCo SAS <sup>+, a, c, e</sup> | Limited partnership interest | 02/21/22 |  | $12442597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a, c</sup> | Limited partnership interest | 11/28/19 |  | 3466646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Lux Acquisitions S.à.r.l. <sup>+, a</sup> | Common equity | 01/11/21 | 218625 | 236195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII Co-Invest Open Health <sup>+, a, c, e</sup> | Limited partnership interest | 08/04/22 |  | 22842616 |
| &nbsp;&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 | 118426918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelia Investment 1 Limited <sup>+, a, b</sup> | Preferred equity | 10/12/17 | 6768617529 | 134007148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelia Investment 1 Limited <sup>+, a, b</sup> | Common equity | 10/12/17 | 86516 | 33154278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capri Acquisitions Topco Limited <sup>+, a</sup> | Common equity | 11/01/17 | 8345985 | 69605540 |
| &nbsp;&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 |  | 52519372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciddan S.à.r.l. <sup>+, a</sup> | Preferred equity | 09/15/17 | 23249522 | 27544534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciddan S.à.r.l. <sup>+, a</sup> | Common equity | 09/15/17 | 12263242 | 72034491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a</sup> | Common equity | 04/25/22 | 63085 | 480620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climeworks AG <sup>+, a, e</sup> | Preferred equity | 04/25/22 | 7823400 | 62744089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Jaguar Co-Investment SCSp <sup>+, a, b, c, e</sup> | Limited partnership interest | 11/30/18 |  | 117128296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT VIII Co-Investment (D) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 10/01/19 |  | 194567629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fides S.p.A <sup>+, a</sup> | Common equity | 12/15/16 | 78505 | 495501 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **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;Global Blue Group Holding AG <sup>+, a</sup> | Common equity | 09/11/20 | 97250 | $444691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Blue Holding L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/31/12 |  | 8691378 |
| &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 |  | 9208766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green DC LuxCo S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 19595288 | 51712927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Matterhorn Co-Invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 11/02/12 |  | 731626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Pegasus Co-Invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 07/07/22 |  | 12426513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Sprint Co-Invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 09/29/22 |  | 42843749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Traviata Co-invest L.P. <sup>+, a, c</sup> | Limited partnership interest | 12/18/19 |  | 123865729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 261 S.à.r.l. <sup>+, a</sup> | Common equity | 07/31/18 | 1480 | 54553253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg Investment Company 261 S.à.r.l. <sup>+, a, c</sup> | Member interest | 07/31/18 |  | 57636866 |
| &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 | 22721360 |
| &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 |  | 20026497 |
| &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 | 6498551 |
| &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 | 32933279 |
| &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 |  | 5604062 |
| &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 | 1 |
| &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 |  | 50692980 |
| &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 | 12111360 | 33104200 |
| &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 |  | 69886770 |
| &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 | 14808813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnesium Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 05/19/22 |  | 85200530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauritius (Luxemburg) Investments S.à.r.l. <sup>+, a</sup> | Common equity | 10/19/21 | 11698 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May Co-Investment S.C.A. <sup>+, a, b</sup> | Common equity | 11/09/20 | 1059375 | 51222217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montagu LuxCo <sup>+, a</sup> | Common equity | 02/22/22 | 450000 | 52346671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nerve Co-Invest SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 01/27/21 |  | 35681635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital V Co-Investment (A) SCSp <sup>+, a, c, e</sup> | Limited partnership interest | 12/12/22 |  | 42703756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orbiter Investments S.à.r.l. <sup>+, a, e</sup> | Common equity | 12/17/21 | 5977270 | 173247519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT Luxco 3 & Cy S.C.A. <sup>+, a</sup> | Warrants | 12/01/17 |  | 1365723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 1 S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 10/28/21 |  | 89859331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Investment Company 1 S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 10/28/21 | 12822040 | 7741056 |
| &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 | 121474730 |
| &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 | 12650106 | 1 |
| &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 | 930286 | 316 |
| &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 | 109674955 |
| &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 |  | 857302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 04/14/21 |  | 15302374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG TLP S.à.r.l. <sup>+, a, b, e</sup> | Common equity | 04/14/21 | 6377426 | 81987545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Wave Limited <sup>+, a, b, e</sup> | Common equity | 02/03/22 | 53215581 | 70655218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen GP S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 110300 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 01/20/22 | 98858068 | 105917364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmathen Topco S.à.r.l. <sup>+, a, b</sup> | Common equity | 01/20/22 | 79910 | 1 |
| &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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, e</sup> | Preferred equity | 05/23/18 | 244659996 | 4249133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XVI S.à.r.l. <sup>+, a, b, c, e</sup> | Member interest | 10/03/22 |  | 1186844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 04/11/22 | 1155552 | 64151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Preferred equity | 08/19/21 | 13114964 | 201994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyusus Lux XXIII S.à.r.l. <sup>+, a, e</sup> | Common equity | 08/19/21 | 4383568 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresco 2 Co-Invest SCSp <sup>+, a, c</sup> | Limited partnership interest | 07/12/22 |  | 35512035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b, c</sup> | Member interest | 09/29/20 |  | 37433052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup> | Common equity | 09/29/20 | 1969352 | 19581370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Root JVCo S.à.r.l. <sup>+, a, b</sup> | Preferred equity | 09/29/20 | 6731408 | 30445931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.TOUS, S.L <sup>+, a</sup> | Common equity | 10/06/15 | 622 | 18740581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stark Perseus Investment <sup>+, a</sup> | Common equity | 02/26/21 | 963052 | 2071406 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Acquisition<br> Date** | **Shares** | **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;Stark Perseus Topco <sup>+, a, c, e</sup> | Member interest | 02/26/21 |  | $12390353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stark Perseus Topco <sup>+, a, e</sup> | Common equity | 02/26/21 | 26921454 | 43058511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surfaces SLP (SCSp) <sup>+, a, b, c</sup> | Limited partnership interest | 10/01/20 |  | 37227151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veonet Co-Invest SCSp (Lux) <sup>+, a, c, e</sup> | Limited partnership interest | 03/09/22 |  | 35320317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (22.56%)** |  |  |  | 2862809559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Equity (60.28%)** |  |  |  | $7648214166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (8.91%)** |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (0.47%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BYJU's Alpha, Inc. <sup>+, a</sup> | Cash 5.50% + L (0.75% Floor)^^ | 01/19/22 | 11/24/26 | Senior | $2382000 | $1920904 |
| &nbsp;&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 | 12373591 | 12193156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fugue Finance B.V. <sup>+, a</sup> | Cash 3.25% + E## | 08/24/20 | 08/30/24 | Senior | 1299487 | 1140228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Care Finance Pty Ltd. <sup>+, a</sup> | Cash 5.00% + L (1.00% Floor)^^ | 07/28/20 | 05/14/27 | Senior | 2139500 | 782255 |
| &nbsp;&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 | 12821245 |
| &nbsp;&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 | 4505270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greencross Limited <sup>+, a</sup> | Cash 5.75% + L (0.75% Floor)^^ | 03/22/22 | 03/23/28 | Senior | 10339369 | 10184603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON Cancer Care <sup>+, a</sup> | Cash 7.25% + BBSY (0.50% Floor)† | 04/12/22 | 03/29/30 | Second Lien | 10284819 | 8890751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snacking Investments BidCo Pty Limited <sup>+, a</sup> | Cash 4.00% + SF (1.00% Floor)v | 01/15/20 | 12/18/26 | Senior | 1264250 | 1235804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stiphout Finance, LLC <sup>+, a</sup> | Cash 3.00% + L (1.00% Floor)^ | 10/30/15 | 10/30/25 | Senior | 4681981 | 4652886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyage Australia Pty Ltd <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^^ | 07/23/21 | 06/18/28 | Senior | 1678500 | 1598771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (0.47%)** |  |  |  |  |  | 59925873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (5.58%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8th Avenue Food & Provisions, Inc. <sup>+, a</sup> | Cash 3.75% + L^ | 11/13/18 | 10/01/25 | Senior | $1440000 | $1209830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^ | 08/18/21 | 02/13/27 | Senior | 2172500 | 2069306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC <sup>+, a</sup> | Cash 3.50% + L^ | 03/27/20 | 02/15/27 | Senior | 1853629 | 1743904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^ | 12/08/21 | 02/15/27 | Senior | 990000 | 960711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMI Corp. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^ | 07/14/21 | 12/23/27 | Senior | 1382500 | 1262831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Medical Group Holdings, Inc. <sup>+, a</sup> | Cash 4.75% + L (1.00% Floor)^ | 02/25/21 | 10/02/25 | Senior | 982500 | 694510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIT Buyer, LLC <sup>+, a</sup> | Cash 7.50% + L (0.75% Floor)^^ | 04/06/21 | 03/30/29 | Second Lien | 6860000 | 6570801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIT Worldwide Logistics, Inc. <sup>+, a</sup> | Cash 4.75% + L (0.75% Floor)^^ | 04/19/21 | 03/31/28 | Senior | 2574000 | 2372108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC <sup>+, a</sup> | Cash 3.25% + L^ | 06/03/19 | 05/09/25 | Senior | 1254500 | 1239935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^ | 12/08/21 | 11/05/27 | Senior | 1580000 | 1546425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc. <sup>+, a</sup> | Cash 3.50% + L^^ | 06/03/22 | 05/04/25 | Senior | 2976491 | 2676446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Group Treasury Limited <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 08/27/21 | 07/27/28 | Senior | 2076735 | 1988474 |
| &nbsp;&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 | 995000 | 859272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applovin Corporation <sup>+, a</sup> | Cash 3.25% + L^^ | 03/24/21 | 08/15/25 | Senior | 979592 | 945615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applovin Corporation <sup>+, a</sup> | Cash 3.00% + L (0.50% Floor)^^ | 12/08/21 | 10/25/28 | Senior | 1389500 | 1323499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AQA Acquisition Holding, Inc. <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^^ | 03/18/21 | 03/03/28 | Senior | 1083500 | 1041969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AqGen Island Holdings, Inc. <sup>+, a</sup> | Cash 6.50% + L (0.50% Floor)^^ | 08/19/21 | 08/02/29 | Second Lien | 7049750 | 6192007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc. <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)vv | 02/23/22 | 02/15/29 | Senior | 2814685 | 2548303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc. <sup>+, a, e, f</sup> | Cash 3.50% + SF (0.50% Floor)vv | 01/27/22 | 02/15/29 | Senior | 478261 | (2391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc. <sup>+, a, e, f</sup> | Cash 3.50% + SF (0.50% Floor)vv | 02/23/22 | 02/15/29 | Senior | 119565 | 3309250 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banff Guarantor Inc. <sup>+, a</sup> | Cash 5.50% + L (0.50% Floor)^^ | 01/31/22 | 02/27/26 | Second Lien | $1700000 | $1571973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banff Merger Sub Inc. <sup>+, a</sup> | Cash 3.75% + L^ | 01/31/22 | 10/02/25 | Senior | 2808428 | 2695459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barracuda Networks, Inc. <sup>+, a</sup> | Cash 7.00% + SF (0.50% Floor)vv | 05/17/22 | 08/15/30 | Second Lien | 4000000 | 3655000 |
| &nbsp;&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 | 3283500 | 3132163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bella Holding Company, LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^ | 05/13/21 | 04/01/28 | Senior | 3555000 | 3364807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BI Gen Holdings, Inc. <sup>+, a</sup> | Cash 4.25% + L^^ | 10/04/18 | 09/05/25 | Senior | 1436500 | 1371857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BI Gen Holdings, Inc. <sup>+, a</sup> | Cash 8.13% + L (1.00% Floor)^^ | 12/21/20 | 08/31/26 | Second Lien | 1950000 | 1950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc. <sup>+, a</sup> | Cash 3.00% + L^^ | 08/12/19 | 06/15/25 | Senior | 962217 | 940139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlueConic Holding, Inc. <sup>+, a</sup> | Cash 5.75% + L (0.75% Floor)^^ | 01/27/22 | 01/27/28 | Senior | 18912000 | 18109990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield WEC Holdings, Inc. <sup>+, a</sup> | Cash 2.75% + L (0.50% Floor)^ | 09/12/18 | 08/01/25 | Senior | 974878 | 962644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Group Holding, LLC <sup>+, a</sup> | Cash 3.75% + SF (0.50% Floor)vv | 06/09/22 | 07/02/29 | Senior | 997500 | 995864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burger Bossco Intermediate, Inc. <sup>+, a</sup> | Cash 4.25% + L (1.00% Floor)^ | 01/01/21 | 04/25/24 | Senior | 151600 | 124312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burger Bossco Intermediate, Inc. <sup>+, a</sup> | PIK 10.00% + L (1.00% Floor)^^ | 12/31/20 | 04/25/25 | Second Lien | 342377 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campaign Monitor (UK) Limited <sup>+, a</sup> | Cash 7.90% + L (1.00% Floor)^^ | 01/01/21 | 11/06/25 | Second Lien | 183333 | 180745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campaign Monitor (UK) Limited <sup>+, a</sup> | Cash 8.90% + L (1.00% Floor)^^ | 01/01/21 | 11/06/25 | Second Lien | 1466667 | 1445963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a</sup> | Cash 8.00% | 03/01/17 | 02/10/23 | Mezzanine | 4863488 | 4345590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CapitalSpring Finance Company, LLC <sup>+, a</sup> | PIK 5.00% | 03/01/17 | 02/10/23 | Mezzanine | 3401088 | 2560119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Equipment, Inc. <sup>+, a</sup> | Cash 4.50% + L (0.50% Floor)^^ | 11/26/21 | 09/01/24 | Senior | 1376009 | 1295927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carestream Dental Equipment, Inc. <sup>+, a</sup> | Cash 8.00% + L (1.00% Floor)^^ | 11/26/21 | 09/01/25 | Second Lien | 3000000 | 2820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cengage Learning, Inc. <sup>+, a</sup> | Cash 4.75% + L (1.00% Floor)^^ | 08/06/21 | 07/14/26 | Senior | 1382500 | 1246414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Parent, Inc. <sup>+, a</sup> | Cash 4.50% + SF (0.50% Floor)vv | 07/12/22 | 07/06/29 | Senior | 1000000 | 992670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte Buyer Inc <sup>+, a</sup> | Cash 5.25% + SF (0.50% Floor)vv | 08/16/22 | 02/11/28 | Senior | 1000000 | 950420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter NEX US, Inc. <sup>+, a</sup> | Cash 4.25% + L (0.75% Floor)^^ | 05/31/19 | 12/01/27 | Senior | 1438195 | 1399658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 06/09/21 | 06/04/28 | Senior | 3250500 | 3240342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 04/19/22 | 04/13/29 | Senior | 1293500 | 1235131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, Inc. <sup>+, a</sup> | Cash 3.25% + L^ | 04/26/19 | 04/06/26 | Senior | 2455962 | 2321498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConnectWise, LLC <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 10/06/21 | 09/29/28 | Senior | 1683000 | 1603057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conservice Midco, LLC, <sup>+, a</sup> | Cash 4.25% + L^ | 05/18/20 | 05/13/27 | Senior | 1661750 | 1616401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conterra Ultra Broadband Holdings, Inc. <sup>+, a</sup> | Cash 4.70% + L (1.00% Floor)^ | 06/06/19 | 04/30/26 | Senior | 1640569 | 1582805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConvergeOne Holdings, Inc. <sup>+, a</sup> | Cash 5.00% + L^ | 03/27/19 | 01/04/26 | Senior | 2887500 | 1692147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConvergeOne Holdings, Inc. <sup>+, a</sup> | Cash 8.50% + L^ | 04/15/19 | 01/04/27 | Second Lien | 31200000 | 14040000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convergint Tech LLC <sup>+, a</sup> | Cash 6.75% + L (0.75% Floor)^ | 04/12/21 | 03/30/29 | Second Lien | 1400000 | 1243662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone OnDemand, Inc. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^ | 10/22/21 | 10/16/28 | Senior | 1191000 | 1068923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start <sup>+, a</sup> | Cash 5.25% + SF (0.75% Floor)vv | 05/18/22 | 05/18/28 | Senior | 8180667 | 8150915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical Start, Inc. <sup>+, a, e</sup> | Cash 6.00% + SF (0.75% Floor)vv | 05/18/22 | 05/18/28 | Senior | 1798333 | (32323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Subsea Communications Holding, Inc. <sup>+, a</sup> | Cash 5.00% + L (0.75% Floor)^^ | 05/05/21 | 04/27/27 | Senior | 4487671 | 4390423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC <sup>+, a</sup> | Cash 2.50% + L^ | 08/11/21 | 04/15/27 | Senior | 3455584 | 3097067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings, LLC <sup>+, a</sup> | Cash 2.25% + L^ | 12/07/18 | 01/15/26 | Senior | 2892342 | 2709314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCert Buyer, Inc. <sup>+, a</sup> | Cash 4.00% + L^ | 10/24/19 | 10/16/26 | Senior | 1948674 | 1886736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deerfield Dakota Holding, LLC <sup>+, a</sup> | Cash 3.75% + SF (1.00% Floor)vv | 06/01/20 | 04/09/27 | Senior | 975000 | 913000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Topco, Inc. <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 01/06/21 | 12/01/27 | Senior | 2068500 | 1917499 |
| &nbsp;&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 | 10125421 | 9821658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DexKo Global Inc. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 10/07/21 | 09/22/28 | Senior | 254943 | 229413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexko Global, Inc. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 10/07/21 | 10/04/28 | Senior | 1333057 | 1199565 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **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 Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. <sup>+, a, e, f</sup> | Cash 4.75% + SF (0.75% Floor)vv | 11/15/22 | 03/31/28 | Senior | $997500 | $960094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc. <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^ | 04/23/21 | 03/31/28 | Senior | 1280542 | 1227720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Parent Holdings Corp. <sup>+, a</sup> | Cash 6.25% + L (1.00% Floor)^^ | 12/23/16 | 08/04/25 | Senior | (31186) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Parent Midco Inc. <sup>+, a</sup> | Cash 6.25% + L (1.00% Floor)^^ | 09/01/22 | 08/04/25 | Senior | 29289835 | 29042348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dwyer Instruments, LLC <sup>+, a</sup> | Cash 6.00% + L (0.75% Floor)^^ | 07/01/22 | 07/21/27 | Senior | 10990866 | 213797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EAB Global, Inc. <sup>+, a</sup> | Cash 4.00% + SF (0.75% Floor)v | 08/25/21 | 11/19/26 | Senior | 4125758 | 2100605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECI Macola/Max Holding, LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 09/13/21 | 11/09/27 | Senior | 1674372 | 1611583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Materials Technology Group US Holdings Inc.(EM Midco 2 US LLC) <sup>+, a, f</sup> | Cash 4.25% + SF (0.50% Floor)vv | 08/17/22 | 06/22/29 | Senior | 315789 | 309343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Materials Technology Group US Holdings Inc.(EM Midco 2 US LLC) <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 08/17/22 | 06/22/29 | Senior | 684211 | 670242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endurance International Group Holdings, Inc. <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 04/28/21 | 02/10/28 | Senior | 3841500 | 3466954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Machinery Holdings, Inc. <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 08/16/21 | 05/21/28 | Senior | 1584000 | 1536234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envision Healthcare Holdings, Inc. <sup>+, a</sup> | Cash 4.50% + SF (1.00% Floor)v | 04/29/22 | 04/29/28 | Second Lien | 42188402 | 35024436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epiq Systems <sup>+, a</sup> | Cash 4.75% + SF (0.75% Floor)v | 06/02/22 | 04/26/29 | Senior | 3990000 | 3685762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group <sup>+, a</sup> | Cash 6.00% + SF (0.75% Floor)vv | 06/15/22 | 06/14/29 | Senior | 7969459 | 8008277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergreen Services Group, LLC <sup>+, a, e</sup> | Cash 6.00% + SF (0.75% Floor)vv | 06/15/22 | 06/14/29 | Senior | 1377912 | 1384623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Explorer Holdings, Inc. <sup>+, a</sup> | Cash 8.00% + L (0.50% Floor)^ | 02/04/20 | 02/04/28 | Second Lien | 16625443 | 15627916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Explorer Holdings, Inc. <sup>+, a, e</sup> | Cash 8.00% + L (0.50% Floor)^ | 02/04/20 | 02/04/28 | Second Lien | 2866456 | 2694468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filtration Group Corporation <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^ | 11/01/21 | 10/21/28 | Senior | 2073750 | 2040912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco Inc. <sup>+, a</sup> | Cash 3.00% + L (0.50% Floor)^^ | 08/11/21 | 08/21/28 | Senior | 1093975 | 992098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Student Bidco, Inc. <sup>+, a</sup> | Cash 4.00% + SF (0.50% Floor)vv | 08/05/22 | 07/21/28 | Senior | 1000000 | 952500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^ | 12/10/21 | 11/22/28 | Senior | 2282750 | 2146732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galls, LLC <sup>+, a</sup> | Cash 6.25% + L (1.00% Floor)^^ | 12/22/20 | 01/31/25 | Senior | 515345 | 486347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental Inc. <sup>+, a</sup> | Cash 3.00% + L (1.00% Floor)^ | 12/05/18 | 05/30/25 | Senior | 1181805 | 1183690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GHX Ultimate Parent Corporation <sup>+, a</sup> | Cash 3.25% + L (1.00% Floor)^^ | 01/01/21 | 06/22/24 | Senior | 1915935 | 1879207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gopher Resource, LLC <sup>+, a</sup> | Cash 3.25% + L (1.00% Floor)^ | 07/09/21 | 03/06/25 | Senior | 1899226 | 1103129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great American Outdoors Group, LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 05/14/21 | 03/06/28 | Senior | 1764169 | 1699115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTT Communications, Inc. <sup>+, a</sup> | Cash 2.75% + L^^^ | 07/02/18 | 05/31/25 | Senior |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental Holdings, Inc. <sup>+, a, e</sup> | Cash 3.50% | 05/15/18 | 04/30/25 | Senior | 2193807 | 2093551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental Holdings, Inc. <sup>+, a</sup> | Cash 3.50% + L^ | 05/15/18 | 04/30/25 | Senior | 607561 | 563057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental, LLC <sup>+, a</sup> | Cash 4.00% + L^ | 06/21/21 | 04/30/25 | Senior | 987500 | 920103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Home Services, Inc. <sup>+, a</sup> | Cash 6.75% + SF (1.00% Floor)v | 11/08/22 | 12/15/26 | Senior | 12000000 | 11786503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Help/Systems Holdings Inc. <sup>+, a</sup> | Cash 6.75% + L (0.75% Floor)^^ | 11/05/21 | 11/19/27 | Second Lien | 3600000 | 3060000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Help/Systems Holdings Inc. <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^^ | 06/25/21 | 11/19/26 | Senior | 4125758 | 3730716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hornblower Sub, LLC <sup>+, a</sup> | Cash 4.50% + L^^ | 05/01/19 | 04/27/25 | Senior | 938763 | 661162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Husky Injection Molding Systems Ltd. <sup>+, a</sup> | Cash 3.25% + L (1.00% Floor)^^ | 07/15/19 | 03/28/25 | Senior | 962119 | 901308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyland Software Inc. <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 10/27/20 | 07/01/24 | Senior | 2961497 | 2927810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idera, Inc. <sup>+, a, b</sup> | Cash 3.75% + L (0.75% Floor)^ | 12/17/18 | 06/27/24 | Senior | 1248155 | 1180286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Dade <sup>+, a</sup> | Cash 4.63% + SF (0.50% Floor)vv | 06/24/22 | 06/11/26 | Senior | 992500 | 967688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indy US Bidco, LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 03/29/21 | 03/06/28 | Senior | 982563 | 858927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INNIO Group Holdings GmbH <sup>+, a</sup> | Cash 3.25% + E### | 11/30/18 | 10/31/25 | Senior | 1415436 | 1244844 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** | | | | | | |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Acquisition, LLC <sup>+, a, e</sup> | Cash 5.75% + SF (0.75% Floor)vv | 06/21/22 | 08/27/25 | Senior | $16506158 | $15969708 |
| &nbsp;&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 | 2244375 | 2046780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KCIBT Intermediate II, Inc. <sup>+, a</sup> | Cash 1.00% + L (1.00% Floor)^^ + PIK 4.25% + L (1.00% Floor)^^ | 12/23/20 | 06/01/25 | Senior | 242679 | 171118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. <sup>+, a</sup> | Cash 8.25% + L^^ | 12/15/21 | 08/08/27 | Second Lien | 175500 | 167684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. <sup>+, a</sup> | Cash 8.25% + L (1.00% Floor)^^ | 01/01/21 | 08/09/27 | Second Lien | 1462500 | 1397368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. <sup>+, a</sup> | Cash 8.25% + L^^ | 08/05/22 | 08/09/27 | Second Lien | 984997 | 941130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingpin Intermediate Holdings LLC <sup>+, a</sup> | Cash 3.50% + L (1.00% Floor)^ | 10/05/18 | 07/03/24 | Senior | 1313639 | 1313639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knowlton Development Corporation Inc. <sup>+, a</sup> | Cash 3.75% + L^^ | 06/24/22 | 12/22/25 | Senior | 1492248 | 1442817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSLB Holdings, LLC <sup>+, a</sup> | Cash 8.75% + L (1.00% Floor)^ | 01/01/21 | 07/30/26 | Second Lien | 3212308 | 2620952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBM Acquisition, LLC <sup>+, a</sup> | Cash 3.25% + L (0.75% Floor)^ | 09/07/21 | 12/17/27 | Senior | 3253167 | 2834843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LogMeIn, Inc. <sup>+, a</sup> | Cash 4.75% + L^ | 09/03/20 | 08/31/27 | Senior | 4950000 | 3206362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. <sup>+, a</sup> | Cash 4.50% + L (0.50% Floor)^^ | 02/14/22 | 12/16/28 | Senior | 2574000 | 2466214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTI Holdings, Inc. <sup>+, a</sup> | Cash 3.50% + L^ | 10/22/18 | 09/06/25 | Senior | 957500 | 918898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Buyer LLC <sup>+, a</sup> | Cash 8.25% + L (0.75% Floor)^^ | 10/13/21 | 07/27/29 | Second Lien | 2000000 | 1590000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magenta Buyer LLC <sup>+, a</sup> | Cash 5.00% + L (0.75% Floor)^^ | 08/02/21 | 07/27/28 | Senior | 3465000 | 2983157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marnix SAS <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 12/17/21 | 08/04/28 | Senior | 1477500 | 1408250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maverick Bidco, Inc. <sup>+, a</sup> | Cash 6.75% + L (0.75% Floor)^^ | 05/26/21 | 05/18/29 | Second Lien | 6603000 | 6173805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAfee Inc. <sup>+, a</sup> | Cash 4.00% + S>> | 03/09/22 | 03/01/29 | Senior | 2593500 | 2421214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower, L.P. <sup>+, a</sup> | Cash 3.25% + L (0.50% Floor)^^ | 11/03/21 | 10/23/28 | Senior | 1091750 | 1039461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Borrower, Inc. <sup>+, a</sup> | Cash 6.50% + L (0.50% Floor)^^ | 04/11/22 | 08/02/29 | Second Lien | 900000 | 790497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messer Industries GmbH, Inc. <sup>+, a</sup> | Cash 2.50% + L^^ | 04/26/19 | 03/01/26 | Senior | 1039185 | 1031880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels Stores, Inc. <sup>+, a</sup> | Cash 4.25% + L (0.75% Floor)^^ | 04/26/21 | 04/15/28 | Senior | 2164250 | 1876286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>+, a</sup> | Cash 2.75% + L (0.50% Floor)^^ | 11/05/21 | 10/20/28 | Senior | 1176000 | 1157102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^ | 10/21/21 | 10/15/28 | Senior | 3771500 | 3486695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc. <sup>+, a</sup> | Cash 6.50% + L (0.50% Floor)^ | 10/26/21 | 10/15/29 | Second Lien | 1000000 | 835625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MJH Healthcare Holdings, LLC <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)v | 04/08/22 | 01/28/29 | Senior | 1691500 | 1632455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc <sup>+, a</sup> | Cash 2.75% + SF (0.50% Floor)vv | 08/26/22 | 08/17/29 | Senior | 997500 | 988059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Spine & Pain Centers, LLC <sup>+, a</sup> | Cash 7.00% + SF (1.00% Floor)v | 11/14/22 | 02/28/23 | Senior | 28762 | 28730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Spine & Pain Centers, LLC <sup>+, a</sup> | Cash 5.00% + L (1.00% Floor)^ | 01/01/21 | 06/02/24 | Senior | 525863 | 340449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navicure, Inc. <sup>+, a</sup> | Cash 4.00% + L^^ | 11/19/19 | 10/22/26 | Senior | 2929785 | 2885838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Group, Inc. <sup>+, a</sup> | Cash 3.25% + L^^ | 02/10/22 | 10/20/25 | Senior | 1964194 | 1703123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEP Group, Inc. <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 12/06/21 | 10/20/25 | Senior | 1881000 | 1647060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netsmart, Inc. <sup>+, a</sup> | Cash 3.75% + L (1.00% Floor)^ | 07/16/18 | 10/01/27 | Senior | 2216656 | 2140459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Broadcasting <sup>+, a</sup> | Cash 2.50% + L^ | 10/02/19 | 09/21/26 | Senior | 776330 | 771381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NortonLifeLock Inc. <sup>+, a</sup> | Cash 2.00% + SF (0.50% Floor)vv | 09/20/22 | 09/12/29 | Senior | 2400000 | 2364504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSM Top Holdings Corp. <sup>+, a</sup> | Cash 5.25% + L^ | 11/26/19 | 11/16/26 | Senior | 1455000 | 1311923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSPC Intermediate II, LLC <sup>+, a</sup> | Cash 8.00% + SF (1.00% Floor)vv | 12/27/22 | 02/28/23 | Senior | 9587 | 9577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nThrive Health Inc. <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 05/24/22 | 12/18/28 | Senior | 1985000 | 1688907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceankey (U.S.) II Corp. <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^ | 01/06/22 | 12/15/28 | Senior | 1885750 | 1731590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC <sup>+, a</sup> | Cash 4.00% + L^^ | 10/28/19 | 09/25/26 | Senior | 2929093 | 2798499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^^ | 12/11/20 | 11/16/27 | Senior | 2533704 | 2400684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneDigital Borrower LLC <sup>+, a</sup> | Cash 4.50% + L (0.75% Floor)^^ | 12/11/20 | 11/16/27 | Senior | 231103 | 218970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmose Utilities Services, Inc. <sup>+, a</sup> | Cash 3.25% + L (0.50% Floor)^^ | 09/01/21 | 06/23/28 | Senior | 2468750 | 2350164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Holdco, Inc. <sup>+, a</sup> | Cash 3.50% + L (1.00% Floor)^^ | 11/09/20 | 10/22/27 | Senior | 1182000 | 1048292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther BF Aggregator 2 L.P. <sup>+, a</sup> | Cash 3.25% + L^ | 05/14/19 | 04/30/26 | Senior | 1014249 | 997347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pascal Midco 2, LLC <sup>+, a</sup> | Cash 6.00% + L (0.75% Floor)^^ | 07/01/22 | 07/21/27 | Senior | 10990866 | 10771049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pearl Intermediate Parent, LLC <sup>+, a</sup> | Cash 2.75% + L^ | 03/16/18 | 02/14/25 | Senior | 3617140 | 3389466 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pearl Intermediate Parent, LLC <sup>+, a</sup> | Cash 6.25% + L^ | 01/01/21 | 02/13/26 | Second Lien | $2400000 | $2217000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECF USS Intermediate Holding III Corporation <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^^ | 10/07/22 | 12/15/28 | Senior | 994975 | 833361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 04/12/21 | 02/01/28 | Senior | 1929725 | 1887917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC <sup>+, a</sup> | Cash 3.25% + L^ | 04/12/19 | 02/14/25 | Senior | 1151880 | 1080964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 08/18/21 | 02/14/25 | Senior | 984733 | 928505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corporation <sup>+, a</sup> | Cash 4.50% + L (1.00% Floor)^^ | 08/11/20 | 06/23/25 | Senior | 1950000 | 1937812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Newco, Inc. <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^^ | 12/07/21 | 11/15/28 | Senior | 2977500 | 2874121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pluto Acquisition I, Inc. <sup>+, a</sup> | Cash 7.00% + L (0.50% Floor)^ | 07/02/21 | 12/14/29 | Senior | 3700000 | 1138660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PODS, LLC. <sup>+, a</sup> | Cash 3.00% + L (0.75% Floor)^ | 04/16/21 | 03/31/28 | Senior | 1277331 | 1212666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polaris Newco, LLC <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^ | 06/15/21 | 06/02/28 | Senior | 1188000 | 1087020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potters Industries, LLC <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^^ | 12/17/20 | 12/14/27 | Senior | 982500 | 965306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Paid Legal Services, Inc. <sup>+, a</sup> | Cash 7.00% + L (0.50% Floor)^^ | 01/18/22 | 12/14/29 | Senior | 3700000 | 3472497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pregis TopCo LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^ | 12/23/20 | 07/31/26 | Senior | 987500 | 960344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pretium PKG Holdings, Inc. <sup>+, a</sup> | Cash 6.75% + L (0.50% Floor)^^ | 10/05/21 | 10/01/29 | Second Lien | 1800000 | 1122759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procera Networks, Inc. <sup>+, a</sup> | Cash 4.50% + L^^ | 11/20/18 | 10/31/25 | Senior | 1144395 | 1089321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC <sup>+, a</sup> | Cash 3.50% + L^^ | 07/19/19 | 06/01/26 | Senior | 1741500 | 1683264 |
| &nbsp;&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 | 3000000 | 2747250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prometric Holdings, Inc. <sup>+, a</sup> | Cash 7.50% + L (1.00% Floor)^ | 01/29/18 | 01/29/26 | Second Lien | 14154350 | 14781379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quintiles IMS Inc. <sup>+, a</sup> | Cash 2.00% + E (0.50% Floor)## | 06/22/18 | 06/11/25 | Senior | 2803629 | 2567132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiate HoldCo, LLC <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^ | 07/16/19 | 09/25/26 | Senior | 990000 | 808761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. <sup>+, a</sup> | Cash 4.25% + L^ | 09/11/18 | 07/09/25 | Senior | 2403933 | 2029075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a, e</sup> | Cash 6.75% + SF(0.75% Floor)vv | 12/01/22 | 04/01/29 | Senior | 1206529 | (9990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a</sup> | Cash 6.50% + SF (0.75% Floor)vv | 12/01/22 | 04/01/29 | Senior | 6001484 | 5821439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radwell Parent, LLC <sup>+, a</sup> | Cash 5.75% + SF (0.75% Floor)vv | 04/06/22 | 04/01/29 | Senior | 14111669 | 13758877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBMedia <sup>+, a</sup> | Cash 4.00% + L^^ | 06/17/22 | 08/29/25 | Senior | 2000000 | 1960890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RC Buyer, Inc. <sup>+, a</sup> | Cash 6.50% + L (0.75% Floor)^^ | 08/03/21 | 07/26/29 | Second Lien | 2800000 | 2538676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RealPage, Inc. <sup>+, a</sup> | Cash 3.00% + L (0.50% Floor)^ | 04/26/21 | 04/24/28 | Senior | 3950000 | 3764350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Planet Borrower, LLC <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 10/04/21 | 10/02/28 | Senior | 2172500 | 1370847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redstone Holdco 2 L.P. <sup>+, a</sup> | Cash 4.75% + L (0.75% Floor)^^ | 05/10/21 | 04/27/28 | Senior | 3755172 | 2635661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redstone Holdco 2 L.P. <sup>+, a</sup> | Cash 7.75% + L (0.75% Floor)^^ | 05/03/21 | 04/16/29 | Second Lien | 3000000 | 1520640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refficiency Holdings LLC <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^ | 02/04/21 | 12/16/27 | Senior | 1479625 | 1403173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refficiency Holdings LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^ | 02/04/21 | 12/16/27 | Senior | 289717 | 274747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^^ | 03/02/21 | 02/17/28 | Senior | 982500 | 949341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Technologies, Inc. <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 04/06/22 | 04/02/29 | Senior | 3474495 | 3419772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restoration Hardware, Inc. <sup>+, a</sup> | Cash 3.25% + SF (0.50% Floor)vv | 05/24/22 | 10/20/28 | Senior | 4488750 | 4223622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLG Holdings, LLC <sup>+, a</sup> | Cash 4.25% + L (0.75% Floor)^^ | 07/19/21 | 07/10/28 | Senior | 1980000 | 1869457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Software, Inc. <sup>+, a</sup> | Cash 4.25% + L^ | 12/05/18 | 11/28/25 | Senior | 2620905 | 2526225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rough Country, LLC <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 08/03/21 | 07/26/28 | Senior | 1876250 | 1802054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S2P Acquisition Borrower, Inc <sup>+, a</sup> | Cash 4.00% + SFv | 10/07/19 | 08/14/26 | Senior | 967500 | 942466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabre GLBL Inc. <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^ | 08/09/21 | 12/17/27 | Senior | 1871500 | 1710084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safe Fleet Holdings LLC <sup>+, a, b</sup> | Cash 3.75% + SF (0.50% Floor)vv | 03/04/22 | 02/23/29 | Senior | 3870750 | 3752228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc. <sup>+, a</sup> | Cash 4.00% + L (1.00% Floor)^^ | 04/17/20 | 03/16/27 | Senior | 803336 | 782963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senneca Holdings, Inc. <sup>+, a</sup> | PIK 11.00% | 01/01/21 | 05/11/26 | Second Lien | 1276647 | 3 |
| &nbsp;&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 | 1261667 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shearer's Foods, LLC <sup>+, a</sup> | Cash 3.50% + L (0.75% Floor)^^ | 09/25/20 | 09/23/27 | Senior | 32997 | 31554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shearer's Foods, LLC <sup>+, a</sup> | Cash 3.50% + L (1.00% Floor)^^ | 05/17/18 | 09/23/27 | Senior | 3065163 | 2959749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shearer's Foods, LLC <sup>+, a</sup> | Cash 7.75% + L (1.00% Floor)^^ | 10/14/20 | 09/22/28 | Second Lien | 960000 | 897600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shermco Intermediate Holdings, Inc. <sup>+, a</sup> | Cash 4.50% + L (1.00% Floor)^ | 06/05/18 | 06/05/24 | Senior | 25424249 | 25519695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skopima Consilio Parent LLC <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 05/18/21 | 04/30/28 | Senior | 6616250 | 6275976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sorenson Communications, LLC <sup>+, a</sup> | Cash 5.50% + L (0.75% Floor)^^ | 03/23/21 | 03/12/28 | Senior | 2475000 | 2370592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Inpatient Physicians, Inc <sup>+, a</sup> | Cash 3.00% + L^ | 08/23/18 | 06/27/25 | Senior | 1333500 | 1091536 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance, LLC <sup>+, a</sup> | Cash 4.50% + L (0.50% Floor)^^ | 08/16/21 | 08/11/28 | Senior | $1432549 | $1323317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovos Compliance, LLC <sup>+, a, f</sup> | Cash 4.50% + L (0.50% Floor)^^ | 08/16/21 | 08/11/28 | Senior | 249085 | 230093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSH Group Holdings, Inc. <sup>+, a</sup> | Cash 4.25% + L^^ | 06/05/19 | 07/30/25 | Senior | 3358467 | 3289501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SSH Group Holdings, Inc. <sup>+, a</sup> | Cash 8.25% + L^^ | 01/01/21 | 07/30/26 | Second Lien | 3072688 | 2692812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star US Bidco, LLC <sup>+, a</sup> | Cash 4.25% + L (1.00% Floor)^ | 04/24/20 | 03/17/27 | Senior | 1263822 | 1206950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SuperMoose Borrower, LLC <sup>+, a</sup> | Cash 3.75% + L^^ | 10/16/18 | 08/29/25 | Senior | 960000 | 831360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holding Corp. <sup>+, a, e</sup> | Cash 6.00% + SF (0.75% Floor)vv | 03/31/22 | 03/31/28 | Senior | 795545 | 129130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tank Holdings Corporation <sup>+, a</sup> | Cash 6.00% + L (0.75% Floor)^ | 04/11/22 | 03/31/28 | Senior | 21438270 | 20366356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TecoStar Holdings, Inc. <sup>+, a</sup> | Cash 8.50% + L (1.00% Floor)^^ | 01/01/21 | 11/01/24 | Second Lien | 525000 | 481714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Financing USD LLC <sup>+, a</sup> | Cash 2.00% + L^ | 04/27/20 | 04/30/28 | Senior | 2400000 | 2341800 |
| &nbsp;&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 | 15611873 | 15592302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TLP Acquisition Holdings, LLC <sup>+, a</sup> | Cash 8.00% + L (1.00% Floor)^ | 02/26/19 | 02/26/26 | Mezzanine | 43551847 | 42435989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tory Burch LLC <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^ | 04/30/21 | 04/16/28 | Senior | 985000 | 912770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident TPI Holdings, Inc. <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 09/22/21 | 09/15/28 | Senior | 1679662 | 1616976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a</sup> | Cash 5.75% + SF (0.75% Floor)vv | 06/02/22 | 05/27/29 | Senior | 10486875 | 10481318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC <sup>+, a, e</sup> | Cash 5.75% + SF (0.75% Floor)vv | 06/02/22 | 05/27/29 | Senior | 1050000 | 443412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triton Water Holdings, Inc. <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^^ | 04/19/21 | 03/31/28 | Senior | 1379002 | 1287126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG Inc. <sup>+, a</sup> | Cash 3.25% + L (0.75% Floor)^^ | 07/13/20 | 05/04/26 | Senior | 980119 | 934788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstream Newco, Inc. <sup>+, a</sup> | Cash 4.25% + L^ | 08/04/21 | 11/20/26 | Senior | 3447500 | 2996464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utz Quality Foods, LLC <sup>+, a</sup> | Cash 3.00% + L^^ | 01/29/21 | 01/20/28 | Senior | 3626009 | 3598814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriFone Systems, Inc. <sup>+, a</sup> | Cash 4.00% + L^^ | 09/25/18 | 08/20/25 | Senior | 3551705 | 3272577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtusa Corporation <sup>+, a</sup> | Cash 3.75% + SF (0.75% Floor)vv | 02/28/22 | 02/11/28 | Senior | 2183500 | 2113442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. <sup>+, a</sup> | Cash 4.25% + L (0.75% Floor)^^ | 05/06/21 | 04/24/28 | Senior | 3851250 | 3199426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vision Solutions, Inc. <sup>+, a</sup> | Cash 7.25% + L (0.75% Floor)^^ | 09/07/21 | 04/23/29 | Second Lien | 2300000 | 1715662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Buyer, LLC <sup>+, a</sup> | Cash 3.00% + L^^ | 04/10/20 | 02/28/27 | Senior | 1945000 | 1895159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld North Education LLC <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 01/06/21 | 12/15/27 | Senior | 1274000 | 1251387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whatabrands LLC <sup>+, a</sup> | Cash 3.25% + L (0.50% Floor)^ | 08/05/21 | 07/21/28 | Senior | 2970000 | 2877187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woof Holdings, Inc. <sup>+, a</sup> | Cash 7.25% + L (0.75% Floor)^^ | 01/08/21 | 12/22/28 | Second Lien | 7200000 | 6536988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP CityMD Bidco LLC <sup>+, a</sup> | Cash 3.25% + L (0.50% Floor)^^ | 09/01/19 | 12/22/28 | Senior | 5903117 | 5898276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WWEX UNI TopCo Holdings, LLC <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^^ | 08/03/21 | 07/26/28 | Senior | 2673000 | 2454897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zacapa S.à.r.l. <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 07/31/18 | 07/02/25 | Senior | 2224689 | 2144745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. <sup>+, a</sup> | Cash 3.00% + L^ | 04/24/20 | 03/09/27 | Senior | 2919474 | 2378583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (5.58%)** |  |  |  |  |  | 707566515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (0.27%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, a</sup> | Cash 4.50% + L^ | 10/05/18 | 07/10/25 | Senior | $22171514 | $18921215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, a</sup> | Cash 3.25% + E# | 10/05/18 | 09/29/25 | Senior | 2401128 | 2058806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Sirona (Luxembourg) Acquisition S.à.r.l. <sup>+, a</sup> | Cash 7.25% + E# | 10/11/18 | 09/28/26 | Second Lien | 13678916 | 11494152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gems Education <sup>+, a</sup> | Cash 5.00% + L (1.00% Floor)^^^ | 08/15/22 | 07/31/26 | Senior | 1995000 | 1983529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.27%)** |  |  |  |  |  | 34457702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (2.59%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuris Finance US, Inc. <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 03/11/21 | 02/16/28 | Senior | $677083 | $666927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AD Education <sup>+, a</sup> | PIK 8.50% | 06/21/22 | 03/30/29 | Mezzanine | 11891373 | 11776604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEA International Holdings (Luxembourg) S.a.r.l. <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 09/15/21 | 09/07/28 | Senior | 2277000 | 2259922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Convoy (Luxembourg) S.à.r.l. <sup>+, a</sup> | Cash 3.50% + L (1.00% Floor)^^ | 05/20/20 | 01/18/27 | Senior | 1842334 | 1820456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI PLEX AcquiCo GmbH <sup>+, a</sup> | Cash 4.75% + L^^^ | 08/23/19 | 07/31/26 | Senior | 4844774 | 4063555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 3 S.à.r.l. <sup>+, a</sup> | Cash 5.25% + L (0.50% Floor)^^ | 01/14/22 | 08/17/26 | Senior | 2475000 | 2353317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcumus <sup>+, a</sup> | Cash 5.75% + S>> | 06/29/22 | 03/09/29 | Senior | 1984236 | 1866187 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **Fair<br> Value**<sup>\*\*</sup>** |
| **Private Equity Investments (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Investments **<sup>\*</sup>** (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Direct Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcumus <sup>+, a, e</sup> | Cash 5.75% + S>> | 03/09/22 | 03/09/29 | Senior | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A. <sup>+, a</sup> | Cash 4.00% + L^^ | 01/27/21 | 08/14/26 | Senior | 2948823 | 2751016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anticimex <sup>+, a</sup> | Cash 3.50% + L (0.50% Floor)^^ | 01/21/22 | 11/16/28 | Senior | 2673000 | 2586127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asgard Investments B.V. <sup>+, a</sup> | Cash 5.75% + E## | 03/15/22 | 03/15/29 | Senior | 13721320 | 13040524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Finco S.à.r.l. <sup>+, a</sup> | Cash 4.25% + L^^ | 11/14/19 | 10/09/26 | Senior | 2723000 | 2462562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston Finco S.à.r.l. <sup>+, a</sup> | Cash 8.25% + L^^ | 10/25/19 | 10/09/27 | Second Lien | 36733592 | 30335779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auris Luxembourg III S.à.r.l. <sup>+, a</sup> | Cash 3.75% + L^ | 04/04/19 | 02/27/26 | Senior | 963712 | 864931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Babar Bidco <sup>+, a</sup> | Cash 4.00% + E### | 12/04/20 | 11/17/27 | Senior | 1214051 | 1028235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BK LC Lux SPV S.à.r.l. <sup>+, a</sup> | Cash 3.25% + L (0.50% Floor)^^^ | 07/09/21 | 04/28/28 | Senior | 1866750 | 1825336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Firefly Bidco Limited <sup>+, a</sup> | Cash 4.75% + S>>> | 08/31/18 | 06/23/25 | Senior | 5199152 | 4431361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Firefly Bidco Limited <sup>+, a</sup> | Cash 8.35% + S>>> | 06/21/18 | 06/18/26 | Second Lien | 44095247 | 36935027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEP V Investment 22 S.à.r.l. (Lux) <sup>+, a</sup> | PIK 8.25% + L^^^ | 02/28/22 | 08/31/30 | Mezzanine | 6648197 | 6104406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cidron Kuma 2 S.à.r.l. <sup>+, a</sup> | Cash 7.00% + E (0.50% Floor)### | 01/01/21 | 02/28/26 | Second Lien | 1146938 | 928422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass IV Limited <sup>+, a</sup> | Cash 4.00% + E### | 07/06/18 | 05/09/25 | Senior | 341033 | 191018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Automotive Group Limited <sup>+, a</sup> | Cash 4.75% + S>>> | 09/03/21 | 07/28/28 | Senior | 1387192 | 837564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Automotive Limited <sup>+, a</sup> | Cash 7.50% + S>>> | 10/18/21 | 07/30/29 | Second Lien | 1372084 | 496983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation BidCo GmbH <sup>+, a</sup> | Cash 6.00% + E## | 10/26/22 | 06/27/29 | Senior | 26760488 | 27852037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTEC III GmbH <sup>+, a</sup> | Cash 3.75% + E## | 03/29/18 | 03/07/25 | Senior | 4055926 | 3227422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Bidco Limited <sup>+, a</sup> | Cash 6.00% + S>> | 03/09/22 | 03/09/29 | Senior | 8941459 | 7940970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EG Group Limited <sup>+, a</sup> | Cash 4.00% + L^ | 05/22/18 | 02/07/25 | Senior | 1347758 | 1295102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer <sup>+, a</sup> | Cash 6.00% + E## | 07/29/22 | 07/27/29 | Senior | 8191195 | 8362074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer <sup>+, a</sup> | Cash 6.00% + L (0.75% Floor)^^ | 07/29/22 | 07/27/29 | Senior | 4089559 | 3978557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Envirotainer <sup>+, a, e</sup> | Cash 6.00% + E## | 07/29/22 | 07/27/29 | Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fusilli AcquiCo S.à.r.l. <sup>+, a</sup> | Cash 6.00% + E### | 01/27/22 | 10/12/23 | Senior | 1114648 | 817122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Iberica de Congelados, SA <sup>+, a</sup> | Cash 7.00% + E# | 06/28/19 | 11/28/24 | Senior | 1094459 | 839737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIG Finance 2 Limited <sup>+, a</sup> | Cash 3.25% + L (0.75% Floor)^ + P 2.25% (1.75% Floor) | 10/05/21 | 11/12/27 | Senior | 3168197 | 3090687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HNVR Holdco Limited <sup>+, a</sup> | Cash 5.50% + E### | 01/25/22 | 09/12/27 | Senior | 1691173 | 1396094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Socotec SAS <sup>+, a</sup> | Cash 4.00% + L (0.75% Floor)^^ | 09/10/21 | 06/30/28 | Senior | 1485000 | 1403941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas NV <sup>+, a</sup> | Cash 3.50% + SF (0.50% Floor)vv | 03/07/22 | 02/26/29 | Senior | 1791000 | 1584874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Holdco 3 Limited <sup>+, a</sup> | Cash 4.25% + L (0.50% Floor)^^ | 08/26/21 | 08/19/28 | Senior | 3085188 | 3035053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hurtigruten AS <sup>+, a</sup> | Cash 8.00% + E## | 01/10/22 | 06/22/23 | Senior | 1697931 | 1440385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGT Holding IV AB <sup>+, a</sup> | Cash 3.50% + L(0.50% Floor)^^^ | 07/21/21 | 03/31/28 | Senior | 1866750 | 1834082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Park Holdings B.V. <sup>+, a</sup> | Cash 3.50% + L^^ | 11/16/21 | 06/13/24 | Senior | 2967557 | 2771775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Trading Finance Limited <sup>+, a</sup> | Cash 4.75% + L (1.00% Floor)^^ | 05/25/21 | 04/01/28 | Senior | 2758000 | 2623051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loire UK Midco 3 Limited <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^^ | 07/09/21 | 04/21/27 | Senior | 1273917 | 1197482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loire UK Midco 3 Limited <sup>+, a</sup> | Cash 3.25% + L^^^ | 06/08/20 | 04/21/27 | Senior | 1365391 | 1283468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar Bidco S.à.r.l. <sup>+, a</sup> | Cash 4.25% + L^^ | 07/30/21 | 07/06/28 | Senior | 2962500 | 2710687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Bidco S.à.r.l. <sup>+, a</sup> | Cash 4.75% + L^ | 11/12/19 | 10/15/26 | Senior | 3352679 | 3315380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomad Foods Limited <sup>+, a</sup> | Cash 3.75% + SF (0.50% Floor)vv | 12/09/22 | 11/12/29 | Senior | 1184960 | 1183603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Limited <sup>+, a</sup> | Cash 4.00% + L (0.50% Floor)^^ | 08/03/21 | 07/30/28 | Senior | 3491250 | 3297049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OT Luxco 3 & Cy S.C.A. <sup>+, a</sup> | Cash 8.75% + E (1.00% Floor)###; PIK 9.00% | 05/31/17 | 05/31/27 | Mezzanine | 29558262 | 27433294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradocs Holding S.à.r.l. <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 06/02/21 | 02/17/28 | Senior | 1866750 | 1818915 |
| &nbsp;&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 | 1488750 | 1449670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus BidCo B.V. <sup>+, a</sup> | Cash 4.25% + SF (0.50% Floor)vv | 05/05/22 | 07/12/29 | Senior | 2765370 | 2682409 |
| &nbsp;&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 | 9256340 | 8429634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RivieraTopco S.à.r.l. <sup>+, a</sup> | PIK 8.50% + E (1.00% Floor)### | 01/01/21 | 05/08/24 | Mezzanine | 2049873 | 1689196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Bidco B.V. <sup>+, a</sup> | Cash 3.00% + E## | 05/25/18 | 05/05/25 | Senior | 2271578 | 2041204 |

---

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

---

| |
|:---|
| **Partners Group Private Equity (Master Fund), LLC** <br> *(a Delaware Limited Liability Company)* |
| Consolidated Schedule of Investments —<br> December 31, 2022 (Unaudited) (continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Acquisition<br> Date** | **Maturity<br> Date** | **Investment<br> Type** | **Principal** | **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 Debt (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seren Bidco AB <sup>+, a</sup> | Cash 7.25% + SR ¤¤ | 11/16/21 | 11/16/29 | Second Lien | $16653255 | $13697030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sevetys Invest <sup>+, a, e</sup> | Cash 6.25% + E## | 12/16/22 | 12/07/28 | Senior | 670269 | 655208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sevetys Invest <sup>+, a</sup> | Cash 6.25% + E## | 12/16/22 | 12/07/28 | Senior | 14645246 | 14316167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitel Group <sup>+, a</sup> | Cash 3.75% + L (0.50% Floor)^^ | 10/15/21 | 08/28/28 | Senior | 1777500 | 1759281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spinnaker DebtCo Limited <sup>+, a</sup> | Cash 6.25% + E## | 12/21/22 | 12/14/29 | Senior | 15346207 | 14880018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starfruit Finco B.V. <sup>+, a</sup> | Cash 2.75% + L^^ | 11/14/18 | 10/01/25 | Senior | 2760353 | 2727919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer (BC) Bidco B LLC <sup>+, a</sup> | Cash 4.50% + L (0.75% Floor)^^ | 09/08/21 | 12/04/26 | Senior | 987500 | 919200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunshine Luxembourg VII S.à.r.l. <sup>+, a</sup> | Cash 3.75% + L (0.75% Floor)^^ | 10/22/19 | 10/01/26 | Senior | 2736263 | 2627195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;team.blue Finco S.à.r.l. <sup>+, a</sup> | Cash 3.75% + E### | 06/25/21 | 03/27/28 | Senior | 4056317 | 3435738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertical Midco GmbH <sup>+, a</sup> | Cash 3.50% + L^^^ | 09/09/20 | 07/30/27 | Senior | 3910607 | 3772836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Bristol, LLC <sup>+, a</sup> | Cash 2.50% + L^ | 02/07/18 | 01/31/28 | Senior | 5486250 | 5417995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziggo Financing Partnership <sup>+, a</sup> | Cash 2.50% + L^ | 02/27/20 | 04/30/28 | Senior | 2500000 | 2443562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.59%)** |  |  |  |  |  | 328303362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Debt (8.91%)** |  |  |  |  |  | $1130253452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Direct Investments (69.19%)** |  |  |  |  |  | $8778467618 |
| **Secondary Investments **<sup>\*, c</sup>** (12.16%)** |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Acquisition<br> Date** | **Fair<br> Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (1.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund IV, L.P. <sup>+, a, e</sup> | 11/24/09 | $5492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia Pacific III, L.P. <sup>+, a, e</sup> | 01/11/13 | 219782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBK Partners Colonel Fund, L.P. <sup>+, a, e</sup> | 09/20/21 | 86455732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Asia VII (B), L.P. <sup>+, a, e</sup> | 12/07/18 | 20483108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore) II, L.P. <sup>+, a, e</sup> | 08/02/10 | 154415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership (Offshore), L.P. <sup>+, a, e</sup> | 08/02/10 | 5343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRG Growth Partnership II, L.P. <sup>+, a, e</sup> | 07/08/10 | 459327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund III, L.P. <sup>+, a, e</sup> | 05/18/21 | 37126991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yunfeng Capital Fund IV, L.P. <sup>+, a, e</sup> | 05/31/21 | 3532216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.17%)** |  | 148442406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (8.82%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures V, L.P. <sup>+, a, e</sup> | 06/30/12 | $29963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VII, L.P. <sup>+, a, e</sup> | 07/01/10 | 19170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Overseas Partners (Delaware) VII, L.P. <sup>+, a, e</sup> | 10/01/09 | 8669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares PE Extended Value Fund, L.P. <sup>+, a, e</sup> | 11/14/19 | 40452980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenue Golden Continuation Fund PV, L.P. <sup>+, a, e</sup> | 04/26/22 | 21987749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund X, L.P. <sup>+, a, e</sup> | 06/30/11 | 4607371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund VIII, L.P. <sup>+, a, e</sup> | 09/03/21 | 34999839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund X-A, L.P. <sup>+, a, e</sup> | 09/03/21 | 8848639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bertram Growth Capital II-A, L.P. <sup>+, a, e</sup> | 09/30/15 | 182947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a, e</sup> | 05/12/22 | 105702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund VIII, L.P. <sup>+, a, e</sup> | 03/29/12 | 1839143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DST Opportunities Access Offshore L.P. <sup>+, a, e</sup> | 09/30/20 | 10864696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP Terra-Gen Growth Fund, L.P. <sup>+, a, e</sup> | 03/23/21 | 3713216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EETF Sidecar, L.P. <sup>+, a, e</sup> | 04/30/21 | 7653551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Co-Investment Fund I-C, L.P. <sup>+, a, e</sup> | 04/30/21 | 1467846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnCap Energy Transition Fund I, L.P. <sup>+, a, e</sup> | 04/30/21 | 4027875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners Credit Solutions II, L.P. <sup>+, a, e</sup> | 02/03/21 | 2735542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Capital Partners III, L.P. <sup>+, a, e</sup> | 02/01/21 | 5608859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare VI, L.P. <sup>+, a</sup> | 06/30/12 | 154181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Equity Partners V, L.P. <sup>+, a, e</sup> | 08/07/12 | 891926 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GA Continuity Fund I L.P. (Bermuda) <sup>+, a, e</sup> | 06/30/21 | $64187160 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2021, L.P. <sup>+, a, e</sup> | 07/02/21 | 3326081 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Atlantic Investment Partners 2022, L.P. <sup>+, a, e</sup> | 12/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners V, L.P. <sup>+, a, e</sup> | 09/30/15 | 56397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side CF, L.P. <sup>+, a, e</sup> | 04/16/21 | 44358814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gridiron Energy Feeder I, L.P. <sup>+, a, e</sup> | 05/15/17 | 35415668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners 3.5, L.P. <sup>+, a, e</sup> | 05/21/13 | 503945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners IV L.P. <sup>+, a, e</sup> | 02/08/16 | 24598934 |
| &nbsp;&nbsp;&nbsp;&nbsp;H.I.G. Bayside Debt & LBO Fund II, L.P. <sup>+, a, e</sup> | 12/30/10 | 219064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup> | 05/26/21 | 33849150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup> | 12/27/21 | 75693811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners Continuation Fund, L.P. <sup>+, a, e</sup> | 09/09/19 | 54169753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investcorp Private Equity 2007 Fund, L.P. <sup>+, a, e</sup> | 03/31/11 | 8474 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup> | 06/09/22 | 121987113 |
| &nbsp;&nbsp;&nbsp;&nbsp;KSL Capital Partners CV I, L.P. <sup>+, a, e</sup> | 05/23/22 | 33241141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners II, L.P. <sup>+, a, e</sup> | 06/30/17 | 5824059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee Equity Partners Realization Fund, L.P. <sup>+, a</sup> | 06/30/17 | 11244021 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEP Captive Co-Invest II, L.P. <sup>+, a</sup> | 07/01/22 | 14431625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners V, L.P. <sup>+, a, e</sup> | 03/31/11 | 236509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/15/21 | 6058995 |
| &nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners III, L.P. <sup>+, a, e</sup> | 06/30/11 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monomoy Capital Partners II, L.P. <sup>+, a, e</sup> | 09/30/15 | 519512 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup> | 09/30/20 | 6272733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northgate Growth Fund, L.P. <sup>+, a, e</sup> | 12/20/19 | 5848183 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVP VIII PG, L.P. <sup>+, a, e</sup> | 05/31/19 | 91324401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Investment Partners XII, L.P. <sup>+, a</sup> | 06/28/12 | 133347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital GP II, LLC <sup>+, a</sup> | 03/31/14 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners IV, L.P. <sup>+, a, e</sup> | 06/30/11 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners V, L.P. <sup>+, a, e</sup> | 06/30/11 | 6820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VI-A, L.P. <sup>+, a, e</sup> | 06/30/11 | 709382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence Equity Partners VII-A, L.P. <sup>+, a, e</sup> | 06/30/13 | 1686973 |
| &nbsp;&nbsp;&nbsp;&nbsp;PT2, L.P. <sup>+, a, e</sup> | 12/21/21 | 9825079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revelstoke EPIC Fund I, L.P. <sup>+, a, e</sup> | 11/20/19 | 95542689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samson Partners, L.P. <sup>+, a, e</sup> | 12/21/20 | 40165082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners III, L.P. <sup>+, a, e</sup> | 03/31/13 | 966447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup> | 09/30/20 | 5731333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup> | 09/30/22 | 19197874 |
| &nbsp;&nbsp;&nbsp;&nbsp;SL SPV-1, L.P. <sup>+, a</sup> | 12/01/17 | 2958156 |
| &nbsp;&nbsp;&nbsp;&nbsp;SL SPV-2, L.P. <sup>+, a</sup> | 06/30/10 | 8676298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Capital Partners V, L.P. <sup>+, a, e</sup> | 09/30/13 | 3327221 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA Atlantic & Pacific VI, L.P. <sup>+, a, e</sup> | 09/30/15 | 120077 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA XI, L.P. <sup>+, a, e</sup> | 09/30/15 | 953183 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCV VII (A), L.P. <sup>+, a, e</sup> | 09/30/13 | 604613 |
| &nbsp;&nbsp;&nbsp;&nbsp;TorQuest Partners Fund (U.S.) II, L.P. <sup>+, a, e</sup> | 09/30/15 | 233657 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Partners V, L.P. <sup>+, a, e</sup> | 07/11/11 | 14980 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VI, L.P. <sup>+, a, d, e</sup> | 12/31/12 | 1445501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup> | 09/30/22 | 28730726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup> | 07/29/19 | 15781024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup> | 10/01/22 | 32865723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Private Equity X, L.P. <sup>+, a</sup> | 09/28/12 | 221258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a, e</sup> | 12/31/18 | 61069681 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Secondary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup> | 12/20/18 | $3960424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (8.82%)** |  | 1118507187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (2.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Eurofund Vb, L.P. <sup>+, a</sup> | 06/30/11 | $82271 |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Growth Capital B, L.P. <sup>+, a, e</sup> | 10/01/14 | 73296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures III, L.P. <sup>+, a, e</sup> | 09/30/15 | 8626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abingworth Bioventures V Co-Investment Growth Equity Fund, L.P. <sup>+, a, e</sup> | 06/30/12 | 25570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VI, L.P. <sup>+, a</sup> | 04/30/11 | 311248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VI - A, L.P. <sup>+, a, e</sup> | 07/01/11 | 55148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apax Europe VII - B, L.P. <sup>+, a, e</sup> | 04/30/11 | 11288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astorg IQ-EQ Fund SCSp <sup>+, a, e</sup> | 01/13/22 | 18714654 |
| &nbsp;&nbsp;&nbsp;&nbsp;BC European Capital IX, L.P. <sup>+, a, e</sup> | 09/30/14 | 2920906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners II, L.P. <sup>+, a, e</sup> | 12/28/12 | 19301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners III, L.P. <sup>+, a, e</sup> | 09/30/14 | 160979 |
| &nbsp;&nbsp;&nbsp;&nbsp;CCP IX L.P. No.2 <sup>+, a</sup> | 09/30/14 | 168814 |
| &nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup> | 12/17/21 | 48116096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiwa ICP European Infrastructure 1, L.P. <sup>+, a, e</sup> | 12/22/22 | 41002087 |
| &nbsp;&nbsp;&nbsp;&nbsp;EPIC I-b Fund SLP <sup>+, a, e</sup> | 11/30/20 | 19673093 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESP Golden Bear Europe Fund <sup>+, a, e</sup> | 12/31/16 | 3787769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Galileo III FCPR <sup>+, a, e</sup> | 09/30/15 | 30433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners VII, L.P. <sup>+, a, e</sup> | 09/30/15 | 187005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Private Equity Fund IV, L.P. <sup>+, a, e</sup> | 01/29/16 | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund III, L.P. <sup>+, a, e</sup> | 11/01/10 | 162387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montagu+ SCSp <sup>+, a, e</sup> | 12/06/21 | 39918445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira Europe II, L.P. <sup>+, a</sup> | 11/29/13 | 25147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira Europe III, L.P. <sup>+, a</sup> | 09/30/13 | 57378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira IV, L.P. <sup>+, a</sup> | 09/30/15 | 6770859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup> | 09/29/22 | 29840695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rivean Special Opportunity Fund I Coöperatief U.A. <sup>+, a, e</sup> | 11/29/22 | 31780938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riverside Europe Fund IV, L.P. <sup>+, a, e</sup> | 09/30/14 | 462405 |
| &nbsp;&nbsp;&nbsp;&nbsp;STG Alternative Investments S.C.A. SICAV-RAIF <sup>+, a, e</sup> | 09/17/21 | 18329032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilantic Capital Partners V (Europe) S.C.A., SICAR <sup>+, a, e</sup> | 11/20/20 | 11454380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trilantic Europe VI SCSp <sup>+, a, e</sup> | 12/10/20 | 1852338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (2.17%)** |  | 276018056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Secondary Investments (12.16%)** |  | $1542967649 |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (14.51%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (1.03%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baring Asia Private Equity Fund V, L.P. <sup>+, a, e</sup> | 12/01/10 | $2161543 |
| &nbsp;&nbsp;&nbsp;&nbsp;BGH Capital Fund I <sup>+, a, e</sup> | 03/01/18 | 14494227 |
| &nbsp;&nbsp;&nbsp;&nbsp;BGH Capital VCLP II <sup>+, a, e</sup> | 02/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CMC Capital Partners IV, L.P. <sup>+, a, e</sup> | 12/03/21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CPEChina Fund III, L.P. <sup>+, a, e</sup> | 03/28/18 | 35781551 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners Asia VI L.P. <sup>+, a, e</sup> | 12/23/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Fund VIII, L.P. <sup>+, a, e</sup> | 10/30/15 | 8474307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hony Capital Partners V, L.P. <sup>+, a, e</sup> | 12/15/11 | 4119293 |
| &nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.4-C, L.P. <sup>+, a, e</sup> | 08/02/19 | 19782685 |
| &nbsp;&nbsp;&nbsp;&nbsp;J-STAR No.5-B, L.P. <sup>+, a, e</sup> | 02/28/22 | 51344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kedaara Capital III Limited <sup>+, a, e</sup> | 06/17/21 | 2059575 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Asian Fund IV SCSp <sup>+, a, e</sup> | 05/29/20 | 2471568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund III L.P. <sup>+, a, e</sup> | 05/09/18 | 13018072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primavera Capital Fund IV, L.P. <sup>+, a, e</sup> | 05/20/21 | 4283354 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - Pacific (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Capital Fund IV L.P. <sup>+, a, e</sup> | 01/26/18 | $1942007 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Baring Asia Private Equity Fund VII, L.P. <sup>+, a, e</sup> | 07/10/18 | 9979368 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Asia VIII (B), L.P. <sup>+, a, e</sup> | 07/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustbridge Partners VI, L.P. <sup>+, a, e</sup> | 04/12/18 | 11145925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asia - Pacific (1.03%)** |  | 129764819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (9.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent Global Technology, L.P. <sup>+, a, e</sup> | 06/25/19 | $2770074 |
| &nbsp;&nbsp;&nbsp;&nbsp;AEA Investors Fund VII L.P. <sup>+, a, e</sup> | 02/08/19 | 3309823 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Industrial Partners Capital Fund VII, L.P. <sup>+, a, e</sup> | 03/29/19 | 16190786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund IX, L.P <sup>+, a, e</sup> | 06/01/17 | 30707058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Investment Fund VIII, L.P. <sup>+, a, e</sup> | 06/28/13 | 4150526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund IV, L.P. <sup>+, a, e</sup> | 04/19/12 | 4072484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund V, L.P. <sup>+, a, e</sup> | 12/28/15 | 9861408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Corporate Opportunities Fund VI, L.P. <sup>+, a, e</sup> | 06/02/20 | 1704037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Capital Partners II, L.P. <sup>+, a, e</sup> | 01/01/14 | 49586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XII, L.P. <sup>+, a, e</sup> | 06/30/17 | 19666681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Fund XIII, L.P. <sup>+, a, e</sup> | 08/07/20 | 5725529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barings Transportation Fund, L.P. <sup>+, a, e</sup> | 09/23/21 | 11856472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Fund IX, L.P. <sup>+, a, e</sup> | 03/18/16 | 14158383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caltius Partners V-A, L.P. <sup>+, a, e</sup> | 12/02/14 | 6078654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VII, L.P. <sup>+, a, e</sup> | 11/29/17 | 56188505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Partners VIII, L.P. <sup>+, a, e</sup> | 09/10/21 | 1349317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centerbridge Seaport Acquisition Fund, L.P. <sup>+, a</sup> | 04/27/22 | 778906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund IX, L.P. <sup>+, a, e</sup> | 07/31/13 | 9988743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund X, L.P. <sup>+, a, e</sup> | 12/13/16 | 26290921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XI, L.P. <sup>+, a, e</sup> | 05/15/20 | 12983797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clayton, Dubilier & Rice Fund XII, L.P. <sup>+, a, e</sup> | 09/02/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners V, L.P. <sup>+, a, e</sup> | 12/15/17 | 35673391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VI, L.P. <sup>+, a, e</sup> | 12/10/19 | 21870003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearlake Capital Partners VII, L.P. <sup>+, a, e</sup> | 09/23/21 | 5994821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crescent Mezzanine Partners VI, L.P. <sup>+, a, e</sup> | 03/30/12 | 664911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cressey & Company Fund VII-A L.P. <sup>+, a, e</sup> | 06/30/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ECP V, L.P. <sup>+, a, e</sup> | 08/19/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frazier Healthcare Growth Buyout Fund X, L.P. <sup>+, a, e</sup> | 03/10/21 | 5089262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners IX, L.P. <sup>+, a, e</sup> | 02/21/19 | 22091694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VI, L.P. <sup>+, a, e</sup> | 09/01/12 | 1819983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VII, L.P. <sup>+, a, e</sup> | 06/26/15 | 6793349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/23/17 | 33050589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar Capital Partners X, L.P. <sup>+, a, e</sup> | 04/01/21 | 5574448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genstar X Opportunities Fund, L.P. <sup>+, a, e</sup> | 08/13/21 | 1632841 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoldPoint Mezzanine Partners IV, L.P. <sup>+, a, e</sup> | 12/30/15 | 9251279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors IX, L.P. <sup>+, a, e</sup> | 03/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Equity Investors Side VIII, L.P. <sup>+, a, e</sup> | 10/18/19 | 28126897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gryphon Heritage Partners, L.P. <sup>+, a, e</sup> | 12/17/20 | 8236329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners V, L.P. <sup>+, a, e</sup> | 02/23/18 | 9359355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gryphon Partners VI, L.P. <sup>+, a, e</sup> | 12/17/20 | 7312762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners IX, L.P. <sup>+, a, e</sup> | 09/24/21 | 1832701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VII, L.P. <sup>+, a, e</sup> | 12/14/15 | 12032865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest Partners VIII, L.P. <sup>+, a, e</sup> | 12/19/18 | 25486691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners VII, L.P. <sup>+, a, e</sup> | 06/30/14 | 489184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hellman & Friedman Capital Partners X, L.P. <sup>+, a, e</sup> | 05/10/21 | 7443727 |
| &nbsp;&nbsp;&nbsp;&nbsp;HGGC Fund IV, L.P. <sup>+, a, e</sup> | 04/08/22 | 1516598 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Icon Partners IV, L.P. <sup>+, a, e</sup> | 09/01/21 | $5772472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Icon Partners V, L.P. <sup>+, a, e</sup> | 12/27/21 | 7440381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XII (Co-Investors), L.P. <sup>+, a, e</sup> | 06/07/21 | 1075694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Partners XIII, L.P. <sup>+, a, e</sup> | 12/23/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners X, L.P. <sup>+, a, e</sup> | 07/06/18 | 14686315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Venture Partners XI, L.P. <sup>+, a, e</sup> | 12/17/19 | 7761307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Ventures Partners XII, L.P. <sup>+, a, e</sup> | 06/07/21 | 3969524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jade Equity Investors II, L.P. <sup>+, a, e</sup> | 03/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Americas Fund XII L.P. <sup>+, a, e</sup> | 01/31/18 | 29122163 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR Associates Indigo Equity Partners, L.P. <sup>+, a</sup> | 10/01/22 | 1757718 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XI, L.P. <sup>+, a, e</sup> | 02/01/12 | 3983370 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR North America Fund XIII, SCSP <sup>+, a, e</sup> | 04/06/21 | 2671627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kleiner Perkins Caufield & Byers XIX LLC <sup>+, a, e</sup> | 03/05/20 | 9893583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors IX, L.P. <sup>+, a, e</sup> | 12/20/19 | 16839954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kohlberg TE Investors VIII, L.P. <sup>+, a, e</sup> | 08/04/16 | 23771672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VI, L.P. <sup>+, a, e</sup> | 11/25/16 | 16252690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau Select Fund III, L.P. <sup>+, a, e</sup> | 12/20/19 | 7860123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lerer Hippeau VII, L.P. <sup>+, a, e</sup> | 12/20/19 | 3306949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lux Total Opportunities, L.P. <sup>+, a, e</sup> | 05/28/21 | 1777414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lux Ventures VII, L.P. <sup>+, a, e</sup> | 05/28/21 | 536451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Dearborn Capital Partners VIII, L.P. <sup>+, a, e</sup> | 03/20/20 | 5743124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners IX-A, L.P. <sup>+, a, e</sup> | 03/12/19 | 8053938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners VII-A, L.P. <sup>+, a, e</sup> | 06/27/14 | 2445776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nautic Partners X-A, L.P. <sup>+, a, e</sup> | 07/19/21 | 2832061 |
| &nbsp;&nbsp;&nbsp;&nbsp;NEA 18 Venture Growth Equity, L.P. <sup>+, a, e</sup> | 12/22/21 | 811393 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 14, L.P. <sup>+, a, e</sup> | 05/04/12 | 8560101 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 17, L.P. <sup>+, a, e</sup> | 06/06/19 | 8496350 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Enterprise Associates 18, L.P. <sup>+, a, e</sup> | 12/22/21 | 641230 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mountain Capital V, L.P. <sup>+, a, e</sup> | 06/29/17 | 49099561 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Mountain Partners VI, L.P. <sup>+, a, e</sup> | 10/16/20 | 10293413 |
| &nbsp;&nbsp;&nbsp;&nbsp;NexPhase Capital Fund III-A, L.P. <sup>+, a, e</sup> | 09/01/16 | 23091555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners IV, L.P. <sup>+, a, e</sup> | 04/28/17 | 10242727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners V, L.P. <sup>+, a, e</sup> | 12/21/18 | 35188518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oak Hill Capital Partners VI, L.P. <sup>+, a, e</sup> | 02/25/22 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pamlico Capital V, L.P. <sup>+, a, e</sup> | 02/03/20 | 1784891 |
| &nbsp;&nbsp;&nbsp;&nbsp;PennantPark Credit Opportunities Fund II, L.P. <sup>+, a, e</sup> | 08/03/12 | 1712489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revelstoke Capital Partners Fund III, L.P <sup>+, a, e</sup> | 02/23/22 | 3248182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners IV, L.P. <sup>+, a, e</sup> | 07/30/12 | 15255256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners V, L.P. <sup>+, a, e</sup> | 03/31/17 | 49095334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VI, L.P. <sup>+, a, e</sup> | 06/04/20 | 3780256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver Lake Partners VII, L.P. <sup>+, a, e</sup> | 05/26/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Spark Capital Growth Fund IV, L.P. <sup>+, a, e</sup> | 10/14/21 | 999899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spark Capital VII, L.P. <sup>+, a, e</sup> | 10/14/21 | 1009374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumeru Equity Partners Fund, L.P. <sup>+, a, e</sup> | 04/27/15 | 5573618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Partners Growth Equity Fund XI, L.P. <sup>+, a, e</sup> | 10/01/21 | 525942 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA Select Opportunities Fund II-B, L.P. <sup>+, a, e</sup> | 05/27/21 | 1013602 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA XIII-B, L.P. <sup>+, a, e</sup> | 05/02/19 | 18750923 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA XIV-B, L.P. <sup>+, a, e</sup> | 05/27/21 | 6159498 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCV X, L.P. <sup>+, a, e</sup> | 08/31/18 | 13113685 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCV XI (A), L.P. <sup>+, a, e</sup> | 10/02/20 | 4853947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners IV, L.P. <sup>+, a, e</sup> | 12/10/15 | 6121433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners V, L.P. <sup>+, a, e</sup> | 05/04/18 | 7599734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thompson Street Capital Partners VI, L.P. <sup>+, a, e</sup> | 06/11/21 | 6340333 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Partners IX, L.P. <sup>+, a, e</sup> | 12/23/22 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VII, L.P. <sup>+, a, e</sup> | 03/01/16 | 9933883 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Partners VIII, L.P. <sup>+, a, e</sup> | 01/31/19 | 9333194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trident IX, L.P. <sup>+, a, e</sup> | 11/19/21 | 3285559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trident VII, L.P. <sup>+, a, e</sup> | 09/22/16 | 38027411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trident VIII, L.P. <sup>+, a, e</sup> | 04/05/19 | 23209717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VII, L.P. <sup>+, a, e</sup> | 08/31/18 | 20897337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Equity Partners Fund VIII, L.P. <sup>+, a, e</sup> | 04/28/22 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund II, L.P. <sup>+, a, e</sup> | 12/19/17 | 12060139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund III, L.P. <sup>+, a, e</sup> | 06/19/19 | 15781024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistria Fund IV, L.P. <sup>+, a, e</sup> | 03/31/21 | 11800065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth 14, L.P. <sup>+, a, e</sup> | 01/31/22 | 1928946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warburg Pincus Global Growth, L.P. <sup>+, a, e</sup> | 11/20/18 | 11671377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XII, L.P. <sup>+, a, e</sup> | 12/19/14 | 15542890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIII, L.P. <sup>+, a, e</sup> | 12/20/18 | 14257526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welsh, Carson, Anderson & Stowe XIV, L.P. <sup>+, a, e</sup> | 01/19/22 | 155256 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Street Offshore Infrastructure Partners IV <sup>+, a, e</sup> | 11/02/22 | 2810974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Windjammer Senior Equity Fund IV, L.P. <sup>+, a, e</sup> | 02/06/13 | 5084426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America (9.11%)** |  | 1155922646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rest of World (0.81%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent Latin American Private Equity Fund VI-H L.P. <sup>+, a, e</sup> | 10/17/14 | $9838311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Altra Private Equity Fund II, L.P. <sup>+, a</sup> | 12/07/12 | 1163199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patria - Brazilian Private Equity Fund IV, L.P. <sup>+, a, e</sup> | 06/30/11 | 5975256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polish Enterprise Fund VIII, L.P. <sup>+, a, e</sup> | 09/15/17 | 85819726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rest of World (0.81%)** |  | 102796492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (3.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adagia Capital Europe S.L.P. <sup>+, a, e</sup> | 06/01/21 | $2570309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE IX-C, L.P. <sup>+, a, e</sup> | 05/31/19 | 25441468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VII-B, L.P. <sup>+, a, e</sup> | 07/01/12 | 2518479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE VIII-C, L.P <sup>+, a, e</sup> | 03/22/16 | 12089353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advent International GPE X (USD) <sup>+, a, e</sup> | 05/31/22 | 530473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apax X USD L.P. <sup>+, a, e</sup> | 07/16/19 | 16785683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apax XI USD L.P. <sup>+, a, e</sup> | 06/30/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Astorg Mid-Cap <sup>+, a, e</sup> | 02/22/21 | 1491265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astorg VI, FCPI <sup>+, a, e</sup> | 06/30/16 | 4816010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astorg VIII S.à.r.l. <sup>+, a, e</sup> | 12/17/21 | 2160178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axcel VI K/S <sup>+, a, e</sup> | 02/21/20 | 14969723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund IV, L.P. <sup>+, a, e</sup> | 09/01/14 | 4416947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Europe Fund VI, SCSp <sup>+, a, e</sup> | 06/30/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BC Partners XI, L.P. <sup>+, a, e</sup> | 12/15/21 | 11419093 |
| &nbsp;&nbsp;&nbsp;&nbsp;CapVest Equity Partners III B, L.P. <sup>+, a, e</sup> | 08/30/13 | 3204941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capvis Equity V L.P. <sup>+, a, e</sup> | 01/17/18 | 22096877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners IV, L.P. <sup>+, a, e</sup> | 08/27/13 | 738170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Europe Partners V, L.P. <sup>+, a, e</sup> | 04/23/18 | 5325294 |
| &nbsp;&nbsp;&nbsp;&nbsp;CD&R Value Building Partners I, L.P. <sup>+, a</sup> | 12/17/21 | 5984953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charterhouse Capital Partners XI <sup>+, a, e</sup> | 11/26/21 | 1088373 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VI (A) L.P. <sup>+, a, e</sup> | 07/05/13 | 9613718 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVC Capital Partners VIII, L.P. <sup>+, a, e</sup> | 06/19/20 | 1335833 |
| &nbsp;&nbsp;&nbsp;&nbsp;DPE Deutschland IV <sup>+, a, e</sup> | 08/24/20 | 2901301 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT IX, L.P. (USD) <sup>+, a, e</sup> | 05/15/20 | 18439746 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Mid-Market (No.1) Feeder L.P. <sup>+, a, e</sup> | 07/01/16 | 21921669 |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Acquisition<br> Date** | **Fair<br> Value** |
| **Private Equity Investments (continued)** | **Private Equity Investments (continued)** | **Private Equity Investments (continued)** |
| &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** | &nbsp;&nbsp;&nbsp;**Primary Investments **<sup>\*, c</sup>** (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilde Buy-Out Fund VI C.V. <sup>+, a, e</sup> | 06/28/19 | $16416100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphite Capital Partners IX L.P. <sup>+, a, e</sup> | 04/11/18 | 8835038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hg Genesis 10 L.P. <sup>+, a, e</sup> | 04/14/22 | 108708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn 3 L.P. <sup>+, a, e</sup> | 02/25/22 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hg Saturn I L.P. <sup>+, a, e</sup> | 06/28/18 | 19067115 |
| &nbsp;&nbsp;&nbsp;&nbsp;HgCapital 8 L.P. <sup>+, a, e</sup> | 12/19/16 | 23139627 |
| &nbsp;&nbsp;&nbsp;&nbsp;HgCapital Mercury 2 <sup>+, a, e</sup> | 02/15/17 | 14993682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Index Ventures Growth III (Jersey) L.P. <sup>+, a, d</sup> | 03/18/15 | 21157478 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund V (EUR) SCSp <sup>+, a, e</sup> | 11/05/18 | 27741677 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR European Fund VI (USD) <sup>+, a, e</sup> | 11/01/21 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Livingbridge 7 L.P. <sup>+, a, e</sup> | 09/04/20 | 10274378 |
| &nbsp;&nbsp;&nbsp;&nbsp;MCH Iberian Capital Fund V FCR <sup>+, a, e</sup> | 12/10/21 | 9102744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital Evo GP, SCSp <sup>+, a, e</sup> | 06/30/21 | 889737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital IX, L.P. <sup>+, a, e</sup> | 07/18/17 | 37305189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital X, L.P. <sup>+, a, e</sup> | 09/30/20 | 13927893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordic Capital XI, L.P. <sup>+, a, e</sup> | 05/01/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oakley Capital Fund V, SCSp <sup>+, a, e</sup> | 04/28/22 | 1314079 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAI Europe VI-1, L.P. <sup>+, a, e</sup> | 03/12/15 | 6848092 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAI Partners VIII-1 SCSp <sup>+, a, e</sup> | 12/17/21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira VII L.P. <sup>+, a, e</sup> | 06/21/19 | 21700157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permira VIII SCSp <sup>+, a, e</sup> | 02/10/22 | 65224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sixth Cinven Fund (No.3) L.P. <sup>+, a, e</sup> | 05/01/16 | 7162910 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Eighth Cinven Fund, L.P. <sup>+, a, e</sup> | 07/05/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Paragon Partners Fund IV GmbH & Co. KG <sup>+, a, e</sup> | 04/29/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Seventh Cinven Fund, L.P. <sup>+, a, e</sup> | 04/16/19 | 19952841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vitruvian Investment Partnership V <sup>+, a, e</sup> | 10/07/22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe (3.56%)** |  | 451862812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Primary Investments (14.51%)** |  | $1840346769 |
| **Total Private Equity Investments (Cost $9,256,839,192)(95.86%)** |  | $12161782036 |
| **Total Investments (Cost $9,483,586,445)(97.67%)** |  | 12391913360 |
| **Other Assets in Excess of Liabilities (2.33%)** |  | 295953948 |
| **Net Assets (100.00%)** |  | $12687867308 |

---

\* 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. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2022, the aggregate value of these securities is $63,471,787 or 0.50% of the Fund's net assets.

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| ^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of December 31, 2022 was 4.39%. |
| ^^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of December 31, 2022 was 4.77%. |
| ^^^ | The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate. The 6 month LIBOR as of December 31, 2022 was 5.14%. |
| # | As of December 31, 2022, 1 month EURIBOR was 1.88%. |
| ## | As of December 31, 2022, 3 month EURIBOR was 2.13%. |
| ### | As of December 31, 2022, 6 month EURIBOR was 2.69%. |
| + | The fair value of the investment was determined using significant unobservable inputs. |
| >> | As of December 31, 2022, 3 month Sterling Overnight Interbank Average Rate was 2.74%. |
| >>> | As of December 31, 2022, 6 month Sterling Overnight Interbank Average Rate was 2.14%. |
| ¤ ¤ | As of December 31, 2022, 3 month Stockholm Interbank Offered Rate was 2.70%. |
| vv | As of December 31, 2022, 3 month Secured Overnight Financing Rate was 3.62%. |
| vvv | As of December 31, 2022, 6 month Secured Overnight Financing Rate was 2.89%. |

---

---

| | |
|:---|:---|
| 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 December 31, 2022 was $12,161,782,079, or 95.85% of net assets. As of December 31, 2022, the aggregate cost of each investment restricted to resale was $15,568,606, $10,621,500, $22,700,000, $2,204,592, $14,353,176, $8,872,006, $2,218,001, $3,600,295, $4,471,885, $5,441,192, $48,970,725, $6,341,681, $1,209,387, $22,978,362, $7,228,256, $481,884, $1,927,535, $863,084, $1,512,517, $16,300,545, $150,775,861, $24,784,703, $10,273,030, $44,578,381, $35,317,661, $150,000, $1, $0, $4,168,272, $17,127,003, $56,634, $114,607,802, $5,604,217, $122,578,028, $27,243,271, $3,120,000, $1,348,750, $3,602,070, $27,230, $119,978,433, $43,783,284, $107,123,942, $39,083,333, $48,685,202, $38,614,270, $94,861,790, $103,079,624, $56,985,983, $9,367,970, $47,761,620, $15,617,280, $62,584,962, $122,197,451, $151,690,905, $250,000, $219,375, $47,583,000, $1,111,078, $9,683,864, $187,500,000, $61,566,000, $252,000, $83,828,190, $8,804,000, $317,827, $172,633, $37,921,967, $22,612,605, $5,266,696, $60,480,000, $2,162,157, $23,266,740, $15,306,665, $45,225,381, $40,484,909, $38,022,703, $32,126,730, $31,364,705, $1,120,924, $13,722,831, $6,996,130, $3, $1, $1,201,846, $52,454,049, $46,801,951, $28,417,946, $55,007,013, $14,874,473, $90,515,558, $178,485,000, $31,828,128, $51,287,146, $4,987,424, $71,817,900, $4,632,829, $3,546,000, $22,340,802, $64,480,546, $68,399,200, $1,441,200, $7,026,869, $101,309, $69,246,328, $17,408,823, $6,195,472, $12,009,114, $3,792,769, $264,490, $21,810,718, $149,423,941, $89,101,353, $33,206, $83,976,881, $78,503,589, $27,818,080, $14,672,982, $463,974, $60,571,021, $68,887,918, $88,276,348, $866,635, $1,045,423, $3,833,799, $8,703,000, $52,429,641, $9,986,562, $11,664,382, $39,292,014, $92,759,254, $21,615,986, $48,949,162, $17,052,864, $17,052,864, $3,377,868, $18,476,616, $4,520,077, $7,793, $52,258,764, $9,222,920, $64,619,159, $15,139,432, $76,735,181, $13,620, $40,775,356, $51,009,931, $41,607,840, $43,509,034, $93,625,880, $0, $97,483,897, $6,616,483, $115,745,971, $128,601, $1,135,700, $102,497,783, $1,063,586, $5,337,259, $89,653,795, $72,269,706, $1,773, $112,190,937, $88,912, $6,275,980, $23,877,358, $1,183,250, $40,573, $764,865, $254,955, $33,400,016, $36,261,531, $2,436,246, $26,015,343, $12,156,155, $1,038,330, $12,231,850, $32,673,281, $34,731,898, $26,215,597, $2,352,123, $12,006,394, $1,272,506, $2,117,177, $12,550,897, $4,586,992, $10,113,207, $10,144,067, $1,256,564, $4,681,981, $1,664,810, $1,438,436, $2,155,412, $1,846,163, $983,959, $1,376,947, $979,469, $6,811,367, $2,533,152, $1,249,092, $1,578,335, $2,861,354, $2,071,380, $990,535, $979,592, $1,386,490, $1,075,281, $7,049,858, $2,802,074, $-2,108, $3,319,968, $1,693,251, $2,741,622, $3,883,499, $3,196,980, $3,526,659, $1,433,416, $1,963,663, $965,073, $18,581,100, $973,317, $973,914, $151,275, $342,373, $183,333, $1,449,582, $4,868,284, $3,444,074, $1,367,472, $2,966,567, $1,372,159, $971,562, $933,722, $1,436,008, $3,241,124, $1,263,764, $2,384,316, $1,675,934, $1,606,112, $1,636,249, $2,830,183, $30,052,689, $1,393,989, $1,185,956, $8,039,974, $-32,323, $4,453,624, $3,435,596, $2,875,983, $1,946,531, $968,631, $2,061,295, $9,822,994, $253,835, $1,327,520, $957,600, $1,275,534, $1, $28,911,154, $191,006, $2,169,018, $1,670,965, $314,258, $680,931, $3,820,607, $1,577,484, $42,114,091, $3,917,843, $7,818,700, $1,364,500, $16,388,138, $2,843,440, $2,069,315, $1,089,491, $925,262, $2,262,943, $489,603, $1,175,819, $1,910,324, $1,546,576, $1,757,193, $78,906, $2,254,843, $606,245, $984,418, $11,765,093, $3,600,000, $4,136,364, $936,750, $945,484, $2,925,370, $1,247,258, $961,741, $978,794, $1,414,679, $16,341,096, $2,075,987, $215,759, $171,930, $1,440,613, $961,875, $1,313,165, $1,460,670, $3,158,899, $3,226,061, $4,886,883, $2,562,479, $955,464, $1,982,215, $3,436,135, $1,471,118, $6,575,008, $2,581,788, $1,086,305, $900,000, $1,037,945, $2,147,089, $1,182,090, $3,747,363, $991,132, $1,684,483, $978,349, $28,762, $525,325, $2,922,526, $1,931,123, $1,866,860, $2,216,005, $774,152, $2,388,401, $1,446,195, $9,587, $1,897,840, $1,869,314, $2,918,977, $2,508,016, $226,621, $2,458,763, $1,175,541, $1,009,020, $10,789,000, $3,621,975, $2,390,707, $913,694, $1,922,215, $1,136,037, $981,678, $1,934,170, $2,964,652, $1,674,500, $1,272,316, $1,183,195, $975,147, $3,666,573, $984,212, $1,784,353, $1,141,949, $1,735,706, $2,799,086, $14,747,998, $2,811,104, $988,753, $2,395,818, $-9,990, $5,823,353, $13,917,440, $1,970,975, $2,787,773, $3,939,192, $2,163,291, $3,724,827, $2,954,863, $1,468,343, $286,897, $978,712, $3,395,126, $4,281,740, $1,973,487, $2,602,939, $1,872,338, $964,755, $1,867,810, $3,853,332, $798,096, $1,259,201, $1,240,535, $32,821, $3,095,150, $944,789, $26,086,829, $6,566,944, $2,458,119, $1,332,187, $1,429,600, $248,505, $3,360,854, $2,746,586, $1,255,889, $958,978, $118,565, $21,051,168, $520,890, $2,395,826, $15,390,308, $43,153,917, $977,166, $1,676,056, $10,335,858, $450,970, $1,373,579, $971,131, $3,440,944, $3,619,214, $3,538,214, $2,163,849, $3,835,947, $2,292,224, $1,945,000, $1,269,229, $2,957,647, $7,083,134, $5,883,295, $2,650,851, $2,214,194, $2,914,778, $21,996,953, $2,298,061, $13,543,731, $1,927,856, $675,773, $12,218,137, $2,258,282, $1,836,580, $4,541,441, $2,444,694, $1,937,391, $0, $2,949,001, $2,661,213, $13,413,674, $2,706,939, $35,990,832, $958,494, $1,172,679, $1,863,926, $5,188,643, $44,353,034, $6,655,594, $1,128,243, $230,496, $1,375,404, $1,359,847, $26,106,354, $3,873,437, $8,740,866, $1,395,306, $7,996,156, $3,991,837, $0, $1,094,327, $1,021,296, $3,140,914, $1,584,456, $1,478,799, $1,782,938, $3,044,147, $1,688,439, $1,862,967, $2,908,917, $2,752,575, $1,269,004, $1,365,391, $2,950,700, $3,334,650, $1,137,974, $3,476,796, $30,005,061, $1,861,814, $1,485,409, $2,738,883, $9,275,633, $1,978,076, $2,330,990, $16,296,905, $651,953, $14,245,052, $1,769,958, $14,810,820, $2,739,297, $981,737, $2,728,795, $4,048,033, $3,856,008, $5,494,283, $2,500,000, $10,380, $1,153,354, $46,460,919, $12,470,857, $106,700, $53,395, $412,425, $35,407,779, $3,798,024, $1, $81,845, $1, $28,418,629, $15,471,262, $800,155, $16,043,322, $8,055,913, $1, $6,478, $2, $8,006,084, $2,569,506, $2,690,285, $261,659, $2,074,818, $2,770,820, $520,548, $1, $1,158,141, $58,620,943, $3,639,257, $0, $1, $20,035,028, $24,613,529, $1, $232,406, $1, $31,457,032, $73,811,111, $20,103,801, $1, $122,097,000, $25,647,367, $413,420, $1, $14,384,874, $3, $5,256,902, $1, $1, $4,886,753, $5,282,000, $43,519,849, $1,099,657, $2, $8, $413,158, $86,122, $1, $9,327,441, $43,714,451, $34,549,063, $5, $3,494,299, $23,746,227, $2,999,266, $4,036,296, $16,389,363, $1, $1, $1, $889,332, $1,082,285, $92,213, $26,595,776, $11,483,556, $32,565,340, $1, $1, $2,672,206, $3, $1, $1, $856,679, $2,178, $10,549, $332,524, $12,740,471, $14,455, $62,947, $1,602,831, $2,229,508, $52,466,457, $40,744,933, $8,657,498, $1, $1, $1, $1, $3,761, $32,560,553, $101,953, $390,786, $2,326,146, $31,390,084, $30,860,812, $158,479, $11,931,312, $8,480,119, $1,970,934, $1, $12,847,405, $0, $0, $23,826,490, $0, $7,988,502, $6,100,912, $16,154,083, $48,642, $2,112,853, $2,379,470, $8,949,971, $4,411,504, $2,730,824, $4,138,763, $0, $7,725,199, $2,352,860, $3,258,373, $12,321,615, $19,974,772, $1, $1, $6,145,956, $1,464,799, $150,358, $11,851,489, $6,325,000, $7,369,624, $6,189,273, $3,055,896, $47,665,770, $1,509,984, $988,701, $26,103, $1,204,381, $12,542,950, $0, $1, $14,962,769, $6,211,568, $1, $0, $0, $4,482,000, $9,212,577, $1, $78,078, $2,897,944, $5,405,593, $1,576,681, $5,625,851, $0, $26,115,192, $5,504,758, $5,412,845, $6,693,451, $2,223,062, $1,086,662, $17,624,773, $487, $8,177,565, $1,398,140, $5,364,532, $7,255,319, $1,143,000, $0, $4,481,938, $4,856,299, $4,742,358, $0, $15,292,764, $1,760,359, $255,116, $2,817,985, $6,525,000, $12,919,416, $9,418,414, $3,465,967, $4,050,000, $3,150,000, $1,875,000, $506,250, $4,964,403, $5,221,316, $1, $2,920,241, $990,000, $31,463, $6,834,572, $702,000, $11,767,268, $9,888,917, $1, $962,414, $27,739,800, $0, $2,219,017, $1, $2,994,047, $1,017,698, $29,435,207, $3,776,970, $0, $1,134,750, $1,064,000, $1, $566,384, $1,100,000, $9,337,500, $6,670,000, $6,593,111, $5,118,512, $14,307, $3,192,550, $6,379,895, $0, $160,679, $6,810,070, $3,620,635, $16,113,685, $17,353,890, $15,908,787, $0, $257,148, $11,483,556, $11,516,438, $2,000,000, $8,722,500, $1, $9,619,943, $155,256, $2,810,974, $1, $4,384,202, $2,637,866, $4,737,450, $45,421,557, $2,871,773, $17,775,897, $250,001, $2,691,549, $640,500, $14,852,720, $0, $1,877,507, $1, $2,264,821, $11,793,068, $709,778, $0, $11,422,952, $1, $19,118,587, $1, $4,120,204, $6,526,076, $868,784, $362,788, $1,236,217, $2,940,227, $16,025,029, $1, $15,893,236, $7,342,610, $115,355, $174,548, $8,407,896, $1, $1, $1, $23,807,231, $0, $11,606,752, $7,776,177, $937,515, $21,920,904, $11,625,328, $0, $1,387,034, $47,864, $0, $21,924,435, $0, $1,592,749, $0, $0, $17,167,048, $0 and $2,070,000, respectively, totaling $9,256,839,192. |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| 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 December 31, 2022. |

---

**Legend:**

---

| | |
|:---|:---|
| £| - British Pound |
| € | - Euro |
| BBSY | - Bank Bill Swap Rate |
| C | - Chinese Yuan |
| E | - EURIBOR |
| Fr. | - Swiss Franc |
| I | - Indian Rupee |

---

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| L | - LIBOR |
| PIK | - Payment-in-kind |
| S | - Sterling Overnight Interbank Average Rate |
| SF | - Secured Overnight Financing Rate |
| SR | - Stockholm Interbank Offered Rate |
| zl | - Polish Zloty |
| **A summary of outstanding financial instruments at December 31, 2022 is as follows:** | **A summary of outstanding financial instruments at December 31, 2022 is as follows:** |

---

**Forward Foreign Currency Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| January 4, 2023 | Barclays | $70375349 | 69620000 | $73541492 | $(3166143) |
| January 4, 2023 | Barclays | $70385458 | 69630000 | $73552056 | $(3166598) |
| January 4, 2023 | Barclays | 80000000 | $84507040 | $84506167 | $(873) |
| January 4, 2023 | Barclays | 59250000 | $62588027 | $62587381 | $(646) |
| January 11, 2023 | Barclays | $70408391 | 69620000 | $73579021 | $(3170630) |
| January 11, 2023 | Barclays | $70418504 | 69630000 | $73589590 | $(3171086) |
| January 11, 2023 | Barclays | 80000000 | $84551720 | $84549292 | $(2428) |
| January 11, 2023 | Barclays | 59250000 | $62621118 | $62619319 | $(1799) |
| January 18, 2023 | Barclays | $70441412 | 69620000 | $73610852 | $(3169440) |
| January 18, 2023 | Barclays | $70451530 | 69630000 | $73621425 | $(3169895) |
| January 18, 2023 | Barclays | $61889938 | 4990000000 | $60288577 | $1601361 |
| January 18, 2023 | Barclays | 80000000 | $84589872 | $84585867 | $(4005) |
| January 18, 2023 | Barclays | 59250000 | $62649374 | $62646408 | $(2966) |
| January 18, 2023 | Barclays | 4990000000 | $60286815 | $60288576 | $1761 |
| January 25, 2023 | Barclays | $70473910 | 69620000 | $73651955 | $(3178045) |
| January 25, 2023 | Barclays | $70484033 | 69630000 | $73662534 | $(3178501) |
| January 25, 2023 | Barclays | $61861549 | 4990000000 | $60279793 | $1581756 |
| January 25, 2023 | Barclays | 59250000 | $62685552 | $62681389 | $(4163) |
| January 25, 2023 | Barclays | 80000000 | $84638720 | $84633100 | $(5620) |
| January 25, 2023 | Barclays | 2495000000 | $30151422 | $30139897 | $(11525) |
| January 25, 2023 | Barclays | 2495000000 | $30125937 | $30139897 | $13960 |
| February 1, 2023 | Barclays | $68394584 | 69800000 | $74583792 | $(6189208) |
| February 8, 2023 | Barclays | $68617395 | 70000000 | $74828793 | $(6211398) |
| February 15, 2023 | Barclays | $68562571 | 70000000 | $74858468 | $(6295897) |
| February 22, 2023 | Barclays | $68670329 | 70000000 | $74888799 | $(6218470) |
| March 1, 2023 | Bank of America | $98464603 | 95000000 | $101714637 | $(3250034) |
| March 1, 2023 | Bank of America | $98463786 | 95000000 | $101714637 | $(3250851) |
| March 8, 2023 | Bank of America | $62712325 | 289600000 | $65567394 | $(2855069) |
| March 8, 2023 | Bank of America | $75951775 | 71000000 | $77221889 | $(1270114) |
| March 8, 2023 | Barclays | $101099827 | 97500000 | $104434352 | $(3334525) |
| March 8, 2023 | Barclays | $98508474 | 95000000 | $101756548 | $(3248074) |
| March 8, 2023 | Barclays | $94430608 | £80000000 | $96348988 | $(1918380) |
| March 15, 2023 | Bank of America | $62705956 | 289600000 | $65514550 | $(2808594) |
| March 15, 2023 | Bank of America | $76007430 | 71000000 | $77270926 | $(1263496) |
| March 15, 2023 | Bank of America | $98551604 | 95000000 | $101792951 | $(3241347) |
| March 15, 2023 | Barclays | $109778028 | £93000000 | $112010505 | $(2232477) |
| March 22, 2023 | Bank of America | $94528992 | £80000000 | $96356133 | $(1827141) |
| March 22, 2023 | Bank of America | $98814326 | 95000000 | $101829761 | $(3015435) |
| April 5, 2023 | Barclays | $62995424 | 59250000 | $63566486 | $(571062) |
| April 5, 2023 | Barclays | $85057112 | 80000000 | $85828166 | $(771054) |

---

 

*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 —

December 31, 2022 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement Date** | **Counterparty** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| April 12, 2023 | Barclays | $85101272 | € | 80000000 | $85865592 | $(764320) |
| April 12, 2023 | Barclays | $63028130 | € | 59250000 | $63594205 | $(566075) |
| April 12, 2023 | Barclays | $29925755 | I | 2495000000 | $29934967 | $(9212) |
| April 19, 2023 | Barclays | $85138680 | € | 80000000 | $85902957 | $(764277) |
| April 19, 2023 | Barclays | $63055835 | € | 59250000 | $63621878 | $(566043) |
| April 19, 2023 | Barclays | $29913556 | I | 2495000000 | $29924030 | $(10474) |
| April 26, 2023 | Barclays | $85185704 | € | 80000000 | $85940486 | $(754782) |
| April 26, 2023 | Barclays | $63090662 | € | 59250000 | $63649672 | $(559010) |
| April 26, 2023 | Barclays | $29899934 | I | 2495000000 | $29913148 | $(13214) |
| April 26, 2023 | Barclays | $29923961 | I | 2495000000 | $29913148 | $10813 |
|  |  |  |  |  |  | $**(85974745)** |

---

 

*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, 2022.

Investments held by the Fund include short-term 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 a securities exchange. The fair value is determined to be the last sale price on the determination date, or, if no sales occurred on any such date, the mean between the closing bid and ask prices on such 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 in active markets (i.e., not Level 1 inputs). Fair value is determined through the use of 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 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 equity and debt investments that are privately owned, 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $155011306 | $— | $— | $155011306 |
| Asset-Backed Securities |  |  | 75120018 | 75120018 |
| Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Equity | 43007865 | 78969600 | 7526236701 | 7648214166 |
| &nbsp;&nbsp;&nbsp;Direct Debt |  |  | 1130253452 | 1130253452 |
| &nbsp;&nbsp;&nbsp;Total Direct Investments | $43007865 | $78969600 | $8656490153 | $8778467618 |
| Secondary Investments |  |  | 1542967649 | 1542967649 |
| Primary Investments |  |  | 1840346769 | 1840346769 |
| Total Investments | $198019171 | $78969600 | $12114924589 | $12391913360 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Foreign Currency Exchange Contracts | $3209651 | $— | $— | $3209651 |
| **Total Assets** | $3209651 | $— | $— | $3209651 |
| **Liabilities** |  |  |  |  |
| Foreign Currency Exchange Contracts | $89184396 | $— | $— | $89184396 |
| **Total Liabilities** | $89184396 | $— | $— | $89184396 |
| **Total Investments Net of Foreign Currency Exchange Contracts** | $112044426 | $78969600 | $12114924589 | $12305938615 |

---

The following is a reconciliation of the amount of the account balances on April 1, 2022 and December 31, 2022 of those investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance** <br> **as of** <br> **April 1,** <br> **2022** | **Realized<br> Gain/(Loss)** | **Net Change in Unrealized Appreciation/ (Depreciation)** | **Gross** <br> **Purchases** | **Gross**<br> **Sales** | **Net** <br> **Amortization**<br> **of Discount/**<br> **(Premium)** | **Net** <br> **Transfers** <br> **In or Out** <br> **of Level 3** | **Balance** <br> **as of** <br> **December 31,** <br> **2022** |
| Asset-Backed Securities | $61117277 | $— | $(7864886) | $21864318 | $— | $3309 | $— | $75120018 |
| Direct Investments: |  |  |  |  |  |  |  |  |
| Direct Equity Investments | $6314372047 | $257782739 | $(120345299) | $1297552826 | $(429889665) | $— | $206764053 | $7526236701 |
| Direct Debt Investments | 979534628 | $(6330198) | $(71557192) | $442303808 | $(215531424) | $1833830 | $— | $1130253452 |
| Total Direct Investments\* | $7293906675 | $251452541 | $(191902491) | $1739856634 | $(645421089) | $1833830 | $206764053 | $8656490153 |
| Secondary Investments\* | 1172952139 | $(2544197) | $29363383 | $422996767 | $(79800443) | $— | $— | $1542967649 |
| Primary Investments\* | 1753246965 | $(4787622) | $3586556 | $222982567 | $(134681697) | $— | $— | $1840346769 |
| Total | $10281223056 | $244120722 | $(166817438) | $2407700286 | $(859903229) | $1837139 | $206764053 | $12114924589 |

---

\* *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 nine months ended December 31, 2022, transfers out of Level 3 were due to increased price transparency.

The amount of the net change in unrealized appreciation (depreciation) for the nine months ended December 31, 2022 relating to investments in Level 3 assets still held at December 31, 2022 is $3,556,951, 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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Security** | **Fair Value at<br> December 31, <br> 2022 (000's)\*** | **Valuation<br> Technique(s)** | **Unobservable Input** | **Range<br> (weighted average)** |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $75120 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | n/a |
| &nbsp;&nbsp;&nbsp;Direct Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Equity | $145987 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | 8.89% – 10.48% (9.62%) |
|  | 6743063 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to EBITDA multiple | 5.00x – 34.00x (16.46x) |
|  | 67055 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Price to book ratio | 1.68x – 1.68x (1.68x) |
|  | 52131 | &nbsp;&nbsp;Exit price | &nbsp;&nbsp;Recent transaction price | n/a |
|  | 205937 | &nbsp;&nbsp;Recent financing/transaction | &nbsp;&nbsp;Recent transaction price | n/a |
|  | 4808 | &nbsp;&nbsp;Replacement cost | &nbsp;&nbsp;Recent transaction price | n/a |
|  | 3124 | &nbsp;&nbsp;Reported fair value | &nbsp;&nbsp;Reported fair value | n/a |
|  | 184052 | &nbsp;&nbsp;Market comparable companies | &nbsp;&nbsp;Enterprise value to sales multiple | 2.60x – 22.30x<br> (10.48x) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Debt | $652015 | &nbsp;&nbsp;Broker quotes | &nbsp;&nbsp;Indicative quotes for an inactive market | n/a |
|  | 434801 | &nbsp;&nbsp;Discounted cash flow | &nbsp;&nbsp;Discount factor | 9.00% – 35.00% (12.58%) |
|  | 1 | &nbsp;&nbsp;Exit price | &nbsp;&nbsp;Recent transaction price | n/a |
|  | 45618 | &nbsp;&nbsp;Recent financing/transaction | &nbsp;&nbsp;Recent transaction price | n/a |
| &nbsp;&nbsp;&nbsp;Primary and Secondary<br>Investments | $3395954 | &nbsp;&nbsp;Adjusted reported net asset value | &nbsp;&nbsp;Reported net asset value | n/a |
|  | (10461) | &nbsp;&nbsp;Adjusted reported net asset value | &nbsp;&nbsp;Fair value adjustments | 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 risks inherent in forward foreign exchange contracts.

During the nine months ended December 31, 2022, the Fund entered into 169 long/short forward foreign currency exchange contracts. The Fund had $202,239,119 in net realized gains and $(83,998,548) change in net unrealized appreciation (depreciation) on forward foreign currency contracts. The outstanding forward foreign currency exchange contract amounts at December 31, 2022 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 December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares/ Principal as of December 31, 2022** | **Fair Value as of March 31, 2022** | **Gross Additions<sup>(1)</sup>** | **Gross Reductions<sup>(2)</sup>** | **Realized Gains/ Losses** | **Change in Unrealized Gains (Losses)** | **Fair Value as of December 31, 2022** | **Affiliated Income/ Accretion of Discount** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |
| Bock Capital JVCo Nature S.à.r.l. | 12590000000 | $191870309 | $- | $- | $- | $(73443391) | $118426918 | $- |
| Camelia Investment 1 Limited | 6768704045 | 183582149 |  |  |  | (16420723) | 167161426 |  |
| CBI Parent, L.P. | 1145918 | 105132373 | 5604217 |  |  | (50953391) | 59783199 |  |
| Confluent Health, LLC | 27246 | 69586969 |  |  |  | (8937591) | 60649378 |  |
| Dermatology Holdings, L.P.<sup>(3)</sup> |  |  | 119978433 |  |  | 9794439 | 129772872 |  |
| Ecom Express Private Limited | 63417 |  | 6473508 | (131827) |  | 1602436 | 7944117 |  |
| ECP Parent, LLC | 105520023 | 166994406 |  |  |  | (7055700) | 159938706 |  |
| EdgeCore Holdings, L.P.<sup>(3)</sup> |  |  | 39083333 |  |  |  | 39083333 |  |
| Encore Holdings LP<sup>(3)</sup> |  |  | 48685202 |  |  | 5014965 | 53700167 |  |
| EnfraGen LLC | 37786 | 58429298 |  |  |  | 137506 | 58566804 |  |
| EQT Jaguar Co-Investment SCSp<sup>(3)</sup> |  | 112788690 |  |  |  | 4339606 | 117128296 |  |
| Green DC LuxCo S.à.r.l. | 19595288 | 61132640 |  |  |  | (210947) | 60921693 |  |
| Huntress Co-Investment L.P.<sup>(3)(4)</sup> |  | 50389883 |  | (26349381) | 4149670 | (28190172) |  | 15902367 |
| Icebox Holdco I Inc<sup>(3)</sup> |  | 62801819 |  |  |  | 602380 | 63404199 |  |
| Icebox Parent LP<sup>(3)</sup> |  | 127590920 | 313 |  |  | (6327004) | 121264229 |  |
| Idera, Inc. | 1248155 | 1237560 | 431 | (9528) | 8 | (48185) | 1180286 | 82749 |
| Idera Parent LP<sup>(3)</sup> |  | 248243835 |  |  |  | (30492148) | 217751687 | 192886 |
| KPOCH Holdings, L.P.<sup>(3)</sup> |  |  | 187500000 |  |  | 25500 | 187525500 |  |
| KPSKY Holdings L.P.<sup>(3)</sup> |  | 64375872 |  |  |  | (7750297) | 56625575 |  |
| Luxembourg Investment Company 285 S.à.r.l.<sup>(5)</sup> | 14865773 | 71230531 |  |  |  | (21984123) | 49246408 |  |
| Luxembourg Investment Company 293 S.à.r.l. | 9789622 | 45721830 |  |  |  | (7184489) | 38537341 |  |
| Luxembourg Investment Company 314 S.à.r.l.<sup>(5)</sup> | 192000 | 1 |  |  |  |  | 1 |  |
| Luxembourg Investment Company 414 S.à r.l. | 12111360 | 79988131 |  |  |  | 3809049 | 83797180 |  |
| Luxembourg Investment Company 430 S.à r.l. | 50548848 | 78443091 | 2933140 |  |  | 3319352 | 84695583 | (108) |
| May Co-Investment S.C.A. | 1059375 | 52163274 |  |  |  | (941057) | 51222217 |  |
| MHS Acquisition Holdings, LLC | 35641 | 650979 |  |  |  | 375900 | 1026879 |  |
| MHS Blocker Purchaser L.P.<sup>(3)</sup> |  | 50333181 |  |  |  | 29064344 | 79397525 |  |
| Murra Warra Asset Hold Trust | 13186543 | 21951762 |  |  |  | 613822 | 22565584 |  |
| Murra Warra II Asset Hold Trust | 18628227 | 14636008 | 222081 |  |  | 1306154 | 16164243 |  |
| Murra Warra II Project Hold Trust | 10 | 3659002 | 55520 |  |  | 326539 | 4041061 |  |
| Murra Warra Project Hold Trust | 429366 | 5487942 |  |  |  | 153453 | 5641395 |  |
| OHCP IV SF COI, L.P.<sup>(3)</sup> |  | 37604433 | 43848 |  |  | 11346705 | 48994986 |  |
| Onecall Holdings, L.P.<sup>(3)(4)</sup> |  | 174527006 |  | (225820522) | 165757410 | (114463894) |  |  |
| Partners Terra Pte. Ltd. | 4372335 | 1739362 | 2604371 |  |  | 464611 | 4808344 |  |
| PG BRPC Investment, LLC | 32079 | 74128478 |  |  |  | 6543219 | 80671697 |  |
| PG Delta Holdco, LLC | 30481 | 22911377 | 10944000 |  |  | 19893941 | 53749318 |  |
| PG Esmeralda Pte. Ltd. | 5922280 | 70006910 |  |  |  | (15372237) | 54634673 |  |
| PG Investment Company 1 S.à r.l. | 12822040 | 100293522 |  |  |  | (2693135) | 97600387 |  |
| PG Investment Company 18 S.à.r.l. | 126506634 |  | 115874572 |  |  | 5600159 | 121474731 |  |
| PG Investment Company 24 S.à.r.l. | 102297902 |  | 103633483 |  |  | 6041788 | 109675271 |  |
| PG Lion Management Warehouse S.C.S<sup>(3)(5)</sup> |  | 1824104 |  |  |  | (966802) | 857302 |  |
| PG TLP S.à r.l. | 6377426 | 102493011 | 1 | (2016886) | (305116) | (2881091) | 97289919 |  |
| PG Wave Limited | 53215581 | 70043185 |  |  |  | 612033 | 70655218 |  |
| Pharmathen GP S.à r.l. | 110300 | 1 |  |  |  |  | 1 |  |
| Pharmathen Topco S.à r.l. | 98937978 | 113377360 |  |  |  | (7459995) | 105917365 |  |
| Polyusus Lux XVI S.à.r.l. | 289102341 | 10971703 | 1183251 | (333654) | (62325) | (6322998) | 5435977 |  |
| Root JVCo S.à r.l. | 8700760 | 72946306 |  |  |  | 14514047 | 87460353 |  |
| Safe Fleet Holdings LLC<sup>(6)(7)</sup> | 3870750 | 3854506 | 1758 | (29250) | 135 | (74921) | 3752228 | 180820 |
| SnackTime PG Holdings, Inc. | 12 | 70468471 | 28775 |  |  | (22806711) | 47690535 |  |
| Specialty Pharma Holdings LP<sup>(3)</sup> |  | 109536317 |  |  |  | (14288243) | 95248074 |  |
| Sunsure Energy Private Limited | 9637675 |  | 9637675 |  |  |  | 9637675 |  |
| SureWerx Topco, L.P.<sup>(3)</sup> |  |  | 51287146 |  |  |  | 51287146 |  |
| Surfaces SLP (SCSp)<sup>(3)</sup> |  | 52221892 |  |  |  | (14994741) | 37227151 |  |
| Thermostat Purchaser, L.P.<sup>(3)</sup> |  | 72743417 |  |  |  | 793947 | 73537364 |  |
| WHCG Purchaser, LP<sup>(3)</sup> |  | 55125583 |  |  |  | (20908746) | 34216837 |  |
| Zenith Longitude Limited | 26838037 | 312293782 | 887700 | - | - | 148504759 | 461686241 | 19387343 |
| **Total Non-Controlled Affiliates** |  | $3457533181 | $706662758 | $(254691048) | $169539782 | $(208372078) | $3870672595 | $35746057 |

---

<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 does not issue shares.

<sup>(4)</sup> Investment was exited during the period ended December 31, 2022.

<sup>(5)</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.

<sup>(6)</sup> As of December 31, 2022, the Fund no longer had ownership of five percent or more of outstanding voting securities.

<sup>(7)</sup> This investment is associated with OHCP IV SF COI, L.P.

**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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13282752438.40

**Total Liabilities:** $388892082.90

**Net Assets:** $12893860355.50

**Cash Not Reported:** $108835704.11

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.10%               | 1.67%                | 2.83%                |
| Class ID N/A | -0.04%               | 1.73%                | 2.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7859725.94              | $21290517.84                               |
| Month 2  | $228467202.90            | $52936430.17                               |
| Month 3  | $10689582.95             | $439699479.72                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | DE        |      21854 | NS      | $44033.28     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pregis TopCo LLC                                                                     | Pregis TopCo LLC - Senior                                                            | CUSIP: 74045BAD9<br>LEI: 549300LJXHJYHS1GM034 | Long             | DBT              | CORP              | US        |     987500 | PA      | $960343.75    | 0.01%             | 2026-07-31      | Floating      | 0.08%                 | 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      | $14431624.84  | 0.11%             |  |  |  | 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      | $782.00       | 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      | $1314078.83   | 0.01%             |  |  |  | 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      | $28665049.63  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trident TPI Holdings, Inc.                                                           | Trident TPI Holdings, Inc. - Senior                                                  | CUSIP: 00216EAE9<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |    1470210 | PA      | $1415341.40   | 0.01%             | 2028-09-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Stark Perseus TopCo                                                                  | Stark Perseus TopCo                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   27180842 | NS      | $43058510.72  | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Riviera Topco SARL                                                                   | Riviera Topco SARL - Mezzanine                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    2049873 | PA      | $1689195.63   | 0.01%             | 2024-05-08      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED INR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $1760.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AI PLEX AcquiCo GmbH                                                                 | AI PLEX AcquiCo GmbH - Senior                                                        | CUSIP: 000000000<br>LEI: 529900TDB6090VCVJG31 | Long             | DBT              | CORP              | DE        |    4844774 | PA      | $4063554.59   | 0.03%             | 2026-07-31      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Endurance International Group, Inc.                                                  | Endurance International Group, Inc. - Senior                                         | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |    3841500 | PA      | $3466953.74   | 0.03%             | 2028-02-10      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| BLACKROCK TREASURY TRUST 062                                                         | BLACKROCK TREASURY TRUST 062                                                         | CUSIP: 09248U551<br>LEI: 549300U5PI8CHFJM7202 | Long             | STIV             | CORP              | US        |  820486126 | OU      | $863544409.40 | 6.70%             |  |  |  | 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      | $69886769.72  | 0.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Element Materials Technology Group US Holdings Inc                                   | Element Materials Technology Group US Holdings Inc Delayed Draw Term Loan            | CUSIP: 000000000<br>LEI: 213800EGOJGGUKUGEZ30 | Long             | DBT              | CORP              | US        |     315789 | PA      | $309342.63    | 0.00%             | 2029-06-30      | Floating      | 0.09%                 | 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        |    4372335 | NS      | $4808344.28   | 0.04%             |  |  |  | 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        |          0 | OU      | $857301.54    | 0.01%             |  |  |  | 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      | $3780256.11   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CURE HOLDINGS                                                                        | CURE HOLDINGS                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      27230 | NS      | $12850.41     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Prometric Holdings Inc.                                                              | Prometric Holdings Inc. - Second Lien                                                | CUSIP: 000000000<br>LEI: 54930034OH1XQT27TX40 | Long             | DBT              | CORP              | US        |   14154350 | PA      | $14781379.40  | 0.11%             | 2026-01-29      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Rough Country, LLC - First Lien                                                      | Rough Country, LLC - First Lien                                                      | CUSIP: 74934KAC5<br>LEI: 549300ULXHJ9CR0QDU59 | Long             | DBT              | CORP              | US        |    1876250 | PA      | $1802053.56   | 0.01%             | 2028-07-28      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Sovos Compliance, LLC                                                                | Sovos Compliance, LLC - First Lien                                                   | CUSIP: 84611YAB6<br>LEI: 549300M9XYG5WP2QHH07 | Long             | DBT              | CORP              | US        |    1432549 | PA      | $1323317.03   | 0.01%             | 2028-08-11      | Floating      | 0.09%                 | 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        |     930286 | NS      | $316.31       | 0.00%             |  |  |  | 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      | $38396.91     | 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        |          0 | OU      | $12426513.09  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HARBOURVEST GLOBAL PRIVA PRIVATE FUND                                                | HARBOURVEST GLOBAL PRIVA PRIVATE FUND                                                | CUSIP: 000000000<br>LEI: 213800NBWV6WWV8TOL46 | Long             |  | CORP              | GG        |      82676 | NS      | $2232345.79   | 0.02%             |  |  |  | No            |                  1 | 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      | $11288.20     | 0.00%             |  |  |  | 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      | $4397549.43   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Procera Networks, Inc.                                                               | Procera Networks, Inc. - Senior                                                      | CUSIP: 74274XAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1144395 | PA      | $1089320.99   | 0.01%             | 2025-10-31      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Star US Bidco LLC                                                                    | Star US Bidco LLC - Senior                                                           | CUSIP: 85519WAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1263822 | PA      | $1206949.79   | 0.01%             | 2027-03-17      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1015689.51   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KENE ACQUISITION INC                                                                 | KENE ACQUISITION INC - Second Lien                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     984997 | PA      | $941130.20    | 0.01%             | 2027-08-09      | Floating      | 0.12%                 | Yes           |                  3 | 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      | $154415.42    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PAMLICO CAPITAL GP II, LLC  LP LIMITED PARTNERSHIP                                   | PAMLICO CAPITAL GP II, LLC  LP LIMITED PARTNERSHIP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $2523.35      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.                                          | DG Investment Intermediate Holdings 2, Inc. 2021 Delayed Draw Term Loan              | CUSIP: 23344MAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     221774 | PA      | $212625.92    | 0.00%             | 2028-03-31      | Floating      | 0.04%                 | 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      | $9982751.15   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tory Burch LLC                                                                       | Tory Burch LLC - First Lien                                                          | CUSIP: 89148GAF7<br>LEI: 549300GGL74W33KY2650 | Long             | DBT              | CORP              | US        |     985000 | PA      | $912769.95    | 0.01%             | 2028-04-14      | Floating      | 0.03%                 | Yes           |                  3 | On Loan: No      |
| Explorer Holdings, Inc.                                                              | Explorer Holdings, Inc. - Second Lien                                                | CUSIP: 000000000<br>LEI: 2549003SUFVGC903CK03 | Long             | DBT              | CORP              | US        |   16625443 | PA      | $15627916.45  | 0.12%             | 2028-02-04      | Floating      | 0.09%                 | 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      | $5731332.58   | 0.04%             |  |  |  | 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      | $73295.62     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Loa Pte. Ltd.                                                                     | PG Loa Pte. Ltd.                                                                     | CUSIP: 000000000<br>LEI: 8945006Q6Z7FASYZ6618 | Long             | EC               | CORP              | US        |    1209388 | NS      | $1204637.03   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zabka Group S.A.                                                                     | Zabka Group S.A.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  120777003 | NS      | $3077914.89   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dragon Bidco Limited                                                                 | Dragon Bidco Limited - First Lien DDTL (CAD)                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    1984236 | PA      | $1866186.60   | 0.01%             | 2029-03-09      | Variable      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Pearl Intermediate Parent LLC                                                        | Pearl Intermediate Parent LLC - Second Lien                                          | CUSIP: 70476XAF2<br>LEI: 549300V0HK8MSXZNOM91 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2217000.00   | 0.02%             | 2026-02-13      | Floating      | 0.11%                 | Yes           |                  3 | 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        |     596852 | PA      | $453116.62    | 0.00%             | 2034-07-28      | Floating      | 0.00%                 | 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      | $16839954.38  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CD&R Firefly Bidco Limited                                                           | CD&R Firefly Bidco Limited - Senior                                                  | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |    5199152 | PA      | $4431361.29   | 0.03%             | 2025-06-23      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Icebox Holdco I, Inc.                                                                | Icebox Holdco I, Inc.                                                                | CUSIP: 000000000<br>LEI: 254900DLB65AKI8CQ466 | Long             |  | CORP              | US        |          0 | OU      | $63404199.05  | 0.49%             |  |  |  | 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      | $778905.57    | 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      | $13113685.39  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocean Trails CLO XII Ltd 0.000 20 Jul 2035 Class E 144A                              | Ocean Trails CLO XII Ltd 0.000 20 Jul 2035 Class E 144A                              | CUSIP: 67515FAA1<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $940155.24    | 0.01%             | 2035-07-20      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| OneDigital Borrower LLC                                                              | OneDigital Borrower LLC - Senior                                                     | CUSIP: 68277FAE9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | DBT              | CORP              | US        |    2533704 | PA      | $2400684.43   | 0.02%             | 2027-11-16      | Floating      | 0.08%                 | 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      | $1516598.51   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Centralsquare Technologies, LLC                                                      | Centralsquare Technologies, LLC - Senior                                             | CUSIP: 86845PAC6<br>LEI: 549300NZTUTB6TE4LW44 | Long             | DBT              | CORP              | US        |     960000 | PA      | $831360.00    | 0.01%             | 2025-08-29      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Trident IX, L.P.                                                                     | Trident IX, L.P.                                                                     | CUSIP: 000000000<br>LEI: 335800KLFMJJVM3TUK37 | Long             |  | CORP              | US        |          0 | OU      | $2372904.29   | 0.02%             |  |  |  | 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      | $31443.76     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Magnetite CLO Ltd                                                                    | Magnetite CLO Ltd 0.000 25 Oct 2034 Class E 144A                                     | CUSIP: 55953VAA0<br>LEI: 549300RI4HRUG7CFWM27 | Long             | ABS-CBDO         | CORP              | KY        |    1625000 | PA      | $1487158.25   | 0.01%             | 2034-10-25      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Envirotainer                                                                         | Envirotainer - Unitranche                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    4089559 | PA      | $3978557.45   | 0.03%             | 2029-07-29      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-3250033.78  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| TRILON GROUP LLC                                                                     | TRILON GROUP LLC - Revolver                                                          | CUSIP: 89620FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1050000 | PA      | $1032724.22   | 0.01%             | 2029-05-27      | Floating      | 0.15%                 | Yes           |                  3 | On Loan: No      |
| Evergreen Services Group, LLC - Unitranche DDTL                                      | Evergreen Services Group, LLC - Unitranche DDTL                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1377912 | PA      | $1384623.21   | 0.01%             | 2029-06-15      | Variable      | 0.09%                 | 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      | $6159498.21   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MJH Healthcare Holdings, LLC                                                         | MJH Healthcare Holdings, LLC 2022 Term Loan B                                        | CUSIP: 55315QAF3<br>LEI: 254900YSRB2CUEJCMV73 | Long             | DBT              | CORP              | US        |    1691500 | PA      | $1632454.69   | 0.01%             | 2029-01-28      | Floating      | 0.08%                 | 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      | $2826216.26   | 0.02%             |  |  |  | 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      | $2735541.92   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Alliant Holdings Intermediate, LLC                                                   | Alliant Holdings Intermediate, LLC - Senior                                          | CUSIP: 01881UAF2<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |    1254500 | PA      | $1239935.26   | 0.01%             | 2025-05-09      | Floating      | 0.03%                 | Yes           |                  3 | On Loan: No      |
| Grupo Iberica Congelados, SA                                                         | Grupo Iberica Congelados, SA - Senior                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |     516874 | PA      | $396577.96    | 0.00%             | 2024-11-28      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Potters Borrower LP                                                                  | Potters Borrower LP - Senior                                                         | CUSIP: 73813HAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     982500 | PA      | $965306.25    | 0.01%             | 2027-12-14      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Argan Mauritius Limited                                                              | Argan Mauritius Limited                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     106215 | NS      | $20501736.14  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Refficiency Holdings LLC                                                             | Refficiency Holdings LLC - Initial DDTL (2021)                                       | CUSIP: 75865HAD0<br>LEI: 2549003DYOLJRQR9G070 | Long             | DBT              | CORP              | US        |     289717 | PA      | $274747.19    | 0.00%             | 2027-12-16      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| SyncSort Incorporated                                                                | SyncSort Incorporated - Senior                                                       | CUSIP: 70477BAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3851250 | PA      | $3199425.94   | 0.02%             | 2028-03-19      | Floating      | 0.08%                 | 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        |    1279529 | PA      | $1075667.46   | 0.01%             | 2035-05-15      | Floating      | 7.05%                 | Yes           |                  3 | On Loan: No      |
| LTI Holdings, Inc.                                                                   | LTI Holdings, Inc. - Senior                                                          | CUSIP: 50217UAS6<br>LEI: 5493003GUY3WBOTOAP97 | Long             | DBT              | CORP              | US        |     957500 | PA      | $918898.39    | 0.01%             | 2025-09-06      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ECP PARENT, LLC                                                                      | ECP PARENT, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    5520023 | NS      | $8362345.67   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Convergint Tech LLC                                                                  | Convergint Tech LLC - Second Lien                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   32122020 | PA      | $35781550.52  | 0.28%             | 2029-03-30      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| American Water Works Co Inc                                                          | American Water Works Co Inc                                                          | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             |  | CORP              | US        |      47317 | NS      | $7212530.31   | 0.06%             |  |  |  | No            |                  1 | 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      | $21921669.42  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AppLovin Corporation                                                                 | AppLovin Corporation - Senior                                                        | CUSIP: 03835EAC8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     979592 | PA      | $945614.70    | 0.01%             | 2025-08-15      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Redstone Holdco 2 LP                                                                 | Redstone Holdco 2 LP - Senior                                                        | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2696958 | PA      | $1892927.45   | 0.01%             | 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      | $12089353.41  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Boxer Parent Company Inc.                                                            | Boxer Parent Company Inc. - Senior                                                   | CUSIP: 05988HAE7<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    2808428 | PA      | $2695458.55   | 0.02%             | 2025-10-02      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Heartland Dental, LLC                                                                | Heartland Dental, LLC - Senior                                                       | CUSIP: 42236WAJ6<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     607561 | PA      | $563056.92    | 0.00%             | 2025-04-30      | Floating      | 0.08%                 | 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      | $1712488.73   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Union Pacific Corp                                                                   | Union Pacific Corp                                                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             |  | CORP              | US        |      17379 | NS      | $3597974.37   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueConic                                                                            | BlueConic                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3546000 | NS      | $4259444.56   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gimv NV                                                                              | Gimv NV                                                                              | CUSIP: 000000000<br>LEI: 549300UFHGFY5IOON989 | Long             |  | CORP              | BE        |      31933 | NS      | $1498823.38   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRG GROWTH OFFSHORE LIMITED PARTNERSHIP                                              | TRG GROWTH OFFSHORE LIMITED PARTNERSHIP                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $5342.98      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Open Text Corporation                                                                | Open Text Corporation - First Lien Term Loan                                         | CUSIP: 68371YAN3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     119565 | PA      | $3309249.57   | 0.03%             | 2029-08-24      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3178044.86  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Magnetite XXIV Ltd 3.272 15 Apr 2035 Class DR 144A                                   | Magnetite XXIV Ltd 3.272 15 Apr 2035 Class DR 144A                                   | CUSIP: 55954WAS8<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    2600000 | PA      | $2427487.53   | 0.02%             | 2035-04-15      | Floating      | 3.27%                 | Yes           |                  3 | On Loan: No      |
| Global Medical Response, Inc.                                                        | Global Medical Response, Inc. - Senior                                               | CUSIP: 00169QAF6<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     982500 | PA      | $694509.60    | 0.01%             | 2025-10-02      | Floating      | 0.13%                 | 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      | $9333194.12   | 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      | $32933279.30  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TLP Finance Holdings, LLC                                                            | TLP Finance Holdings, LLC - Mezzanine                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   43551847 | PA      | $42435989.49  | 0.33%             | 2026-02-26      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Trident VIII, L.P.                                                                   | Trident VIII, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $28730725.72  | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-6211397.92  | -0.05%            |  |  |  | No            |                  1 | 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        |  102497783 | NS      | $109674955.00 | 0.85%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TPG Upswing Co-invest, L.P.                                                          | TPG Upswing Co-invest, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $32325236.39  | 0.25%             |  |  |  | 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      | $2832061.33   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Edmondstown Park CLO DAC                                                             | Edmondstown Park CLO DAC                                                             | CUSIP: 000000000<br>LEI: 2549006OL7U5DJY8EO65 | Long             | ABS-CBDO         | CORP              | IE        |    1295194 | PA      | $1272979.70   | 0.01%             | 2035-07-21      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Mozart Debt Merger Sub Inc.                                                          | Mozart Debt Merger Sub Inc. - First Lien                                             | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    1091750 | PA      | $1039460.63   | 0.01%             | 2028-10-23      | Floating      | 0.07%                 | 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      | $59329.87     | 0.00%             |  |  |  | Yes           |                  3 | 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      | $1222112.44   | 0.01%             | 2035-07-16      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Altice France S.A.                                                                   | Altice France S.A. - Senior                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    2948823 | PA      | $2751015.56   | 0.02%             | 2026-08-14      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Blackrock European CLO VIII DAC 3.300 20 Jan 2036 Class DR 144A                      | Blackrock European CLO VIII DAC 3.300 20 Jan 2036 Class DR 144A                      | CUSIP: 000000000<br>LEI: 549300OTSZ7OLB1QJL06 | Long             | ABS-CBDO         | CORP              | IE        |    1141749 | PA      | $938327.91    | 0.01%             | 2036-01-20      | Floating      | 3.30%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-566074.66   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Starfish Intermediate, Inc.                                                          | Starfish Intermediate, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      57176 | NS      | $189606935.80 | 1.47%             |  |  |  | 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        |    1341978 | NS      | $1.08         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pearl Intermediate Parent LLC                                                        | Pearl Intermediate Parent LLC - Senior                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     827575 | PA      | $774345.32    | 0.01%             | 2025-02-14      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| VEPF VII Co-Invest 2-A, L.P.                                                         | VEPF VII Co-Invest 2-A, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $65126053.92  | 0.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLUECONIC HOLDING INC                                                                | BLUECONIC HOLDING INC - Unitranche                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   18912000 | PA      | $18109990.49  | 0.14%             | 2028-01-27      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Osmose Utilities Services, Inc.                                                      | Osmose Utilities Services, Inc. - Senior                                             | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | DBT              | CORP              | US        |    2468750 | PA      | $2350163.60   | 0.02%             | 2028-06-23      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| LIGHTYEAR FUND II LP LIMITED PARTNERSHIP                                             | LIGHTYEAR FUND II LP LIMITED PARTNERSHIP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Shingle Coinvest LP                                                                  | Shingle Coinvest LP                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $198478199.10 | 1.54%             |  |  |  | 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      | $861736.18    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dwyer Instruments, Inc                                                               | Dwyer Instruments, Inc - Revolver                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1382680 | PA      | $1380433.06   | 0.01%             | 2027-07-21      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AQA Acquisition Holding, Inc.                                                        | AQA Acquisition Holding, Inc. - Senior                                               | CUSIP: 03836HAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1083500 | PA      | $1041969.45   | 0.01%             | 2027-11-19      | Floating      | 0.09%                 | 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      | $56396.61     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Heartland Dental, LLC                                                                | Heartland Dental, LLC - Senior                                                       | CUSIP: 42236WAH0<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |    2193807 | PA      | $2093550.52   | 0.02%             | 2025-04-30      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-10474.37    | -0.00%            |  |  |  | No            |                  1 | 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      | $18329031.70  | 0.14%             |  |  |  | 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      | $4283354.47   | 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        |     400947 | PA      | $301432.61    | 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      | $201926.50    | 0.00%             |  |  |  | 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             | EC               | CORP              | SE        |   12650109 | NS      | $121474730.30 | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Blackrock European CLO IV DAC 4.800 15 Jul 2030 Class E 144A                         | Blackrock European CLO IV DAC 4.800 15 Jul 2030 Class E 144A                         | CUSIP: 000000000<br>LEI: 635400RUFMRMBL1HMT43 | Long             | ABS-CBDO         | CORP              | IE        |    1597729 | PA      | $1353527.47   | 0.01%             | 2030-07-15      | Floating      | 4.80%                 | Yes           |                  3 | On Loan: No      |
| Mitchell International, Inc.                                                         | Mitchell International, Inc. - 2nd Lien                                              | CUSIP: 000000000<br>LEI: 5493002RDNIGEM7SSV41 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $835625.00    | 0.01%             | 2029-10-15      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| TRUSTBRIDGE PARTNERS VI, L.P.                                                        | TRUSTBRIDGE PARTNERS VI, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $11145924.94  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-5620.26     | -0.00%            |  |  |  | No            |                  1 | 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      | $22721360.35  | 0.18%             |  |  |  | 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      | $21335374.28  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mitchell International, Inc.                                                         | Mitchell International, Inc. - First Lien                                            | CUSIP: 60662WAS1<br>LEI: 5493002RDNIGEM7SSV41 | Long             | DBT              | CORP              | US        |    3771500 | PA      | $3486695.18   | 0.03%             | 2028-10-15      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Heartland Home Services, Inc.                                                        | Heartland Home Services, Inc.  - Unitranche                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12000000 | PA      | $11786502.84  | 0.09%             | 2027-11-02      | None          | 0.15%                 | Yes           |                  3 | On Loan: No      |
| CQP Holdco LP                                                                        | CQP Holdco LP - First Lien                                                           | CUSIP: 12657QAB9<br>LEI: 549300LPL012JY5D4B69 | Long             | DBT              | CORP              | US        |    3250500 | PA      | $3240342.19   | 0.03%             | 2028-06-05      | Variable      | 0.04%                 | 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      | $6272733.45   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TERNA SPA                                                                            | TERNA SPA                                                                            | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             |  | CORP              | IT        |     774420 | NS      | $5685246.24   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pantheon International PLC/The Fund                                                  | Pantheon International PLC/The Fund                                                  | CUSIP: 000000000<br>LEI: 2138001B3CE5S5PEE928 | Long             |  | CORP              | GB        |     480330 | NS      | $1502030.41   | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Madison Park Funding LX Ltd                                                          | Madison Park Funding LX Ltd                                                          | CUSIP: 557911AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1213442.26   | 0.01%             | 2035-10-25      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Sabre GLBL Inc.                                                                      | SABRE GLBL INC. - Senior                                                             | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     721456 | PA      | $659230.50    | 0.01%             | 2027-12-17      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Trilon Group, LLC                                                                    | Trilon Group, LLC - Unitranche DDTL                                                  | CUSIP: 89620FAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5236875 | PA      | $5234100.08   | 0.04%             | 2029-05-27      | None          | 0.10%                 | 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        |   29558262 | PA      | $27433293.54  | 0.21%             | 2027-05-31      | Floating      | 0.10%                 | 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      | $2920906.22   | 0.02%             |  |  |  | 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      | $11671376.63  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Leopard Holdings, Inc.                                                       | Project Leopard Holdings, Inc. - First Lien                                          | CUSIP: 74338UAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2747250.00   | 0.02%             | 2029-07-20      | Floating      | 0.10%                 | Yes           |                  3 | 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      | $40452980.32  | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MDP VIII                                                                             | MDP VIII                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1837837 | NS      | $6058994.85   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LTF Holdings, Inc.                                                                   | LTF Holdings, Inc.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   78300000 | NS      | $37396071.98  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VIRTUSA CORPORATION                                                                  | Virtusa Corporation 2022 Incremental Term Loan                                       | CUSIP: 92828KAN2<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |    2183500 | PA      | $2113442.40   | 0.02%             | 2029-02-08      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Mercury Borrower, Inc. - Second Lien                                                 | Mercury Borrower, Inc. - Second Lien                                                 | CUSIP: 03836BAE9<br>LEI: 549300K5MHNFPEU2RK82 | Long             | DBT              | CORP              | US        |     900000 | PA      | $790497.00    | 0.01%             | 2029-08-02      | Variable      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| LUXEMBOURG INV COMPANY 414                                                           | LUXEMBOURG INV COMPANY 414                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $33104199.83  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Matterhorn TopCo, L.P.                                                               | Matterhorn TopCo, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      88040 | NS      | $10789143.53  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED INR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $13959.41     | 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      | $225944.22    | 0.00%             | 2026-07-30      | Floating      | 0.13%                 | 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      | $12032864.78  | 0.09%             |  |  |  | Yes           |                  3 | 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      | $154181.00    | 0.00%             |  |  |  | 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      | $26290920.62  | 0.20%             |  |  |  | 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      | $95542696.53  | 0.74%             |  |  |  | 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      | $6793348.56   | 0.05%             |  |  |  | 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      | $530472.99    | 0.00%             |  |  |  | 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      | $1349317.17   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BYJU's Alpha, Inc.                                                                   | BYJU's Alpha, Inc. - Senior                                                          | CUSIP: 000000000<br>LEI: 254900EAJ040Y8AVVN71 | Long             | DBT              | CORP              | US        |    2382000 | PA      | $1920904.35   | 0.01%             | 2026-11-05      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Magnetite CLO Ltd                                                                    | Magnetite XXVI Ltd                                                                   | CUSIP: 55955CAE2<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $911095.53    | 0.01%             | 2034-07-25      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Lux Total Opportunities, L.P.                                                        | Lux Total Opportunities, L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1777413.75   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Stiphout Finance LLC                                                                 | Stiphout Finance LLC - Senior                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |    4681981 | PA      | $4652886.47   | 0.04%             | 2022-10-26      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Peraton Corp.                                                                        | Peraton Corp. - Senior                                                               | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | DBT              | CORP              | US        |    1929725 | PA      | $1887917.43   | 0.01%             | 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        |    6377426 | NS      | $15302374.14  | 0.12%             |  |  |  | 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      | $5743124.22   | 0.04%             |  |  |  | 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      | $2567083.30   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mirion Technologies, Inc.                                                            | Mirion Technologies, Inc. 2021 Term Loan                                             | CUSIP: 60470HAB3<br>LEI: 549300EBD5JHM14L3R48 | Long             | DBT              | CORP              | US        |    1176000 | PA      | $1157101.68   | 0.01%             | 2028-10-20      | Variable      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| LUXEMBOURG INV COMPANY 414                                                           | LUXEMBOURG INV COMPANY 414                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   12111360 | NS      | $50692980.39  | 0.39%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NDES Holdings, LLC                                                                   | NDES Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     500000 | NS      | $2793363.90   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ark EquityCo SAS                                                                     | Ark EquityCo SAS                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |          0 | OU      | $12442597.13  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield Asset Management Inc                                                      | Brookfield Asset Management Inc                                                      | CUSIP: 113004105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       6163 | NS      | $176693.21    | 0.00%             |  |  |  | Yes           |                  1 | 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      | $2445776.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Navicure, Inc.                                                                       | Navicure, Inc.  - Senior                                                             | CUSIP: 63939WAJ2<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | DBT              | CORP              | US        |     977399 | PA      | $962738.29    | 0.01%             | 2026-10-22      | Floating      | 0.08%                 | 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      | $4416947.01   | 0.03%             |  |  |  | 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      | $5984953.19   | 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      | $15467.71     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CONSTELLATION AUTOMOTIVE LTD                                                         | CONSTELLATION AUTOMOTIVE LTD - Second Lien                                           | CUSIP: 000000000<br>LEI: 213800XQDK86MM9NB619 | Long             | DBT              | CORP              | GB        |    1372084 | PA      | $496983.24    | 0.00%             | 2029-07-27      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Restoration Hardware, Inc.                                                           | Restoration Hardware, Inc. 2022 Incremental Term Loan                                | CUSIP: 76133MAC5<br>LEI: 5493008MTS3OGGMHGK69 | Long             | DBT              | CORP              | US        |    4488750 | PA      | $4223621.98   | 0.03%             | 2028-10-20      | Floating      | 0.08%                 | 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      | $1.07         | 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      | $23139626.50  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RLG Holdings, LLC                                                                    | RLG Holdings, LLC - Senior                                                           | CUSIP: 74970AAB4<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | DBT              | CORP              | US        |    1580000 | PA      | $1491788.59   | 0.01%             | 2028-07-07      | Floating      | 0.04%                 | 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      | $13040523.80  | 0.10%             | 2029-03-15      | Floating      | 0.08%                 | 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      | $70655217.89  | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC - Senior                                                           | CUSIP: 64072UAH5<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    2892342 | PA      | $2709314.25   | 0.02%             | 2026-01-15      | Floating      | 0.09%                 | 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      | $8236329.04   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield WEC Holdings, Inc.                                                        | Brookfield WEC Holdings, Inc. - Senior                                               | CUSIP: 11284EAB9<br>LEI: 5493002M6GRSU1IWMG57 | Long             | DBT              | CORP              | US        |     974878 | PA      | $962643.71    | 0.01%             | 2025-08-01      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Bausch & Lomb, Inc.                                                                  | Bausch & Lomb, Inc. Term Loan                                                        | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    3283500 | PA      | $3132163.49   | 0.02%             | 2027-05-10      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Genesis Care Finance Pty Ltd                                                         | Genesis Care Finance Pty Ltd - Senior                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2139500 | PA      | $782254.69    | 0.01%             | 2027-05-14      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Dragon Bidco Limited                                                                 | Dragon Bidco Limited / Unitranche                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    8941459 | PA      | $7940969.74   | 0.06%             | 2029-03-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Quintiles IMS Incorporated                                                           | Quintiles IMS Incorporated - Senior                                                  | CUSIP: 44969CBK5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    2803629 | PA      | $2567131.57   | 0.02%             | 2025-06-11      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Flynn Restaurant Group LP                                                            | Flynn Restaurant Group LP - Senior                                                   | CUSIP: 34410JAF8<br>LEI: 5493008VE8TQONGO3817 | Long             | DBT              | CORP              | US        |    2282750 | PA      | $2146732.34   | 0.02%             | 2028-12-01      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-1270114.47  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Woof Holdings, Inc.                                                                  | Woof Holdings, Inc. - Senior                                                         | CUSIP: 98082EAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7200000 | PA      | $6536988.00   | 0.05%             | 2028-12-16      | Floating      | 0.12%                 | 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      | $6121432.99   | 0.05%             |  |  |  | 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      | $9861407.54   | 0.08%             |  |  |  | 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      | $8496350.31   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Envision Healthcare Corporation                                                      | Envision Healthcare Corporation / 2L Term Loan (20 new)                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   38574710 | PA      | $32024381.13  | 0.25%             | 2027-04-30      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Carestream Dental Equipment, Inc                                                     | Carestream Dental Equipment, Inc - 2nd Lien                                          | CUSIP: 14173MAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2820000.00   | 0.02%             | 2025-09-01      | Floating      | 0.12%                 | 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      | $444691.20    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pretium PKG Holdings, Inc.                                                           | Pretium PKG Holdings, Inc. - Second Lien                                             | CUSIP: 74142KAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1800000 | PA      | $1122759.00   | 0.01%             | 2029-10-01      | Variable      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Oaktree Specialty Lending Corp                                                       | Oaktree Specialty Lending Corp                                                       | CUSIP: 67401P108<br>LEI: 549300J6MGCEU5928620 | Long             |  | CORP              | US        |     356943 | NS      | $2452198.41   | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Tank Holding Corp.                                                                   | Tank Holding Corp. Revolving Credit Loan                                             | CUSIP: 87583FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     795545 | PA      | $792084.00    | 0.01%             | 2028-03-31      | Floating      | 6.00%                 | 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      | $15542889.70  | 0.12%             |  |  |  | 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      | $31780938.32  | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| International Park Holdings B.V.                                                     | International Park Holdings B.V. - Second Lien                                       | CUSIP: 000000000<br>LEI: 549300FDF4NX0140J376 | Long             | DBT              | CORP              | NL        |    2967557 | PA      | $2771775.46   | 0.02%             | 2024-06-13      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| EnfraGen, LLC                                                                        | EnfraGen, LLC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   38096840 | NS      | $58566803.68  | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EG America LLC                                                                       | EG Finco Limited - Senior                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1347758 | PA      | $1295102.32   | 0.01%             | 2025-02-07      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Paradocs Holding S.a r.l.                                                            | Paradocs Holding S.a r.l. - Senior                                                   | CUSIP: 000000000<br>LEI: 222100TH82OLA6JJ2L45 | Long             | DBT              | CORP              | LU        |    1866750 | PA      | $1818914.53   | 0.01%             | 2028-02-11      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| CD&R Firefly Bidco Limited                                                           | CD&R Firefly Bidco Limited - Second Lien                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   44095247 | PA      | $36935026.67  | 0.29%             | 2026-06-18      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Sunsure Energy Private Limited                                                       | Sunsure Energy Private Limited                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    1927535 | NS      | $1927535.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Camelia Investment 1 Limited                                                         | Camelia Investment 1 Limited                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | GB        | 6768617529 | NS      | $134007148.30 | 1.04%             |  |  |  | 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      | $18714650.72  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Acuris Finance US, Inc.                                                              | Acuris Finance US, Inc. - Senior                                                     | CUSIP: 00510DAB0<br>LEI: 213800PHEXJH1L7ZN896 | Long             | DBT              | CORP              | US        |     677083 | PA      | $666927.08    | 0.01%             | 2028-02-16      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| OneDigital Borrower LLC                                                              | OneDigital Borrower LLC - Senior                                                     | CUSIP: 68277FAC3<br>LEI: 2549009GTKWWAO1E9X77 | Long             | DBT              | CORP              | US        |     231103 | PA      | $218970.23    | 0.00%             | 2027-11-16      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-764277.36   | -0.01%            |  |  |  | No            |                  1 | 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        |    1358940 | PA      | $1020588.02   | 0.01%             | 2035-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SG        |      63417 | NS      | $7944116.51   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bernhard                                                                             | Bernhard                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   43783284 | NS      | $53375412.89  | 0.41%             |  |  |  | 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        |          0 | OU      | $880073.77    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-2232477.45  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sunsure Energy Private Limited                                                       | Sunsure Energy Private Limited                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $7228256.25   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EXW Coinvest L.P.                                                                    | EXW Coinvest L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $19664689.68  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Atmos Energy Corp                                                                    | Atmos Energy Corp                                                                    | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             |  | CORP              | US        |      62457 | NS      | $7002054.27   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CLIMEWORKS AG                                                                        | CLIMEWORKS AG                                                                        | CUSIP: 000000000<br>LEI: 54930006YPODWHHFXR63 | Long             | EC               | CORP              | CH        |     463974 | NS      | $480620.20    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEP GROUP, INC.                                                                      | NEP GROUP, INC. - 2021 Dollar Term Loan (First Lien)                                 | CUSIP: 62908HAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1881000 | PA      | $1647060.03   | 0.01%             | 2025-10-20      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| AI Alpine AT BidCo GmBH                                                              | AI Alpine AT BidCo GmBH - Senior                                                     | CUSIP: 000000000<br>LEI: 549300KQQI7KQCL6ZI60 | Long             | DBT              | CORP              | AT        |    1415436 | PA      | $1244844.07   | 0.01%             | 2025-10-31      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Samson Partners, L.P.                                                                | Samson Partners, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $40165082.29  | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Team.blue Finco SARL                                                                 | Team.blue Finco SARL - Senior                                                        | CUSIP: 000000000<br>LEI: 549300DR8PIYMOZ4YU85 | Long             | DBT              | CORP              | LU        |     212444 | PA      | $185715.52    | 0.00%             | 2028-03-27      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Shearer's Foods, LLC                                                                 | Shearer's Foods, LLC - Senior                                                        | CUSIP: 82087UAK3<br>LEI: 549300AQWIJSYS2CIH04 | Long             | DBT              | CORP              | US        |      32997 | PA      | $31553.85     | 0.00%             | 2027-09-23      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| NB PRIVATE EQUITY PARTNERS L                                                         | NB PRIVATE EQUITY PARTNERS L                                                         | CUSIP: 000000000<br>LEI: 213800UJH93NH8IOFQ77 | Long             |  | CORP              | GG        |     137871 | NS      | $2644839.24   | 0.02%             |  |  |  | No            |                  1 | 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      | $41002087.34  | 0.32%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orion Opportunity LP                                                                 | Orion Opportunity LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $39178460.99  | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HNVR HOLDCO LIMITED                                                                  | HNVR HOLDCO LIMITED - First Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    1691173 | PA      | $1396094.29   | 0.01%             | 2027-09-12      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-6189208.22  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERMEDIATE CAPITAL GROUP                                                           | INTERMEDIATE CAPITAL GROUP                                                           | CUSIP: 000000000<br>LEI: 549300OGASR5WRKJ8R68 | Long             |  | CORP              | GB        |      98453 | NS      | $1359366.33   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CLO Ltd                                                                         | ARES LI CLO Ltd                                                                      | CUSIP: 04019MAE2<br>LEI: 5493003FNA8PT0CMDE92 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $455956.12    | 0.00%             | 2034-07-15      | Floating      | 0.00%                 | 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      | $23771671.94  | 0.18%             |  |  |  | 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        |          0 | OU      | $70279695.36  | 0.55%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |          0 | OU      | $96806906.07  | 0.75%             |  |  |  | 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      | $1764233.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| First Student Bidco Inc.                                                             | First Student Bidco Inc. - Senior                                                    | CUSIP: 33718FAB6<br>LEI: 2549006DRO2F06AA1391 | Long             | DBT              | CORP              | US        |     296569 | PA      | $268950.67    | 0.00%             | 2028-07-21      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3248074.05  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PG TLP S.A R.L.                                                                      | PG TLP S.A R.L.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | IT        |          0 | OU      | $81987544.62  | 0.64%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Surfaces SLP (SCSp)                                                                  | Surfaces SLP (SCSp)                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $37227150.85  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zacapa S.A R.L.                                                                      | Zacapa S.A R.L. - Initial Term Loan                                                  | CUSIP: 000000000<br>LEI: 213800VIVQIJLORBU468 | Long             | DBT              | CORP              | US        |    2224689 | PA      | $2144744.57   | 0.02%             | 2029-03-22      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 49 Ltd 0.000 25 Jul 2034 Class E 144A             | Neuberger Berman Loan Advisers CLO 49 Ltd 0.000 25 Jul 2034 Class E 144A             | CUSIP: 64135KAA7<br>LEI: 549300IN02DS1MN5HW62 | Long             | ABS-CBDO         | CORP              | JE        |    1440000 | PA      | $1334427.68   | 0.01%             | 2034-07-25      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| FIRST STUDENT BIDCO INC                                                              | FIRST STUDENT BIDCO INC - 2022 Incremental Term B Loan                               | CUSIP: 33718FAE0<br>LEI: 2549006DRO2F06AA1391 | Long             | DBT              | CORP              | US        |     935065 | PA      | $890649.36    | 0.01%             | 2028-07-21      | Variable      | 0.09%                 | 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      | $20897337.16  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIT WORLDWIDE LOGISTICS INC                                                          | AIT WORLDWIDE LOGISTICS INC - First Lien                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6860000 | PA      | $6570801.03   | 0.05%             | 2029-03-31      | Floating      | 0.12%                 | 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      | $5975256.01   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG Investment Company 16 SARL                                                        | PG Investment Company 16 SARL                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   19595288 | NS      | $51712927.33  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SAFE FLEET HOLDINGS LLC                                                              | SAFE FLEET HOLDINGS LLC - Term Loan                                                  | CUSIP: 000000000<br>LEI: 549300ZCMGQ2DH2RZB13 | Long             | DBT              | CORP              | US        |    3870750 | PA      | $3752227.64   | 0.03%             | 2029-02-23      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Alliant Holdings Intermediate, LLC                                                   | Alliant Holdings Intermediate, LLC - Senior                                          | CUSIP: 01881UAJ4<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |    1580000 | PA      | $1546425.00   | 0.01%             | 2027-11-06      | Variable      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| PODS, INC.                                                                           | PODS, INC. - Senior                                                                  | CUSIP: 73044EAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1277331 | PA      | $1212666.36   | 0.01%             | 2021-04-30      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3166142.88  | -0.02%            |  |  |  | No            |                  1 | 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      | $641229.97    | 0.00%             |  |  |  | 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      | $51344.15     | 0.00%             |  |  |  | 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      | $80671696.86  | 0.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bracket Intermediate Holding Corp.                                                   | Bracket Intermediate Holding Corp. - Senior                                          | CUSIP: 10378RAF0<br>LEI: 54930011OZELK2VOFB56 | Long             | DBT              | CORP              | US        |    1436500 | PA      | $1371857.50   | 0.01%             | 2025-09-05      | Floating      | 0.08%                 | 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        |          0 | OU      | $20725031.90  | 0.16%             |  |  |  | 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      | $5994821.03   | 0.05%             |  |  |  | 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      | $9613718.30   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Webhelp                                                                              | Webhelp - Senior                                                                     | CUSIP: 000000000<br>LEI: 984500CA7D8859589F79 | Long             | DBT              | CORP              | US        |    1477500 | PA      | $1408249.58   | 0.01%             | 2028-07-28      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Sorenson Communications, LLC                                                         | Sorenson Communications, LLC - Senior                                                | CUSIP: 83583KAH9<br>LEI: 549300H02Z2SUR0GB419 | Long             | DBT              | CORP              | US        |    2475000 | PA      | $2370592.13   | 0.02%             | 2021-03-23      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Navicure, Inc.                                                                       | Navicure, Inc.  - Senior                                                             | CUSIP: 63939WAG8<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | DBT              | CORP              | US        |    1952386 | PA      | $1923100.27   | 0.01%             | 2026-10-22      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Multiplan Corp.                                                                      | Multiplan Corp.                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1438764 | NS      | $1640191.38   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RLG Holdings, LLC                                                                    | RLG Holdings, LLC - Senior                                                           | CUSIP: 74970AAC2<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | DBT              | CORP              | US        |     400000 | PA      | $377668.01    | 0.00%             | 2028-07-07      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| MAGNESIUM CO INVEST SCSP                                                             | MAGNESIUM CO INVEST SCSP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $85200529.42  | 0.66%             |  |  |  | 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      | $35188518.38  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vistria Fund III, LP                                                                 | Vistria Fund III, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $15781024.19  | 0.12%             |  |  |  | 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      | $9102743.78   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nerve Co-Invest SCSp                                                                 | Nerve Co-Invest SCSp                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $35681635.26  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Safari Co-Investment L.P.                                                            | Safari Co-Investment L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $10698363.69  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| eResearchTechnology, Inc.                                                            | eResearchTechnology, Inc. 2020 2nd Lien Delayed Draw Term Loan                       | CUSIP: 000000000<br>LEI: 2549003SUFVGC903CK03 | Long             | DBT              | CORP              | US        |    2866456 | PA      | $2694468.17   | 0.02%             | 2028-02-04      | Floating      | 0.09%                 | 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      | $604613.40    | 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      | $30433.18     | 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        |     837786 | NS      | $1.22         | 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        |          0 | OU      | $232982586.30 | 1.81%             |  |  |  | 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      | $1226885.07   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KPSKY Holdings, L.P.                                                                 | KPSKY Holdings, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $56625574.76  | 0.44%             |  |  |  | Yes           |                  3 | On Loan: No      |
| McAfee Corp.                                                                         | McAfee Corp. First Lien                                                              | CUSIP: 57906HAD9<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    2593500 | PA      | $2421213.80   | 0.02%             | 2029-03-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Zayo Group Holdings, Inc.                                                            | Zayo Group Holdings, Inc. - Senior                                                   | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    2919474 | PA      | $2378582.79   | 0.02%             | 2027-03-09      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Enbridge Inc                                                                         | Enbridge Inc                                                                         | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             |  | CORP              | CA        |      55486 | NS      | $2165816.18   | 0.02%             |  |  |  | No            |                  1 | 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      |
| Babar Bidco                                                                          | Babar Bidco - Senior                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    1214051 | PA      | $1028234.79   | 0.01%             | 2027-10-08      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Burger Bossco Holdings, Inc.                                                         | Burger Bossco Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        145 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                             | Neuberger Berman CLO XXI Ltd                                                         | CUSIP: 64130DBN9<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $477996.92    | 0.00%             | 2034-04-20      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sound Inpatient Physicians, Inc.                                                     | Sound Inpatient Physicians, Inc. - Senior                                            | CUSIP: 46322EAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1333500 | PA      | $1091536.43   | 0.01%             | 2025-06-27      | Floating      | 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      | $85819726.19  | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INVESTCORP PE 2007 FUND LP LIMITED PARTNERSHIP                                       | INVESTCORP PE 2007 FUND LP LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $8474.00      | 0.00%             |  |  |  | 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      | $1784890.93   | 0.01%             |  |  |  | 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      | $8848638.92   | 0.07%             |  |  |  | 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        |     570874 | PA      | $441922.52    | 0.00%             | 2031-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Zabka Group S.A.                                                                     | Zabka Group S.A.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2551723 | NS      | $211830392.90 | 1.64%             |  |  |  | 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      | $35450.85     | 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      | $-1918379.83  | -0.01%            |  |  |  | No            |                  1 | 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      | $5089261.70   | 0.04%             |  |  |  | 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      | $1686973.12   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition S.a.r.l.                                          | AI Sirona (Luxembourg) Acquisition S.a.r.l. - Second Lien                            | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | DBT              | CORP              | LU        |   13678916 | PA      | $11494152.29  | 0.09%             | 2026-07-10      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| ConnectWise, LLC                                                                     | ConnectWise, LLC. - Senior                                                           | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1683000 | PA      | $1603057.50   | 0.01%             | 2028-09-28      | Floating      | 0.08%                 | 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      | $8474306.77   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3169439.59  | -0.02%            |  |  |  | No            |                  1 | 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      | $3640520.88   | 0.03%             | 2035-04-15      | Floating      | 6.62%                 | Yes           |                  3 | On Loan: No      |
| GHX Ultimate Parent Corporation                                                      | GHX Ultimate Parent Corporation - Senior                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1915935 | PA      | $1879206.67   | 0.01%             | 2024-06-22      | Floating      | 0.08%                 | 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        |    3372375 | NS      | $6498551.07   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GI Consilio Parent LLC                                                               | GI Consilio Parent LLC - Senior                                                      | CUSIP: 36171NAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6616250 | PA      | $6275976.26   | 0.05%             | 2028-04-30      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Nexstar Broadcasting, Inc.                                                           | Nexstar Broadcasting, Inc. - Senior                                                  | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     776330 | PA      | $771380.86    | 0.01%             | 2026-09-21      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| 3i Group PLC                                                                         | 3i Group PLC                                                                         | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             |  | CORP              | GB        |     175294 | NS      | $2826178.16   | 0.02%             |  |  |  | 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      | $1583389.65   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BCPE HERCULES HOLDINGS, LP                                                           | BCPE HERCULES HOLDINGS, LP                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $42722679.58  | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Acrisure, LLC                                                                        | ACRISURE LLC - Senior                                                                | CUSIP: 00488PAP0<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     990000 | PA      | $960710.85    | 0.01%             | 2027-02-15      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-13213.47    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HBM Healthcare Investments AG                                                        | HBM Healthcare Investments AG                                                        | CUSIP: 000000000<br>LEI: 549300IFDFSDRT4D3076 | Long             |  | CORP              | CH        |       4834 | NS      | $1049961.10   | 0.01%             |  |  |  | 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      | $133346.60    | 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      | $6173805.00   | 0.05%             | 2029-05-18      | Floating      | 0.11%                 | 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      | $5573618.43   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Park Funding LX Ltd                                                          | Madison Park Funding LX Ltd                                                          | CUSIP: 557910AJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000562.14   | 0.01%             | 2035-10-25      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| KEDAARA CAPITAL III                                                                  | KEDAARA CAPITAL III                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $2059574.78   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Auris Luxembourg III S.a.r.l.                                                        | Auris Luxembourg III S.a.r.l. - Senior                                               | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | DBT              | CORP              | LU        |     963712 | PA      | $864931.07    | 0.01%             | 2026-02-27      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-3241347.43  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| SL SPV 2, L.P.                                                                       | SL SPV 2, L.P.                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1142964.16   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EAB Global, Inc.                                                                     | EAB Global, Inc. - Senior                                                            | CUSIP: 26835CAC3<br>LEI: 254900WJRUVZKYEF1M36 | Long             | DBT              | CORP              | US        |    2178000 | PA      | $2100604.77   | 0.02%             | 2028-06-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CB Poly Holdings, LLC                                                                | CB Poly Holdings, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   17127003 | NS      | $55776808.53  | 0.43%             |  |  |  | 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      | $237278.11    | 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      | $-754782.05   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AI Convoy (Luxembourg) S.a r.l.                                                      | AI Convoy (Luxembourg) S.a r.l. - Senior                                             | CUSIP: 00135BAC7<br>LEI: 222100GQMVQ4KP4KJS35 | Long             | DBT              | CORP              | LU        |    1842334 | PA      | $1820455.84   | 0.01%             | 2027-01-20      | Floating      | 0.08%                 | 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      | $9988742.71   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CHARLOTTE BUYER, INC.                                                                | Charlotte Buyer, Inc. - 1st Lien Term Loan                                           | CUSIP: 12568YAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $950420.00    | 0.01%             | 2028-02-11      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| SSH Group Holdings, Inc.                                                             | SSH Group Holdings, Inc. - Second Lien                                               | CUSIP: 78482HAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     667335 | PA      | $644704.58    | 0.01%             | 2026-07-30      | Floating      | 0.13%                 | 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      | $2464718.44   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polaris Newco LLC                                                                    | Polaris Newco LLC - Senior                                                           | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | DBT              | CORP              | US        |    1188000 | PA      | $1087020.00   | 0.01%             | 2028-06-02      | Floating      | 0.09%                 | 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      | $91324400.81  | 0.71%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-6295896.64  | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-559010.46   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomad Foods Limited                                                                  | Nomad Foods Limited - Term Loan B                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1184960 | PA      | $1183603.14   | 0.01%             | 2029-11-04      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Zenith Longitude Limited                                                             | Zenith Longitude Limited                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    6682671 | NS      | $461686241.50 | 3.58%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spinnaker DebtCo Limited                                                             | Spinnaker DebtCo Limited - Unitranche                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   15346207 | PA      | $14880018.28  | 0.12%             | 2029-12-14      | None          | 6.27%                 | Yes           |                  3 | 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      | $7443726.95   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WWEX UNI TopCo Holdings, LLC                                                         | WWEX UNI TopCo Holdings, LLC - Senior                                                | CUSIP: 00435UAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2673000 | PA      | $2454896.57   | 0.02%             | 2028-07-26      | Floating      | 0.09%                 | 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      | $2205291.24   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sevetys Invest                                                                       | Sevetys Invest - Unitranche DDTL                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     670269 | PA      | $655207.79    | 0.01%             | 2028-07-12      | None          | 0.07%                 | 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      | $670985.00    | 0.01%             |  |  |  | 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              | NL        |    1488750 | PA      | $1449670.31   | 0.01%             | 2029-02-28      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Checkers Holdings, Inc.                                                              | Checkers Holdings, Inc. - Second Lien                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     342377 | PA      | $1.00         | 0.00%             | 2025-04-25      | Floating      | 0.15%                 | 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      | $889737.03    | 0.01%             |  |  |  | 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      | $8835038.37   | 0.07%             |  |  |  | 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      | $15255255.52  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AqGen Island Intermediate Holdings II, Inc.                                          | AqGen Island Intermediate Holdings II, Inc.                                          | CUSIP: 03836CAM9<br>LEI: 549300K5MHNFPEU2RK82 | Long             | DBT              | CORP              | US        |    7049750 | PA      | $6192006.91   | 0.05%             | 2022-12-03      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Husky Injection Molding Systems Ltd.                                                 | Husky Injection Molding Systems Ltd. - Senior                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     962119 | PA      | $901307.93    | 0.01%             | 2025-03-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Axcel VI K/S                                                                         | Axcel VI K/S                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DK        |          0 | OU      | $14969723.20  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                             | Neuberger Berman CLO XXI Ltd                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2610204 | PA      | $8560101.48   | 0.07%             | N/A             | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| S2P Acquisition Borrower, Inc.                                                       | S2P Acquisition Borrower, Inc. - Senior                                              | CUSIP: 78431EAB0<br>LEI: 2138009YGPT15LRTY307 | Long             | DBT              | CORP              | US        |     967500 | PA      | $942465.94    | 0.01%             | 2026-08-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| American Tower Corp                                                                  | American Tower Corp                                                                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             |  |  | US        |      21933 | NS      | $4646506.05   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Hero Topco, L.P.                                                                | Real Hero Topco, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $12328728.61  | 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      | $547536.22    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rent-A-Center, Inc.                                                                  | Rent-A-Center, Inc. - Senior                                                         | CUSIP: 76009WAV2<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |     982500 | PA      | $949340.63    | 0.01%             | 2028-02-17      | Floating      | 0.08%                 | 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      | $3309822.71   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elm Park CLO DAC 0.000 15 Apr 2034 Class D 144A                                      | Elm Park CLO DAC 0.000 15 Apr 2034 Class D 144A                                      | CUSIP: 000000000<br>LEI: 549300U4MCTO5672RE42 | Long             | ABS-CBDO         | CORP              | US        |     785777 | PA      | $602578.09    | 0.00%             | 2034-04-15      | Floating      | 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      | $-3334524.69  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-9212.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fides S.p.A                                                                          | Fides S.p.A                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | FR        |    -121752 | NS      | $495500.74    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| May Co-Investment S.C.A.                                                             | May Co-Investment S.C.A.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1059375 | NS      | $51222216.80  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DTI Holdco, Inc.                                                                     | DTI Holdco, Inc. 2022 Term Loan                                                      | CUSIP: 23358EAF6<br>LEI: 549300QQVMUL3P8XVJ27 | Long             | DBT              | CORP              | US        |    3990000 | PA      | $3685762.48   | 0.03%             | 2029-04-26      | Floating      | 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      | $-6218470.47  | -0.05%            |  |  |  | No            |                  1 | 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      | $23091555.00  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECP PARENT, LLC                                                                      | ECP PARENT, LLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  100000000 | NS      | $151576360.40 | 1.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GRYPHON PARTNERS IV LP                                                               | GRYPHON PARTNERS IV LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $24598933.68  | 0.19%             |  |  |  | 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      | $19952841.08  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nouryon Finance B.V.                                                                 | Nouryon Finance B.V. - Senior                                                        | CUSIP: 000000000<br>LEI: 549300K7VB5G6LULFT41 | Long             | DBT              | CORP              | US        |    2760353 | PA      | $2727918.82   | 0.02%             | 2025-10-01      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Pharmathen Topco Sarl                                                                | Pharmathen Topco Sarl                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | NL        |  112190937 | NS      | $105917364.20 | 0.82%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Galls, LLC                                                                           | Galls, LLC - Senior                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     425853 | PA      | $401904.64    | 0.00%             | 2025-01-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| EETF Sidecar, L.P.                                                                   | EETF Sidecar, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1078332.75   | 0.01%             |  |  |  | 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      | $184320.76    | 0.00%             |  |  |  | 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      | $33241141.39  | 0.26%             |  |  |  | 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      | $4027875.36   | 0.03%             |  |  |  | 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      | $219064.00    | 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      | $-872.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Trident VIII, L.P.                                                                   | Trident VIII, L.P.                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $23209716.54  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FIRST STUDENT BIDCO INC                                                              | FIRST STUDENT BIDCO INC - 2022 Incremental Term C Loan                               | CUSIP: 33718FAF7<br>LEI: 2549006DRO2F06AA1391 | Long             | DBT              | CORP              | US        |      64935 | PA      | $61850.64     | 0.00%             | 2028-07-21      | Variable      | 0.09%                 | 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        |     684211 | PA      | $670242.37    | 0.01%             | 2029-06-22      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| SIH RP HoldCo LP                                                                     | SIH RP HoldCo LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   39292203 | NS      | $52379630.93  | 0.41%             |  |  |  | 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      | $462404.52    | 0.00%             |  |  |  | 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        |    1702268 | PA      | $1354144.21   | 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      | $32865722.86  | 0.25%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dermatology Holdings, L.P.                                                           | Dermatology Holdings, L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $129772872.10 | 1.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raptor Parent, LLC                                                                   | Raptor Parent, LLC Unitranche                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   14111669 | PA      | $13758876.96  | 0.11%             | 2029-04-01      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| NORTONLIFELOCK INC. - First Lien                                                     | NORTONLIFELOCK INC. - First Lien                                                     | CUSIP: 66877AAD0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2364504.00   | 0.02%             | 2029-09-12      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| SSH Group Holdings, Inc.                                                             | SSH Group Holdings, Inc. - Senior                                                    | CUSIP: 78482HAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2405779 | PA      | $2356376.18   | 0.02%             | 2025-07-30      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition S.a.r.l.                                          | AI Sirona (Luxembourg) Acquisition S.a.r.l. - Senior                                 | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | DBT              | CORP              | DE        |    2401128 | PA      | $2058805.71   | 0.02%             | 2025-09-29      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Refresco 2 Co-Invest SCSp                                                            | Refresco 2 Co-Invest SCSp                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | NL        |          0 | OU      | $35512034.51  | 0.28%             |  |  |  | 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        |          0 | OU      | $5321192.87   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Waste Management Inc                                                                 | Waste Management Inc                                                                 | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             |  | CORP              | US        |      26716 | NS      | $4191206.08   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitalSpring Finance Company, LLC                                                   | CapitalSpring Finance Company, LLC - Mezzanine                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4863488 | PA      | $4345589.59   | 0.03%             | 2023-02-10      | Floating      | 0.08%                 | 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      | $25147.33     | 0.00%             |  |  |  | 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      | $16190786.25  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pharmathen Topco Sarl                                                                | Pharmathen Topco Sarl                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |      88912 | NS      | $1.09         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ConvergeOne Holdings, Inc.                                                           | ConvergeOne Holdings, Inc. - Senior                                                  | CUSIP: 21249DAB4<br>LEI: 254900PRFQRQIU08WI18 | Long             | DBT              | CORP              | US        |    2887500 | PA      | $1692147.19   | 0.01%             | 2026-04-01      | Floating      | 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      | $2125940.51   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global Education Management Systems Establishment                                    | Global Education Management Systems Establishment - Facility B                       | CUSIP: 000000000<br>LEI: 213800KB2HCLUSOQ2G49 | Long             | DBT              | CORP              | KY        |    1995000 | PA      | $1983528.75   | 0.02%             | 2026-07-31      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD CHF                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-1263496.29  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $73279780.00  | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OMNIA Coinvest LP                                                                    | OMNIA Coinvest LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $19244978.06  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Onex Fox L.P.                                                                        | Onex Fox L.P.                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $67055401.53  | 0.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OEConnection LLC                                                                     | OEConnection LLC - Senior                                                            | CUSIP: 67613NAJ6<br>LEI: 5493008MJ5H6VV3E2654 | Long             | DBT              | CORP              | US        |     196230 | PA      | $187480.62    | 0.00%             | 2026-09-25      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Shearer's Foods, LLC                                                                 | Shearer's Foods, LLC - Senior                                                        | CUSIP: 82087UAL1<br>LEI: 549300AQWIJSYS2CIH04 | Long             | DBT              | CORP              | US        |    3065162 | PA      | $2959749.14   | 0.02%             | 2027-09-23      | Floating      | 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        |          0 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BROWN GROUP HOLDING, LLC                                                             | BROWN GROUP HOLDING, LLC - Term Loan B2                                              | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | DBT              | CORP              | US        |     997500 | PA      | $995864.10    | 0.01%             | 2029-07-02      | Variable      | 0.08%                 | 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      | $1311991.89   | 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      | $6820.42      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-3015434.97  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Euro CLO 2021-2 DAC                                                          | Carlyle Euro CLO 2021-2 DAC 0.000 15 Oct 2035 Class D 144A                           | CUSIP: 000000000<br>LEI: 635400GXUD5SKWFXE966 | Long             | ABS-CBDO         | CORP              | KY        |    3510162 | PA      | $2673753.92   | 0.02%             | 2035-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SC Landco Parent, LLC                                                                | SC Landco Parent, LLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       2672 | NS      | $485954.63    | 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      | $946094.61    | 0.01%             | 2035-04-21      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Murra Warra Project Hold Trust                                                       | MURRA WARRA PROJECT HOLD TRUST                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    3590694 | NS      | $5641395.06   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GOLDPOINT MEZZ PARTNERS IV LP                                                        | GOLDPOINT MEZZ PARTNERS IV LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $9251279.06   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FRP INVESTORS II L.P.                                                                | FRP INVESTORS II L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $47765154.64  | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Octagon 58 Ltd 0.000 15 Jul 2037 Class E 144A                                        | Octagon 58 Ltd 0.000 15 Jul 2037 Class E 144A                                        | CUSIP: 675929AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2140000 | PA      | $2108741.64   | 0.02%             | 2037-07-15      | Floating      | 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        |    3401088 | PA      | $2560118.93   | 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        |    1778772 | PA      | $1360972.51   | 0.01%             | 2034-04-17      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Trident IX, L.P.                                                                     | Trident IX, L.P.                                                                     | CUSIP: 000000000<br>LEI: 335800KLFMJJVM3TUK37 | Long             |  | CORP              | US        |          0 | OU      | $912654.62    | 0.01%             |  |  |  | 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      | $424117.82    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AIT Worldwide Logistics, Inc                                                         | AIT Worldwide Logistics, Inc. - First Lien                                           | CUSIP: 00145AAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2574000 | PA      | $2372108.31   | 0.02%             | 2028-03-31      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Icebox Parent LP                                                                     | Icebox Parent LP                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     184779 | NS      | $121264229.10 | 0.94%             |  |  |  | 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        |      31741 | NS      | $4306618.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunshine Luxembourg VII SARL                                                         | Sunshine Luxembourg VII Sarl - Senior                                                | CUSIP: 000000000<br>LEI: 254900CHQOBZNYV4DY60 | Long             | DBT              | CORP              | LU        |    2736262 | PA      | $2627195.09   | 0.02%             | 2026-01-10      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3166597.65  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Seren Bidco AB                                                                       | Seren Bidco AB - Senior                                                              | CUSIP: 000000000<br>LEI: 529900KDIN8A1QHTKX30 | Long             | DBT              | CORP              | SE        |   16653255 | PA      | $13697029.75  | 0.11%             | 2026-01-08      | Floating      | 0.10%                 | 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      | $3327221.01   | 0.03%             |  |  |  | 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      | $2161542.77   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BIRKENSTOCK GMBH + CO KG                                                             | BIRKENSTOCK GMBH + CO KG - Senior                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1866750 | PA      | $1825336.16   | 0.01%             | 2028-04-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Snacking Investments BidCo Pty Limited                                               | Snacking Investments BidCo Pty Limited - Senior                                      | CUSIP: 000000000<br>LEI: 549300W8K88D3SM86Y18 | Long             | DBT              | CORP              | US        |    1264250 | PA      | $1235804.38   | 0.01%             | 2026-12-18      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Vesey Park CLO DAC 7.160 16 Nov 2032 Class D 144A                                    | Vesey Park CLO DAC 7.160 16 Nov 2032 Class D 144A                                    | CUSIP: 000000000<br>LEI: 254900BUAP8ZM4HN9R42 | Long             | ABS-CBDO         | CORP              | IE        |    1052850 | PA      | $935854.62    | 0.01%             | 2032-11-16      | Floating      | 7.16%                 | Yes           |                  3 | On Loan: No      |
| Murra Warra II Asset Hold Trust                                                      | Murra Warra II Asset Hold Trust                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    5402025 | NS      | $4041060.84   | 0.03%             |  |  |  | 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      | $15342.90     | 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      | $9933882.77   | 0.08%             |  |  |  | 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              | GB        |          0 | OU      | $42703756.00  | 0.33%             |  |  |  | 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      | $2671627.31   | 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             |  | CORP              | LU        |          0 | OU      | $37433051.91  | 0.29%             |  |  |  | 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      | $3794655.47   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| First Student Bidco Inc.                                                             | First Student Bidco Inc. - Senior                                                    | CUSIP: 33718FAD2<br>LEI: 2549006DRO2F06AA1391 | Long             | DBT              | CORP              | US        |     797406 | PA      | $723147.24    | 0.01%             | 2028-07-21      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Redstone Holdco 2 LP                                                                 | Redstone Holdco 2 LP - Senior                                                        | CUSIP: 75774EAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1058214 | PA      | $742734.08    | 0.01%             | 2028-04-27      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Refficiency Holdings LLC                                                             | Refficiency Holdings LLC - Senior                                                    | CUSIP: 75865HAC2<br>LEI: 2549003DYOLJRQR9G070 | Long             | DBT              | CORP              | US        |    1479625 | PA      | $1403173.17   | 0.01%             | 2027-12-16      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| RC Buyer, Inc. - Second Lien                                                         | RC Buyer, Inc. - Second Lien                                                         | CUSIP: 74934KAD3<br>LEI: 549300ULXHJ9CR0QDU59 | Long             | DBT              | CORP              | US        |    2800000 | PA      | $2538676.00   | 0.02%             | 2029-07-30      | Variable      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Alliant Holdings, L.P.                                                               | Alliant Holdings, L.P.                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $27493770.17  | 0.21%             |  |  |  | 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      | $19666680.84  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARES MANAGEMENT LP                                                                   | ARES MANAGEMENT LP                                                                   | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             |  | CORP              | US        |      43580 | NS      | $2981743.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deerfield Dakota Holding, LLC                                                        | Deerfield Dakota Holding, LLC - Senior                                               | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | DBT              | CORP              | US        |     975000 | PA      | $912999.75    | 0.01%             | 2027-04-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-2428.35     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| DCert Buyer, Inc.                                                                    | DCert Buyer, Inc.  - Senior                                                          | CUSIP: 24022KAB5<br>LEI: 549300EF826JEEUCHZ67 | Long             | DBT              | CORP              | US        |    1948674 | PA      | $1886735.78   | 0.01%             | 2026-10-16      | Floating      | 0.04%                 | 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      | $221258.00    | 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        |    2520000 | PA      | $2056092.34   | 0.02%             | 2026-07-30      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Bracket Intermediate Holding Corp.                                                   | Bracket Intermediate Holding Corp. - Second Lien                                     | CUSIP: 10378RAH6<br>LEI: 54930011OZELK2VOFB56 | Long             | DBT              | CORP              | US        |    1950000 | PA      | $1950000.00   | 0.02%             | 2026-08-26      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                                  | CLYDESDALE ACQ HOLDINGS INC - First Lien                                             | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    1293500 | PA      | $1235130.81   | 0.01%             | 2029-03-30      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | SnackTime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $15748044.35  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CBI Parent, L.P.                                                                     | CBI Parent, L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1145918 | NS      | $54086859.98  | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC - Senior                                                           | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    3455584 | PA      | $3097066.94   | 0.02%             | 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        |     179250 | NS      | $5912303.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Planet Borrower, LLC                                                             | Red Planet Borrower, LLC - First Lien                                                | CUSIP: 57165KAB2<br>LEI: 254900LGTHBRY5NA0C90 | Long             | DBT              | CORP              | US        |    2172500 | PA      | $1370847.50   | 0.01%             | 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      | $6336678.14   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ECI Macola Max Holding, LLC                                                          | ECI Macola Max Holding, LLC - Senior                                                 | CUSIP: 26825UAK7<br>LEI: 549300MZ2LKM75L5EI42 | Long             | DBT              | CORP              | US        |    1674372 | PA      | $1611582.90   | 0.01%             | 2027-11-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| HG SATURN I L.P.                                                                     | HG SATURN I L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $19067115.29  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NTS Holding Corporation, Inc.                                                        | NTS Holding Corporation, Inc.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          0 | NS      | $1.00         | 0.00%             |  |  |  | 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      | $20483108.26  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Voya Euro CLO                                                                        | Voya Euro CLO V DAC                                                                  | CUSIP: 000000000<br>LEI: 549300IGE7MPYA8F0423 | Long             | ABS-CBDO         | CORP              | IE        |     490330 | PA      | $371068.24    | 0.00%             | 2035-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Burger Bossco Holdings, Inc.                                                         | Burger Bossco Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        300 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CMS Energy Corp                                                                      | CMS Energy Corp                                                                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             |  | CORP              | US        |      68163 | NS      | $4316762.79   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ThyssenKrupp Elevator                                                                | ThyssenKrupp Elevator - Senior                                                       | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    3910607 | PA      | $3772836.03   | 0.03%             | 2027-07-30      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Delta Topco, Inc.                                                                    | Delta Topco, Inc. - Senior                                                           | CUSIP: 24780DAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2068500 | PA      | $1917499.50   | 0.01%             | 2027-01-12      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| MHS Acquisition Holdings, LLC                                                        | MHS Acquisition Holdings, LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     852593 | NS      | $1785081.31   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR SPRINT CO INVEST                                                                 | KKR SPRINT CO INVEST                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $42843748.60  | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WP CityMD Bidco LLC                                                                  | WP CityMD Bidco LLC - Senior                                                         | CUSIP: 92940KAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2925617 | PA      | $2923218.06   | 0.02%             | 2026-08-13      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Elia System Operator SA/NV                                                           | Elia Group SA/NV                                                                     | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |      18839 | NS      | $2668787.36   | 0.02%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CapitalSpring Finance Company, LLC                                                   | CapitalSpring Finance Company, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3020546 | NS      | $2637690.98   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Halo Parent Newco, LLC                                                               | Halo Parent Newco, LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   15617280 | NS      | $17512827.36  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| National Spine & Pain Centers                                                        | National Spine & Pain Centers - Incremental Term Loan                                | CUSIP: 000000000<br>LEI: 54930069SYIONBGY3S51 | Long             | DBT              | CORP              | US        |      28762 | PA      | $28729.61     | 0.00%             | 2023-01-31      | None          | 0.14%                 | Yes           |                  3 | On Loan: No      |
| THERMOSTAT PURCHASER                                                                 | THERMOSTAT PURCHASER                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $73537364.16  | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HGCAPITAL MERCURY 2                                                                  | HGCAPITAL MERCURY 2                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GG        |          0 | OU      | $14993682.12  | 0.12%             |  |  |  | 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      | $14686315.31  | 0.11%             |  |  |  | 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        |    1969352 | NS      | $115259.87    | 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      | $187005.41    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACRISURE, LLC                                                                        | ACRISURE, LLC - Senior                                                               | CUSIP: 00488PAN5<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    2172500 | PA      | $2069306.25   | 0.02%             | 2027-02-15      | Floating      | 0.04%                 | 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        |          0 | OU      | $20026496.83  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Camelia Investment 1 Limited                                                         | Camelia Investment 1 Limited                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      86516 | NS      | $33154278.29  | 0.26%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HOLDING SOCOTEC                                                                      | HOLDING SOCOTEC - Senior                                                             | CUSIP: 000000000<br>LEI: 969500TSHWNDZONA3M83 | Long             | DBT              | CORP              | FR        |    1485000 | PA      | $1403941.28   | 0.01%             | 2028-05-07      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Clearlake Capital Partners                                                           | Clearlake Capital Partners                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $35673390.92  | 0.28%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Athenahealth, Inc.                                                                   | Athenahealth, Inc. - Initial Term Loan                                               | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    2814685 | PA      | $2548303.01   | 0.02%             | 2029-02-15      | Variable      | 0.08%                 | 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        |    3000000 | PA      | $1520640.00   | 0.01%             | 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      | $6078654.38   | 0.05%             |  |  |  | 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      | $1467845.97   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Murra Warra II Project Hold Trust                                                    | Murra Warra II Project Hold Trust                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |         10 | NS      | $16164243.40  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radwell Parent, LLC                                                                  | Radwell Parent, LLC - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6001484 | PA      | $5821439.02   | 0.05%             | 2029-04-01      | None          | 0.07%                 | 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      | $241317.87    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polyusus Lux XVI S.a.r.l.                                                            | Polyusus Lux XVI S.a.r.l.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | FR        |   23932698 | NS      | $4249133.32   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Golub Capital BDC Inc                                                                | Golub Capital BDC Inc                                                                | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | CORP              | US        |     142000 | NS      | $1867300.00   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG DELTA HOLDCO LLC                                                                  | PG DELTA HOLDCO LLC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      30481 | NS      | $53749318.51  | 0.42%             |  |  |  | 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      | $45405.95     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Rocket Software Inc                                                                  | Rocket Software Inc - Senior                                                         | CUSIP: 77313DAN1<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    2620905 | PA      | $2526224.57   | 0.02%             | 2025-11-28      | Floating      | 0.04%                 | 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      | $55148.26     | 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      | $-771054.08   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ConvergeOne Investment L.P.                                                          | ConvergeOne Investment L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3120000 | NS      | $961415.52    | 0.01%             |  |  |  | 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      | $361443.41    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Michaels Companies, Inc.                                                             | Michaels Companies, Inc. 2021 Term Loan B                                            | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    2164250 | PA      | $1876285.72   | 0.01%             | 2028-04-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                                  | Shermco Intermediate Holdings, Inc. - Senior                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   25424249 | PA      | $25519695.19  | 0.20%             | 2024-06-05      | Floating      | 0.02%                 | Yes           |                  3 | On Loan: No      |
| KKR Asian Fund IV SCSp                                                               | KKR Asian Fund IV SCSp                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $2471567.65   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KENE Holdings, L.P.                                                                  | KENE Holdings, L.P.                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $382717.46    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PG&E Corporation                                                                     | PG&E Corporation - Senior                                                            | CUSIP: 69338CAH4<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    1950000 | PA      | $1937812.50   | 0.02%             | 2025-06-23      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| RAPTOR HOLDING PARENT LP                                                             | RAPTOR HOLDING PARENT LP                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1120924 | NS      | $1331332.53   | 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        |          0 | OU      | $757780.51    | 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        |          0 | OU      | $52519372.06  | 0.41%             |  |  |  | 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        |     818811 | PA      | $733011.52    | 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        |     150000 | NS      | $310819.95    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Permira VII L.P.                                                                     | Permira VII L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $29840694.51  | 0.23%             |  |  |  | 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      | $33050588.74  | 0.26%             |  |  |  | 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        |          0 | PA      | $1365723.15   | 0.01%             | 2027-05-31      | Floating      | 0.10%                 | 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      | $7312762.00   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Myrrha                                                                               | Myrrha - Mezzanine                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   11891373 | PA      | $11776604.10  | 0.09%             | 2029-03-30      | Variable      | 0.09%                 | 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        |   12263242 | NS      | $72034490.50  | 0.56%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MidOcean Partners III, L.P.                                                          | MidOcean Partners III, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $927.00       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sapphire Bidco B.V.                                                                  | Sapphire Bidco B.V. - Senior                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    2271578 | PA      | $2041204.52   | 0.02%             | 2025-05-05      | Floating      | 0.04%                 | 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        |    1800000 | PA      | $1585578.49   | 0.01%             | 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        |     250000 | 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      | $3204940.73   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ADAGIA PARTNERS                                                                      | ADAGIA PARTNERS                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |          0 | OU      | $2570309.17   | 0.02%             |  |  |  | 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      | $953182.99    | 0.01%             |  |  |  | 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      | $7192286.54   | 0.06%             |  |  |  | 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      | $2770073.84   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TransDigm Group Inc                                                                  | TransDigm Group Inc                                                                  | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       6746 | NS      | $4245730.02   | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Blackrock European CLO XI DAC                                                        | Blackrock European CLO XI DAC                                                        | CUSIP: 000000000<br>LEI: 549300OXUQU2HC8P5V95 | Long             | ABS-CBDO         | CORP              | IE        |     999798 | PA      | $931486.30    | 0.01%             | 2034-07-17      | Floating      | 4.38%                 | 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      | $29122163.41  | 0.23%             |  |  |  | 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      | $6575217.52   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Envirotainer                                                                         | Envirotainer - Unitranche                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    8191195 | PA      | $8362073.56   | 0.06%             | 2029-07-29      | None          | 0.07%                 | 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      | $70149.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Bach Finance Limited                                                                 | Bach Finance Limited - Senior                                                        | CUSIP: 000000000<br>LEI: 254900LPOM3DXTS8SI47 | Long             | DBT              | CORP              | KY        |    1299487 | PA      | $1140228.47   | 0.01%             | 2024-08-30      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| Shermco Intermediate Holdings, Inc.                                                  | Shermco Intermediate Holdings, Inc.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1153 | NS      | $1426596.58   | 0.01%             |  |  |  | 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        |          0 | OU      | $14808813.11  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Aurium CLO V Designated Activity Co 0.000 17 Apr 2034 Class D 144A                   | Aurium CLO V Designated Activity Co 0.000 17 Apr 2034 Class D 144A                   | CUSIP: 000000000<br>LEI: 54930047TGCCLKRB2236 | Long             | ABS-CBDO         | CORP              | IE        |    1185848 | PA      | $944403.94    | 0.01%             | 2034-04-17      | Floating      | 0.00%                 | 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      | $120077.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Polyusus Lux XVI S.a.r.l.                                                            | 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      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $10813.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pharmathen Manco S.C.Sp.                                                             | Pharmathen Manco S.C.Sp.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |       1103 | NS      | $1.07         | 0.00%             |  |  |  | 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        |     849497 | PA      | $746708.81    | 0.01%             | 2030-08-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Radiology Partners, Inc.                                                             | Radiology Partners, Inc. - Senior                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1344600 | PA      | $1134929.49   | 0.01%             | 2025-07-09      | Floating      | 0.09%                 | 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      | $34295.18     | 0.00%             |  |  |  | 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      | $30707057.57  | 0.24%             |  |  |  | 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      | $30335779.02  | 0.24%             | 2027-10-09      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Summer (BC) Bidco B LLC                                                              | Summer (BC) Bidco B LLC - Senior                                                     | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |     987500 | PA      | $919199.56    | 0.01%             | 2026-12-04      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Trilon Group, LLC                                                                    | Trilon Group, LLC - Unitranche                                                       | CUSIP: 89620FAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5250000 | PA      | $5247218.13   | 0.04%             | 2029-05-27      | Variable      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| COLOGIX INC                                                                          | COLOGIX INC - First Lien                                                             | CUSIP: 20337EAQ4<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    2455962 | PA      | $2321497.66   | 0.02%             | 2026-04-06      | Floating      | 0.03%                 | Yes           |                  3 | On Loan: No      |
| Republic Services Inc                                                                | Republic Services Inc                                                                | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             |  | CORP              | US        |      46358 | NS      | $5979254.84   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BC Partners XI, L.P.                                                                 | BC Partners XI, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GU        |          0 | OU      | $8852010.17   | 0.07%             |  |  |  | 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      | $182947.00    | 0.00%             |  |  |  | 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        |          0 | OU      | $123865728.60 | 0.96%             |  |  |  | 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        |       1480 | NS      | $25067074.16  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Chase Industries, Inc.                                                               | Chase Industries, Inc. - Second Lien                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1276647 | PA      | $1.00         | 0.00%             | 2026-05-11      | Floating      | 0.11%                 | Yes           |                  3 | 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      | $831544.37    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vision Solutions, Inc.                                                               | Vision Solutions, Inc. - Senior                                                      | CUSIP: 92834PAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2300000 | PA      | $1715662.00   | 0.01%             | 2029-04-23      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Boyce Park 0.000 21 Apr 2035 Class D 144A                                            | Boyce Park 0.000 21 Apr 2035 Class D 144A                                            | CUSIP: 103228AL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2500000 | PA      | $2298198.35   | 0.02%             | 2035-04-21      | Floating      | 1.00%                 | 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      | $1832701.46   | 0.01%             |  |  |  | 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      | $19782685.30  | 0.15%             |  |  |  | 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        |          0 | OU      | $5604062.03   | 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      | $49095334.44  | 0.38%             |  |  |  | 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        |          0 | OU      | $2619643.20   | 0.02%             |  |  |  | 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      | $22091693.98  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Valley Stream Park CLO, Ltd                                                          | Valley Stream Park CLO LTD                                                           | CUSIP: 92013AAG4<br>LEI: 213800DEME82SWN32S20 | Long             | ABS-CBDO         | CORP              | JE        |    1500000 | PA      | $1503587.30   | 0.01%             | 2034-10-20      | Floating      | 9.78%                 | Yes           |                  3 | On Loan: No      |
| Montagu+ SCSp                                                                        | Montagu+ SCSp                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $39918454.12  | 0.31%             |  |  |  | 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        |     849338 | PA      | $671062.16    | 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      | $87208.70     | 0.00%             |  |  |  | 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      | $891926.12    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AI Sirona (Luxembourg) Acquisition S.a.r.l.                                          | AI Sirona (Luxembourg) Acquisition S.a.r.l. - Senior                                 | CUSIP: 000000000<br>LEI: 549300MQC452SFMN5167 | Long             | DBT              | CORP              | LU        |   22171514 | PA      | $18921215.07  | 0.15%             | 2025-07-10      | Floating      | 0.08%                 | 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      | $233656.93    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Eagle Parent Corp.                                                                   | Eagle Parent Corp. First Lien                                                        | CUSIP: 26972CAC6<br>LEI: 5493001IZARCKDSJPT54 | Long             | DBT              | CORP              | US        |    3474495 | PA      | $3419771.63   | 0.03%             | 2029-04-02      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-571061.92   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HGCAPITAL TRUST PLC                                                                  | HGCAPITAL TRUST PLC                                                                  | CUSIP: 000000000<br>LEI: 213800J7QUJJBEFSIN38 | Long             |  | CORP              | GB        |    1520977 | NS      | $6366013.53   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $274653.64    | 0.00%             |  |  |  | Yes           |                  3 | 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      | $86455731.46  | 0.67%             |  |  |  | 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      | $424767.83    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Dearborn Capital Partners VIII, L.P.                                         | Madison Dearborn Capital Partners VIII, L.P.                                         | CUSIP: 000000000<br>LEI: 549300CNVJU6794GIZ49 | Long             |  | CORP              | LU        |          0 | OU      | $3315380.04   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hyland Software, Inc.                                                                | Hyland Software, Inc. 2018 1st Lien Term Loan                                        | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2961497 | PA      | $2927809.73   | 0.02%             | 2024-07-01      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Apax Global Alpha Ltd                                                                | Apax Global Alpha Ltd                                                                | CUSIP: 000000000<br>LEI: 21380031LQE8CU8NU843 | Long             |  | CORP              | GG        |     485904 | NS      | $1094011.75   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NSM Top Holdings Corp.                                                               | NSM Top Holdings Corp. - Senior                                                      | CUSIP: 42237DAB4<br>LEI: 213800VQP5JZREMJQI78 | Long             | DBT              | CORP              | US        |    1455000 | PA      | $1311922.85   | 0.01%             | 2026-11-16      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| PECF USS Intermediate Holding III Corporation                                        | PECF USS Intermediate Holding III Corporation Term Loan B                            | CUSIP: 69291LAB2<br>LEI: 254900DIL842DEXPYJ91 | Long             | DBT              | CORP              | US        |     994975 | PA      | $833361.11    | 0.01%             | 2028-12-15      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Stark Perseus Investment                                                             | Stark Perseus Investment                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |    1047415 | NS      | $2071405.47   | 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      | $-3170630.26  | -0.02%            |  |  |  | No            |                  1 | 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      | $811393.11    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield Business Corp                                                             | Brookfield Business Corp                                                             | CUSIP: 11259V106<br>LEI: N/A                  | Long             |  | CORP              | CA        |      48729 | NS      | $911309.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Blue Holding LP                                                               | Global Blue Holding LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | FR        |          0 | OU      | $8691377.43   | 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      | $536450.85    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Velocity Holdings US LP                                                              | Velocity Holdings US LP                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       6301 | NS      | $22813600.00  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD PLN                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-2808593.57  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| KSLB Holdings, LLC                                                                   | KSLB Holdings, LLC - Second Lien                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     415385 | PA      | $338916.32    | 0.00%             | 2026-07-30      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Panther BF Aggregator 2 L P                                                          | Panther BF Aggregator 2 LP - Senior                                                  | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    1014249 | PA      | $997347.01    | 0.01%             | 2026-04-30      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Crown Subsea Communications Holding,Inc.                                             | Crown Subsea Communications Holding,Inc. 2021 Term Loan                              | CUSIP: 22860EAE2<br>LEI: 5493003AYLUE132FIO27 | Long             | DBT              | CORP              | US        |    4487671 | PA      | $4390423.39   | 0.03%             | 2027-04-20      | Floating      | 0.09%                 | 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      | $94.36        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Messer Industries GmbH                                                               | Messer Industries GmbH - Senior                                                      | CUSIP: 000000000<br>LEI: 529900HNC1EZT3TC1260 | Long             | DBT              | CORP              | US        |    1039185 | PA      | $1031879.93   | 0.01%             | 2026-03-01      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Acrisure, LLC                                                                        | Acrisure, LLC - Senior                                                               | CUSIP: 00488PAL9<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    1853629 | PA      | $1743903.54   | 0.01%             | 2027-02-15      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.                                          | DG Investment Intermediate Holdings 2, Inc. 2022 Incremental Term Loan               | CUSIP: 23344MAH1<br>LEI: 549300AE79DEGS4AGL59 | Long             | DBT              | CORP              | US        |     997500 | PA      | $960093.75    | 0.01%             | 2028-03-31      | Floating      | 9.07%                 | Yes           |                  3 | On Loan: No      |
| ConvergeOne Holdings, Inc.                                                           | ConvergeOne Holdings, Inc. - Second Lien                                             | CUSIP: 21249DAD0<br>LEI: 254900PRFQRQIU08WI18 | Long             | DBT              | CORP              | US        |   31200000 | PA      | $14040000.00  | 0.11%             | 2027-01-04      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Encore Holdings LP                                                                   | Encore Holdings LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      48067 | NS      | $53700167.40  | 0.42%             |  |  |  | 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      | $13018072.47  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BBGI SICAV SA                                                                        | BBGI SICAV SA                                                                        | CUSIP: 000000000<br>LEI: 529900CV0RWCOP5YHK95 | Long             |  | CORP              | LU        |    2696279 | NS      | $5078345.60   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Galls, LLC                                                                           | Galls, LLC - Senior                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      89492 | PA      | $84441.69     | 0.00%             | 2025-01-31      | Floating      | 0.01%                 | Yes           |                  3 | On Loan: No      |
| GTT Communications, Inc.                                                             | GTT Communications, Inc. - Senior                                                    | CUSIP: 36250LAP9<br>LEI: 549300ETSL7K1ZX05H30 | Long             | DBT              | CORP              | US        |          0 | PA      | $1.00         | 0.00%             | 2025-05-31      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Kinnevik AB                                                                          | Kinnevik AB                                                                          | CUSIP: 000000000<br>LEI: 2138006PZH76JOS6MN27 | Long             |  | CORP              | SE        |     145117 | NS      | $1997525.07   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Iberica Congelados, SA                                                         | Grupo Iberica Congelados, SA - Senior                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |     577585 | PA      | $443158.76    | 0.00%             | 2024-11-28      | Floating      | 0.09%                 | 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      | $489184.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BGH CAPITAL FUND I                                                                   | BGH CAPITAL FUND I                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | AU        |          0 | OU      | $14494227.33  | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3169894.85  | -0.02%            |  |  |  | No            |                  1 | 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        |       1480 | NS      | $29486179.08  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GEI SIDE CF                                                                          | GEI SIDE CF                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      90380 | NS      | $44358814.20  | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Brookfield Corp                                                                      | Brookfield Corp                                                                      | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |      24654 | NS      | $775121.76    | 0.01%             |  |  |  | Yes           |                  1 | 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        |    1114648 | PA      | $817121.85    | 0.01%             | 2023-10-12      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                                                             | Virgin Media Bristol LLC - Senior                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5486250 | PA      | $5417995.00   | 0.04%             | 2028-01-31      | 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      | $5608858.66   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Engineered Machinery Holdings, Inc.                                                  | Engineered Machinery Holdings, Inc. - Senior                                         | CUSIP: 26658NAP4<br>LEI: 5493008AR0NPSLW8EW07 | Long             | DBT              | CORP              | US        |    1584000 | PA      | $1536234.48   | 0.01%             | 2028-05-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| VS Buyer, LLC                                                                        | VS Buyer, LLC - Senior                                                               | CUSIP: 91834WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1945000 | PA      | $1895159.38   | 0.01%             | 2027-02-28      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Palmer Square European Loan Funding 2020-1 DAC                                       | Palmer Square European Loan Funding 2021-1 DAC                                       | CUSIP: 000000000<br>LEI: 549300EWDSB2XVX0CY09 | Long             | ABS-CBDO         | CORP              | IE        |     848193 | PA      | $672216.64    | 0.01%             | 2031-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TRIDENT VII, L.P.                                                                    | TRIDENT VII, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $38027410.65  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-1798.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Icon Partners V, L.P.                                                                | Icon Partners V, L.P.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $44210746.22  | 0.34%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DexKo Global Inc.                                                                    | DexKo Global Inc. - Senior                                                           | CUSIP: 000000000<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | DBT              | CORP              | US        |     254943 | PA      | $229412.89    | 0.00%             | 2028-04-10      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Sitel Group                                                                          | Sitel Group -  Senior                                                                | CUSIP: 82981MAC6<br>LEI: 5493007DS8CM3ZGION43 | Long             | DBT              | CORP              | US        |    1777500 | PA      | $1759280.63   | 0.01%             | 2028-07-28      | Floating      | 0.08%                 | 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        |          0 | OU      | $32124670.94  | 0.25%             |  |  |  | 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        |   23246522 | NS      | $25084524.94  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Help/Systems Holdings, Inc                                                           | Help/Systems Holdings, Inc - Senior                                                  | CUSIP: 42351EAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4125758 | PA      | $3730716.29   | 0.03%             | 2026-11-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| VEPF VII Co Invest 2-A, L.P.                                                         | VEPF VII Co Invest 2-A, L.P.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $26642853.06  | 0.21%             |  |  |  | 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      | $2463834.52   | 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      | $-764320.20   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Recorded Books Inc.                                                                  | Recorded Books Inc. 2021 Term Loan                                                   | CUSIP: 37610GAE8<br>LEI: 549300YXME0U2XYD7K47 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1960890.00   | 0.02%             | 2025-08-29      | Floating      | 0.08%                 | 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      | $12060139.11  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Compass IV Limited                                                                   | Compass IV Limited - Senior                                                          | CUSIP: 000000000<br>LEI: 549300NU5WPBVSIGC216 | Long             | DBT              | CORP              | GB        |     341033 | PA      | $191017.68    | 0.00%             | 2025-05-09      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                           | Amneal Pharmaceuticals LLC 2018 Term Loan B                                          | CUSIP: 03167DAH7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    2976491 | PA      | $2676445.88   | 0.02%             | 2025-05-04      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    5433284 | NS      | $5463462.43   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LOGOPLASTE PARENT SARL                                                               | LOGOPLASTE PARENT SARL - First Lien                                                  | CUSIP: 000000000<br>LEI: 259400BFVFGTIQA6ZC28 | Long             | DBT              | CORP              | LU        |    2962500 | PA      | $2710687.50   | 0.02%             | 2028-04-20      | Floating      | 0.09%                 | 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      | $25441468.17  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cowboy Holdco I                                                                      | Cowboy Holdco I - Unitranche                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8180667 | PA      | $8150915.12   | 0.06%             | 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      | $3787769.39   | 0.03%             |  |  |  | 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      | $9979368.16   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CERAMTEC ACQUICO GMBH                                                                | CERAMTEC ACQUICO GMBH - Facility B1                                                  | CUSIP: 000000000<br>LEI: 9845001D9F4A861EIB39 | Long             | DBT              | CORP              | DE        |    4055926 | PA      | $3227422.25   | 0.03%             | 2029-01-19      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| PG ESMERALDA PTE. LTD                                                                | PG ESMERALDA PTE. LTD                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | SG        |     488996 | NS      | $49171210.79  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HURTIGRUTEN GROUP AS                                                                 | HURTIGRUTEN GROUP AS - Term Loan                                                     | CUSIP: 000000000<br>LEI: 213800EVBYLGF87O9I05 | Long             | DBT              | CORP              | NO        |    1697931 | PA      | $1440385.29   | 0.01%             | 2023-06-11      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Envision Healthcare Corporation                                                      | Envision Healthcare Corporation / 2L Term Loan (18 new)                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3613692 | PA      | $3000054.82   | 0.02%             | 2023-12-01      | Fixed         | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Parexel International Corporation                                                    | PAREXEL INTERNATIONAL CORP - Senior                                                  | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | DBT              | CORP              | US        |    2977500 | PA      | $2874121.20   | 0.02%             | 2028-08-11      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Cidron Atrium SE                                                                     | Cidron Atrium SE - Second Lien                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    1146938 | PA      | $928421.55    | 0.01%             | 2026-02-28      | Floating      | 0.09%                 | 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        |    1750000 | PA      | $1575663.77   | 0.01%             | 2034-04-19      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Hunter Holdco 3 Limited                                                              | Hunter Holdco 3 Limited - Senior                                                     | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | DBT              | CORP              | US        |    3085188 | PA      | $3035053.21   | 0.02%             | 2028-08-04      | Floating      | 0.09%                 | 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: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2625000 | PA      | $2317390.27   | 0.02%             | 2035-04-21      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Team.blue Finco SARL                                                                 | Team.blue Finco SARL - Senior                                                        | CUSIP: 000000000<br>LEI: 549300DR8PIYMOZ4YU85 | Long             | DBT              | CORP              | LU        |    3843873 | PA      | $3250021.60   | 0.03%             | 2028-03-27      | Floating      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Trilantic Europe VI SCSp                                                             | Trilantic Europe VI SCSp                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $1852337.85   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Greencross Limited                                                                   | Greencross Limited / Unitranche USD                                                  | CUSIP: 000000000<br>LEI: 549300T7CZ1RJUGVYR22 | Long             | DBT              | CORP              | AU        |   10339369 | PA      | $10184602.56  | 0.08%             | 2028-03-23      | Floating      | 0.10%                 | 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      | $21157477.64  | 0.16%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Symphony CLO XXXIII Ltd 0.000 24 Apr 2035                                            | Symphony CLO XXXIII Ltd 0.000 24 Apr 2035                                            | CUSIP: 87169KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    1250000 | PA      | $1167032.95   | 0.01%             | 2035-04-24      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| KENE ACQUISITION INC                                                                 | KENE ACQUISITION INC - Second Lien                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     175500 | PA      | $167684.20    | 0.00%             | 2026-08-10      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Idera, Inc.                                                                          | Idera, Inc. - Senior                                                                 | CUSIP: 45168RAJ2<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | DBT              | CORP              | US        |    1248155 | PA      | $1180286.37   | 0.01%             | 2024-06-27      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| TCV XI (A), L.P.                                                                     | TCV XI (A), L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $4853946.68   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Charter NEX US, Inc.                                                                 | Charter NEX US, Inc. - Senior                                                        | CUSIP: 16125TAD4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | DBT              | CORP              | US        |    1438195 | PA      | $1399658.27   | 0.01%             | 2024-05-16      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| HEARTLAND DENTAL LLC                                                                 | HEARTLAND DENTAL LLC - Senior                                                        | CUSIP: 42236WAQ0<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |     987500 | PA      | $920103.13    | 0.01%             | 2025-04-30      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| SureWerx Topco, L.P.                                                                 | SureWerx Topco, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $51287145.71  | 0.40%             |  |  |  | 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      | $180723.30    | 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      | $1013601.60   | 0.01%             |  |  |  | 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      | $3983369.74   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Magenta Buyer LLC                                                                    | Magenta Buyer LLC - Second Lien                                                      | CUSIP: 55910RAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1590000.00   | 0.01%             | 2029-07-27      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Rivage LuxCo                                                                         | Rivage LuxCo                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     450000 | NS      | $52346670.78  | 0.41%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Integrity Marketing                                                                  | Integrity Marketing - First Lien DDTL                                                | CUSIP: 45790LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   16506158 | PA      | $15969707.58  | 0.12%             | 2025-11-28      | Floating      | 0.09%                 | 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      | $5848182.86   | 0.05%             |  |  |  | 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      | $4150525.66   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Athenahealth, Inc.                                                                   | Athenahealth, Inc. - Initial DDTL                                                    | CUSIP: 04686RAC7<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     478261 | PA      | $475869.57    | 0.00%             | 2029-02-15      | Variable      | 3.50%                 | Yes           |                  3 | On Loan: No      |
| EdgeCore Holdings, LP                                                                | EdgeCore Holdings, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $39083333.33  | 0.30%             |  |  |  | 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      | $49099561.50  | 0.38%             |  |  |  | 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      | $21926.81     | 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        |   23246522 | NS      | $2460008.93   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carestream Dental Equipment, Inc                                                     | Carestream Dental Equipment, Inc - Senior                                            | CUSIP: 14173MAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1376009 | PA      | $1295926.87   | 0.01%             | 2024-09-01      | Floating      | 0.09%                 | 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        |          0 | OU      | $22842616.40  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elm Park CLO DAC 0.000 15 Apr 2034 Class C 144A                                      | Elm Park CLO DAC 0.000 15 Apr 2034 Class C 144A                                      | CUSIP: 000000000<br>LEI: 549300U4MCTO5672RE42 | Long             | ABS-CBDO         | CORP              | US        |    1179846 | PA      | $958893.24    | 0.01%             | 2034-04-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| LogMeIn, Inc.                                                                        | LogMeIn, Inc. - Senior                                                               | CUSIP: 54142KAD3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    4950000 | PA      | $3206362.49   | 0.02%             | 2027-08-31      | Floating      | 0.05%                 | Yes           |                  3 | 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      | $217149.81    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1601361.39   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Centauro Co-Investment Fund, L.P.                                                    | Centauro Co-Investment Fund, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $3382535.98   | 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        |   83968595 | NS      | $69605539.72  | 0.54%             |  |  |  | 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        |          0 | OU      | $11715794.41  | 0.09%             |  |  |  | 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      | $49585.80     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DPE Deutschland IV                                                                   | DPE Deutschland IV                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |          0 | OU      | $2901301.43   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MedRisk, Inc.                                                                        | Bella Holding Company, LLC 2021 Term Loan B                                          | CUSIP: 54317EAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3555000 | PA      | $3364807.50   | 0.03%             | 2028-05-10      | Floating      | 0.08%                 | 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      | $29962.64     | 0.00%             |  |  |  | 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      | $519512.00    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SABRE GLBL INC.                                                                      | SABRE GLBL INC. - Senior                                                             | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    1150044 | PA      | $1050852.62   | 0.01%             | 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      | $5725529.15   | 0.04%             |  |  |  | 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      | $20549390.10  | 0.16%             |  |  |  | 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        |    1969352 | NS      | $19466110.10  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NSPC Intermediate II, LLC                                                            | NSPC Intermediate II, LLC -  First Lien                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       9587 | PA      | $9576.53      | 0.00%             | 2023-02-28      | None          | 0.09%                 | Yes           |                  3 | On Loan: No      |
| KPOCH Holdings, LP                                                                   | KPOCH Holdings, LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $187525500.00 | 1.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AENA SA                                                                              | AENA SA                                                                              | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             |  | CORP              | ES        |      41641 | NS      | $5210473.85   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIRA IV LP D LIMITED PARTNERSHIP                                                  | PERMIRA IV LP D LIMITED PARTNERSHIP                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $854574.51    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cornerstone OnDemand, Inc.                                                           | Cornerstone OnDemand, Inc. - First Lien                                              | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | DBT              | CORP              | US        |    1191000 | PA      | $1068922.50   | 0.01%             | 2028-10-16      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-4004.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT AB                                                                               | EQT AB                                                                               | CUSIP: 000000000<br>LEI: 213800U7P9GOIRKCTB34 | Long             |  | CORP              | SE        |      40418 | NS      | $856431.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriFone Systems, Inc.                                                               | VeriFone Systems, Inc. - Senior                                                      | CUSIP: 92346NAB5<br>LEI: 254900LTTVM8MM9RKV75 | Long             | DBT              | CORP              | US        |     672000 | PA      | $619187.52    | 0.00%             | 2025-08-20      | 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      | $1612737.69   | 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      | $7599734.38   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KKR & CO INC -A                                                                      | KKR & CO INC -A                                                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             |  | CORP              | US        |      71534 | NS      | $3319892.94   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Idera Parent, LP.                                                                    | Idera Parent, LP.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $217751687.50 | 1.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Anticimex International AB                                                           | Anticimex International AB 2021 USD Term Loan B1                                     | CUSIP: 000000000<br>LEI: 54930005SBU6WYFBEB41 | Long             | DBT              | CORP              | SE        |    2673000 | PA      | $2586127.50   | 0.02%             | 2028-11-16      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD INR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $1581755.76   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD GBP                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-1827141.23  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Oceankey II Corp.                                                                    | Oceankey II Corp. - Senior                                                           | CUSIP: 67526KAC3<br>LEI: 254900Q3ECXZMSZNNZ82 | Long             | DBT              | CORP              | US        |    1885750 | PA      | $1731589.95   | 0.01%             | 2028-12-15      | Floating      | 0.08%                 | 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      | $91141.31     | 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        |    2244375 | PA      | $2046780.23   | 0.02%             | 2028-06-28      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Dryden Senior Loan Fund                                                              | Dryden 95 CLO Ltd                                                                    | CUSIP: 262485AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1292161.88   | 0.01%             | 2034-08-20      | Floating      | 0.00%                 | 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      | $9359355.34   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Orsted AS                                                                            | Orsted AS                                                                            | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             |  | CORP              | DK        |       8156 | NS      | $739088.01    | 0.01%             |  |  |  | No            |                  1 | 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      | $19197874.51  | 0.15%             |  |  |  | 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        |          0 | OU      | $25035325.67  | 0.19%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Great American Outdoors Group, LLC                                                   | Great American Outdoors Group, LLC - Senior                                          | CUSIP: 07014QAM3<br>LEI: 549300IYLDI2E8I2AU46 | Long             | DBT              | CORP              | US        |    1764169 | PA      | $1699115.03   | 0.01%             | 2021-04-09      | Floating      | 0.04%                 | 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      | $5772472.31   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLACKSTONE GROUP INC/THE -A                                                          | BLACKSTONE GROUP INC/THE -A                                                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             |  | CORP              | US        |      45845 | NS      | $3401699.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KENE Acquisition, Inc.                                                               | KENE Acquisition, Inc. - Second Lien                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1462500 | PA      | $1397368.32   | 0.01%             | 2026-08-08      | Floating      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| LSCS Holdings, Inc.                                                                  | LSCS HOLDINGS, INC. - Senior                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2574000 | PA      | $2466213.75   | 0.02%             | 2028-11-23      | Floating      | 0.09%                 | 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        |    3404537 | PA      | $1192080.53   | 0.01%             | 2033-01-16      | Floating      | 1.00%                 | 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      | $94098.25     | 0.00%             |  |  |  | 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      | $56188505.01  | 0.44%             |  |  |  | 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      | $15975026.96  | 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      | $1928946.00   | 0.01%             |  |  |  | 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      | $19300.52     | 0.00%             |  |  |  | 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      | $123678.21    | 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      | $1819983.14   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALTRA PRIVATE EQUITY FUND II LIMITED PARTNERSHIP                                     | ALTRA PRIVATE EQUITY FUND II LIMITED PARTNERSHIP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $1163198.69   | 0.01%             |  |  |  | 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      | $5824058.80   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APPLOVIN CORPORATION                                                                 | APPLOVIN CORPORATION - Senior                                                        | CUSIP: 03835EAF1<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    1389500 | PA      | $1323498.75   | 0.01%             | 2028-10-25      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Tivity Health, Inc.                                                                  | Tivity Health, Inc. - Unitranche                                                     | CUSIP: 000000000<br>LEI: U5UKZMHGMOP0CPFG4B24 | Long             | DBT              | CORP              | US        |   15611872 | PA      | $15592302.39  | 0.12%             | 2029-06-28      | Variable      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-2965.86     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Fund VIII, L.P.                                                            | Berkshire Fund VIII, L.P.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $34999839.32  | 0.27%             |  |  |  | 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      | $1757718.46   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MKS Instruments, Inc.                                                                | MKS INSTRUMENTS INC - First Lien                                                     | CUSIP: 55314NAS3<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     997500 | PA      | $988058.66    | 0.01%             | 2029-08-17      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| PG Investment Company 16 SARL                                                        | PG Investment Company 16 SARL                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $9208766.14   | 0.07%             |  |  |  | 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      | $4119293.34   | 0.03%             |  |  |  | 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      | $14979.91     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| WHCG Purchaser, LP                                                                   | WHCG Purchaser, LP                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $34216836.60  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1521289.22   | 0.01%             |  |  |  | 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      | $54169753.10  | 0.42%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Trident TPI Holdings, Inc.                                                           | TRIDENT TPI HOLDINGS INC - Senior                                                    | CUSIP: 00216EAF6<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     209452 | PA      | $201635.11    | 0.00%             | 2028-07-29      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| MedAssets Software Intermediate Holdings, Inc.                                       | MedAssets Software Intermediate Holdings, Inc. 2021 Term Loan                        | CUSIP: 58404KAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1985000 | PA      | $1688907.49   | 0.01%             | 2028-12-18      | Floating      | 0.08%                 | 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      | $31483064.90  | 0.24%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSIGHT XII CO INVEST                                                                | INSIGHT XII CO INVEST                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $597608.03    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED INR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |          1 | NC      | $-11525.08    | -0.00%            |  |  |  | No            |                  1 | 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      | $92557.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barracuda Networks Inc                                                               | Barracuda Networks Inc - Second Lien                                                 | CUSIP: 06832FAE7<br>LEI: 549300CXGRZWNMPU8080 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $3655000.00   | 0.03%             | 2030-05-17      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| Netsmart, Inc.                                                                       | Netsmart, Inc. - Senior                                                              | CUSIP: 64119DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1257549 | PA      | $1214321.19   | 0.01%             | 2023-04-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Shearer's Foods, LLC                                                                 | Shearer's Foods, LLC - Second Lien                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     960000 | PA      | $897600.00    | 0.01%             | 2025-06-22      | Floating      | 0.12%                 | Yes           |                  3 | 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      | $8668.89      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UPSTREAM REHABILITION INC                                                            | UPSTREAM REHABILITION INC - Senior                                                   | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | DBT              | CORP              | US        |    3447500 | PA      | $2996463.61   | 0.02%             | 2026-11-20      | Floating      | 0.09%                 | 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        |          0 | OU      | $57636865.96  | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CyrusOne Finance Corp                                                                | CyrusOne Finance Corp                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   47583000 | NS      | $48310306.16  | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PetVet Care Centers, LLC                                                             | PetVet Care Centers, LLC - Senior                                                    | CUSIP: 70476XAK1<br>LEI: 549300V0HK8MSXZNOM91 | Long             | DBT              | CORP              | US        |     984733 | PA      | $928504.58    | 0.01%             | 2025-02-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Gopher Resource, LLC                                                                 | Gopher Resource, LLC - Senior                                                        | CUSIP: 26828KAB6<br>LEI: 549300BTDNOXC3JSII89 | Long             | DBT              | CORP              | US        |    1899226 | PA      | $1103129.20   | 0.01%             | 2025-03-06      | Floating      | 0.03%                 | Yes           |                  3 | On Loan: No      |
| BERKSHIRE FUND IX, L.P.                                                              | BERKSHIRE FUND IX, L.P.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $14158383.22  | 0.11%             |  |  |  | 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        |    6731408 | NS      | $1793101.25   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1880611.88   | 0.01%             |  |  |  | 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      | $2518479.07   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vinci SA                                                                             | Vinci SA                                                                             | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             |  | CORP              | FR        |      83197 | NS      | $8277662.10   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TecoStar Holdings, Inc.                                                              | TecoStar Holdings, Inc. - Second Lien                                                | CUSIP: 000000000<br>LEI: 549300IXCNJ4GPQ18L22 | Long             | DBT              | CORP              | US        |     525000 | PA      | $481714.45    | 0.00%             | 2024-11-01      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| TC Energy Corp                                                                       | TC Energy Corp                                                                       | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             |  | CORP              | CA        |      45416 | NS      | $1805918.14   | 0.01%             |  |  |  | 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        |     761546 | PA      | $617674.89    | 0.00%             | 2031-10-15      | Floating      | 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      | $388033.73    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Osmosis Buyer Limited                                                                | Osmosis Buyer Limited - Senior                                                       | CUSIP: 00132UAG9<br>LEI: 5493005QMH1D47U26R45 | Long             | DBT              | CORP              | GB        |    3491250 | PA      | $3297049.21   | 0.03%             | 2028-07-31      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PERMIRA VII L.P.                                                                     | PERMIRA VII L.P.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $21700156.99  | 0.17%             |  |  |  | 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      | $16252689.55  | 0.13%             |  |  |  | Yes           |                  3 | 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      | $3060000.00   | 0.02%             | 2027-11-19      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| LOGOPLASTE PARENT SARL                                                               | LOGOPLASTE PARENT SARL - First Lien                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    1365391 | PA      | $1283467.67   | 0.01%             | 2027-04-21      | Floating      | 0.07%                 | 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        |    6731408 | NS      | $26033186.94  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| 8th Avenue Food and Provisions Inc.                                                  | 8th Avenue Food and Provisions Inc. - Senior                                         | CUSIP: 28253PAC3<br>LEI: 549300PBCACU45IZ2V05 | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1209830.40   | 0.01%             | 2025-10-01      | Floating      | 0.08%                 | 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      | $64187177.55  | 0.50%             |  |  |  | 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        |    1492248 | PA      | $1442817.35   | 0.01%             | 2025-12-22      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Sevetys Invest                                                                       | Sevetys Invest - Unitranche                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   14645246 | PA      | $14316166.87  | 0.11%             | 2028-07-12      | None          | 0.07%                 | 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      | $121987112.70 | 0.95%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Zabka Group S.A.                                                                     | Zabka Group S.A.                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2551723 | NS      | $98617.50     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Diamond Parent Midco Inc. - Unitranche USD                                           | Diamond Parent Midco Inc. - Unitranche USD                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   29289835 | PA      | $29042347.61  | 0.23%             | 2025-08-04      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| HICL INFRASTRUCTURE CO LTD                                                           | HICL INFRASTRUCTURE CO LTD                                                           | CUSIP: 000000000<br>LEI: 213800BVXR1E5L7PEV94 | Long             |  | CORP              | GB        |    2076718 | NS      | $4046301.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |          0 | NS      | $1.01         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                             | Neuberger Berman CLO XXI Ltd                                                         | CUSIP: 64130YAN4<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $899395.44    | 0.01%             | 2034-04-20      | Floating      | 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      | $75178.42     | 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      | $11400406.67  | 0.09%             |  |  |  | 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      | $1.06         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC Cordatus Loan Fund                                                               | CVC Cordatus Loan Fund                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     399939 | PA      | $409471.96    | 0.00%             | 2037-01-15      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| Kowloon Co-Investment, L.P.                                                          | Kowloon Co-Investment, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | HK        |          0 | OU      | $6988109.76   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NEP Group, Inc.                                                                      | NEP Group, Inc. - Senior                                                             | CUSIP: 62908HAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1964194 | PA      | $1703123.47   | 0.01%             | 2025-10-20      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XVI SARL SHL                                                            | POLYUSUS LUX XVI SARL SHL                                                            | CUSIP: 000000000<br>LEI: 5299005I6KUTPNYY8G45 | Long             |  | CORP              | AT        |          0 | OU      | $429062.93    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Tallman Park CLO, Ltd.                                                               | Tallman Park CLO, Ltd.                                                               | CUSIP: 874779AA9<br>LEI: 549300F1X3PF0EWH0F90 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1384855.71   | 0.01%             | 2034-04-20      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AEA International Holdings (Luxembourg) S.a.r.l.                                     | AEA International Holdings (Lux) S.a.r.l. Term Loan B                                | CUSIP: 46033XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    2277000 | PA      | $2259922.50   | 0.02%             | 2028-09-07      | Variable      | 0.09%                 | 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      | $6848091.81   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-566042.91   | -0.00%            |  |  |  | No            |                  1 | 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      | $155256.00    | 0.00%             |  |  |  | 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        |    1716298 | PA      | $1335079.33   | 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      | $16416099.50  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palmer Square European Loan Funding 0.000 15 Oct 2031 Class E 144A                   | Palmer Square European Loan Funding 0.000 15 Oct 2031 Class E 144A                   | CUSIP: 000000000<br>LEI: 549300X0Z2PVQ7I6XX91 | Long             | ABS-CBDO         | CORP              | IE        |    1666273 | PA      | $1449638.55   | 0.01%             | 2031-10-15      | Floating      | 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      | $-3178501.35  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Cengage Learning Acquisitions, Inc.                                                  | Cengage Learning Acquisitions, Inc. - Senior                                         | CUSIP: 15134NAF3<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |    1382500 | PA      | $1246413.61   | 0.01%             | 2026-07-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Diligent Corporation                                                                 | Diligent Corporation - Senior                                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | DBT              | CORP              | US        |     -31186 | PA      | $0.00         | 0.00%             | 2022-04-14      | Variable      | 0.06%                 | Yes           |                  3 | On Loan: No      |
| Constellation Automotive Limited                                                     | CONSTELLATION AUTOMOTIVE LTD -  Senior                                               | CUSIP: 000000000<br>LEI: 213800XQDK86MM9NB619 | Long             | DBT              | CORP              | GB        |    1387192 | PA      | $837564.37    | 0.01%             | 2028-07-28      | Floating      | 0.06%                 | 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      | $64150.83     | 0.00%             |  |  |  | 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      | $478086.42    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SPECIALTY PHARMA HOLDINGS LP                                                         | Specialty Pharma Holdings LP                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $95248073.78  | 0.74%             |  |  |  | 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      | $738169.85    | 0.01%             |  |  |  | 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        |          0 | OU      | $3466645.92   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avoca CLO XXV DAC                                                                    | Avoca CLO XXV DAC 0.000 15 Oct 2034 Class E 144A                                     | CUSIP: 000000000<br>LEI: 54930084KZX5P0I22S35 | Long             | ABS-CBDO         | CORP              | IE        |    1863672 | PA      | $1435736.44   | 0.01%             | 2034-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Tank Holding Corporation                                                             | Tank Holding Corporation Unitranche                                                  | CUSIP: 87583FAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   21438270 | PA      | $20366356.50  | 0.16%             | 2028-03-31      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Netsmart, Inc.                                                                       | Netsmart, Inc. - Senior                                                              | CUSIP: 64119DAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     959107 | PA      | $926137.75    | 0.01%             | 2023-04-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ICG Enterprise Trust PLC                                                             | ICG Enterprise Trust PLC                                                             | CUSIP: 000000000<br>LEI: 213800T2SY83WIJOJH13 | Long             |  | CORP              | GB        |     119861 | NS      | $1692433.68   | 0.01%             |  |  |  | No            |                  1 | 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        |    2854372 | PA      | $2251169.91   | 0.02%             | 2036-01-20      | Floating      | 6.26%                 | 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        |    1333057 | PA      | $1199564.79   | 0.01%             | 2028-10-04      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| LBM Acquisition LLC                                                                  | LBM Acquisition LLC - Senior                                                         | CUSIP: 50179JAB4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    3253167 | PA      | $2834842.68   | 0.02%             | 2027-12-17      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| KKR Enterprise Co-Invest L.P.                                                        | KKR Enterprise Co-Invest L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    9683863 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | DE        |          0 | OU      | $6876468.95   | 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      | $19673093.07  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Project Boost Purchaser, LLC                                                         | Project Boost Purchaser, LLC - Senior                                                | CUSIP: 74339NAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1741500 | PA      | $1683264.24   | 0.01%             | 2026-06-01      | Floating      | 0.08%                 | 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      | $5084426.00   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SSH GROUP HOLDINGS INC.                                                              | SSH GROUP HOLDINGS INC. - Second Lien                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2120000 | PA      | $2048106.56   | 0.02%             | 2025-10-02      | Variable      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Pearl Intermediate Parent LLC                                                        | Pearl Intermediate Parent LLC - Senior                                               | CUSIP: 70476XAC9<br>LEI: 549300V0HK8MSXZNOM91 | Long             | DBT              | CORP              | US        |    2789565 | PA      | $2615121.05   | 0.02%             | 2025-02-14      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Ziggo Financing Partnership                                                          | Ziggo Financing Partnership - Senior                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2443562.50   | 0.02%             | 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      | $21870002.77  | 0.17%             |  |  |  | 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      | $1942006.60   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED EUR / SOLD USD                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |          1 | NC      | $-4162.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR Matterhorn Co-Invest L.P.                                                        | KKR Matterhorn Co-Invest L.P.                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $731625.64    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Charterhouse Capital Partners XI                                                     | Charterhouse Capital Partners XI                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1088372.44   | 0.01%             |  |  |  | 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      | $25569.98     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FFML Holdco Limited                                                                  | FFML Holdco Limited - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |   12373591 | PA      | $12193155.77  | 0.09%             | 2028-11-30      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| MHS Blocker Purchaser L.P.                                                           | MHS Blocker Purchaser L.P.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1795685.79   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pluto Acquisition I, Inc.                                                            | Pluto Acquisition I, Inc. - Senior                                                   | CUSIP: 72941DAF9<br>LEI: 254900MOXD90LKQ6AY47 | Long             | DBT              | CORP              | US        |    1674500 | PA      | $1138660.00   | 0.01%             | 2026-06-20      | Floating      | 0.09%                 | 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      | $48116096.07  | 0.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pascal Midco 2, LLC                                                                  | Pascal Midco 2, LLC - Unitranche                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   10990866 | PA      | $10771049.13  | 0.08%             | 2027-07-21      | None          | 0.11%                 | 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      | $19170.18     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AAVAS Financiers Limited                                                             | AAVAS Financiers Limited                                                             | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | US        |    3891752 | NS      | $68249498.66  | 0.53%             |  |  |  | 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      | $11800064.97  | 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        |     481884 | NS      | $481883.75    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Park Euro Funding                                                            | Madison Park Euro Funding XVI DAC                                                    | CUSIP: 000000000<br>LEI: 635400X2NOVLPNW79680 | Long             | ABS-CBDO         | CORP              | IE        |    1682777 | PA      | $1247431.22   | 0.01%             | 2034-05-25      | Floating      | 0.00%                 | 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      | $73803.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Constellation BidCo GmbH - Unitranche                                                | Constellation BidCo GmbH - Unitranche                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | DE        |   26760488 | PA      | $27852037.48  | 0.22%             | 2029-06-30      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ONEX CORPORATION                                                                     | ONEX CORPORATION                                                                     | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             |  | CORP              | CA        |      17576 | NS      | $845151.98    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiology Partners, Inc.                                                             | Radiology Partners, Inc. First Lien                                                  | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    1059333 | PA      | $894146.14    | 0.01%             | 2025-07-09      | Floating      | 0.09%                 | 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      | $33849150.19  | 0.26%             |  |  |  | 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      | $10293413.26  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Raptor Parent, LLC                                                                   | Raptor Parent, LLC - Unitranche                                                      | CUSIP: 75063DAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     756400 | PA      | $1196538.44   | 0.01%             | 2028-04-01      | None          | 0.00%                 | 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      | $3248182.07   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Burger Bossco Holdings, Inc.                                                         | Burger Bossco Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        145 | NS      | $1.00         | 0.00%             |  |  |  | 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        |          0 | OU      | $194567628.90 | 1.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PERMIRA IV LP C LIMITED PARTNERSHIP                                                  | PERMIRA IV LP C LIMITED PARTNERSHIP                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $5916283.89   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg VII Co-Invest ERT                                                             | Astorg VII Co-Invest ERT                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $10856089.05  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LTF Holdings, Inc.                                                                   | LTF Holdings, Inc.                                                                   | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    5498850 | NS      | $3971602.20   | 0.03%             |  |  |  | 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      | $105701.58    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg VIII Sarl                                                                     | Astorg VIII Sarl                                                                     | CUSIP: 000000000<br>LEI: 2221001Y947JO3Z1TN57 | Long             |  | CORP              | LU        |          0 | OU      | $2160177.47   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CANADIAN NATL RAILWAY CO                                                             | CANADIAN NATL RAILWAY CO                                                             | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             |  | CORP              | CA        |      58386 | NS      | $6913711.12   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PG Loa Pte. Ltd.                                                                     | PG Loa Pte. Ltd.                                                                     | CUSIP: 000000000<br>LEI: 8945006Q6Z7FASYZ6618 | Long             | EP               | CORP              | US        |   22978362 | NS      | $22888103.49  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CVC Cordatus Loan Fund                                                               | CVC Cordatus Loan Fund                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    1099833 | PA      | $1120270.98   | 0.01%             | 2037-01-15      | Floating      | 1.00%                 | 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        |   36501445 | NS      | $37127003.72  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CLIMEWORKS AG                                                                        | CLIMEWORKS AG                                                                        | CUSIP: 000000000<br>LEI: 54930006YPODWHHFXR63 | Long             | EP               | CORP              | CH        |   60571021 | NS      | $62744088.90  | 0.49%             |  |  |  | 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      | $3713216.25   | 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      | $-2855069.08  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Murra Warra Asset Hold Trust                                                         | Murra Warra Asset Hold Trust                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   14362777 | NS      | $22565584.18  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IGT Holding IV AB                                                                    | IGT Holding IV AB - Senior                                                           | CUSIP: 000000000<br>LEI: 549300S0NZ6VQU5JU607 | Long             | DBT              | CORP              | SE        |    1866750 | PA      | $1834081.88   | 0.01%             | 2028-03-31      | Floating      | 0.08%                 | Yes           |                  3 | 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        |          0 | OU      | $125239476.20 | 0.97%             |  |  |  | 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      | $503945.12    | 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      | $35415668.47  | 0.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Radiate Holdco, LLC                                                                  | Radiate HoldCo, LLC - Senior                                                         | CUSIP: 75025KAD0<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | DBT              | CORP              | US        |     990000 | PA      | $808760.70    | 0.01%             | 2024-02-01      | Floating      | 0.08%                 | 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      | $3326080.74   | 0.03%             |  |  |  | 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        |          0 | OU      | $11454379.99  | 0.09%             |  |  |  | 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      | $22096877.21  | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CIBT Holdings, Inc.                                                                  | CIBT Global, Inc. - Senior                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     242679 | PA      | $171117.77    | 0.00%             | 2024-06-01      | Floating      | 0.05%                 | 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        |    2723000 | PA      | $2462562.29   | 0.02%             | 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        |          0 | OU      | $141798563.60 | 1.10%             |  |  |  | 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      | $5574447.86   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ocean Trails CLO IX                                                                  | Ocean Trails CLO IX 0.000 15 Oct 2034 Class E-R 144A                                 | CUSIP: 67515YAE2<br>LEI: 549300LD2JF1INLMST94 | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3238221.85   | 0.03%             | 2034-10-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PT2, L.P.                                                                            | PT2, L.P.                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $9825078.63   | 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        |    1261667 | PA      | $1.00         | 0.00%             | 2025-11-11      | Floating      | 0.10%                 | 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      | $10864695.78  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                                                                    | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |          1 | NC      | $-3171085.67  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                                                                | GFL Environmental Inc - Senior                                                       | CUSIP: 000000000<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    1181805 | PA      | $1183690.33   | 0.01%             | 2025-05-30      | Floating      | 0.07%                 | 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      | $17590200.49  | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cure Holdings, LLC                                                                   | Cure Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     263891 | NS      | $118249.24    | 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             | EC               | CORP              | LU        |   12822040 | NS      | $89859331.33  | 0.70%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fortis Inc                                                                           | Fortis Inc                                                                           | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             |  | CORP              | CA        |      99204 | NS      | $3960108.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | SnackTime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         12 | NS      | $6046453.75   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Apex Group Treasury LLC                                                              | Apex Group Treasury LLC - Senior                                                     | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | DBT              | CORP              | US        |    1678750 | PA      | $1607403.13   | 0.01%             | 2028-07-27      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| RAINBOW JVCO LTD                                                                     | RAINBOW JVCO LTD - Mezzanine                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    9256340 | PA      | $8429633.99   | 0.07%             | 2030-02-24      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Aurium CLO IX DAC 6.700 28 Oct 2034 Class E 144A                                     | Aurium CLO IX DAC 6.700 28 Oct 2034 Class E 144A                                     | CUSIP: 000000000<br>LEI: 549300LYSVOQTKM0B642 | Long             | ABS-CBDO         | CORP              | IE        |    1981788 | PA      | $1587313.99   | 0.01%             | 2034-10-28      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Hunter Douglas Holding                                                               | Hunter Douglas Holding - Term Loan                                                   | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | DBT              | CORP              | US        |    1791000 | PA      | $1584873.81   | 0.01%             | 2029-02-25      | Floating      | 0.08%                 | 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      | $5325294.05   | 0.04%             |  |  |  | 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      | $2810974.00   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| S.TOUS, S.L                                                                          | S.TOUS, S.L                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |   12156155 | NS      | $18740580.78  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Patriot SPV, L.P.                                                                    | Patriot SPV, L.P.                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $54055774.20  | 0.42%             |  |  |  | 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      | $38393.56     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| The Ultimate Software Group, Inc.                                                    | The Ultimate Software Group, Inc. - Senior                                           | CUSIP: 90385KAD3<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     980119 | PA      | $934788.07    | 0.01%             | 2026-05-04      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| VOYAGE AUSTRALIA PTY LIMITED                                                         | VOYAGE AUSTRALIA PTY LIMITED - Senior                                                | CUSIP: 000000000<br>LEI: 984500552F00VE5LE453 | Long             | DBT              | CORP              | AU        |    1678500 | PA      | $1598771.25   | 0.01%             | 2028-07-20      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| APEX GROUP TREASURY LLC                                                              | Apex Group Treasury LLC 2021 USD Incremental Term Loan                               | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | DBT              | CORP              | US        |     397985 | PA      | $381070.52    | 0.00%             | 2028-07-27      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| BCPE Empire Holdings, Inc.                                                           | BCPE Empire Holdings, Inc. - First Lien                                              | CUSIP: 05550HAL9<br>LEI: 549300O2G0VI2955B626 | Long             | DBT              | CORP              | US        |     992500 | PA      | $967687.50    | 0.01%             | 2026-06-11      | Variable      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Harvest Partners VIII, L.P.                                                          | Harvest Partners VIII, L.P.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $25486690.74  | 0.20%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Loire Finco Luxembourg S.a.r.l.                                                      | Loire Finco Luxembourg S.a.r.l. 2021 Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    1273917 | PA      | $1197482.31   | 0.01%             | 2027-04-21      | Floating      | 0.08%                 | 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      | $999898.58    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Unit4                                                                                | Unit4                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NE        |  125900000 | NS      | $118426918.20 | 0.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cure Holdings, LLC                                                                   | Cure Holdings, LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3226215 | NS      | $1127107.25   | 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      | $525942.02    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dentive Capital, LLC                                                                 | Dentive Capital, LLC - Unitranche                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   10125421 | PA      | $9821657.94   | 0.08%             | 2027-05-27      | None          | 0.11%                 | Yes           |                  3 | On Loan: No      |
| ASTORG VI, FCPI                                                                      | ASTORG VI, FCPI                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $4816009.81   | 0.04%             |  |  |  | Yes           |                  3 | 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      | $459327.05    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Lerer Hippeau VII, LP                                                                | Lerer Hippeau VII, LP                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $3306948.75   | 0.03%             |  |  |  | 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      | $10242726.55  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIONAL GRID PLC                                                                    | NATIONAL GRID PLC                                                                    | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             |  | CORP              | GB        |     378176 | NS      | $4536584.39   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square European Loan Funding 2021-2 DAC                                       | Palmer Square European Loan Funding 2021-2 DAC 0.000 15 Jul 2031 Class E 144A        | CUSIP: 000000000<br>LEI: 549300T4YSPOZXDZ3A08 | Long             | ABS-CBDO         | CORP              | IE        |     435208 | PA      | $333120.48    | 0.00%             | 2031-07-15      | Floating      | 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      | $-646.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Edmondstown Park CLO DAC                                                             | Edmondstown Park CLO DAC                                                             | CUSIP: 000000000<br>LEI: 2549006OL7U5DJY8EO65 | Long             | ABS-CBDO         | CORP              | IE        |    1139771 | PA      | $994474.29    | 0.01%             | 2035-07-21      | Floating      | 1.00%                 | Yes           |                  3 | On Loan: No      |
| PAMLICO CAPITAL II LP LIMITED PARTNERSHIP                                            | PAMLICO CAPITAL II LP LIMITED PARTNERSHIP                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg Mid-Cap                                                                       | Astorg Mid-Cap                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $1491265.29   | 0.01%             |  |  |  | Yes           |                  3 | 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      | $4072483.84   | 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        |   12728400 | PA      | $12821245.15  | 0.10%             | 2027-06-30      | None          | 0.10%                 | Yes           |                  3 | On Loan: No      |
| Weld North Education LLC                                                             | Weld North Education LLC - Senior                                                    | CUSIP: 94935RAD5<br>LEI: 254900W855WLN58WNJ32 | Long             | DBT              | CORP              | US        |    1274000 | PA      | $1251386.50   | 0.01%             | 2027-12-15      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| CRITICAL START INC                                                                   | CRITICAL START INC - Revolving Loan                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1798333 | PA      | $1766009.94   | 0.01%             | 2028-05-18      | Floating      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| SSH Group Holdings, Inc.                                                             | SSH Group Holdings, Inc. - Senior                                                    | CUSIP: 78482HAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     952688 | PA      | $933124.94    | 0.01%             | 2025-07-30      | Floating      | 0.09%                 | 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        |          0 | OU      | $120833852.40 | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ion Trading Finance Limited                                                          | Ion Trading Finance Limited - Senior                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    2758000 | PA      | $2623051.06   | 0.02%             | 2028-04-01      | Floating      | 0.05%                 | Yes           |                  3 | On Loan: No      |
| VeriFone Systems, Inc.                                                               | VeriFone Systems, Inc. - Senior                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2879705 | PA      | $2653388.67   | 0.02%             | 2025-08-20      | Floating      | 0.08%                 | 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      | $1296507.12   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Birkenstock GmbH & Co. KG                                                            | Birkenstock GmbH & Co. KG - First Lien                                               | CUSIP: 09238FAK7<br>LEI: 549300LFU3K8UIR03132 | Long             | DBT              | CORP              | US        |     962217 | PA      | $940138.59    | 0.01%             | 2028-03-31      | Floating      | 0.07%                 | 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      | $9838311.50   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telenet Financing USD LLC                                                            | Telenet Financing USD LLC - Senior                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2341800.00   | 0.02%             | 2028-04-30      | Floating      | 0.06%                 | 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      | $6340333.27   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Whatabrands LLC                                                                      | Whatabrands LLC - Senior                                                             | CUSIP: 96244UAF4<br>LEI: 254900HMMX4HTWIP0085 | Long             | DBT              | CORP              | US        |    2970000 | PA      | $2877187.50   | 0.02%             | 2028-08-03      | Variable      | 0.03%                 | 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      | $3960423.82   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Astorg VII Co-Invest ERT                                                             | Astorg VII Co-Invest ERT                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $52074102.25  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Palmer Square European Loan Funding 2021-2 DAC                                       | Palmer Square European Loan Funding 2021-2 DAC 0.000 15 Jul 2031 Class E 144A        | CUSIP: 000000000<br>LEI: 549300T4YSPOZXDZ3A08 | Long             | ABS-CBDO         | CORP              | IE        |     725347 | PA      | $582185.46    | 0.00%             | 2031-07-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HIG Finance 2 Limited                                                                | HIG Finance 2 Limited - Senior                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    3168197 | PA      | $3090686.98   | 0.02%             | 2027-11-12      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| COWBOY TOPCO INC                                                                     | COWBOY TOPCO INC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1348750 | NS      | $1351802.22   | 0.01%             |  |  |  | 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             | EP               | CORP              | SE        |  113856528 | NS      | $1.08         | 0.00%             |  |  |  | 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      | $7920847.68   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Evergreen Services Group, LLC                                                        | Evergreen Services Group, LLC - Unitranche                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7969459 | PA      | $8008277.23   | 0.06%             | 2029-06-15      | Variable      | 0.11%                 | 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      | $4505269.78   | 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        |     183333 | PA      | $180745.41    | 0.00%             | 2025-11-06      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Equinix Inc                                                                          | Equinix Inc                                                                          | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             |  |  | US        |       5388 | NS      | $3528870.60   | 0.03%             |  |  |  | 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      | $9893583.45   | 0.08%             |  |  |  | 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      | $236195.03    | 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      | $3532215.49   | 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      | $35046.78     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Banff Gaurantor Inc.                                                                 | Banff Gaurantor Inc. - Second Lien                                                   | CUSIP: 000000000<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    1700000 | PA      | $1571973.00   | 0.01%             | 2027-02-27      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| GENSTAR X OPPORTUNITIES                                                              | GENSTAR X OPPORTUNITIES                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $1632840.55   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AAVAS Financiers Limited                                                             | AAVAS Financiers Limited                                                             | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | IN        |    3891752 | NS      | $10275409.74  | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Merrill Lynch International                                                          | PURCHASED USD / SOLD EUR                                                             | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DFE              |  | US        |          1 | NC      | $-3250850.78  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| National Spine and Pain Centers, LLC                                                 | National Spine and Pain Centers, LLC - Senior                                        | CUSIP: 63773HAE5<br>LEI: 54930069SYIONBGY3S51 | Long             | DBT              | CORP              | US        |     525862 | PA      | $340449.22    | 0.00%             | 2024-06-02      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Kingpin Intermediate Holdings LLC                                                    | Kingpin Intermediate Holdings LLC - Senior                                           | CUSIP: 49579GAF9<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |    1313639 | PA      | $1313639.18   | 0.01%             | 2024-07-03      | Floating      | 0.08%                 | 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      | $7162909.78   | 0.06%             |  |  |  | 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      | $1335833.29   | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ORBITER INVESTMENTS S.A.R.L.                                                         | ORBITER INVESTMENTS S.A.R.L.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    5977270 | NS      | $173247519.40 | 1.34%             |  |  |  | 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      | $7761307.38   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Checkers Holdings, Inc.                                                              | Checkers Holdings, Inc. - Senior                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     151600 | PA      | $124312.00    | 0.00%             | 2024-04-25      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| OHCP IV SF COI, L.P.                                                                 | OHCP IV SF COI, L.P.                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $48994985.54  | 0.38%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ares Capital Corp                                                                    | Ares Capital Corp                                                                    | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             |  | CORP              | US        |     229577 | NS      | $4237991.42   | 0.03%             |  |  |  | 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      | $680672.58    | 0.01%             |  |  |  | Yes           |                  3 | 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      | $219782.06    | 0.00%             |  |  |  | Yes           |                  3 | 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      | $7860122.55   | 0.06%             |  |  |  | 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        |          0 | OU      | $2079248.97   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UTZ Quality Foods, LLC                                                               | Utz Quality Foods, LLC - Senior                                                      | CUSIP: 91809EAE1<br>LEI: 549300K2HU2ISL0R2Q75 | Long             | DBT              | CORP              | US        |    3626009 | PA      | $3598813.82   | 0.03%             | 2028-01-20      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Stark Perseus TopCo                                                                  | Stark Perseus TopCo                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $12390353.18  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Filtration Group Corporation                                                         | Filtration Group Corporation - First Lien                                            | CUSIP: 31732FAR7<br>LEI: 549300ZA0D9WN5ECE978 | Long             | DBT              | CORP              | US        |    2073750 | PA      | $2040912.17   | 0.02%             | 2028-10-21      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Hornblower Sub, LLC                                                                  | Hornblower Sub, LLC - Senior                                                         | CUSIP: 44055EAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     938763 | PA      | $661161.58    | 0.01%             | 2025-04-27      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| Sovos Compliance, LLC                                                                | Sovos Compliance, LLC - Senior                                                       | CUSIP: 84611YAC4<br>LEI: 549300M9XYG5WP2QHH07 | Long             | DBT              | CORP              | US        |     249085 | PA      | $230092.64    | 0.00%             | 2028-08-11      | Floating      | 0.09%                 | Yes           |                  3 | On Loan: No      |
| PAI Holdco, Inc.                                                                     | PAI Holdco, Inc. - Senior                                                            | CUSIP: 69315JAG8<br>LEI: 2549001NJ55NUV372F56 | Long             | DBT              | CORP              | US        |    1182000 | PA      | $1048291.89   | 0.01%             | 2027-10-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Vistria Fund III, LP                                                                 | Vistria Fund III, LP                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $15781024.19  | 0.12%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.                                          | DG Investment Intermediate Holdings 2, Inc. - First Lien                             | CUSIP: 23344MAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1243662.00   | 0.01%             | 2029-03-30      | Floating      | 0.07%                 | 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        |          0 | OU      | $5726315.10   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Central Parent Inc.                                                                  | Central Parent Inc. - Initial Term Loan                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $992670.00    | 0.01%             | 2029-07-06      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| PetVet Care Centers, LLC                                                             | PetVet Care Centers, LLC - Senior                                                    | CUSIP: 70476XAH8<br>LEI: 549300V0HK8MSXZNOM91 | Long             | DBT              | CORP              | US        |    1151880 | PA      | $1080964.21   | 0.01%             | 2025-02-14      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| BARING ASIA PRIVATE EQ FUND IV                                                       | BARING ASIA PRIVATE EQ FUND IV                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | KY        |          0 | OU      | $5492.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Magenta Buyer LLC                                                                    | Magenta Buyer LLC - Senior                                                           | CUSIP: 55910RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3465000 | PA      | $2983157.10   | 0.02%             | 2028-05-03      | Floating      | 0.09%                 | 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             | EP               | CORP              | LU        |    6616483 | NS      | $7741055.90   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 45 Ltd                                            | Neuberger Berman Loan Advisers CLO 45 Ltd 0.000 14 Oct 2035 Class E 144A             | CUSIP: 64134HAA5<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $905942.36    | 0.01%             | 2035-10-14      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Conservice Midco, LLC                                                                | Conservice Midco, LLC - Senior                                                       | CUSIP: 20848PAB4<br>LEI: 254900F6TNZYKCEM6A28 | Long             | DBT              | CORP              | US        |    1661750 | PA      | $1616400.84   | 0.01%             | 2027-05-13      | Floating      | 0.09%                 | 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      | $61069681.29  | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| SnackTime PG Holdings, Inc.                                                          | SnackTime PG Holdings, Inc.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $4560663.23   | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sunshine Luxembourg VII S.a r.l                                                      | Sunshine Luxembourg VII S.a r.l - Facility B3                                        | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | DBT              | CORP              | NL        |    2765370 | PA      | $2682408.80   | 0.02%             | 2029-04-21      | Floating      | 0.13%                 | 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      | $664910.98    | 0.01%             |  |  |  | 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      | $8626.00      | 0.00%             |  |  |  | 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      | $8053938.04   | 0.06%             |  |  |  | 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      | $1009374.24   | 0.01%             |  |  |  | Yes           |                  3 | 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      | $11244021.00  | 0.09%             |  |  |  | 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      | $1704037.12   | 0.01%             |  |  |  | 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        |     995000 | PA      | $859272.05    | 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        |   27186912 | NS      | $60649377.77  | 0.47%             |  |  |  | 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        |    3700000 | PA      | $3472496.69   | 0.03%             | 2029-12-14      | Floating      | 0.11%                 | Yes           |                  3 | On Loan: No      |
| WP CITYMD BIDCO LLC                                                                  | WP CITYMD BIDCO LLC - Refinancing Term Loan                                          | CUSIP: 92940KAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2977500 | PA      | $2975058.45   | 0.02%             | 2028-12-22      | Floating      | 0.08%                 | Yes           |                  3 | 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      | $7598.38      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RealPage, Inc                                                                        | RealPage, Inc - First Lien                                                           | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | DBT              | CORP              | US        |    3950000 | PA      | $3764350.02   | 0.03%             | 2028-04-24      | Floating      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Symphony CLO XXV Ltd 0.000 19 Apr 2034 Class E 144A                                  | Symphony CLO XXV Ltd 0.000 19 Apr 2034 Class E 144A                                  | CUSIP: 87167WAJ4<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $916783.44    | 0.01%             | 2034-04-19      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| AGL CLO Ltd.                                                                         | AGL CLO 23 Ltd                                                                       | CUSIP: 00119EAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    2000000 | PA      | $1979844.70   | 0.02%             | 2036-01-20      | Floating      | 0.00%                 | 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      | $28126897.47  | 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      | $37305188.99  | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Triton Water Holdings, Inc.                                                          | Triton Water Holdings, Inc. - Senior                                                 | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | DBT              | CORP              | US        |    1379002 | PA      | $1287125.85   | 0.01%             | 2021-04-28      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| VEONET GROUP                                                                         | VEONET GROUP                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |   23069248 | NS      | $35320317.22  | 0.27%             |  |  |  | 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      | $7440380.69   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| APOG Bidco Pty Ltd                                                                   | APOG Bidco Pty Ltd Second Lien                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   10284819 | PA      | $8890750.49   | 0.07%             | 2025-04-30      | Floating      | 0.10%                 | Yes           |                  3 | On Loan: No      |
| SCIH Salt Holdings Inc.                                                              | SCIH Salt Holdings Inc. - Senior                                                     | CUSIP: 78397GAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     803336 | PA      | $782963.31    | 0.01%             | 2027-03-16      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| ADMI Corp.                                                                           | ADMI Corp. - Senior                                                                  | CUSIP: 00709LAJ6<br>LEI: 5493008U1LYGMQWO7N12 | Long             | DBT              | CORP              | US        |    1382500 | PA      | $1262830.80   | 0.01%             | 2027-12-23      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| SILVER LAKE PARTNERS II LP LIMITED PARTNERSHIP                                       | SILVER LAKE PARTNERS II LP LIMITED PARTNERSHIP                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $0.00         | 0.00%             |  |  |  | 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      | $1350267.51   | 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        |     160160 | NS      | $2894389.71   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBION FINANCING 3 SARL                                                              | ALBION FINANCING 3 SARL - First Lien                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    2475000 | PA      | $2353316.63   | 0.02%             | 2026-07-31      | Floating      | 0.10%                 | 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      | $168814.36    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| OEConnection LLC                                                                     | OEConnection LLC - Senior                                                            | CUSIP: 67613NAH0<br>LEI: 5493008MJ5H6VV3E2654 | Long             | DBT              | CORP              | US        |    2732863 | PA      | $2611017.95   | 0.02%             | 2026-09-25      | 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      | $191.20       | 0.00%             |  |  |  | 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      | $18750923.21  | 0.15%             |  |  |  | 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        |     447324 | NS      | $157959.77    | 0.00%             |  |  |  | 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      | $13927893.36  | 0.11%             |  |  |  | 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        |    1058768 | PA      | $1015094.20   | 0.01%             | 2028-03-31      | Floating      | 0.04%                 | Yes           |                  3 | On Loan: No      |
| Conterra Ultra Broadband Holdings, Inc.                                              | Conterra Ultra Broadband Holdings, Inc. - Senior                                     | CUSIP: 21076RAD7<br>LEI: 5493005C2VY3AEJSNA78 | Long             | DBT              | CORP              | US        |    1640569 | PA      | $1582804.80   | 0.01%             | 2026-04-30      | Floating      | 0.09%                 | 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      | $977406.82    | 0.01%             |  |  |  | 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        |    1466667 | PA      | $1445963.31   | 0.01%             | 2025-11-06      | Floating      | 0.13%                 | Yes           |                  3 | On Loan: No      |
| Nielsen Consumer LLC                                                                 | Nielsen Consumer LLC - Senior                                                        | CUSIP: 45674PAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     982562 | PA      | $858926.66    | 0.01%             | 2021-03-19      | Floating      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Wellman Park CLO Ltd                                                                 | Wellman Park CLO Ltd 0.000 15 Jul 2034 Class E 144A                                  | CUSIP: 94972AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $916686.74    | 0.01%             | 2034-07-15      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CBI PARENT LP                                                                        | CBI PARENT LP                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $5696338.96   | 0.04%             |  |  |  | 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              | US        |    5798700 | PA      | $5357697.28   | 0.04%             | 2030-08-31      | Floating      | 0.08%                 | 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      | $108708.07    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EQT Jaguar Co-Investment SCSp                                                        | EQT Jaguar Co-Investment SCSp                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | LU        |          0 | OU      | $13444921.27  | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Burger Bossco Holdings, Inc.                                                         | Burger Bossco Holdings, Inc.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          0 | NS      | $1.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| POLYUSUS LUX XXIII SARL                                                              | POLYUSUS LUX XXIII SARL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |     264367 | NS      | $1.07         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | The Baring Asia Private Equity Fund VI Co-Investment L.P.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $807802.91    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barings Transportation Fund, L.P.                                                    | Barings Transportation Fund, L.P.                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |          0 | OU      | $11856471.99  | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Livingbridge 7 LP                                                                    | Livingbridge 7 LP                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | GB        |          0 | OU      | $10274377.47  | 0.08%             |  |  |  | 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      | $16785682.79  | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

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

**Signature:** Evan Osborn

**Name of Signer:** Evan Osborn

**Title:** Lead Product Controller