# EDGAR Filing Document

**Accession Number:** 0001676197
**File Stem:** 0001049169-25-000816
**Filing Date:** 2025-11
**Character Count:** 363606
**Document Hash:** 0b2ab4d8a747f09dc8c9af5067c086dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000816.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001049169-25-000816

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Apollo Diversified Credit Fund
- **CENTRAL INDEX KEY:** 0001676197

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23159
- **FILM NUMBER:** 251525178

**BUSINESS ADDRESS:**
- **STREET 1:** APOLLO CAPITAL CREDIT ADVISER, LLC
- **STREET 2:** 9 W 57TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** APOLLO CAPITAL CREDIT ADVISER, LLC
- **STREET 2:** 9 W 57TH ST
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Institutional Access Credit Fund
- **DATE OF NAME CHANGE:** 20161027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin-Bain Institutional Access Credit Fund
- **DATE OF NAME CHANGE:** 20161021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Institutional Access Global Credit Fund
- **DATE OF NAME CHANGE:** 20160602

## Nport-Ex

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **BANK LOANS (105.38%)<sup>(b)</sup>**  |  |  |  |  |  |  |
|  **AEROSPACE & DEFENSE (2.72%)** | **AEROSPACE & DEFENSE (2.72%)** | **AEROSPACE & DEFENSE (2.72%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp, First Lien Delayed Draw Term Loan<sup>(c)(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.83% | 02/26/32 | $53658 | $53548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.50% | 6.66% | 02/26/32 | 5924806 | 5912631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Holdings, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.81% | 04/28/32 | 14962500 | 14925094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan BW Borrower L.P., First Lien Term Loan (2.88% PIK)<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 2.38% | 9.45% | 07/24/32 | 13588692 | 13452805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transdigm Inc., First Lien Term Loan<sup>(d)(e)</sup> | United States | 3M SOFR + 2.50% | 6.50% | 08/19/32 | 8000000 | 8000400 |
|  |  |  |  |  |  | 42344478 |
|  **AUTOMOBILE COMPONENTS** (**1.57%**) | **AUTOMOBILE COMPONENTS** (**1.57%**) | **AUTOMOBILE COMPONENTS** (**1.57%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services TopCo, L.P., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.00% | 7.20% | 05/04/28 | 2985000 | 2988104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 4.75% | 9.91% | 02/13/32 | 2054118 | 2033783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC, First Lien Incremental Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.75% | 9.14% | 02/13/32 | 537320 | 532054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.75% | 9.89% | 02/13/32 | 18961537 | 18775714 |
|  |  |  |  |  |  | 24329656 |
|  **BANKS** (**3.99%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creative Planning, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.00% | 6.16% | 05/17/31 | 5984887 | 5984887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January Capital Holdco, LLC, First Lien Term Loan (7.06% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 3.00% | 7.06% | 09/13/29 | 11414905 | 11414906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrimonio Autonomo FC – Bayport Nomura B, First Lien Term Loan<sup>(f)(h)</sup>  | Colombia |  | 17.19% | 06/30/28 | 22495337385 | 5879086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pluto Holdco Limited, First Lien Term Loan (5.81% PIK)<sup>(d)(f)(g)</sup>  | United<br>Kingdom | 3M EURIBOR +<br>3.85% | 5.93% | 12/09/25 | 13611679 | 15940886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.25% | 6.41% | 02/10/32 | $12780521 | 12787039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Ridge Archimedes Master LP, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.25% | 8.35% | 08/01/28 | 10000000 | 10000000 |
|  |  |  |  |  |  | 62006804 |
|  **BEVERAGES** (**0.58%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sazerac Co Inc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.70% | 07/09/32 | 9000000 | 9065025 |
|  **BUILDING PRODUCTS** (**1.71%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 5.25% | 9.41% | 07/08/30 | 10000000 | 9825000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 5.00% | 9.14% | 06/06/31 | 3000000 | 2994645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHS Borrower LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.41% | 09/04/31 | 13886463 | 13678166 |
|  |  |  |  |  |  | 26497811 |
|  **CAPITAL MARKETS** (**0.96%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.75% | 6.91% | 09/15/31 | 6947500 | 6957018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson River Trading Llc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.00% | 7.15% | 03/18/30 | 2992443 | 3000732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.00% | 6.16% | 12/15/31 | 4986911 | 4957314 |
|  |  |  |  |  |  | 14915064 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **CHEMICALS** (**0.79%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heubach Holdings USA LLC, First Lien Term Loan<sup>(d)(f)(g)(i)(j)</sup>  | United States |  | 10.00% | 04/30/24 | $194061 | $97031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corporation, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.25% | 3.25% | 07/23/32 | 4884000 | 4856112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics Inc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.00% | 2.00% | 08/12/32 | 6000000 | 6007500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.), First Lien Term Loan<sup>(d)(f)(i)</sup>  | Luxembourg |  | 7.00% | 01/03/29 | 3835146 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Finance LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.25% | 6.25% | 04/04/29 | 1496241 | 1361849 |
|  |  |  |  |  |  | 12322492 |
|  **COMMERCIAL SERVICES & SUPPLIES** (**5.25%**) | **COMMERCIAL SERVICES & SUPPLIES** (**5.25%**) | **COMMERCIAL SERVICES & SUPPLIES** (**5.25%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 3.25% | 7.51% | 08/20/32 | 3460178 | 3477098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Company, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 4.25% | 8.25% | 06/15/28 | 6006995 | 6014504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc., First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.28% | 01/31/31 | 655738 | 655738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 01/31/31 | 1228798 | 1228798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 01/31/31 | 435540 | 433362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.56% | 01/31/31 | 4340659 | 4384066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auctane, Inc. (fka Stamps.com Inc.), First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.75% | 10.14% | 10/05/28 | 9748744 | 9456281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp., First Lien Term Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.16% | 12/05/31 | 13482418 | 13347594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC (HPG Enterprises LLC), First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.41% | 10/01/29 | 6221053 | 6158842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corporation, First Lien Term Loan<sup>(d)(e)</sup>  | Canada | 3M SOFR + 3.00% | 7.17% | 02/01/29 | 8955000 | 8977388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indy US Holdco LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.66% | 10/31/30 | 10349063 | 10340990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. R. Donnelley & Sons Company, First Lien Incremental Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 08/08/29 | 1975894 | 1956135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. R. Donnelley & Sons Company, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 1M SOFR + 4.75% | 8.91% | 08/08/29 | 8488997 | 8404107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trugreen Limited Partnership, First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 4.00% | 8.26% | 11/02/27 | 6933642 | 6820970 |
|  |  |  |  |  |  | 81655873 |
|  **COMMUNICATIONS EQUIPMENT** (**1.61%**) | **COMMUNICATIONS EQUIPMENT** (**1.61%**) | **COMMUNICATIONS EQUIPMENT** (**1.61%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commscope, LLC (f/k/a Commscope, Inc.), First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 12/17/29 | 24686241 | 25020123 |
|  **CONSTRUCTION & ENGINEERING** (**0.96%**) | **CONSTRUCTION & ENGINEERING** (**0.96%**) | **CONSTRUCTION & ENGINEERING** (**0.96%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire Flow Intermediate Corporation, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 9.06% | 07/10/31 | 14887500 | 14924719 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **CONSUMER STAPLES DISTRIBUTION & RETAIL** (**3.32%**) | **CONSUMER STAPLES DISTRIBUTION & RETAIL** (**3.32%**) | **CONSUMER STAPLES DISTRIBUTION & RETAIL** (**3.32%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Company PLC, First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 3M EURIBOR +<br>4.00% | 6.08% | 05/14/31 | 3000000 | $3415386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Company PLC, First Lien Term Loan<sup>(d)(f)</sup>  | United Kingdom | 3M SONIA + 5.75% | 10.00% | 10/22/29 | £12000000 | 15969336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Limited, First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 3M EURIBOR +<br>4.50% | 6.53% | 11/04/30 | 4500000 | 5308574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nourish Buyer I Inc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.50% | 8.83% | 07/09/32 | $17000000 | 17042500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corporation, First Lien Term Loan<sup>(d)(f)</sup> | United States | 3M SOFR + 5.00% | 9.00% | 11/04/31 | 9925000 | 9800937 |
|  |  |  |  |  |  | 51536733 |
|  **CONTAINERS & PACKAGING** (**2.58%**) | **CONTAINERS & PACKAGING** (**2.58%**) | **CONTAINERS & PACKAGING** (**2.58%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Group S.A., First Lien Term Loan<sup>(f)(g)(h)</sup>  | Luxembourg |  | 8.88% | 07/02/29 | 22000000 | 26281186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ring Container Technologies Group LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.66% | 09/15/32 | $3000000 | 2998125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.75% | 7.75% | 09/15/28 | 11074645 | 10895845 |
|  |  |  |  |  |  | 40175156 |
|  **DIVERSIFIED CONSUMER SERVICES** (**2.27%**) | **DIVERSIFIED CONSUMER SERVICES** (**2.27%**) | **DIVERSIFIED CONSUMER SERVICES** (**2.27%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bidco Limited, First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 3M SONIA + 4.75% | 8.72% | 02/20/32 | £8000000 | 10817511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelligence Learning Corporation, First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.75% | 8.83% | 01/18/30 | $267123 | 260445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelligence Learning Corporation, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.75% | 9.75% | 01/18/30 | 11050890 | 10774618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichnaea UK Bidco Limited, First Lien Term Loan B<sup>(d)(f)</sup>  | United Kingdom | 3M SONIA + 6.00% | 9.98% | 10/05/29 | £5000000 | 6657252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Schools Partnership Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United Kingdom | 3M EURIBOR +<br>5.25% | 7.27% | 07/06/28 | 2712276 | 3168435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH BorrowerCo, LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.32% | 08/02/30 | $626567 | 612469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH BorrowerCo, LLC, First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.20% | 08/02/30 | 116541 | 113919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH BorrowerCo, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.32% | 08/02/30 | 2869674 | 2805106 |
|  |  |  |  |  |  | 35209755 |
|  **DIVERSIFIED TELECOMMUNICATION SERVICES** (**3.46%**) | **DIVERSIFIED TELECOMMUNICATION SERVICES** (**3.46%**) | **DIVERSIFIED TELECOMMUNICATION SERVICES** (**3.46%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, First Lien Revolving Term Loan<sup>(c)(d)</sup>  | United States | 1M SOFR + 2.25% | 6.20% | 07/13/27 | 11329365 | 10536310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 4.50% | 8.65% | 01/18/28 | 19902889 | 19824372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, First Lien Term Loan<sup>(d)</sup>  | United States | PRIME + 2.50% | 8.75% | 04/15/27 | 13968295 | 13549246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services, LLC (fka Windstream Corporation), First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.00% | 4.00% | 09/25/32 | 10000000 | 9918750 |
|  |  |  |  |  |  | 53828678 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **ELECTRIC UTILITIES** (**0.41%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BGIF IV Fearless Utility Services, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.14% | 06/09/31 | $6444340 | $6428229 |
|  **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** (**0.27%**) | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** (**0.27%**) | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** (**0.27%**) | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** (**0.27%**) | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS** (**0.27%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Buyer LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 2.50% | 09/10/32 | 4193548 | 4204032 |
|  **ENERGY EQUIPMENT & SERVICES** (**0.64%**) | **ENERGY EQUIPMENT & SERVICES** (**0.64%**) | **ENERGY EQUIPMENT & SERVICES** (**0.64%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colossus AcquireCo LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 1.75% | 5.99% | 07/30/32 | 10000000 | 9950000 |
|  **ENTERTAINMENT** (**0.63%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.75% | 7.03% | 03/13/28 | 9973890 | 9834854 |
|  **FINANCIAL SERVICES** (**9.39%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accel International Holdings, LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.81% | 04/26/32 | 8532110 | 8553440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascensus Holdings, Inc., First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 3.00% | 7.16% | 08/02/28 | 4960336 | 4962394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgepoint Europe VI Finance S.a.r.l., First Lien Term Loan (5.37% PIK)<sup>(d)(f)(g)</sup>  | Luxembourg | 3M EURIBOR +<br>3.50% | 5.37% | 06/25/28 | 24609710 | 28893114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgepoint Europe VI Finance S.a.r.l., First Lien Term Loan (5.37% PIK)<sup>(d)(f)(g)</sup>  | Luxembourg | 3M EURIBOR +<br>3.50% | 5.37% | 06/25/30 | 5573908 | 6558463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFC USA 2025 LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.75% | 7.74% | 07/01/32 | $5000000 | 4787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 11/26/30 | 930232 | 913953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 1M SOFR + 4.75% | 8.95% | 11/26/30 | 2325581 | 2284884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evoriel, First Lien Delayed Draw Term Loan (0.25% PIK)<sup>(c)(d)(f)(g)</sup>  | France | 6M EURIBOR +<br>5.25% | 6.98% | 04/02/31 | 1370004 | 1600415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evoriel, First Lien Term Loan (0.25% PIK)<sup>(d)(f)(g)</sup>  | France | 6M EURIBOR +<br>5.25% | 7.03% | 04/02/31 | 2854173 | 3334197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC Waves Holdings, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.99% | 10/04/30 | $2625565 | 2615850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC Waves Holdings, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 9.01% | 10/04/30 | 6305240 | 6281911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurricane Cleanco Limited, First Lien Term Loan (6.25% PIK)<sup>(f)(g)(h)</sup>  | United Kingdom |  | 12.50% | 11/21/29 | £5579063 | 7465762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jensen Hughes, Inc, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 8.93% | 09/01/31 | $39639 | 39342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jensen Hughes, Inc, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 8.93% | 09/01/31 | 4792793 | 4756847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madonna Bidco Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | Jersey | 3M SONIA + 5.25% | 9.25% | 10/27/31 | £56667 | 74878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madonna Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | Jersey | 3M SONIA + 5.25% | 9.29% | 10/27/31 | 5444444 | 7194091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 4.75% | 7.28% | 05/07/31 | 1312500 | 1738703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco Limited, First Lien Delayed Draw Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.00% | 7.91% | 05/07/31 | 360468 | 477522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 6M EURIBOR +<br>5.25% | 7.28% | 05/07/31 | 1825038 | 2099838 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **FINANCIAL SERVICES** (continued) | **FINANCIAL SERVICES** (continued) | **FINANCIAL SERVICES** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paisley Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.25% | 9.25% | 05/07/31 | £5314494 | $7040248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE Closing Buyer Corp., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.50% | 09/27/31 | $9900000 | 9677250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE Closing Buyer Corp., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.50% | 9.50% | 09/27/31 | 1592000 | 1556180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stretto, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup> | United States | 3M SOFR + 5.25% | 9.25% | 10/13/28 | 13875000 | 13666875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tulip Bidco Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.00% | 7.47% | 12/13/27 | £1686657 | 2234358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VEPF VII Holdings, L.P., First Lien Term Loan (5.25% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.70% | 02/28/28 | $3336827 | 3370195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Violin Finco Guernsey Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.25% | 9.26% | 06/24/31 | £5643096 | 7532476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WH Borrower, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 4.50% | 8.70% | 02/20/32 | $6177754 | 6192210 |
|  |  |  |  |  |  | 145902896 |
|  **FOOD PRODUCTS** (**1.38%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 3M EURIBOR +<br>3.00% | 5.03% | 07/16/32 | 10000000 | 11777752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Froneri US, Inc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.37% | 07/16/32 | $8000000 | 7992680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary Products Finance LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.25% | 7.19% | 04/01/29 | 1733126 | 1695214 |
|  |  |  |  |  |  | 21465646 |
|  **GAS UTILITIES** (**1.05%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP2 LNG Holdings, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 3.50% | 7.81% | 07/28/28 | 9363333 | 9152658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP2 LNG Holdings, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 3.50% | 7.81% | 07/28/28 | 636667 | 622342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines Lng LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 2.23% | 6.39% | 05/25/29 | 734282 | 732447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines Lng LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 1M SOFR + 2.23% | 6.39% | 05/25/29 | 5870307 | 5855631 |
|  |  |  |  |  |  | 16363078 |
|  **GROUND TRANSPORTATION** (**0.45%**) | **GROUND TRANSPORTATION** (**0.45%**) | **GROUND TRANSPORTATION** (**0.45%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.), First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.95% | 06/30/28 | 3515549 | 3506760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Transportation of America Holdings Inc, First Lien Delayed Draw Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.25% | 7.38% | 06/24/32 | 226667 | 227553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Transportation of America Holdings Inc, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.25% | 7.25% | 06/24/32 | 3165400 | 3177777 |
|  |  |  |  |  |  | 6912090 |
|  **HEALTH CARE EQUIPMENT & SUPPLIES** (**1.83%**) | **HEALTH CARE EQUIPMENT & SUPPLIES** (**1.83%**) | **HEALTH CARE EQUIPMENT & SUPPLIES** (**1.83%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corporation, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.25% | 8.41% | 01/15/31 | 2752103 | 2757263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartbeat BidCo GmbH, First Lien Term Loan<sup>(d)(f)</sup>  | Germany | 6M EURIBOR +<br>6.50% | 8.50% | 06/28/30 | 4000000 | 4672733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP (Mozart Borrower LP), First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.00% | 6.16% | 10/23/28 | $8526209 | 8534692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | TONA + 5.25% | 6.00% | 01/30/32 | ¥65442609 | 441417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | CORRA + 5.00% | 7.68% | 01/30/32 | 612043 | 439781 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **HEALTH CARE EQUIPMENT & SUPPLIES** (continued) | **HEALTH CARE EQUIPMENT & SUPPLIES** (continued) | **HEALTH CARE EQUIPMENT & SUPPLIES** (continued) | **HEALTH CARE EQUIPMENT & SUPPLIES** (continued) | **HEALTH CARE EQUIPMENT & SUPPLIES** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc., First Lien Term Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.13% | 01/30/32 | $3380518 | $3355165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zest Acquisition Corp., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 5.25% | 9.56% | 02/08/28 | 4066686 | 4092102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.50% | 9.50% | 02/28/31 | 349649 | 348775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 6.00% | 10.00% | 02/28/31 | 3753409 | 3744026 |
|  |  |  |  |  |  | 28385954 |
|  **HEALTH CARE PROVIDERS & SERVICES** (**6.80%**) | **HEALTH CARE PROVIDERS & SERVICES** (**6.80%**) | **HEALTH CARE PROVIDERS & SERVICES** (**6.80%**) | **HEALTH CARE PROVIDERS & SERVICES** (**6.80%**) | **HEALTH CARE PROVIDERS & SERVICES** (**6.80%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advarra Holdings, Inc., First Lien Incremental Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.66% | 09/15/31 | 3602535 | 3638560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advarra Holdings, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.66% | 09/15/31 | 8956814 | 9046382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.44% | 10/31/30 | 1527062 | 1527062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.41% | 10/31/30 | 8326804 | 8326804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition Inc, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.16% | 08/07/31 | 432877 | 426384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition Inc, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.16% | 08/07/31 | 4416951 | 4350697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EHC Holdings Holdco Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.50% | 9.50% | 09/30/31 | £300000 | 396409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EHC Holdings Holdco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.50% | 9.47% | 09/30/31 | 6000000 | 7928182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ensemble RCM, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.00% | 7.31% | 08/01/29 | $3565203 | 3579178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExactCare Parent, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.50% | 9.75% | 11/05/29 | 4440574 | 4440574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanger, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(e)</sup>  | United States | 1M SOFR + 3.50% | 7.66% | 10/23/31 | 85123 | 85411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanger, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.50% | 7.66% | 10/23/31 | 4407510 | 4422385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMH-Healthedge Holdings, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.25% | 8.24% | 04/01/30 | 16184021 | 16184021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One Call Corporation (fka Opal Acquisition, Inc.), First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.75% | 9.91% | 09/10/30 | 16815789 | 16563553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paradigm Parent, LLC, First Lien Term Loan<sup>(d)</sup>  | United States | 1M SOFR + 4.50% | 8.82% | 04/16/32 | 4357143 | 3920753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited, First Lien Term Loan<sup>(d)(f)</sup>  | United Kingdom | 3M SONIA + 6.25% | 10.28% | 11/19/29 | £5000000 | 6590007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.50% | 8.50% | 06/30/32 | $7000000 | 6996360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tivity Health, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.16% | 06/28/29 | 7276641 | 7276641 |
|  |  |  |  |  |  | 105699363 |
|  **HEALTH CARE TECHNOLOGY** (**4.42%**) | **HEALTH CARE TECHNOLOGY** (**4.42%**) | **HEALTH CARE TECHNOLOGY** (**4.42%**) | **HEALTH CARE TECHNOLOGY** (**4.42%**) | **HEALTH CARE TECHNOLOGY** (**4.42%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC (fka CNSI Holdings, LLC), First Lien Incremental Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.50% | 9.50% | 12/17/29 | 8752500 | 8708737 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **HEALTH CARE TECHNOLOGY** (continued) | **HEALTH CARE TECHNOLOGY** (continued) | **HEALTH CARE TECHNOLOGY** (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings (Topco), Inc., First Lien Incremental Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 08/30/31 | $2194587 | $2172641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings (Topco), Inc., First Lien Term Loan<sup>(d)</sup><sup>(e)(f)</sup> | United States | 3M SOFR + 4.75% | 8.91% | 09/01/31 | 5120702 | 5069495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Technologies Intermediate Holdings (Topco), Inc., First Lien Term Loan B<sup>(d)</sup><sup>(e)(f)</sup> | United States | 3M SOFR + 4.75% | 8.91% | 09/02/31 | 14126984 | 13985714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp. (Milano Acquisition Corp), First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 4.00% | 8.10% | 10/01/27 | 17203613 | 16962763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldeneye Parent, LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.16% | 03/31/32 | 6535055 | 6567730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc., First Lien Term Loan (2.75% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 2.75% | 7.01% | 11/24/28 | 9216223 | 8824534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovalon Holdings, Inc., Second Lien Term Loan (12.78% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 8.50% | 12.78% | 11/25/33 | 85954 | 66400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisdom Purchaser, LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.82% | 07/24/32 | 6343750 | 6312031 |
|  |  |  |  |  |  | 68670044 |
|  **HOTELS, RESTAURANTS & LEISURE** (**4.44%**) | **HOTELS, RESTAURANTS & LEISURE** (**4.44%**) | **HOTELS, RESTAURANTS & LEISURE** (**4.44%**) | **HOTELS, RESTAURANTS & LEISURE** (**4.44%**) | **HOTELS, RESTAURANTS & LEISURE** (**4.44%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bally's Corp, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.25% | 7.84% | 10/02/28 | 492327 | 479404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedar Fair, L.P., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.00% | 6.16% | 05/01/31 | 4974811 | 4949937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CircusTrix Holdings LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 6.75% | 10.91% | 07/18/28 | 531989 | 524009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CircusTrix Holdings LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 6.75% | 10.91% | 07/18/28 | 552569 | 544281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CircusTrix Holdings LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 6.75% | 10.91% | 07/18/28 | 4109677 | 4048032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crunch Fitness Merger Sub, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 09/26/31 | 8823529 | 8779412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero Finco Llc, First Lien Term Loan<sup>(d)</sup>  | United States | 1M SOFR + 5.00% | 9.23% | 12/12/29 | 12908874 | 13068234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Operating Co LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.00% | 7.16% | 03/24/32 | 8977500 | 8998821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Operating Co LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 3.75% | 7.91% | 03/24/28 | 12918750 | 12918750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joker Holdco 3 S.a r.l., First Lien Term Loan<sup>(d)(f)</sup>  | Luxembourg | 6M EURIBOR +<br>6.00% | 8.12% | 04/19/31 | 4625000 | 5389272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OB Global Openbet Holdings 2 LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 6.00% | 10.00% | 09/24/29 | $9450000 | 9355500 |
|  |  |  |  |  |  | 69055652 |
|  **HOUSEHOLD DURABLES** (**0.52%**) | **HOUSEHOLD DURABLES** (**0.52%**) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly-Wood, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.88% | 9.04% | 03/20/30 | 3581781 | 3563873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poly-Wood, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.88% | 9.04% | 03/20/30 | 974598 | 969725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restoration Hardware, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.50% | 6.78% | 10/20/28 | 613786 | 598868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.75% | 4.00% | 09/17/32 | 3000000 | 2972820 |
|  |  |  |  |  |  | 8105286 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**0.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**0.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**0.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**0.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**0.34%**) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esdec Solar Group B.V. (Enstall Group B.V.), First Lien Incremental Term Loan<sup>(d)(f)(k)</sup>  | Netherlands |  | 8.49% | 08/30/28 | 7735797 | $5176877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esdec Solar Group B.V. (Enstall Group B.V.), First Lien Term Loan<sup>(d)(k)</sup>  | Netherlands |  | 9.26% | 08/30/28 | $88538 | 48253 |
|  |  |  |  |  |  | 5225130 |
|  **INSURANCE** (**6.86%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acropole Holding SAS, First Lien Term Loan<sup>(d)</sup>  | France | 3M EURIBOR + 3.50% | 5.50% | 07/26/32 | 16153846 | 19082970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.25% | 7.41% | 05/30/32 | $10000000 | 10048550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty Ltd, First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 1M SOFR + 2.75% | 6.94% | 02/15/31 | 5138147 | 5123169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC (fka Asurion Corporation), First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.25% | 8.41% | 09/19/30 | 14962500 | 14886191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC, First Lien Delayed Draw Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 09/29/28 | 70467 | 70114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 09/29/28 | 60524 | 60222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC, First Lien Revolving Term Loan<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 7.92% | 09/29/28 | 70256 | 70256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower Llc, First Lien Term Loan<sup>(d)(e)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 09/29/28 | 3745457 | 3754820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup> | United States | 3M SOFR + 4.75% | 8.91% | 11/24/28 | 1139074 | 1139074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.67% | 11/24/28 | 4895082 | 4895082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance Sarl, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United Kingdom | 3M SOFR + 4.75% | 8.91% | 02/15/31 | 6900000 | 6900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyperion Refinance Sarl, First Lien Term Loan<sup>(d)(e)</sup>  | United Kingdom | 1M SOFR + 2.75% | 6.91% | 02/15/31 | 13610681 | 13626742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc., First Lien Term<br>Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 08/29/32 | 7821716 | 7743499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.71% | 04/03/30 | 10060785 | 10060785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thg Acquisition, LLC, First Lien Delayed Draw Term<br>Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 10/31/31 | 216820 | 214652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thg Acquisition, LLC, First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.86% | 10/31/31 | 49642 | 49145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thg Acquisition, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.91% | 10/31/31 | 5965251 | 5905598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.75% | 6.75% | 05/06/31 | 3000000 | 3004695 |
|  |  |  |  |  |  | 106635564 |
|  **INTERACTIVE MEDIA & SERVICES** (**2.34%**) | **INTERACTIVE MEDIA & SERVICES** (**2.34%**) | **INTERACTIVE MEDIA & SERVICES** (**2.34%**) | **INTERACTIVE MEDIA & SERVICES** (**2.34%**) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurelia Netherlands BV, First Lien Term Loan<sup>(d)(f)(g)</sup>  | Netherlands | 6M EURIBOR +<br>4.75% | 6.78% | 05/29/31 | 15000000 | 17654828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X Corp, First Lien Term Loan<sup>(h)</sup>  | United States |  | 9.50% | 10/26/29 | $17605417 | 17684906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X Corp, First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 6.50% | 10.96% | 10/26/29 | 1088678 | 1069473 |
|  |  |  |  |  |  | 36409207 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **IT SERVICES (1.43%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financiere Astek, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | France | 3M EURIBOR + 6.50% | 8.75% | 04/25/31 | 1912000 | $2216730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financiere Astek, First Lien Term Loan<sup>(d)(f)</sup>  | France | 3M EURIBOR + 6.50% | 8.75% | 04/25/31 | 4662000 | 5405019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United Kingdom | 1M EURIBOR + 4.90% | 8.87% | 07/11/29 | 435830 | 509129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 6M EURIBOR + 4.90% | 8.87% | 07/11/29 | 1750000 | 2044321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company 24 Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 6M EURIBOR + 4.90% | 6.90% | 07/11/29 | 1410281 | 1647467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company 24 Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 4.90% | 8.87% | 07/11/29 | £2295636 | 3071962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 8.99% | 09/27/31 | $41277 | 40864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.03% | 09/27/31 | 7382569 | 7308743 |
|  |  |  |  |  |  | 22244235 |
|  **LEISURE PRODUCTS (1.31%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.25% | 7.39% | 09/22/32 | 3393939 | 3309108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neutron Holdings, Inc., First Lien Term Loan<sup>(f)(h)</sup>  | United States |  | 10.00% | 09/30/26 | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 5.50% | 9.66% | 05/30/29 | 6912500 | 7021372 |
|  |  |  |  |  |  | 20330480 |
|  **LIFE SCIENCES TOOLS & SERVICES (0.96%)** | **LIFE SCIENCES TOOLS & SERVICES (0.96%)** | **LIFE SCIENCES TOOLS & SERVICES (0.96%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc., First Lien Term Loan (3.25% PIK)<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 6.25% | 10.45% | 12/06/29 | 15237914 | 14971250 |
|  **MACHINERY (2.05%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., First Lien Term Loan<sup>(d)</sup>  | United States | 3M SOFR + 2.75% | 6.93% | 11/29/30 | 2984334 | 2996540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideal Components Acquisition, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 06/30/32 | 7480916 | 7368702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPW Industries Holding Corporation, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.88% | 10.08% | 11/22/28 | 7737395 | 7640678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Donnelly Bidco, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 6.50% | 10.66% | 10/02/29 | 4900000 | 4813760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Acquisition Ltd of Canada, First Lien Term Loan<sup>(d)(e)</sup>  | Canada | 1M SOFR + 3.75% | 7.92% | 02/15/29 | 8973695 | 9008558 |
|  |  |  |  |  |  | 31828238 |
|  **MEDIA (1.38%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC, First Lien Term Loan (1.50% PIK)<sup>(d)(g)</sup>  | United States | 1M SOFR + 3.50% | 7.78% | 09/25/29 | 12040637 | 9752414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wasserman Media Group LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.00% | 7.16% | 06/23/32 | 5000000 | 5025025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziggo B.V., First Lien Term Loan<sup>(d)</sup>  | Netherlands | 6M EURIBOR + 3.00% | 4.88% | 01/31/29 | 5800000 | 6733243 |
|  |  |  |  |  |  | 21510682 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** | **PAPER & FOREST PRODUCTS (0.29%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahlstrom Holding 3 Oy (SpA Holdings 3 Oy), First Lien Term Loan<sup>(d)(e)</sup>  | Finland | 6M SOFR + 4.25% | 8.51% | 05/23/30 | $4553804 | $4564050 |
|  **PERSONAL CARE PRODUCTS (1.04%)** | **PERSONAL CARE PRODUCTS (1.04%)** | **PERSONAL CARE PRODUCTS (1.04%)** | **PERSONAL CARE PRODUCTS (1.04%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KDC/ONE Development Corporation, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | Canada | 1M SOFR + 3.50% | 7.66% | 08/15/28 | 7797184 | 7824280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parfums Holding Company, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.25% | 06/27/30 | 8368522 | 8305758 |
|  |  |  |  |  |  | 16130038 |
|  **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** | **PHARMACEUTICALS (1.87%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH, First Lien Term Loan<sup>(d)</sup>  | Germany | 6M EURIBOR + 4.00% | 6.03% | 02/22/29 | 4500000 | 5256164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.14% | 12/18/31 | $8699143 | 8612151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kairos Intermediateco AB, First Lien Term Loan<sup>(d)(f)(g)</sup>  | Sweden | 6M EURIBOR + 4.75% | 6.80% | 08/26/32 | 5146385 | 6011920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kairos Intermediateco AB, First Lien Term Loan<sup>(d)(f)</sup>  | Sweden | 3M SONIA + 4.75% | 8.74% | 08/26/32 | £3373741 | 4514656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kairos Intermediateco AB, First Lien Term Loan<sup>(d)(f)(g)</sup>  | Sweden | 3M NIBOR + 4.75% | 9.05% | 08/26/32 | 47421321 | 4728090 |
|  |  |  |  |  |  | 29122981 |
|  **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** | **PROFESSIONAL SERVICES (3.94%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.00% | 6.16% | 08/12/32 | $5000000 | 4971875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BDO USA, P.A., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.22% | 08/31/28 | 19278136 | 19229940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding, LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 5.25% | 9.81% | 09/12/32 | 9142857 | 9051428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EAB Global, Inc., First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.00% | 7.16% | 08/16/30 | 5467425 | 5340991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Thornton Advisors Holdings LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 3.00% | 7.16% | 06/02/31 | 7000000 | 6997900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC, First Lien Delayed Draw Term Loan (2.50% PIK)<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.19% | 08/22/31 | 185535 | 183680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC, First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 6.05% | 08/22/30 | 60000 | 59400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC, First Lien Term Loan (2.75% PIK)<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 2.75% | 9.71% | 08/22/31 | 5205251 | 5153199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 2.50% | 6.50% | 06/30/32 | 3500000 | 3530625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | Ireland | 3M SOFR + 5.25% | 7.25% | 03/19/32 | 345372 | 342781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited, First Lien Term Loan<sup>(d)(f)</sup>  | Ireland | 3M EURIBOR + 5.25% | 7.25% | 03/19/32 | 2898581 | 3377566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited, First Lien Term Loan<sup>(d)(f)</sup>  | Ireland | 3M SOFR + 5.25% | 9.37% | 03/19/32 | $3042988 | 3020166 |
|  |  |  |  |  |  | 61259551 |
|  **SOFTWARE (10.71%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaplan, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.70% | 06/21/29 | 10518318 | 10518318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong Bidco Limited, First Lien Delayed Draw Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.25% | 9.22% | 06/28/29 | £2057000 | 2641968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armstrong Bidco Limited, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United Kingdom | 3M SONIA + 5.25% | 9.22% | 06/28/29 | 3943000 | 5064306 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **SOFTWARE (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artifact Bidco, Inc., First Lien Term Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 4.25% | 8.25% | 07/28/31 | $6339901 | $6339901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc., First Lien Delayed Draw Term Loan (2.50% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 6.00% | 10.16% | 03/19/31 | 3750000 | 3740625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc., First Lien Term Loan (2.50% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 6.00% | 10.16% | 03/19/31 | 1650000 | 1645875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Intermediate II, Inc., First Lien Term Loan<sup>(f)(g)(h)</sup>  | United States |  | 13.00% | 09/24/33 | 1576384 | 1544857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Parent Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 1M SOFR + 5.75% | 9.91% | 09/24/31 | 10491075 | 10333709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certinia Inc (FinancialForce.com), First Lien Incremental Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.56% | 08/03/29 | 6513088 | 6464240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings 2, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.75% | 7.94% | 12/09/31 | 4987500 | 4998423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Software Incorporated, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.25% | 9.56% | 02/27/30 | 5971144 | 6030855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc., First Lien Incremental Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 6.75% | 10.91% | 11/08/30 | 7528302 | 7528302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.72% | 01/03/31 | 7368996 | 7442686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 8.98% | 07/02/31 | 576385 | 582149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 8.98% | 07/02/31 | 5881481 | 5940296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen IX Borrower 2023, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.75% | 09/30/30 | 1980000 | 1980000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen IX Borrower 2023, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.75% | 09/30/30 | 9733463 | 9733463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC, First Lien Term Loan (2.93% PIK)<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 5.25% | 9.71% | 06/14/31 | 10283077 | 10283077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetaTiedot Midco S.a.r.l., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | Luxembourg | 3M EURIBOR + 5.50% | 7.28% | 11/27/31 | 28520 | 33484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetaTiedot Midco S.a.r.l., First Lien Term Loan<sup>(d)(f)</sup>  | Luxembourg | 3M EURIBOR + 5.50% | 7.28% | 11/27/31 | 3522300 | 4135368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetaTiedot Midco S.a.r.l., First Lien Term Loan<sup>(d)(f)</sup>  | Luxembourg | 3M SOFR + 5.50% | 9.45% | 11/27/31 | $2637753 | 2617970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 4.00% | 8.57% | 06/02/28 | 11743737 | 11343334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 06/03/32 | 8514641 | 8472068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC, First Lien Term Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 12/17/31 | 10872958 | 10764229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Storable Inc, First Lien Term Loan<sup>(d)</sup>  | United States | 1M SOFR + 3.25% | 7.41% | 04/16/31 | 4975000 | 4997810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X.AI LLC, First Lien Term Loan<sup>(h)</sup>  | United States |  | 12.50% | 06/28/30 | 6628485 | 6887692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 11/22/28 | 1059806 | 1057156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zendesk, Inc., First Lien Term Loan<sup>(d)(e)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 11/22/28 | 13303667 | 13270407 |
|  |  |  |  |  |  | 166392568 |
|  **SPECIALTY RETAIL (2.42%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altern Marketing, LLC, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.04% | 06/13/28 | 5927613 | 5942432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG Finco Ltd (fka Intervias Finco Ltd), First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 3M EURIBOR + 4.50% | 5.94% | 02/07/28 | 4036770 | 4783839 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **SPECIALTY RETAIL (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG Finco Ltd (fka Intervias Finco Ltd), First Lien Term Loan<sup>(d)</sup>  | United Kingdom | 6M EURIBOR + 3.88% | 5.94% | 02/07/28 | 5985000 | $| 7092620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Acqco 1 LP, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 3.00% | 7.03% | 09/17/32 | $4000000 |  | 4008340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahwah Bergen Retail Group, Inc. (Ascena Retail Group, Inc.), First Lien Term Loan<sup>(d)(i)(j)</sup>  | United States |  | 5.25% | 08/21/22 | 1435369 |  | 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 4.00% | 8.14% | 08/18/32 | 5000000 |  | 4931275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 5.00% | 9.17% | 10/01/31 | 6871213 |  | 6682255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Men's Wearhouse, LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 3M SOFR + 6.50% | 10.05% | 02/26/29 | 4115250 |  | 4139263 |
|  |  |  |  |  |  |  | 37585234 |
|  **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS (0.48%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC, First Lien Delayed Draw Term Loan<sup>(c)(d)(f)(g)</sup>  | United States | 3M SOFR + 4.75% | 9.00% | 08/15/31 | 373415 |  | 369681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC, First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 4.75% | 8.75% | 08/15/31 | 7222654 |  | 7150427 |
|  |  |  |  |  |  |  | 7520108 |
|  **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** | **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** | **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** | **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** | **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** | **TEXTILES, APPAREL & LUXURY GOODS (1.59%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, First Lien Delayed Draw Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.25% | 6.41% | 02/13/32 | 417900 |  | 417814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, First Lien Term Loan<sup>(d)(e)</sup>  | United States | 1M SOFR + 2.25% | 6.41% | 12/21/28 | 8815329 |  | 8809115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBG Borrower LLC, First Lien Term Loan, Incremental<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.15% | 08/22/29 | 8632609 |  | 8546283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBG Borrower LLC, First Lien Term Loan, Incremental #6<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.15% | 08/22/29 | 2812452 |  | 2784327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBG Borrower LLC, First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.15% | 08/22/29 | 2276923 |  | 2254154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBG Borrower LLC, First Lien Term Loan, Incremental #2<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.15% | 08/22/29 | 1861460 |  | 1842845 |
|  |  |  |  |  |  |  | 24654538 |
|  **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** | **TRADING COMPANIES & DISTRIBUTORS (0.62%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WC ORS Buyer, Inc., First Lien Delayed Draw Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 08/07/31 | 1510451 |  | 1487794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WC ORS Buyer, Inc., First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 5.00% | 10.32% | 08/07/31 | 424458 |  | 418091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WC ORS Buyer, Inc., First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 08/07/31 | 7879011 |  | 7760826 |
|  |  |  |  |  |  |  | 9666711 |
|  **TRANSPORTATION INFRASTRUCTURE (1.26%)** | **TRANSPORTATION INFRASTRUCTURE (1.26%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Bidco, Inc, First Lien Term Loan<sup>(d)(e)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.50% | 06/14/32 | 5014925 |  | 5065075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geotechnical Merger Sub, Inc., First Lien Delayed Draw Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.69% | 10/15/31 | 961963 |  | 959558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geotechnical Merger Sub, Inc., First Lien Revolving Term Loan<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.74% | 10/15/31 | 171779 |  | 171350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geotechnical Merger Sub, Inc., First Lien Term Loan<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.50% | 8.60% | 10/15/31 | 5300614 |  | 5287362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Ardent Bidco Limited, First Lien Term Loan<sup>(d)(f)</sup>  | United Kingdom | 3M SONIA + 5.50% | 9.51% | 11/12/31 | £6153846 |  | 8131469 |
|  |  |  |  |  |  |  | 19614813 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** | **WIRELESS TELECOMMUNICATION SERVICES (0.49%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc., First Lien Term Loan<sup>(d)(f)(g)</sup>  | United States | 3M SOFR + 5.00% | 9.00% | 05/13/32 | $7558621 | $7596414 |
|  **TOTAL BANK LOANS**<br> **(Cost $1,615,123,495)** |  |  |  |  |  | **1638071283** |
|  **CORPORATE BONDS (19.24%)** |  |  |  |  |  |  |
|  **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** | **AEROSPACE & DEFENSE (0.33%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transdigm Inc.<sup>(h)(l)(m)</sup>  | United States |  | 6.63% | 03/01/32 | 5000000 | 5152050 |
|  **BANKS (0.46%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 6.38% | 03/01/32 | 6874000 | 7123612 |
|  **BUILDING PRODUCTS (0.41%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc.<sup>(h)(l)</sup>  | United States |  | 8.00% | 03/15/31 | 6240000 | 6318000 |
|  **CAPITAL MARKETS (1.55%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane Bidco Limited<sup>(d)(f)(l)</sup>  | United Kingdom | 3M SONIA + 5.00% | 8.99% | 03/21/30 | £8000000 | 10651604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kane Bidco Limited<sup>(d)(f)(l)</sup>  | United Kingdom | 3M SONIA + 6.25% | 10.24% | 02/15/28 | 10000000 | 13448994 |
|  |  |  |  |  |  | 24100598 |
|  **CHEMICALS (0.64%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corporation<sup>(h)(l)(m)</sup> | United States |  | 6.75% | 08/01/32 | $5000000 | 4948240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corporation<sup>(h)(l)</sup> | United States |  | 7.25% | 02/15/33 | 5000000 | 5005973 |
|  |  |  |  |  |  | 9954213 |
|  **CONSUMER FINANCE (0.06%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 4.25% | 06/01/28 | £672000 | 868578 |
|  **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** | **CONSUMER STAPLES DISTRIBUTION & RETAIL (0.24%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc<sup>(h)(l)</sup> | United States |  | 9.00% | 02/15/29 | $3612000 | 3802223 |
|  **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** | **DIVERSIFIED TELECOMMUNICATION SERVICES (1.62%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC<sup>(h)(l)(m)</sup>  | United States |  | 4.63% | 12/01/30 | 2125000 | 749063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC<sup>(h)(l)(m)</sup>  | United States |  | 5.75% | 01/15/30 | 862000 | 329176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.<sup>(h)(l)</sup>  | United States |  | 6.88% | 06/30/33 | 3641533 | 3715401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 7.00% | 03/31/34 | 20000000 | 20381500 |
|  |  |  |  |  |  | 25175140 |
|  **ELECTRIC UTILITIES (0.43%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricite de France S.A.<sup>(h)</sup>  | France |  | 6.88% | 06/26/37 | £5000000 | 6628448 |
|  **GAS UTILITIES (0.96%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines Lng LLC<sup>(h)(l)(m)</sup>  | United States |  | 6.50% | 01/15/34 | $6054000 | 6375800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines Lng LLC<sup>(h)(l)(m)</sup>  | United States |  | 6.75% | 01/15/36 | 7990000 | 8486778 |
|  |  |  |  |  |  | 14862578 |
|  **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** | **HEALTH CARE PROVIDERS & SERVICES (0.93%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.<sup>(h)(l)</sup>   | United States |  | 5.25% | 05/15/30 | 4622000 | 4184597 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **HEALTH CARE PROVIDERS & SERVICES (continued)** | **HEALTH CARE PROVIDERS & SERVICES (continued)** | **HEALTH CARE PROVIDERS & SERVICES (continued)** | **HEALTH CARE PROVIDERS & SERVICES (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 9.75% | 01/15/34 | $10000000 | $10298125 |
|  |  |  |  |  |  | 14482722 |
|  **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**1.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**1.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**1.34%**) | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS** (**1.34%**) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP<sup>(h)(l)(m)</sup>  | United States |  | 8.38% | 01/15/31 | 7308000 | 7652572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP<sup>(h)(l)(m)</sup>  | United States |  | 8.63% | 03/15/33 | 12603000 | 13228235 |
|  |  |  |  |  |  | 20880807 |
|  **INSURANCE** (**0.40%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd<sup>(h)(l)(m)</sup>  | United Kingdom |  | 7.75% | 02/15/31 | 6000000 | 6279750 |
|  **LEISURE PRODUCTS** (**0.91%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC<sup>(h)(l)(m)</sup>  | United States |  | 7.25% | 10/15/32 | 14931000 | 14212446 |
|  **MEDIA** (**2.26%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 7.13% | 02/15/31 | 2131000 | 2203289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.<sup>(h)(l)(m)</sup>  | United States |  | 7.50% | 03/15/33 | 955000 | 999853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.<sup>(h)(l)</sup>  | United States |  | 7.88% | 04/01/30 | 2654000 | 2788253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corporation (6.75% PIK)<sup>(g)(h)(m)</sup>  | United States |  | 6.75% | 11/30/30 | 6998692 | 7058222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corporation<sup>(h)(m)</sup> | United States |  | 10.75% | 11/30/29 | 20107641 | 22149941 |
|  |  |  |  |  |  | 35199558 |
|  **PROFESSIONAL SERVICES** (**0.62%**) | **PROFESSIONAL SERVICES** (**0.62%**) | **PROFESSIONAL SERVICES** (**0.62%**) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xerox Corporation<sup>(f)(n)</sup> | United States |  | 0.00% | 01/30/26 | 10000000 | 9575000 |
|  **SEMICONDUCTORS** (**0.81%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. (4.00% PIK)<sup>(g)(h)(l)</sup> | United States |  | 13.88% | 06/23/30 | 11753818 | 12554547 |
|  **SOFTWARE** (**1.84%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.<sup>(h)(l)(m)</sup> | United States |  | 6.50% | 03/31/29 | 12500000 | 12625469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.<sup>(h)(l)(m)</sup> | United States |  | 6.63% | 08/15/33 | 10000000 | 10180829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X.AI LLC<sup>(h)(m)</sup>  | United States |  | 12.50% | 06/30/30 | 5500000 | 5778437 |
|  |  |  |  |  |  | 28584735 |
|  **SPECIALIZED REITS** (**0.22%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC<sup>(h)(l)(m)</sup>  | United States |  | 10.50% | 02/15/28 | 3280000 | 3462505 |
|  **SPECIALTY RETAIL** (**1.23%**) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EG Global Finance PLC (3.75% PIK)<sup>(d)(f)(g)(l)</sup>  | United Kingdom | 3M SOFR + 7.50% | 11.68% | 11/30/28 | 11488868 | 12264367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guitar Center, Inc.<sup>(g)(h)(l)(m)</sup>  | United States |  | 11.00% | 01/15/29 | 8153250 | 6836128 |
|  |  |  |  |  |  | 19100495 |
|  **TEXTILES, APPAREL & LUXURY GOODS** (**0.82%**) | **TEXTILES, APPAREL & LUXURY GOODS** (**0.82%**) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Made in Italy 2 S.P.A., Series A Term Loan<sup>(d)(f)(g)</sup>  | Italy | 6M EURIBOR + 6.75% | 9.58% | 10/17/30 | 4820870 | 5122262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Made in Italy 2 S.P.A., Series B Term Loan<sup>(d)(f)(g)</sup>  | Italy | 6M EURIBOR + 6.75% | 9.58% | 10/17/30 | 7179130 | 7627958 |
|  |  |  |  |  |  | 12750220 |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **WIRELESS TELECOMMUNICATION SERVICES (1.16%)** | **WIRELESS TELECOMMUNICATION SERVICES (1.16%)** | **WIRELESS TELECOMMUNICATION SERVICES (1.16%)** | **WIRELESS TELECOMMUNICATION SERVICES (1.16%)** | **WIRELESS TELECOMMUNICATION SERVICES (1.16%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services II, LLC<sup>(h)(l)</sup>  | United States |  | 7.50% | 10/15/33 | $18000000 | $17988750 |
|  **TOTAL CORPORATE BONDS**<br> **(Cost $289,938,783)** |  |  |  |  |  | **299056975** |
|  **ASSET-BACKED SECURITIES (4.50%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Grange Holdings, LLC (6.50% PIK)<sup>(g)(h)</sup>  | United States |  | 6.50% | 03/20/45 | 15005667 | 15774401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2024- N2, Class C<sup>(h)(l)</sup>  | United States |  | 5.82% | 09/10/30 | 3375000 | 3430305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2024- N2, Class D<sup>(h)(l)</sup>  | United States |  | 6.44% | 09/10/30 | 5200000 | 5528538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2024- N2, Class E<sup>(h)(l)</sup>  | United States |  | 8.16% | 06/10/31 | 3450000 | 3511926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2024- N2, Class R<sup>(h)(l)</sup>  | United States |  | 45.13% | 06/10/31 | 5400 | 3011372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2024- N2, Class XS<sup>(h)(l)</sup>  | United States |  | 45.49% | 06/10/31 | 5400 | 336950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust 2025- N1, Class EX2<sup>(d)(l)</sup>  | United States |  | 7.00% | 08/10/32 | 3772 | 5041196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Plains LLC 2024-1<sup>(d)(f)(l)</sup>  | United States | 1M SOFR + 3.75% | 8.06% | 10/30/31 | 13500000 | 13679550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust 2021-A<sup>(f)(h)(l)</sup>  | United States |  | 10.22% | 04/20/62 | 10080 | 2091179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust 2021-B<sup>(f)(h)(l)</sup>  | United States |  | 9.09% | 04/20/62 | 10080 | 1066527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust 2021-C<sup>(f)(h)(l)</sup>  | United States |  | 35.28% | 04/20/62 | 10080 | 833906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust 2021-D<sup>(f)(h)(l)</sup>  | United States |  | 17.15% | 04/20/62 | 10080 | 639611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMFC Senior Loan Program III LLC<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.75% | 08/07/28 | 833333 | 833333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMFC Senior Loan Program IV LLC<sup>(d)(f)</sup>  | United States | 3M SOFR + 4.75% | 8.94% | 07/11/30 | 1437500 | 1437500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNMSR 2024-GT1 A, Class A<sup>(d)(l)</sup>  | United States | 1M SOFR + 3.20% | 7.36% | 03/25/29 | 10000000 | 10076340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QTS Project Ram<sup>(c)(d)(f)</sup>  | United States | 3M SOFR + 2.25% | 6.49% | 05/29/28 | 2731701 | 2700969 |
|  |  |  |  |  |  | 69993603 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $70,103,950)** |  |  |  |  |  | **69993603** |
|  **CONVERTIBLE CORPORATE BONDS (4.39%)** | **CONVERTIBLE CORPORATE BONDS (4.39%)** |  |  |  |  |  |
|  **HOTELS, RESTAURANTS & LEISURE** (**1.52%**) | **HOTELS, RESTAURANTS & LEISURE** (**1.52%**) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE<sup>(h)</sup>  | Korea, South |  | 2.13% | 03/10/29 | 1000000 | 1061191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE<sup>(h)(m)</sup>  | Korea, South |  | 3.25% | 02/21/30 | 19400000 | 22470705 |
|  |  |  |  |  |  | 23531896 |
|  **MEDIA (2.87%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corporation (3.88% PIK)<sup>(g)(h)(m)</sup> | United States |  | 3.88% | 11/30/30 | $18210989 | 44640770 |
|  **TOTAL CONVERTIBLE CORPORATE BONDS**<br> **(Cost $61,010,304)** | **TOTAL CONVERTIBLE CORPORATE BONDS**<br> **(Cost $61,010,304)** |  |  |  |  | **68172666** |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Index**<br>**and Spread** | **Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **COMMERCIAL REAL ESTATE LOANS (1.09%)** | **COMMERCIAL REAL ESTATE LOANS (1.09%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AREIT CRE Trust 2023-CRE8, Class C, Series 2023-CRE8<sup>(d)(l)</sup>  | Bermuda | 1M SOFR + 4.02% | 8.17% | 08/17/41 | $7000000 | $6971208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust 2022-B1, Class A, Series 2022-B1<sup>(d)(l)</sup>  | United States | 1M SOFR + 2.02% | 6.17% | 11/17/37 | 8000000 | 7976987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust 2022-B1, Class B, Series 2022-B1<sup>(d)(l)</sup>  | United States | 1M SOFR + 2.70% | 6.85% | 11/17/37 | 100000 | 98551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust 2022-B1, Class C, Series 2022-B1<sup>(d)(l)</sup>  | United States | 1M SOFR + 3.25% | 7.40% | 11/17/37 | 1034000 | 1020853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust 2022-B1, Class D, Series 2022-B1<sup>(d)(l)</sup>  | United States | 1M SOFR + 4.00% | 8.15% | 11/17/37 | 142000 | 142240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust 2022-B1, Class E, Series 2022-B1<sup>(d)(l)</sup>  | United States | 1M SOFR + 4.75% | 8.90% | 11/17/37 | 724000 | 694560 |
|  |  |  |  |  |  | 16904399 |
|  **TOTAL COMMERCIAL REAL ESTATE LOANS**<br> **(Cost $16,838,622)** | **TOTAL COMMERCIAL REAL ESTATE LOANS**<br> **(Cost $16,838,622)** |  |  |  |  | **16904399** |
|  |  |  |  |  | **Shares** |  |
|  **COMMON STOCKS (0.18%)** |  |  |  |  |  |  |
|  **MEDIA (0.18%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Inc., Class A<sup>(k)</sup> | United States |  |  |  | 1129501 | 2722097 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $2,246,137)** |  |  |  |  |  | **2722097** |
|  **PARTNERSHIP INTEREST (0.01%)** |  |  |  |  |  |  |
|  **CONSTRUCTION & ENGINEERING (0.01%)** | **CONSTRUCTION & ENGINEERING (0.01%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tailwind Fire Flow Investor, LP<sup>(f)(k)(o)</sup>  | United States |  |  |  | 100 | 101068 |
|  **TRADING COMPANIES & DISTRIBUTORS (0.00%)** | **TRADING COMPANIES & DISTRIBUTORS (0.00%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WC ORS Holdings, L.P.<sup>(f)(k)(o)</sup>  | United States |  |  |  | 9557 | 13953 |
|  **TOTAL PARTNERSHIP INTEREST**<br> **(Cost $110,625)** |  |  |  |  |  | **115021** |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Country** | **Coupon<br>Rate** | **Shares** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **PREFERRED STOCKS (0.00%)** |  |  |  |  |
|  **INSURANCE (0.00%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HIG Intermediate, Inc.<sup>(f)(g)(h)(o)(p)</sup>  | United States | 10.50% | 50000 | $49625 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $49,250)** |  |  |  | **49625** |
|  |  | **7-Day<br>Yield** | **Shares** | **Value**<br>**(Note 2)<sup>(a)</sup>** |
|  **SHORT TERM INVESTMENT (3.61%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund – Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund – Institutional Class | 4.03% | 56069254 | 56069254 |
|  **TOTAL SHORT TERM INVESTMENT**<br> **(Cost $56,069,254)** |  |  |  | **56069254** |
|  **TOTAL INVESTMENTS (138.40%)**<br> **(Cost $2,111,490,420)** |  |  |  | 2151154923 |
|  **Liabilities in Excess of Other Assets (-38.40%)** | **Liabilities in Excess of Other Assets (-38.40%)** |  |  | (596792523) |
|  **NET ASSETS (100.00%)** |  |  |  | $**1554362400** |

---

**Reference Rates:** 

1M EURIBOR - 1 Month EURIBOR as of September 30, 2025 was 1.93%

3M EURIBOR - 3 Month EURIBOR as of September 30, 2025 was 2.03%

6M EURIBOR - 6 Month EURIBOR as of September 30, 2025 was 2.10%

3M NIBOR - 3 Month NIBOR as of September 30, 2025 was 4.13%

1M SOFR - 1 Month US SOFR as of September 30, 2025 was 4.13%

3M SOFR - 3 Month US SOFR as of September 30, 2025 was 3.98%

6M SOFR - 6 Month US SOFR as of September 30, 2025 was 3.85%

3M SONIA - 3 Month SONIA as of September 30, 2025 was 4.09%

CORRA - Canadian Overnight Repo Rate Average as of September 30, 2025 was 2.56%

PRIME - Prime Rate as of September 30, 2025 was 7.25%

TONA - Tokyo Overnight Average Rate as of September 30, 2025 was 0.48%

*<sup>(a)</sup>* *Investment holdings denominated in foreign currencies are converted to U.S. Dollars using period end spot rates.* 

*<sup>(b)</sup>* *"Bank Loans" are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Bank Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of September 30, 2025. Bank Loans are generally not registered under the Securities Act of 1933, as amended (the "Securities Act") and often incorporate certain restrictions on resale and cannot be sold publicly. Bank Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity.* 

*<sup>(c)</sup>* *A portion of this security was not funded as of September 30, 2025. The Consolidated Schedule of Investments records only the funded portion of each position. As of September 30, 2025, the Fund has unfunded delayed draw loans in the amount of $235,903,266. Fair value of these unfunded delayed draws was $238,388,936. Additional information is provided in Note 3 General Commitments and Contingencies.* 

*<sup>(d)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of September 30, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

*<sup>(e)</sup>* *Security or portion thereof pledged as collateral under the secured revolving credit facility entered into by CRDTX SPV I, LLC and Citibank N.A.* 

*<sup>(f)</sup>* *Security is classified as Level 3 in the Fund's fair value hierarchy (see Note 2).* 

*<sup>(g)</sup>* *Paid in kind security which may pay interest in additional par.* 

*<sup>(h)</sup>* *Fixed rate security.* 

*<sup>(i)</sup>* *See Note 2 regarding defaulted securities.* 

*<sup>(j)</sup>* *These investments have a maturity date prior to the end of the current period. The final terms of an extension, restructuring or exit are still under negotiation with the respective portfolio company.* 

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

*<sup>(k)</sup>* *Non-income producing security.* 

*<sup>(l)</sup>* *Securities exempt from registration under Rule 144A of the Securities Act and Regulation S of the Securities Act. These securities may be sold in the ordinary course of business in transactions exempt from registration normally to qualified institutional buyers. As of September 30, 2025, the aggregate market value of such securities was $301,268,506, representing 19.37% of net assets.* 

*<sup>(m)</sup>* *Security or a portion thereof pledged as collateral under the Fund's committed facility agreement with BNP Paribas Brokerage International, Ltd.* 

*<sup>(n)</sup>* *Zero coupon securities.* 

*<sup>(o)</sup>* *Securities may be deemed to be "restricted securities" under the Securities Act. As of September 30, 2025, the restricted securities were as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Restricted** | **Acquisition<br>Date** | **Acquisition<br>Date** |  | **Cost** |  | **Value<br>September 30, 2025** | **Value as<br>Percentage of Net<br>Assets Applicable<br>to Common<br>Stockholders<br>September 30, 2025** | **Value as<br>Percentage of Net<br>Assets Applicable<br>to Common<br>Stockholders<br>September 30, 2025** |  |
|  *HIG Intermediate, Inc.* | | *12/10/2024* | | $*49250* | | $*49625* | | *—* | |
|  *Tailwind Fire Flow Investor, LP* | | *06/28/2024* | | *101068* | | *101068* | | *0.01* | |
|  *WC ORS Holdings, L.P.* | | *08/09/2024* | | *9557* | | *13953* | | *—* | |
|  *Total* |  |  |  | $***159875*** | **** | $***164646*** | **** | ***0.01*** | *%*** |

---

*<sup>(p)</sup>* *These securities have no contractual maturity date, are not redeemable and contractually pay an indefinite stream of dividends.* 

***Common Abbreviations:***

*B.V. - Besloten Vennootshap* 

*CLO - Collateralized Loan Obligation* 

*Co. - Company* 

*CORRA - Canadian Overnight Repo Rate Average* 

*EURIBOR - Euro Interbank Offered Rate* 

*LLC - Limited Liability Company* 

*LP - Limited Partnership* 

*Ltd - Limited Company* 

*NIBOR - Norwegian Interbank Offered Rate* 

*P.A. - Professional Association* 

*PIK - Payment in Kind* 

*PLC - Public Limited Company* 

*SARL - Société A Responsabilité Limitée* 

*SONIA - Sterling Overnight Index Average* 

*SOFR - Secured Overnight Financing Rate* 

*TONA - Tokyo Overnight Average Rate* 

**OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Receiving<br>Currency** | **Receiving<br>Value** | **Delivering<br>Currency** | **Delivering<br>Currency** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Bank of New York Mellon | 12/17/25 | USD | 2181 | CAD | 2164 | $17 |
|  Bank of New York Mellon | 12/17/25 | USD | 410655 | EUR | 412753 | 2098 |
|  Bank of New York Mellon | 12/17/25 | USD | 26049253 | EUR | 25814734 | 234519 |
|  Bank of New York Mellon | 12/17/25 | USD | 510742 | GBP | 511112 | 370 |
|  Bank of New York Mellon | 12/17/25 | USD | 151040413 | GBP | 150145667 | 894746 |
|  Mizuho Securities Co., Ltd. | 12/17/25 | USD | 442289 | CAD | 439190 | 3099 |
|  Mizuho Securities Co., Ltd. | 12/17/25 | USD | 1586542 | EUR | 1580253 | 6289 |
|  Mizuho Securities Co., Ltd. | 12/17/25 | USD | 444745 | JPY | 441885 | 2860 |
|  Mizuho Securities Co., Ltd. | 12/17/25 | USD | 2005 | NOK | 2005 |  |
|  |  |  |  |  |  | $1143998 |
|  Bank of New York Mellon | 12/17/25 | EUR | (207621687) | USD | (207090855) | $(530832) |
|  Bank of New York Mellon | 12/17/25 | NOK | (4793328) | USD | (4791049) | (2279) |
|  Mizuho Securities Co., Ltd. | 12/17/25 | EUR | (12301210) | USD | (12292099) | (9111) |
|  Mizuho Securities Co., Ltd. | 12/17/25 | GBP | 7104447 | USD | 7158800 | (54353) |
|  |  |  |  |  |  | $(596575) |

---

------

---

| | |
|:---|:---|
| Apollo Diversified Credit Fund | Consolidated Schedule of Investments |
|  | September 30, 2025 *(Unaudited)* |

---

**TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/<br>Receive<br>Floating<br>Rate** | **Reference Entity/<br>Obligations** | **Currency** | **Receive<br>Notional<br>Amount** | **Floating<br>Rate<br>Index** | **Spread<br>(bps)** | **Termination<br>Date** | **Receive<br>Notional** | **Unrealized<br>Appreciation** |
|  Nomura Global Financial Products, Inc. | Receive | Altice USA, Inc. | USD | $(609018) | FEDL01 | 0.65 | 7/12/2027 | $814505 | $205487 |

---

**CROSS CURRENCY SWAP SUMMARY** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/<br>Receive<br>Floating<br>Rate** | **Receive<br>Notional** | **Currency** | **Pay Notional** | **Currency** | **Floating<br>Rate** | **Fixed<br>Rate** | **Maturity<br>Date** | **Unrealized<br>Depreciation** |
|  Nomura Global Financial Products, Inc. | Pay | 5842168 | USD | 23398232127 | COP | 1 Day<br>SOFR | 17.91% | 6/30/2028 | $(248622) |

---

**INTEREST RATE SWAP SUMMARY** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund<br>Receives** | **Fund Pays** | **Maturity<br>Date** | **Receive<br>Notional** | **Currency** | **Unrealized<br>Appreciation** |
|  Morgan Stanley | 3.95% | 1 Day SOFR | 4/29/29 | $150000000 | USD | $2995780 |
|  Nomura Global Financial Products, Inc. | 4.09% | 1 Day SOFR | 1/21/28 | 370000000 | USD | 5794707 |
|  |  |  |  |  |  | $8790487 |

---

**INTEREST RATE OPTION SUMMARY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Option Type** | **Reference<br>Obligation** | **Strike** | **Expiration<br>Date** | **Notional** | **Cost** | **Fair Value** | **Unrealized<br>(Depreciation)** |
|  Nomura Global Financial Products, Inc. | Interest Rate | 1 Day SOFR | 4% | 4/17/26 | $548000000 | $2548200 | $689175 | $(1859025) |

---

------

**Apollo Diversified Credit Fund** 

**Notes to Consolidated Financial Statements** 

**September 30, 2025 (Unaudited)** 

**1. ORGANIZATION** 

Apollo Diversified Credit Fund (the "Fund") is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, closed-end management investment company. The Fund was organized as a statutory trust on April 5, 2016, under the laws of the State of Delaware. The Fund commenced operations on April 3, 2017, and is authorized to issue an unlimited number of shares with no par value. The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. The Fund's investment adviser is Apollo Capital Credit Adviser, LLC (the "Adviser"). The Fund's investment sub-adviser is Apollo Credit Management, LLC (the "Sub-Adviser"). Both the Adviser and Sub-Adviser are affiliates of Apollo Global Management, Inc. and its consolidated subsidiaries ("Apollo"). Both the Adviser and Sub-Adviser are registered as investment advisers with the SEC pursuant to the provisions of the Investment Advisers Act of 1940, as amended.

The Fund's investment objective is to generate a return comprised of both current income and capital appreciation with an emphasis on current income with low volatility and low correlation to the broader markets. The Fund pursues its investment objective through a "multi-asset" approach across both private and public credit markets. With access to the broad spectrum of the credit platform of Apollo, the Fund employs a dynamic asset allocation process, investing across a range of credit strategies in an effort to generate attractive risk-adjusted returns, including but not limited to corporate direct lending, asset-backed lending, performing credit and dislocated credit. The Fund's allocation across each of these investment pillars may vary from time to time. The Fund will invest, under normal market conditions, at least 80% of its net assets plus the amount of any borrowings and the liquidation preference of any preferred shares that may be outstanding in debt securities, including, but not limited to, credit related investments such as fixed income securities (investment grade debt and high-yield debt), floating rate securities (senior loans or structured credit) and other debt instruments and in derivatives (futures, forward contracts, foreign currency exchange contracts, call and put options, selling or purchasing credit default swaps, and total return swaps) and other instruments that have economic characteristics similar to such securities or investments.

The Fund currently offers Class A, Class C, Class I, Class L and Class M shares. Class A, Class C and Class I shares commenced operations on April 3, 2017. Class L shares commenced operations on September 5, 2017. Class F shares commenced operations on September 25, 2017, and are no longer offered except for reinvestment of dividends. Class M shares commenced operations on November 2, 2021. Class A and Class L shares are offered subject to a maximum sales charge of 5.75% and 4.25%, respectively, of their offering price. Class C, Class I, and Class M shares are offered at net asset value per share. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund's income, expenses (other than class specific service and distribution fees), and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation** – The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is considered an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946 – Financial Services – Investment Companies. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

**Fund Subsidiaries** – During the period ended September 30, 2025, certain investments of the Fund were held through wholly-owned subsidiaries. The Fund has a 100% ownership interest, consolidates, and has control over significant operating, financial, and monetary decisions of ADCF Lender, LLC (the "ADCF Lender"), CRDTX SPV I, LLC (the "Financing Subsidiary"), and GIACF Alternative Holdings, LLC (the "Cayman SPV") (together, the "Subsidiaries"). The primary purpose of the Subsidiaries is to facilitate the holding of certain investments of the Fund. For purposes of the Fund's investment restrictions, guidelines and limitations, the Fund will aggregate direct investments with investment exposure provided by its Subsidiaries. The financial results of the Subsidiaries are included in the consolidated financial statements and financial highlights of the Fund and all investments held by the Subsidiaries are disclosed in the Consolidated Schedule of Investments. All accounts and transactions between the Fund and the Subsidiaries have been eliminated in consolidation.

The ADCF Lender is a limited liability company formed in accordance with the laws of the State of Delaware on July 28, 2022. The Fund is the managing and sole member of the ADCF Lender pursuant to a limited liability company operating agreement.

The Financing Subsidiary, a Delaware limited liability company, was formed on November 27, 2018. The Fund and the Financing Subsidiary, are party to a secured revolving credit facility with Citibank, N.A. The Fund is the managing and sole member of the Financing Subsidiary pursuant to a limited liability company operating agreement and the Fund will remain the sole member and will continue to wholly own and control the Financing Subsidiary. Assets pledged as collateral by the Financing Subsidiary under the secured revolving credit facility with Citibank, N.A. are disclosed in the Consolidated Schedule of Investments.

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The Cayman SPV, a Cayman Islands exempted company, was formed on September 18, 2018. The Fund is the managing and sole member of the Cayman SPV pursuant to a limited liability company operating agreement. The Cayman SPV has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Cayman SPV is a Controlled Foreign Corporation, which generates and is allocated no income that is considered effectively connected with U.S. trade of business and, as such, is not subject to U.S. income tax. However, as a wholly-owned Controlled Foreign Corporation, the Cayman SPV's net income and capital gain, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income.

For purposes of the Fund's investment restrictions, guidelines and limitations, the Fund will aggregate direct investments with investment exposure provided by its Subsidiaries.

**Fund Valuation** – The net asset value per share for the Fund is determined following the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. Each of the Fund's share classes will be offered at net asset value plus the applicable sales load, if any. The Fund's net asset value per share is calculated, on a class-specific basis, by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses and other liabilities of the Fund, by the total number of shares outstanding.

**Security Valuation** – The Fund's Board of Trustees (the "Board" or "Trustees") has adopted procedures pursuant to which the Fund will value its investments (the "Valuation Policy and Procedures"). In accordance with the Valuation Policy and Procedures, the Fund's portfolio investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available or are deemed to be unreliable are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee ("Valuation Designee") to perform fair value determinations relating to all portfolio investments. The Adviser carries out its designated responsibilities as Valuation Designee through various teams pursuant to the Valuation Policy and Procedures which govern the Valuation Designee's selection and application of methodologies and independent pricing services for determining and calculating the fair value of portfolio investments. The Valuation Designee will fair value portfolio investments utilizing inputs from various external and internal sources including, but not limited to, independent pricing services, dealer quotation reporting systems, independent third-party valuation firms and proprietary models and information. When determining the fair value of an investment, one or more fair value methodologies may be used. Fair value determinations will be based upon all available factors that the Valuation Designee deems relevant at the time of the determination. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

Forward foreign currency exchange contracts and cross currency swaps are typically valued at their quoted daily prices obtained from an independent pricing service. The aggregate settlement values and notional amounts of the forward foreign currency exchange contracts and cross currency swaps will not be recorded in the Consolidated Statement of Assets and Liabilities. However, fluctuations in the value of the forward foreign currency exchange contracts will be recorded in the Consolidated Statement of Assets and Liabilities as an asset or liability and in the Consolidated Statement of Operations as unrealized appreciation or depreciation until terminated.

**Fair Value Measurements** – In accordance with ASC Topic 820 – Fair Value Measurement and Disclosures, a three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value, as follows:

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| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

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

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the period ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund's investments as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br>Quoted Prices** | **Level 2 -**<br>**Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable<br>Inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |
|  Bank Loans | $— | $636689357 | $1001381926 | $1638071283 |
|  Corporate Bonds |  | 240366790 | 58690185 | 299056975 |
|  Asset-backed Securities |  | 46711028 | 23282575 | 69993603 |
|  Convertible Corporate Bonds |  | 68172666 |  | 68172666 |
|  Short Term Investment | 56069254 |  |  | 56069254 |
|  Commercial Real Estate Loans |  | 16904399 |  | 16904399 |
|  Common Stocks | 2722097 |  |  | 2722097 |
|  Partnership Interest |  |  | 115021 | 115021 |
|  Preferred Stocks |  |  | 49625 | 49625 |
|  Unfunded Loan Commitments |  | 117034 | 2202496 | 2319530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |
|  Unfunded Loan Commitments |  | (43770) | (134610) | (178380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $58791351 | $1008917504 | $1085587218 | $2153296073 |
|  **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |
|  Forward Foreign Currency Contracts | $— | $1143998 | $— | $1143998 |
|  Interest Rate Option Contracts (at fair value) |  | 689175 |  | 689175 |
|  Interest Rate Swap Contracts |  | 8790487 |  | 8790487 |
|  Total Return Swap Contracts |  | 205487 |  | 205487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |
|  Cross Currency Swap Contract |  | (248622) |  | (248622) |
|  Forward Foreign Currency Contracts |  | (596575) |  | (596575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $9983950 | $— | $9983950 |

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*\** *Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The derivatives shown in this table are reported at their unrealized appreciation/ (depreciation) at measurement date, which represents the change in the contracts' value.* 

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The changes of fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank Loans** | **Asset-**<br>**Backed<br>Securities<sup>(a)</sup>** | **Corporate<br>Bonds** | **Partnership<br>Interest** | **Preferred<br>Stocks** | **Unfunded<br>Loan<br>Commitments** | **Total** |
|  Balance as of December 31, 2024 | $744940187 | $34033722 | $67385543 | $110912 | $49250 | $(517063) | $846002551 |
|  Accrued discount/ premium | 46516 | (583892) | 959919 |  |  |  | 422543 |
|  Return of Capital |  |  |  |  |  |  |  |
|  Realized Gain/(Loss) | 207411 | (450000) | (380000) |  |  |  | (622589) |
|  Change in Unrealized |  |  |  |  |  |  |  |
|  Appreciation/(Depreciation) | 17529917 | (142354) | 3260735 | 4109 | 375 | 2584949 | 23237731 |
|  Purchases | 410770248 | 8930833 | 10180615 |  |  |  | 429881696 |
|  Sales Proceeds | (169855577) | (18505734) | (22716627) |  |  |  | (211077938) |
|  Transfer into Level 3<sup>(b)</sup>  |  |  |  |  |  |  |  |
|  Transfer out of Level 3<sup>(b)</sup>  | (2256776) |  |  |  |  |  | (2256776) |
|  Balance as of September 30, 2025 | $1001381926 | $23282575 | $58690185 | $115021 | $49625 | $2067886 | $1085587218 |
|  Net change in unrealized appreciation/(depreciation) included in the Consolidated Statement of Operations attributable to Level 3 investments held at September 30, 2025 | $959915 | $— | $(91102) | $4109 | $375 | $2584949 | $3458246 |

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*<sup>(a)</sup>* *The asset-backed securities fair value balance as of December 31, 2024 has been updated to include the fair value balance of collateralized loan obligations.* 

*<sup>(b)</sup>* *Assets were transferred from Level 2 to Level 3 or from Level 3 to Level 2 as a result of changes in levels of liquid market observability when subject to various criteria as discussed above.* 

The table below provides additional information about the Level 3 Fair Value Measurements as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input(s)** | **Minimum** | **Maximum** | **Weighted Average** |
|  Bank Loans | $860034885 | Discounted Cash Flow | Discount Rate | 5.64% | 35.98% | 8.97% |
|  Bank Loans | 135370926 <sup>(a)</sup> | Transaction Approach | Recent Transaction<sup>(b)</sup> | $97.75 | $100.00 | $98.90 |
|  Bank Loans | 5879086 | Independent pricing service<br>and/or Broker Quotes | Vendor and/or Broker<br>Quotes<sup>(b)</sup> | $102.46 | $102.46 | $102.46 |
|  Bank Loans | 97031 | Recovery Analysis | Recoverability% | 0.00% | 50.00% | 50.00% |
|  Asset-Backed Securities | 4971803 <sup>(a)</sup> | Transaction Approach | Recent Transaction<sup>(b)</sup> | $98.88 | $100.00 | $99.39 |
|  Asset-Backed Securities | 18310773 | Discounted Cash Flow | Discount Rate | 7.29% | 12.00% | 8.48% |
|  Corporate Bond | 58690185 | Discounted Cash Flow | Discount Rate | 7.80% | 16.71% | 10.62% |
|  Partnership Interest | 101068 <sup>(a)</sup> | Transaction Approach | Recent Transaction<sup>(b)</sup> | $1010.68 | $1010.68 | $1010.68 |
|  Partnership Interest | 13953 | Market Comparable Technique | Comparable Multiple | 9.0x | 9.0x | 9.0x |
|  Preferred Stocks | 49625 | Discounted Cash Flow | Discount Rate | 11.90% | 11.90% | 11.90% |
|  Unfunded Loan Commitments | 2052628 | Discounted Cash Flow | Discount Rate | 7.24% | 10.75% | 8.15% |
|  Unfunded Loan Commitments | 15255 <sup>(a)</sup> | Transaction Approach | Recent Transaction<sup>(b)</sup> | $98.50 | $100.00 | $99.73 |
|  **Total** | $**1085587218** |  |  |  |  |  |

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| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
|  Discount Rate | Decrease | Increase |
|  Comparable Multiple | Increase | Decrease |
|  Vendor and/or Broker Quote | Increase | Decrease |
|  Recent Transaction | Increase | Decrease |
|  Recoverability% | Increase | Decrease |

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*<sup>(a)</sup>* *The Fund utilized a recent transaction, specifically purchase price, to fair value this security.* 

*<sup>(b)</sup>* *The Fund did not develop the unobservable inputs for the determination of fair value (examples include single broker quotations from pricing services and prior or recent transactions).* 

The Fund used valuation techniques consistent with the income approach and market approach to determine the fair value of certain Level 3 assets as of September 30, 2025. The valuation techniques utilized by the Fund included discounted cash flows analysis, recovery analysis, and the option model. The Fund uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security's effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Fund uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Fund also considered the probability of future events which are not in management's control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments, the Fund used the market comparable technique. The significant unobservable input used in this technique is primarily earnings before interest, taxes, depreciation and amortization comparable multiples.

Generally, new investments not valued by an independent pricing service are held at purchase price initially until the investment has been held by the Fund for a full quarter. Absent a material change to the applicable investment, the Valuation Designee subsequently determines the application of a fair value methodology at the next valuation date.

The carrying and fair value of the Fund's debt obligation as of September 30, 2025, for which the Fund has determined would be categorized as Level 2 in the fair value hierarchy, was $524,000,000.

**Securities Transactions, Revenue Recognition and Expenses** – The Fund records its investment transactions on a trade date basis. The Fund measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specified identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Fund's investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. Upon prepayment of a loan or debt security, any prepayment premium is recorded as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Income from securitization vehicles and investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded daily using the effective interest method in accordance with the provisions of ASC 325-40, Beneficial Interests in Securitized Financial Assets, based upon a calculation of the effective yield to the expected redemption date based on an estimate of future cash flows, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The Fund monitors the expected residual payments, and the effective yield is determined and updated quarterly.

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Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Expenses are recorded on an accrual basis.

**Foreign Currency Translation** – The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time).

**Foreign Securities** – The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Cash and Cash Equivalents** – The Fund places its cash with one banking institution, which is insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

**Loan Participation and Assignments** – The Fund may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of the loans from third parties. A loan is often administered by a bank or other financial institution (the "Agent") that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Agent that is selling the loan agreement. When the Fund purchases assignments from lenders they acquire direct rights against the borrower of the loan. The Fund may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. The Fund will rely on an exemption in Rule 18f-4(e) when entering into unfunded commitment agreements, which includes any commitment to make a loan to a company, including term loans, delayed draw term loans, and revolvers, or to invest equity in a company. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Agent selling the loan agreement and only upon receipt of payments by the Agent from the borrower. The Fund may receive a fee based on the undrawn portion of the underlying line of credit of a floating rate loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. For the period ended September 30, 2025, no penalty fees were received by the Fund. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. As of September 30, 2025, the Fund had $224,195,182 at par value in unfunded loan commitments.

**Defaulted Securities** – The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. As of September 30, 2025, the aggregate value of those securities was $102,241 representing 0.01% of the Fund's net assets. The Fund doesn't accrue income on securities for which income has been deemed uncollectible. Additionally, the Fund provides for losses on interest receivable. Such securities have been identified on the accompanying Consolidated Schedule of Investments.

**Distributions to Shareholders** – The Fund intends to accrue dividends daily and to distribute as of the last business day of each quarter. Distributions of net capital gains are normally accrued and distributed in December of each year. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP.

**Indemnification** – The Fund indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on industry experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**Federal Income Taxes** – The Fund intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

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The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" (more than a fifty percent chance) to be sustained assuming examination by tax authorities. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund's 2025 returns.

**Segment Reporting** – The Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund operates under one operating segment and reporting unit. In connection with the adoption of ASU 2023-07, the Fund's President or designee acts as the Fund's CODM and is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements. The Fund's adoption of this guidance did not have a material impact on the Fund's financial position, results of operations or cash flows.

**Recent Accounting Pronouncements** 

**Income Taxes** – In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024, and early adoption is permitted. The Fund does not expect the adoption of ASU 2023-09 to have a material impact on its year-end financial statements.

**Income Statement - Reporting Comprehensive Income** – In November 2024, the FASB issued ASU No. 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund is currently evaluating the impact of adopting ASU 2024-03.

**3. DERIVATIVE TRANSACTIONS** 

The Fund's investment objectives allow the Fund to enter into various types of derivative contracts such as forward foreign currency contracts. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward foreign currency exchange contracts are typically valued at their quoted daily prices obtained from an independent pricing service.

The Fund relies on certain exemptions in Rule 18f-4 to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Sections 18 of the 1940 Act. Under Rule 18f-4, "derivatives transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) if the Fund relies on the exemption in Rule 18f-4(d)(1)(ii), reverse repurchase agreements and similar financing transactions. The Fund will rely on an exemption in Rule 18f-4(f) when purchasing when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced commitments, and dollar rolls) and non-standard settlement cycle securities, if certain conditions are met.

The Fund intends to operate as a "limited derivatives user" for purposes of the derivatives transactions exemption in Rule 18f-4. To qualify as a limited derivatives user, the Fund's "derivatives exposure" is limited to 10% of its net assets subject to exclusions for certain currency or interest rate hedging transactions (as calculated in accordance with Rule 18f-4). If the Fund ceases to qualify as a "limited derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Fund to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions.

**Foreign Currency Derivatives** – The Fund engaged in currency transactions with counterparties during the period ended September 30, 2025, to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value or to gain or reduce exposure to certain currencies. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. A cross currency swap is an agreement between two parties to exchange cash flows in certain currencies at future dates. The forward foreign currency

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contracts and cross currency swaps are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract or cross currency swap is terminated, the Fund records a realized gain or loss equal to the difference between the value of the arrangement at the time it was opened and the value of the arrangement at the time it was extinguished.

The Fund enters into total return swap contracts on a long and short basis. These contracts involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount of one or more underlying referenced securities. To the extent the total return of the underlying referenced security exceeds or falls short of the offsetting interest amount, the Fund will receive a payment from or make a payment to the counterparty.

The Fund enters into interest rate swap contracts to increase or decrease its exposure to changes in the level of interest rates. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest at specified intervals based on a notional amount of principal.

The Fund has pledged $14,696,094 as cash collateral in accordance with the terms of the cross currency swap agreement, interest rates swaptions and total return swaps.

For the period ended September 30, 2025, the average monthly notional value of forward foreign currency contracts, total return swaps, cross currency swaps, interest rate options and interest rate swaps were $292,166,291, $849,053, $82,054, $1,161,632, and $6,745,919 respectively.

**4. GENERAL COMMITMENTS AND CONTINGENCIES** 

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and may be engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.

Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Fund. Certain terms of these investments are not finalized at the time of the commitment and each respective fund's allocation may change prior to the date of funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

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

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Security<sup>(a)</sup>** | **Total revolving and delayed<br>draw loan commitments** | **Less: drawn<br>commitments** | **Total undrawn<br>commitments** |
|  Accel International Holdings, LLC, First Lien Revolving Term Loan | $1467890 | $– $| 1467890 |
|  Acentra Holdings, LLC (fka CNSI Holdings, LLC), First Lien Revolving Term Loan | 1000000 | – | 1000000 |
|  Advarra Holdings, Inc., First Lien Delayed Draw Term Loan | 832140 | – | 832140 |
|  Altern Marketing, LLC, First Lien Revolving Term Loan | 1134454 | – | 1134454 |
|  AMCP Clean Acquisition Company, LLC, First Lien Delayed Draw Term Loan | 2150356 | – | 2150356 |
|  AMCP Clean Acquisition Company, LLC, First Lien Delayed Draw Term Loan | 910000 | – | 910000 |
|  Anaplan, Inc., First Lien Revolving Term Loan | 582452 | – | 582452 |
|  Arcwood Environmental, Inc., First Lien Delayed Draw Term Loan | 390869 | – | 390869 |
|  Arcwood Environmental, Inc., First Lien Revolving Term Loan | 604396 | – | 604396 |
|  Arcwood Environmental, Inc., First Lien Revolving Term Loan | 109290 | – | 109290 |
|  Ardagh Group S.A., Delayed Draw Term Loan | 40200000 | – | 40200000 |
|  Artifact Bidco, Inc., First Lien Delayed Draw Term Loan | 1551724 | – | 1551724 |
|  Artifact Bidco, Inc., First Lien Revolving Term Loan | 354680 | – | 354680 |
|  Artifact Bidco, Inc., First Lien Revolving Term Loan | 753695 | – | 753695 |
|  AVSC Holding Corp., First Lien Revolving Term Loan | 1449831 | – | 1449831 |
|  Azurite Intermediate Holdings, Inc., First Lien Revolving Term Loan | 600000 | – | 600000 |
|  BGIF IV Fearless Utility Services, Inc., First Lien Delayed Draw Term Loan | 2358491 | – | 2358491 |
|  BGIF IV Fearless Utility Services, Inc., First Lien Revolving Term Loan | 1132075 | – | 1132075 |
|  Cascade Parent Inc., First Lien Revolving Term Loan | 932540 | – | 932540 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Security<sup>(a)</sup>** | **Total revolving and delayed<br>draw loan commitments** | **Less: drawn<br>commitments** | **Total undrawn<br>commitments** |
|  CCI Buyer, Inc., First Lien Revolving Term Loan | $441379 | $— | $441379 |
|  Certinia Inc (FinancialForce.com), First Lien Revolving Term Loan | 470588 |  | 470588 |
|  Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.), First Lien Delayed Draw Term Loan | 62667 |  | 62667 |
|  Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.), First Lien Delayed Draw Term Loan | 845238 |  | 845238 |
|  Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.), First Lien Revolving Term Loan | 333333 |  | 333333 |
|  CircusTrix Holdings LLC, First Lien Revolving Term Loan | 268817 |  | 268817 |
|  Coding Solutions Acquisition Inc, First Lien Delayed Draw Term Loan | 566038 |  | 566038 |
|  Coding Solutions Acquisition Inc, First Lien Delayed Draw Term Loan | 169847 |  | 169847 |
|  Coding Solutions Acquisition Inc, First Lien Revolving Term Loan | 381679 |  | 381679 |
|  Coretrust Purchasing Group LLC (HPG Enterprises LLC), First Lien Delayed Draw Term Loan | 526316 |  | 526316 |
|  Coretrust Purchasing Group LLC (HPG Enterprises LLC), First Lien Delayed Draw Term Loan | 789474 |  | 789474 |
|  Coretrust Purchasing Group LLC (HPG Enterprises LLC), First Lien Revolving Term Loan | 789474 |  | 789474 |
|  Coupa Software Incorporated, First Lien Delayed Draw Term Loan | 539886 |  | 539886 |
|  Coupa Software Incorporated, First Lien Revolving Term Loan | 413386 |  | 413386 |
|  Creek Parent, Inc., First Lien Revolving Term Loan | 1257143 |  | 1257143 |
|  Crete PA Holdco, LLC, First Lien Delayed Draw Term Loan | 2325581 | 930232 | 1395349 |
|  Crete PA Holdco, LLC, First Lien Revolving Term Loan | 348837 |  | 348837 |
|  Crewline Buyer, Inc., First Lien Revolving Term Loan | 471698 |  | 471698 |
|  Crunch Fitness Merger Sub, LLC, First Lien Revolving Term Loan | 1176471 |  | 1176471 |
|  CSC Holdings, LLC, First Lien Revolving Term Loan | 13195378 | 11329365 | 1866013 |
|  CT Technologies Intermediate Holdings (Topco), Inc., First Lien Delayed Draw Term Loan | 873016 |  | 873016 |
|  CT Technologies Intermediate Holdings (Topco), Inc., First Lien Delayed Draw Term Loan | 446233 |  | 446233 |
|  CT Technologies Intermediate Holdings (Topco), Inc., First Lien Incremental Delayed Draw Term Loan | 2926116 | 2194587 | 731529 |
|  CT Technologies Intermediate Holdings (Topco), Inc., First Lien Revolving Term Loan | 1463058 |  | 1463058 |
|  Databricks, Inc., First Lien Delayed Draw Term Loan | 1631004 |  | 1631004 |
|  Deerfield Dakota Holding, LLC, First Lien Revolving Term Loan | 857143 |  | 857143 |
|  Diot-Siaci BidCo SAS, First Lien Delayed Draw Term Loan | 4515590 |  | 4515590 |
|  EHC Holdings Holdco Limited, First Lien Delayed Draw Term Loan | 4034698 | 403470 | 3631229 |
|  Electricite de France S.A., First Lien Delayed Draw Term Loan | 6724497 |  | 6724497 |
|  Electricite de France S.A., First Lien Delayed Draw Term Loan | 6724497 |  | 6724497 |
|  Elk Bidco, Inc, First Lien Delayed Draw Term Loan | 1044776 |  | 1044776 |
|  Elk Bidco, Inc, First Lien Revolving Term Loan | 940299 |  | 940299 |
|  Everbridge Holdings, LLC, First Lien Delayed Draw Term Loan | 1477126 | 576385 | 900741 |
|  Everbridge Holdings, LLC, First Lien Revolving Term Loan | 592593 |  | 592593 |
|  Evergreen IX Borrower 2023, LLC, First Lien Revolving Term Loan | 1093168 |  | 1093168 |
|  Evoriel, First Lien Delayed Draw Term Loan | 1723347 | 1608457 | 114889 |
|  ExactCare Parent, Inc., First Lien Revolving Term Loan | 491803 |  | 491803 |
|  Excelligence Learning Corporation, First Lien Revolving Term Loan | 1780822 | 267123 | 1513699 |
|  Financiere Astek, First Lien Delayed Draw Term Loan | 2275316 | 2244790 | 30525 |
|  Galway Borrower LLC, First Lien Delayed Draw Term Loan | 373877 | 60524 | 313353 |
|  Galway Borrower LLC, First Lien Revolving Term Loan | 332924 | 70256 | 262668 |
|  GC Waves Holdings, Inc., First Lien Delayed Draw Term Loan | 3348417 | 2625565 | 722852 |
|  GC Waves Holdings, Inc., First Lien Revolving Term Loan | 268968 |  | 268968 |
|  Geotechnical Merger Sub, Inc., First Lien Delayed Draw Term Loan | 1963190 | 961963 | 1001227 |
|  Geotechnical Merger Sub, Inc., First Lien Revolving Term Loan | 736196 | 171779 | 564417 |
|  Goldeneye Parent, LLC, First Lien Revolving Term Loan | 948567 |  | 948567 |
|  Hanger, Inc., First Lien Delayed Draw Term Loan | 569914 | 85123 | 484791 |
|  Heartbeat BidCo GmbH, First Lien Delayed Draw Term Loan | 761548 |  | 761549 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Security<sup>(a)</sup>** | **Total revolving and delayed<br>draw loan commitments** | **Less: drawn<br>commitments** | **Total undrawn<br>commitments** |
|  Higginbotham Insurance Agency, Inc., First Lien Delayed Draw Term Loan | $1989600 | $1139074 | $850526 |
|  Hyperion Refinance Sarl, First Lien Delayed Draw Term Loan | 15000000 | 6900000 | 8100000 |
|  Ideal Components Acquisition, LLC, First Lien Delayed Draw Term Loan | 1374046 |  | 1374046 |
|  Ideal Components Acquisition, LLC, First Lien Revolving Term Loan | 1145038 |  | 1145038 |
|  International Schools Partnership Limited, First Lien Delayed Draw Term Loan | 9392427 | 3184357 | 6208070 |
|  Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan | 3522160 | 511688 | 3010473 |
|  Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan | 3522160 |  | 3522160 |
|  Jensen Hughes, Inc, First Lien Delayed Draw Term Loan | 315315 |  | 315315 |
|  Jensen Hughes, Inc, First Lien Delayed Draw Term Loan | 1351351 | 39639 | 1311712 |
|  Jensen Hughes, Inc, First Lien Revolving Term Loan | 540541 |  | 540541 |
|  Kairos Intermediateco AB, First Lien Delayed Draw Term Loan | 2416852 |  | 2416852 |
|  Kaman Corp, First Lien Delayed Draw Term Loan | 560210 | 53658 | 506552 |
|  Koala Investment Holdings, Inc., First Lien Delayed Draw Term Loan | 1508043 |  | 1508043 |
|  Koala Investment Holdings, Inc., First Lien Revolving Term Loan | 670241 |  | 670241 |
|  Legends Hospitality Holding Company, LLC, First Lien Delayed Draw Term Loan | 299535 | 185535 | 114000 |
|  Legends Hospitality Holding Company, LLC, First Lien Revolving Term Loan | 600000 | 60000 | 540000 |
|  LHS Borrower LLC, First Lien Revolving Term Loan | 1113537 |  | 1113537 |
|  Madonna Bidco Limited, First Lien Delayed Draw Term Loan | 1494333 | 76212 | 1418121 |
|  MetaTiedot Midco S.a.r.l., First Lien Delayed Draw Term Loan | 1305906 | 33484 | 1272421 |
|  MetaTiedot Midco S.a.r.l., First Lien Revolving Term Loan | 837119 |  | 837119 |
|  NMFC Senior Loan Program III LLC | 8416667 |  | 8416667 |
|  NMFC Senior Loan Program IV LLC | 4312500 |  | 4312500 |
|  OMH-Healthedge Holdings, Inc., First Lien Revolving Term Loan | 1775417 |  | 1775417 |
|  One Call Corporation (fka Opal Acquisition, Inc.), First Lien Revolving Term Loan | 1184211 |  | 1184211 |
|  Paisley Bidco Limited, First Lien Delayed Draw Term Loan | 4034698 | 1765181 | 2269518 |
|  Parfums Holding Company, Inc., First Lien Revolving Term Loan | 525547 |  | 525547 |
|  Pinnacle Buyer LLC, First Lien Delayed Draw Term Loan | 806452 |  | 806452 |
|  Poly-Wood, LLC, First Lien Delayed Draw Term Loan | 681818 |  | 681818 |
|  Poly-Wood, LLC, First Lien Revolving Term Loan | 681818 |  | 681818 |
|  QBS Parent, Inc., First Lien Delayed Draw Term Loan | 1704982 |  | 1704982 |
|  QBS Parent, Inc., First Lien Revolving Term Loan | 1122215 |  | 1122215 |
|  QTS Project Ram | 10000000 | 2731701 | 7268299 |
|  Runway Bidco, LLC, First Lien Delayed Draw Term Loan | 2714942 |  | 2714942 |
|  Runway Bidco, LLC, First Lien Revolving Term Loan | 1357462 |  | 1357462 |
|  SG Acquisition, Inc., First Lien Revolving Term Loan | 648524 |  | 648524 |
|  Sigma Irish Acquico Limited, First Lien Delayed Draw Term Loan | 1058431 | 345372 | 713059 |
|  Spruce Bidco II Inc., First Lien Revolving Term Loan | 763761 |  | 763761 |
|  SVF II Finco (Cayman) LP, First Lien Delayed Draw Term Loan | 15000000 |  | 15000000 |
|  Thg Acquisition, LLC, First Lien Delayed Draw Term Loan | 1335865 | 216820 | 1119045 |
|  Thg Acquisition, LLC, First Lien Revolving Term Loan | 668258 | 49642 | 618616 |
|  Titan BW Borrower L.P., First Lien Delayed Draw Term Loan | 1148649 |  | 1148649 |
|  Titan BW Borrower L.P., First Lien Revolving Term Loan | 2297297 |  | 2297297 |
|  Truck-Lite Co., LLC, First Lien Delayed Draw Term Loan | 5180759 | 2054118 | 3126641 |
|  Truck-Lite Co., LLC, First Lien Delayed Draw Term Loan | 2571524 |  | 2571524 |
|  Truck-Lite Co., LLC, First Lien Delayed Draw Term Loan | 700339 |  | 700339 |
|  Truck-Lite Co., LLC, First Lien Revolving Term Loan | 1945387 |  | 1945387 |
|  Tulip Bidco Limited, First Lien Delayed Draw Term Loan | 13448995 | 2268384 | 11180611 |
|  Vensure Employer Services, Inc., First Lien Delayed Draw Term Loan | 565700 | 41277 | 524423 |
|  Victors Purchaser, LLC, First Lien Delayed Draw Term Loan | 1729845 | 373415 | 1356430 |
|  Victors Purchaser, LLC, First Lien Revolving Term Loan | 990100 |  | 990100 |
|  Violin Finco Guernsey Limited, First Lien Delayed Draw Term Loan | 589417 |  | 589417 |
|  WC ORS Buyer, Inc., First Lien Revolving Term Loan | 1243057 | 424458 | 818599 |
|  WC ORS Buyer, Inc., First Lien Revolving Term Loan | 272866 |  | 272866 |
|  WH BorrowerCo, LLC, First Lien Delayed Draw Term Loan | 1629073 | 626567 | 1002506 |
|  WH BorrowerCo, LLC, First Lien Revolving Term Loan | 501253 | 116541 | 384712 |
|  Wisdom Purchaser, LLC, First Lien Revolving Term Loan | 656250 |  | 656250 |
|  Zendesk, Inc., First Lien Delayed Draw Term Loan | 3388903 | 1059806 | 2329097 |
|  Zendesk, Inc., First Lien Revolving Term Loan | 1394408 |  | 1394408 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Unfunded Security<sup>(a)</sup>** | **Total revolving and delayed<br>draw loan commitments** | **Less: drawn<br>commitments** | **Total undrawn<br>commitments** |
|  Zeus Company LLC, First Lien Delayed Draw Term Loan | $700526 | $349649 | $350877 |
|  Zeus Company LLC, First Lien Revolving Term Loan | 526316 |  | 526316 |
|  **Total** | $284039463 | $48136197 | $235903266 |

---

*<sup>(a)</sup>* *The Fund may commit to an investment that has yet to fund because the applicable deal has not closed. Additionally, the Adviser or its affiliates may commit to an investment that it intends to allocate to the Fund for which certain terms are not yet finalized at the time of the commitment and as such the Fund's allocation may change prior to the date of funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to fund. Such investments are not included in the unfunded loan commitments outstanding table above.* 

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund's valuation policies. For the period ended September 30, 2025, the Fund recorded a net change in unrealized appreciation on unfunded loan commitments totaling $2,141,150.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** APOLLO DIVERSIFIED CREDIT FUND

- **b. Investment Company Act file number:** 811-23159

- **c. CIK number of Registrant:** 0001676197

- **d. LEI of Registrant:** 549300OM28GL3UQRWD92

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

  - **Street Address 1:** 9 W 57th St

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 8889262688

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

- **a. Name of Series:** Apollo Diversified Credit Fund

- **c. LEI of Series:** 549300OM28GL3UQRWD92

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2476263178.92

**Total Liabilities:** $935383396.90

**Net Assets:** $1540879782.02

**Cash Not Reported:** $58251589.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 1204.55261800 | **5-Year:** 579.87920100 | **10-Year:** 381.85345300 | **30-Year:** 45.73340700

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

- **3-Month:** 5.51546500 | **1-Year:** 25736.07536800 | **5-Year:** 101465.02391700 | **10-Year:** 18067.57477500 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.52%                | 1.37%                | 0.85%                |
| Class ID N/A | 0.89%                | 1.55%                | 1.13%                |
| Class ID N/A | 0.70%                | 1.33%                | 0.89%                |
| Class ID N/A | 0.70%                | 1.37%                | 0.93%                |
| Class ID N/A | 0.70%                | 1.37%                | 0.93%                |
| Class ID N/A | 0.68%                | 1.35%                | 0.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1412570.12              | $-11272913.41                              |
| Month 2  | $584860.65               | $14792722.49                               |
| Month 3  | $5406276.20              | $1479779.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kane Bidco Limited                                                       | Kane Bidco Limited                                                                             | CUSIP: N/A<br>LEI: 213800IT8MD1MLYZWC24       | Long             | DBT              | CORP              | JE        |    10000000 | PA      | $13448994.69  | 0.87%             | 2028-02-15      | Floating      | 10.22%                | Yes           |                  3 | On Loan: No      |
| Accel International Holdings, LLC                                        | Accel International Holdings, LLC, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1467890 | PA      | $1460550.46   | 0.09%             | 2032-04-24      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Channelside AcquisitionCo, Inc.                                          | Channelside AcquisitionCo, Inc., First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      845238 | PA      | $836785.72    | 0.05%             | 2028-06-30      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC)                     | Coretrust Purchasing Group LLC, First Lien Revolver Loan Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      789474 | PA      | $781578.95    | 0.05%             | 2029-10-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| OMH-Healthedge Holdings, Inc.                                            | OMH-Healthedge Holdings, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1775417 | PA      | $1775417.30   | 0.12%             | 2030-04-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                      | MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                                            | CUSIP: 55285HAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      724000 | PA      | $694560.35    | 0.05%             | 2037-11-17      | Floating      | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Goldeneye Parent, LLC                                                    | Goldeneye Parent, LLC, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6551433 | PA      | $6518676.22   | 0.42%             | 2032-03-31      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| WH Borrower, LLC                                                         | WH Borrower, LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6193237 | PA      | $6207729.08   | 0.40%             | 2032-02-20      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| Armstrong Bidco Ltd.                                                     | Armstrong Bidco Limited, First Lien Delayed Draw Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     2057000 | PA      | $2690380.61   | 0.17%             | 2029-06-28      | Floating      | 9.39%                 | No            |                  3 | On Loan: No      |
| Auctane, Inc.                                                            | Auctane, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9748744 | PA      | $9407537.67   | 0.61%             | 2028-10-05      | Floating      | 10.14%                | No            |                  3 | On Loan: No      |
| Elk Bidco, Inc.                                                          | Elk Bidco, Inc, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5014925 | PA      | $4989850.74   | 0.32%             | 2032-06-14      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| Chs/community Health Sys                                                 | CHS/Community Health Systems, Inc.                                                             | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $10298125.00  | 0.67%             | 2034-01-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Inversion Escrow Issuer                                                  | Inversion Escrow Issuer LLC                                                                    | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $4948239.75   | 0.32%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                        | CSC Holdings, LLC                                                                              | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2125000 | PA      | $749062.50    | 0.05%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MetaTiedot Midco S.a r.l.                                                | MetaTiedot Midco S.a r.l., First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     3522300 | PA      | $4135367.89   | 0.27%             | 2031-11-27      | Floating      | 7.28%                 | No            |                  3 | On Loan: No      |
| Endeavor Operating Co LLC                                                | Endeavor Operating Co LLC, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9000000 | PA      | $9021374.98   | 0.59%             | 2032-03-24      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| QBS Parent, Inc.                                                         | QBS Parent, Inc., First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8514641 | PA      | $8472067.55   | 0.55%             | 2032-06-03      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| Bridgepoint Europe VI Finance S.a.r.l.                                   | Bridgepoint Europe VI Finance S.a.r.l., First Lien Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5573908 | PA      | $6544065.85   | 0.42%             | 2030-06-25      | Floating      | 5.37%                 | No            |                  3 | On Loan: No      |
| Creek Parent, Inc.                                                       | Creek Parent, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8721000 | PA      | $8590185.00   | 0.56%             | 2031-12-18      | Floating      | 9.14%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | CT Technologies Intermediate Hldgs                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    14126984 | PA      | $13985714.29  | 0.91%             | 2032-08-01      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Delivery Hero SE                                                         | Delivery Hero SE                                                                               | CUSIP: ZL0636734<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    19400000 | PA      | $22470705.11  | 1.46%             | 2030-02-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Wasserman Media Group LLC                                                | Wasserman Media Group LLC, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5000000 | PA      | $5025025.00   | 0.33%             | 2032-06-23      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Forward Contracts: NOK 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GC Waves Holdings, Inc.                                                  | GC Waves Holdings, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6321162 | PA      | $6296509.78   | 0.41%             | 2030-10-04      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| Altern Marketing, LLC                                                    | Altern Marketing, LLC, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1134454 | PA      | $1134453.78   | 0.07%             | 2028-06-13      | Floating      | 9.17%                 | No            |                  3 | On Loan: No      |
| Cedar Fair, L.P.                                                         | Cedar Fair, L.P., First Lien Term Loan                                                         | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |     4987406 | PA      | $4962468.51   | 0.32%             | 2031-05-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Acropole Holding SAS                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |    16153846 | PA      | $19082969.51  | 1.24%             | 2032-07-19      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Geotechnical Merger Sub, Inc.                                            | Geotechnical Merger Sub, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5300614 | PA      | $5247607.37   | 0.34%             | 2031-10-15      | Floating      | 8.60%                 | No            |                  3 | On Loan: No      |
| Trugreen Limited Partnership                                             | Trugreen Limited Partnership, First Lien Term Loan                                             | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |     6951841 | PA      | $6838873.10   | 0.44%             | 2027-11-02      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Azurite Intermediate Holdings, Inc.                                      | Azurite Intermediate Holdings, Inc., First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1650000 | PA      | $1637625.00   | 0.11%             | 2031-03-19      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| N/A                                                                      | NEW MTN MEZZ TLB SOFR+475 8/7/28 FUN                                                           | CUSIP: MTNMEZTL4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      833333 | PA      | $833333.33    | 0.05%             | 2028-08-07      | Floating      | 8.75%                 | No            |                  3 | On Loan: No      |
| Windstream Services Llc                                                  | Windstream Services LLC                                                                        | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    14250000 | PA      | $14241093.75  | 0.92%             | 2033-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                                  | Quikrete Holdings, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    12812633 | PA      | $12819167.49  | 0.83%             | 2032-02-10      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| VEPF VII Holdings, L.P.                                                  | VEPF VII Holdings, L.P., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3336827 | PA      | $3376868.76   | 0.22%             | 2028-02-28      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| IBG Borrower LLC                                                         | IBG Borrower LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2292308 | PA      | $2269384.62   | 0.15%             | 2029-08-22      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| Allied Universal Holdco                                                  | Allied Universal Holdco LLC, First Lien Term Loan                                              | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     3460178 | PA      | $3477098.30   | 0.23%             | 2032-08-20      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| CircusTrix Holdings LLC                                                  | CircusTrix Holdings LLC, First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      268817 | PA      | $263440.86    | 0.02%             | 2028-07-18      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| January Capital Holdco, LLC                                              | January Capital Holdco, LLC, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    11414905 | PA      | $11414905.44  | 0.74%             | 2029-09-13      | Floating      | 7.06%                 | No            |                  3 | On Loan: No      |
| USD Currency                                                             | USD Currency                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |   548000000 | NC      | $689174.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MetaTiedot Midco S.a r.l.                                                | MetaTiedot Midco S.a r.l., First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     2637753 | PA      | $2617970.05   | 0.17%             | 2031-11-27      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust 2025-N1                                   | Carvana Auto Receivables Trust 2025-N1                                                         | CUSIP: 14688XAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        3772 | PA      | $5041195.62   | 0.33%             | 2032-08-10      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| EG Finco Ltd.                                                            | EG Finco Ltd, First Lien Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4046887 | PA      | $4795828.21   | 0.31%             | 2028-02-07      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                                   | Carvana Auto Receivables Trust 2024-N2                                                         | CUSIP: 14687VAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3450000 | PA      | $3511925.78   | 0.23%             | 2031-06-10      | Fixed         | 8.16%                 | Yes           |                  2 | On Loan: No      |
| Student Transportation of America Holdings Inc.                          | Student Transportation of America Holdings Inc, First Lien Term Loan                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      226667 | PA      | $227552.94    | 0.01%             | 2032-06-10      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Kingpin Intermediate Holdings LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3393939 | PA      | $3309107.88   | 0.21%             | 2032-09-16      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | QTS PROJ RAM MTGE SOFR+225 5/29/28 UNF                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $9887500.00   | 0.64%             | 2028-05-29      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Bally's Corp                                                             | Bally's Corp, First Lien Term Loan                                                             | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |      493606 | PA      | $480648.99    | 0.03%             | 2028-10-02      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| Project Ardent Bidco Limited                                             | Project Ardent Bidco Limited, First Lien Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     6153846 | PA      | $8131469.09   | 0.53%             | 2031-11-12      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| WC ORS Buyer, Inc.                                                       | WC ORS Buyer, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1243057 | PA      | $1224411.19   | 0.08%             | 2031-08-07      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Zeus Company LLC                                                         | Zeus Company LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3734210 | PA      | $3743545.89   | 0.24%             | 2031-02-28      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-9111.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | PROJECT KINETIC TL SOFR+525 9/12/32 PIK                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9142857 | PA      | $9051428.57   | 0.59%             | 2032-09-12      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Inovalon Holdings, Inc.                                                  | Inovalon Holdings, Inc., Second Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       84978 | PA      | $71806.01     | 0.00%             | 2033-11-25      | Floating      | 15.05%                | No            |                  3 | On Loan: No      |
| Mahwah Bergen Retail Group, Inc. (Ascena Retail Group, Inc.)             | Mahwah Bergen Retail Group, Inc., First Lien Tranche B Term Loan                               | CUSIP: 04349TAF5<br>LEI: 549300315OFTD1VN3V49 | Long             | LON              | CORP              | US        |     1435369 | PA      | $5210.39      | 0.00%             | 2022-08-21      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | KAIROS TLB1 SONIA+475 08/26/32 GBP                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3373741 | PA      | $4514655.75   | 0.29%             | 2032-08-26      | Floating      | 8.73%                 | No            |                  3 | On Loan: No      |
| Aurelia Netherlands BV                                                   | Aurelia Netherlands BV, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    15000000 | PA      | $17434693.28  | 1.13%             | 2031-05-29      | Floating      | 6.78%                 | No            |                  3 | On Loan: No      |
| Bridgepoint Europe VI Finance S.a.r.l.                                   | Bridgepoint Europe VI Finance S.a.r.l., First Lien Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    24609710 | PA      | $28893113.84  | 1.88%             | 2028-06-25      | Floating      | 5.37%                 | No            |                  3 | On Loan: No      |
| Higginbotham Insurance Agency, Inc.                                      | Higginbotham Insurance Agency, Inc., First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1992474 | PA      | $1992473.78   | 0.13%             | 2028-11-24      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Delivery Hero SE                                                         | Delivery Hero SE                                                                               | CUSIP: BR2983285<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1061191.31   | 0.07%             | 2029-03-10      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| GC Waves Holdings, Inc.                                                  | GC Waves Holdings, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      268968 | PA      | $267919.22    | 0.02%             | 2030-10-04      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                      | MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                                            | CUSIP: 55285HAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | PA      | $98551.11     | 0.01%             | 2037-11-17      | Floating      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| CCI Buyer, Inc.                                                          | CCI Buyer, Inc., First Lien Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      441379 | PA      | $436965.52    | 0.03%             | 2032-05-13      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| MRO Holdings, Inc.                                                       | MRO Holdings, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    14962500 | PA      | $15112125.00  | 0.98%             | 2032-04-28      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| Cloud Software Group, Inc.                                               | Cloud Software Group, Inc.                                                                     | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    12500000 | PA      | $12625468.75  | 0.82%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Channelside AcquisitionCo, Inc.                                          | Channelside, Revolver, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      333333 | PA      | $329999.99    | 0.02%             | 2026-07-01      | Floating      | 4.75%                 | No            |                  3 | On Loan: No      |
| Ideal Components Acquisition, LLC                                        | Ideal Components Acquisition, LLC, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1374046 | PA      | $1353435.11   | 0.09%             | 2032-06-30      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | HERITAGE ENVT TL SOFR+500 1/31/31 AMD2                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      435540 | PA      | $433361.94    | 0.03%             | 2031-01-31      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Tivity Health, Inc.                                                      | Tivity Health, Inc., First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7295062 | PA      | $7295062.50   | 0.47%             | 2029-06-28      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| Channelside AcquisitionCo, Inc.                                          | Channelside, Delayed Draw A, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       62667 | PA      | $62040.00     | 0.00%             | 2028-06-30      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1945387 | PA      | $1926128.10   | 0.13%             | 2031-02-13      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| S&S Holdings LLC                                                         | S&S Holdings LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6888565 | PA      | $6699129.12   | 0.43%             | 2031-10-01      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | PROJECT KINETIC RC SOFR+525 9/12/32                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      857143 | PA      | $848571.43    | 0.06%             | 2032-09-12      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| iShares Public Limited Company                                           | CORPULS DD E+550 06/28/30                                                                      | CUSIP: N/A<br>LEI: 549300YDM1GFZR5B4U80       | Long             | LON              | RF                | DE        |      648649 | PA      | $750124.94    | 0.05%             | 2030-06-28      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Petsmart Inc                                                             | PetSmart LLC, First Lien Term Loan                                                             | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |     5000000 | PA      | $4931275.00   | 0.32%             | 2032-08-18      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Ichnaea UK Bidco Limited                                                 | Ichnaea UK Bidco Limited, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5000000 | PA      | $6657252.37   | 0.43%             | 2029-10-05      | Floating      | 10.12%                | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                      | MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                                            | CUSIP: 55285HAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1034000 | PA      | $1020853.21   | 0.07%             | 2037-11-17      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc    | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc                          | CUSIP: 487526AC9<br>LEI: 549300WQCH7SRQ8JKE47 | Long             | DBT              | CORP              | US        |     3612000 | PA      | $3802222.73   | 0.25%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| USD Currency                                                             | USD Currency                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |           1 | NC      | $5794707.05   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SAVERS TLB SOFR+300 09/12/32                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4000000 | PA      | $4008340.00   | 0.26%             | 2032-09-12      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Higginbotham Insurance Agency, Inc.                                      | Higginbotham Insurance Agency, Inc., First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4907474 | PA      | $4907474.15   | 0.32%             | 2028-11-24      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| Bausch + Lomb Corporation                                                | Bausch + Lomb Corporation, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     2759000 | PA      | $2764173.13   | 0.18%             | 2031-01-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Sigma Irish Acquico Limited                                              | Sigma Irish Acquico Limited, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |     2898581 | PA      | $3377565.76   | 0.22%             | 2032-03-19      | Floating      | 7.23%                 | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                      | MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                                            | CUSIP: 55285HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     8000000 | PA      | $7976987.20   | 0.52%             | 2037-11-17      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners L.P.                              | XPLR Infrastructure Operating Partners LP                                                      | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    12603000 | PA      | $13228234.83  | 0.86%             | 2033-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Primary Products Finance                                                 | Primary Products Finance LLC, First Lien Term Loan                                             | CUSIP: 74167NAE3<br>LEI: 549300D4W5WVUVR3LC81 | Long             | LON              | CORP              | US        |     1737503 | PA      | $1699494.95   | 0.11%             | 2029-04-02      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| CCI Buyer, Inc.                                                          | CCI Buyer, Inc., First Lien Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7558621 | PA      | $7483034.48   | 0.49%             | 2032-05-13      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Ideal Components Acquisition, LLC                                        | Ideal Components Acquisition, LLC, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1145038 | PA      | $1127862.60   | 0.07%             | 2032-06-30      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines Lng LLC                                                             | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     6054000 | PA      | $6375800.37   | 0.41%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Clover Holdings 2, LLC                                                   | Clover Holdings 2, LLC, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4987500 | PA      | $4998422.63   | 0.32%             | 2031-12-09      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Spruce Bidco II Inc.                                                     | Spruce Bidco II Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |      613577 | PA      | $440882.93    | 0.03%             | 2032-01-30      | Floating      | 7.68%                 | No            |                  3 | On Loan: No      |
| Clear Channel Outdoor Ho                                                 | Clear Channel Outdoor Holdings, Inc.                                                           | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     2131000 | PA      | $2203289.27   | 0.14%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Ardonagh Group Finco Pty Ltd.                                            | Ardonagh Group Finco Pty Ltd, First Lien Term Loan                                             | CUSIP: Q0500HAB5<br>LEI: 254900YP2E642AGM4G32 | Long             | LON              | CORP              | AU        |     5151025 | PA      | $5136009.35   | 0.33%             | 2031-02-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Kaman Corp                                                               | Kaman Corp, First Lien Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5939655 | PA      | $5927449.21   | 0.38%             | 2032-02-26      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Xerox Corporation                                                        | Xerox Corporation                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    10000000 | PA      | $9475000.00   | 0.61%             | 2026-01-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Crete PA Holdco, LLC                                                     | Crete PA Holdco, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2325581 | PA      | $2290697.68   | 0.15%             | 2030-11-25      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| EchoStar Corporation                                                     | EchoStar Corporation                                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     6998692 | PA      | $7058222.15   | 0.46%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SG Acquisition, Inc.                                                     | SG Acquisition, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      648524 | PA      | $645281.34    | 0.04%             | 2030-04-03      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) | SK Neptune Husky Group Sarl, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     3835146 | PA      | $0.04         | 0.00%             | 2029-01-03      | Floating      | 10.43%                | No            |                  3 | On Loan: No      |
| Esdec Solar Group B.V. (Enstall Group B.V.)                              | Esdec Solar Group B.V., First Lien Term Loan                                                   | CUSIP: N3066KAQ8<br>LEI: 724500UTJRTIU7878U15 | Long             | LON              | CORP              | NL        |     7755532 | PA      | $4825866.47   | 0.31%             | 2028-08-30      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines Lng LLC, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5870307 | PA      | $5855631.08   | 0.38%             | 2029-05-25      | Floating      | 6.54%                 | No            |                  3 | On Loan: No      |
| Eg Global Finance Plc                                                    | EG Global Finance PLC                                                                          | CUSIP: ZG1873691<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    11488868 | PA      | $12350533.56  | 0.80%             | 2028-11-30      | Floating      | 11.63%                | Yes           |                  3 | On Loan: No      |
| Paisley Bidco Limited                                                    | Paisley Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      360468 | PA      | $481157.82    | 0.03%             | 2031-05-07      | Floating      | 7.91%                 | No            |                  3 | On Loan: No      |
| Evergreen IX Borrower 2023, LLC                                          | Evergreen IX Borrower 2023, LLC, First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1093168 | PA      | $1093167.70   | 0.07%             | 2029-10-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Parfums Holding Company, Inc.                                            | Parfums Holding Company, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8389708 | PA      | $8326785.22   | 0.54%             | 2030-06-27      | Floating      | 9.55%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | LEAF HOME RC SOFR+525 9/4/31                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1113537 | PA      | $1096834.06   | 0.07%             | 2031-09-04      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Altice USA, Inc.                                                         | Altice USA, Inc.                                                                               | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     1154621 | NS      | $2782636.61   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Baked Goods Acquisition Corporation                               | Viking Baked Goods Acquisition Corporation, First Lien Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9950000 | PA      | $9751000.00   | 0.63%             | 2031-11-04      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Violin Finco Guernsey Limited                                            | Violin Finco Guernsey Limited, First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5643096 | PA      | $7513502.37   | 0.49%             | 2031-06-24      | Floating      | 9.39%                 | No            |                  3 | On Loan: No      |
| Databricks, Inc.                                                         | Databricks, Inc., First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7368996 | PA      | $7442685.59   | 0.48%             | 2031-01-03      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| Certinia Inc (FinancialForce.com)                                        | Certinia Inc, First Lien Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6513088 | PA      | $6447957.35   | 0.42%             | 2029-08-03      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| Nelnet Student Loan Trust 2021-B                                         | Nelnet Student Loan Trust 2021-B                                                               | CUSIP: 64034QAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       10080 | PA      | $1058942.57   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| R. R. Donnelley & Sons Company                                           | R. R. Donnelley & Sons Company, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1981550 | PA      | $1961734.56   | 0.13%             | 2029-08-08      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | DATAVANT DD SOFR+475 08/30/31 SP                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      446233 | PA      | $446232.64    | 0.03%             | 2031-08-30      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC)                     | Coretrust Purchasing Group LLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      526316 | PA      | $521052.63    | 0.03%             | 2029-10-01      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Pluto Holdco Limited                                                     | Pluto Holdco Limited, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    13611679 | PA      | $15940886.18  | 1.03%             | 2025-12-09      | Floating      | 5.93%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | CASCADE PARENT TL SOFR+575 9/24/31 PIK                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10491075 | PA      | $10333709.36  | 0.67%             | 2031-09-24      | Floating      | 9.91%                 | No            |                  3 | On Loan: No      |
| Zendesk, Inc.                                                            | Zendesk, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3692753 | PA      | $3683520.99   | 0.24%             | 2028-11-22      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Vensure Employer Services, Inc.                                          | Vensure Employer Services, Inc., First Lien Term Loan                                          | CUSIP: 92276AAU5<br>LEI: 549300OI92ZMA6M8UW59 | Long             | LON              | CORP              | US        |     7399402 | PA      | $7325407.73   | 0.48%             | 2031-09-27      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Thg Acquisition, LLC                                                     | Thg Acquisition, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      668258 | PA      | $663245.82    | 0.04%             | 2031-10-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| PNMAC GMSR Issuer Trust-2017-GT                                          | PNMAC GMSR Issuer Trust-2017-GT                                                                | CUSIP: 69354WAJ5<br>LEI: 5493007JEN3QN6CZC711 | Long             | ABS-O            | CORP              | US        |    10000000 | PA      | $10076340.00  | 0.65%             | 2029-03-25      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| Goldeneye Parent, LLC                                                    | Goldeneye Parent, LLC, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      948567 | PA      | $943823.78    | 0.06%             | 2032-03-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Truist Insurance Holdings, LLC                                           | Truist Insurance Holdings, LLC, First Lien Term Loan                                           | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3000000 | PA      | $3004695.00   | 0.19%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Parfums Holding Company, Inc.                                            | Parfums Holding Company, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      525547 | PA      | $521605.84    | 0.03%             | 2029-06-27      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| SG Acquisition, Inc.                                                     | Safe-Guard Products, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10060785 | PA      | $10060784.98  | 0.65%             | 2030-04-03      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Kane Bidco Limited                                                       | Kane Bidco Limited                                                                             | CUSIP: N/A<br>LEI: 213800HQQSDRIO53XL40       | Long             | DBT              | CORP              | GB        |     8000000 | PA      | $10651603.79  | 0.69%             | 2030-03-21      | Floating      | 8.97%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                      | Froneri Lux Finco SARL                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    10000000 | PA      | $11777751.69  | 0.76%             | 2032-07-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Elk Bidco, Inc.                                                          | Elk Bidco, Inc, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      940299 | PA      | $935597.02    | 0.06%             | 2032-06-13      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Electricite de France S.A.                                               | Electricite de France S.A., First Lien Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5000000 | PA      | $6703231.12   | 0.44%             | 2039-09-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ExactCare Parent, Inc.                                                   | Exactcare Parent, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4451844 | PA      | $4451844.26   | 0.29%             | 2029-11-05      | Floating      | 9.75%                 | No            |                  3 | On Loan: No      |
| Tailwind Fire Flow Investor, LP                                          | Tailwind Fire Flow Investor, LP                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         100 | NS      | $101068.00    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Madonna Bidco Limited                                                    | Madonna Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5444444 | PA      | $7194091.41   | 0.47%             | 2031-10-27      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | STONE RIDGE TL SOFR+425 08/01/2028 FUN                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4444444 | PA      | $4444444.44   | 0.29%             | 2028-08-01      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| AVSC Holding Corp.                                                       | AVSC Holding Corp., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1449831 | PA      | $1435332.46   | 0.09%             | 2029-12-05      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Evoriel                                                                  | Evoriel, First Lien Term Loan                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     1467861 | PA      | $1714729.99   | 0.11%             | 2031-04-02      | Floating      | 7.03%                 | No            |                  3 | On Loan: No      |
| Sigma Irish Acquico Limited                                              | Sigma Irish Acquico Limited, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |     1058431 | PA      | $1050492.48   | 0.07%             | 2032-03-19      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Enstall Group Bv                                                         | Enstall Group BV, First Lien Initial Term Loan                                                 | CUSIP: N3066KAM7<br>LEI: 724500UTJRTIU7878U15 | Long             | LON              | CORP              | NL        |       89888 | PA      | $48988.76     | 0.00%             | 2028-08-30      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Azurite Intermediate Holdings, Inc.                                      | Azurite Intermediate Holdings, Inc., First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      600000 | PA      | $595500.00    | 0.04%             | 2031-03-19      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Galway Borrower LLC                                                      | Galway Borrower LLC, First Lien Delayed Draw Term Loan 2 Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       70648 | PA      | $69764.99     | 0.00%             | 2028-09-29      | Floating      | 8.80%                 | No            |                  3 | On Loan: No      |
| Jensen Hughes, Inc                                                       | Jensen Hughes, Inc, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      540541 | PA      | $533783.78    | 0.03%             | 2031-09-01      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| RE Closing Buyer Corp.                                                   | RE Closing Buyer Corp., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9925000 | PA      | $9701687.50   | 0.63%             | 2031-09-27      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC               | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC                                     | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3280000 | PA      | $3462504.78   | 0.22%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                    | Level 3 Financing, Inc.                                                                        | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    20000000 | PA      | $20381500.00  | 1.32%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | CT TECHNOLOGIES INTERMEDIATE HOLDINGS INC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      873016 | PA      | $873015.87    | 0.06%             | 2032-08-01      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | KAIROS TLB1 E+475 08/26/32 EUR                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     5146385 | PA      | $6011919.73   | 0.39%             | 2032-08-26      | Floating      | 6.80%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | AP GRANGE HLDS 6.5% 03/20/45 SNR NOTE                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | KY        |    15005667 | PA      | $15793464.52  | 1.02%             | 2045-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Polaris Newco, LLC                                                       | Polaris Newco, LLC, First Lien Term Loan                                                       | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |    11774319 | PA      | $11372874.07  | 0.74%             | 2028-06-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust 2023-CRE8                                                | AREIT CRE Trust 2023-CRE8                                                                      | CUSIP: 04002BAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |     7000000 | PA      | $6971207.60   | 0.45%             | 2041-08-17      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Cloud Software Grp Inc                                                   | Cloud Software Group, Inc.                                                                     | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    10000000 | PA      | $10180829.00  | 0.66%             | 2033-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura Securities                                                        | Altice USA, Inc., Term Loan                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |           1 | NC      | $814505.29    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                            | Cheplapharm Arzneimittel GmbH, First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     4500000 | PA      | $5256163.78   | 0.34%             | 2029-02-22      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BDO USA, P.A.                                                            | BDO USA, P.A., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    19327314 | PA      | $19275130.69  | 1.25%             | 2028-08-31      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| IBG Borrower LLC                                                         | IBG Borrower LLC, First Lien 2 Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1873547 | PA      | $1854811.74   | 0.12%             | 2029-08-22      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | DATAVANT DD SOFR+475 08/30/31 INCR                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2926116 | PA      | $2896854.43   | 0.19%             | 2031-08-30      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Poly-Wood, LLC                                                           | Poly-Wood, LLC, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      681818 | PA      | $675000.00    | 0.04%             | 2030-03-20      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Nelnet Student Loan Trust 2021-A                                         | Nelnet Student Loan Trust 2021-A                                                               | CUSIP: 64035DAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       10080 | PA      | $2104386.78   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| EchoStar Corporation                                                     | EchoStar Corporation                                                                           | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    18210989 | PA      | $44640769.91  | 2.90%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Runway Bidco, LLC                                                        | Runway Bidco, LLC, First Lien Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2714942 | PA      | $2687792.89   | 0.17%             | 2031-12-17      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Titan BW Borrower L.P.                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13588692 | PA      | $13452805.27  | 0.87%             | 2032-07-24      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| Advarra Holdings, Inc.                                                   | Advarra Holdings, Inc., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8979489 | PA      | $9069283.94   | 0.59%             | 2031-09-15      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | AMCP Clean Acquisition Company, LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      910000 | PA      | $911137.50    | 0.06%             | 2028-06-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Hyperion Refinance Sarl                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13644793 | PA      | $13660893.92  | 0.89%             | 2031-02-18      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                        | CSC Holdings, LLC, First Lien Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13195378 | PA      | $12271701.68  | 0.80%             | 2027-07-13      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | CP2 LNG HLDGS EQ BRG TL SOFR+350 7/28/28                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9363333 | PA      | $9094137.30   | 0.59%             | 2028-07-28      | Floating      | 7.81%                 | No            |                  3 | On Loan: No      |
| HIG Intermediate, Inc.                                                   | HIG Intermediate, Inc.                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       50000 | NS      | $49625.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                      | CP Atlas Buyer Inc                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $9825000.00   | 0.64%             | 2030-07-01      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Amcp Clean Acquisition Co Ll                                             | AMCP Clean Acquisition Co. LLC, First Lien Term Loan                                           | CUSIP: 00165PAK1<br>LEI: 5493004SV2P71274QF78 | Long             | LON              | CORP              | US        |     2150356 | PA      | $2153043.45   | 0.14%             | 2028-06-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Heartbeat BidCo GmbH                                                     | Heartbeat BidCo GmbH, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     4000000 | PA      | $4672732.61   | 0.30%             | 2030-06-28      | Floating      | 8.48%                 | No            |                  3 | On Loan: No      |
| Thg Acquisition, LLC                                                     | Thg Acquisition, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1336409 | PA      | $1326385.51   | 0.09%             | 2031-10-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $2098.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | AP GRANGE HLDS 6.5% 03/20/45 SNR DEF INT                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      976814 | PA      | $0.01         | 0.00%             | 2045-03-20      | Floating      | 6.50%                 | No            |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                                   | Carvana Auto Receivables Trust 2024-N2                                                         | CUSIP: 14687VAH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        5400 | PA      | $336949.88    | 0.02%             | 2031-06-10      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Colossus AcquireCo LLC                                                   | Colossus AcquireCo LLC, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $9950000.00   | 0.65%             | 2032-06-11      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CircusTrix Holdings LLC                                                  | CircusTrix Holdings LLC, First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      552569 | PA      | $541518.06    | 0.04%             | 2028-07-18      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Runway Bidco, LLC                                                        | Runway Bidco, LLC, First Lien Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10900277 | PA      | $10791274.39  | 0.70%             | 2031-12-17      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      700339 | PA      | $693336.09    | 0.04%             | 2032-02-13      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Ardagh Group S.A.                                                        | Ardagh Group S.A., First Lien Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    22000000 | PA      | $26216612.86  | 1.70%             | 2029-07-02      | Floating      | 8.87%                 | No            |                  3 | On Loan: No      |
| WH BorrowerCo, LLC                                                       | WH BorrowerCo, LLC, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2869674 | PA      | $2805106.52   | 0.18%             | 2030-08-02      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| Zest Acquisition Corp.                                                   | Zest Acquisition Corp., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4077140 | PA      | $4102621.95   | 0.27%             | 2028-02-08      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| WC ORS Buyer, Inc.                                                       | WC ORS Buyer, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7898907 | PA      | $7780423.63   | 0.50%             | 2031-08-07      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | ONE CALL TL SOFR+575 09/10/30                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    16815789 | PA      | $16563552.63  | 1.07%             | 2030-09-10      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| Crete PA Holdco, LLC                                                     | Crete PA Holdco, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2325581 | PA      | $2290697.68   | 0.15%             | 2030-11-25      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | DATAVANT RC SOFR+475 08/30/31                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1463058 | PA      | $1448427.19   | 0.09%             | 2031-08-30      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Olympus Water US Holding Corp                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4884000 | PA      | $4856112.36   | 0.32%             | 2032-07-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2571524 | PA      | $2545552.05   | 0.17%             | 2032-02-13      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Heritage Environmental Services, Inc.                                    | Heritage Environmental Services, Inc., First Lien Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      604396 | PA      | $604395.61    | 0.04%             | 2030-01-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| AVSC Holding Corp.                                                       | AVSC Holding Corp., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13516294 | PA      | $13381130.87  | 0.87%             | 2031-12-05      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                      | MF1 Multifamily Housing Mortgage Loan Trust 2022-B1                                            | CUSIP: 55285HAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      142000 | PA      | $142239.68    | 0.01%             | 2037-11-17      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Financiere Astek                                                         | Financiere Astek, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     1938000 | PA      | $2246874.08   | 0.15%             | 2031-04-25      | Floating      | 8.48%                 | No            |                  3 | On Loan: No      |
| Poly-Wood, LLC                                                           | Poly-Wood, LLC, First Lien AMD2 Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      977052 | PA      | $967281.43    | 0.06%             | 2030-03-20      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| EAB Global, Inc.                                                         | EAB Global, Inc., First Lien Term Loan                                                         | CUSIP: 26835CAC3<br>LEI: 254900WJRUVZKYEF1M36 | Long             | LON              | CORP              | US        |     5481302 | PA      | $5354546.40   | 0.35%             | 2030-08-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| RE Closing Buyer Corp.                                                   | RE Closing Buyer Corp., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1596000 | PA      | $1560090.00   | 0.10%             | 2031-09-27      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines Lng LLC, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      734282 | PA      | $732446.51    | 0.05%             | 2029-05-25      | Floating      | 6.51%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | CASCADE PARENT RC SOFR+575 9/24/30                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      932540 | PA      | $918551.94    | 0.06%             | 2030-09-24      | Floating      | 1.50%                 | No            |                  3 | On Loan: No      |
| Poly-Wood, LLC                                                           | Poly-Wood, LLC, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      681818 | PA      | $675000.00    | 0.04%             | 2030-03-20      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5185908 | PA      | $5133529.97   | 0.33%             | 2032-02-13      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Coupa Software Inc.                                                      | Coupa Software Incorporated, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      413386 | PA      | $413385.83    | 0.03%             | 2029-02-27      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Ascensus Holdings, Inc.                                                  | Ascensus Holdings, Inc., First Lien Term Loan                                                  | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4973557 | PA      | $4975621.17   | 0.32%             | 2028-08-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                  | BGIF IV Fearless Utility Services, Inc., First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1132075 | PA      | $1120754.72   | 0.07%             | 2030-06-07      | Floating      | 0.90%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                     | Artifact Bidco, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      753695 | PA      | $748041.87    | 0.05%             | 2030-07-26      | Floating      | 0.35%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | HERITAGE ENVT DD SOFR+500 1/31/31 AMD2                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      390869 | PA      | $388914.57    | 0.03%             | 2031-01-31      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Paisley Bidco Limited                                                    | Paisley Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     1825038 | PA      | $2126621.54   | 0.14%             | 2031-05-07      | Floating      | 7.28%                 | No            |                  3 | On Loan: No      |
| Mavis Tire Express Services TopCo, L.P.                                  | Mavis Tire Express Services TopCo, L.P., First Lien Term Loan                                  | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |     2992500 | PA      | $2995612.20   | 0.19%             | 2028-05-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Joker Holdco 3 S.a r.l.                                                  | Joker Holdco 3 S.a r.l., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4625000 | PA      | $5389272.09   | 0.35%             | 2031-04-19      | Floating      | 8.12%                 | No            |                  3 | On Loan: No      |
| Made in Italy 2 S.P.A.                                                   | Made in Italy 2 S.P.A., Series B Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IT        |     7179130 | PA      | $7649029.49   | 0.50%             | 2030-10-17      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| EchoStar Corporation                                                     | EchoStar Corporation                                                                           | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    20107641 | PA      | $22149940.92  | 1.44%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited | Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited, First Lien Term Loan | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5000000 | PA      | $6573196.15   | 0.43%             | 2029-11-19      | Floating      | 10.42%                | No            |                  3 | On Loan: No      |
| Tulip Bidco Limited                                                      | Tulip Bidco Limited, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    10000000 | PA      | $13247259.77  | 0.86%             | 2027-12-13      | Floating      | 1.50%                 | No            |                  3 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                          | ABG Intermediate Holdings 2 LLC, First Lien Term Loan                                          | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |     8837590 | PA      | $8831359.62   | 0.57%             | 2028-12-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | EG America LLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6000000 | PA      | $7110396.24   | 0.46%             | 2032-07-01      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Grant Thornton Advisors Holdings LLC                                     | Grant Thornton Advisors Holdings LLC, First Lien Term Loan                                     | CUSIP: 38821UAF7<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     7000000 | PA      | $6997900.00   | 0.45%             | 2031-06-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Ideal Components Acquisition, LLC                                        | Ideal Components Acquisition, LLC, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7480916 | PA      | $7368702.29   | 0.48%             | 2032-06-30      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Bank Of New York                                                         | USD Currency, Term Loan                                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | US        |           1 | NC      | $-248622.04   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Ho                                                 | Clear Channel Outdoor Holdings, Inc.                                                           | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     1637000 | PA      | $1713884.24   | 0.11%             | 2033-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | Ardagh Pkg Fin 9.5% 12/01/30 Unfunded                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    40200000 | PA      | $43858200.00  | 2.85%             | 2030-12-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Coupa Software Inc.                                                      | Coupa Holdings LLC, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5986260 | PA      | $6046123.09   | 0.39%             | 2030-02-27      | Floating      | 9.56%                 | No            |                  3 | On Loan: No      |
| CHS/Community Health Systems, Inc.                                       | CHS/Community Health Systems, Inc.                                                             | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     4622000 | PA      | $4184597.03   | 0.27%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | STONE RIDGE TL SOFR+425 08/01/2028 UNF                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5555556 | PA      | $5555555.56   | 0.36%             | 2028-08-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-5518.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Focus Financial Partners, LLC                                            | Focus Financial Partners, LLC, First Lien Term Loan                                            | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |     6965000 | PA      | $6974542.05   | 0.45%             | 2031-09-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Curia Global, Inc.                                                       | Curia Global, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    15237914 | PA      | $14971250.16  | 0.97%             | 2029-12-06      | Floating      | 10.45%                | No            |                  3 | On Loan: No      |
| Jensen Hughes, Inc                                                       | Jensen Hughes, Inc, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1351351 | PA      | $1334459.46   | 0.09%             | 2031-09-01      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Hanger, Inc.                                                             | Hanger, Inc., First Lien Term Loan                                                             | CUSIP: 41043BAJ7<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |      570128 | PA      | $572052.51    | 0.04%             | 2031-10-23      | Floating      | 0.50%                 | No            |                  2 | On Loan: No      |
| Galway Borrower LLC                                                      | Galway Borrower LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      332924 | PA      | $331259.77    | 0.02%             | 2028-09-29      | Floating      | 5.73%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Weber-Stephen Products LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3000000 | PA      | $2972820.00   | 0.19%             | 2032-09-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Ring Container Technologies Group LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3000000 | PA      | $2998125.00   | 0.19%             | 2032-09-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Homecare Software Solutions LLC                                          | Homecare Software Solutions LLC, First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10283077 | PA      | $10283077.04  | 0.67%             | 2031-06-14      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Victors Purchaser, LLC                                                   | Victors Purchaser, LLC, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7240847 | PA      | $7168438.70   | 0.47%             | 2031-08-15      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | LBM Acquisition LLC                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3000000 | PA      | $2994645.00   | 0.19%             | 2031-06-06      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| Excelligence Learning Corporation                                        | Excelligence Learning Corporation, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    11078938 | PA      | $10912754.27  | 0.71%             | 2030-01-18      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| Galway Borrower Llc                                                      | Galway Borrower LLC, First Lien Term Loan                                                      | CUSIP: 36457WAH4<br>LEI: 254900EKSXH6GINLK281 | Long             | LON              | CORP              | US        |     3756008 | PA      | $3765397.77   | 0.24%             | 2028-09-29      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | WISDOM PURCHASER TL SOFR+450 7/24/32 PIK                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6343750 | PA      | $6312031.25   | 0.41%             | 2032-07-24      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | FRONERI INTL LTD TERM LOAN                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     8000000 | PA      | $7992680.00   | 0.52%             | 2032-07-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| EHC Holdings Holdco Limited                                              | EHC Holdings Holdco Limited, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     6000000 | PA      | $7928182.37   | 0.51%             | 2031-09-30      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| Advarra Holdings, Inc.                                                   | Advarra Holdings, Inc., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      832140 | PA      | $840461.30    | 0.05%             | 2031-09-15      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Ardonagh Finco Ltd                                                       | Ardonagh Finco Ltd                                                                             | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |     6000000 | PA      | $6279750.00   | 0.41%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Galway Borrower LLC                                                      | Galway Borrower LLC, First Lien Delayed Draw Term Loan 3 Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      374029 | PA      | $369353.98    | 0.02%             | 2028-09-29      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| X Corp                                                                   | X Corp, First Lien Term Loan                                                                   | CUSIP: 90184NAK4<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |    17605417 | PA      | $17684905.66  | 1.15%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | NEW MTN MEZZ TLB SOFR+475 7/11/30 FUN                                                          | CUSIP: MTNMEZTL2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1437500 | PA      | $1437500.00   | 0.09%             | 2030-07-11      | Floating      | 8.97%                 | No            |                  3 | On Loan: No      |
| XPLR Infrastructure Operating Partners L.P.                              | XPLR Infrastructure Operating Partners LP                                                      | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |     7308000 | PA      | $7652572.20   | 0.50%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Kongsberg Automotive ASA                                                 | KOALA INV HLDGS TL SOFR+450 8/29/32                                                            | CUSIP: N/A<br>LEI: 5967007LIEEXZXJDCG21       | Long             | LON              | CORP              | US        |     7821716 | PA      | $7743498.65   | 0.50%             | 2032-08-29      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Nourish Buyer I In                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    17000000 | PA      | $17042500.00  | 1.11%             | 2032-07-01      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM, LLC                                                        | Ensemble RCM, LLC, First Lien Term Loan                                                        | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     3574251 | PA      | $3588262.32   | 0.23%             | 2029-08-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | KOALA INV HLDGS DD SOFR+450 8/29/32                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1508043 | PA      | $1492962.47   | 0.10%             | 2032-08-29      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Paradigm Parent LLC                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4357143 | PA      | $3920753.21   | 0.25%             | 2032-04-19      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Guitar Center Inc                                                        | Guitar Center, Inc.                                                                            | CUSIP: 402040AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8153250 | PA      | $6836127.62   | 0.44%             | 2029-01-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Evergreen IX Borrower 2023, LLC                                          | Falcon, First Lien Term Loan                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9758230 | PA      | $9758229.82   | 0.63%             | 2030-09-30      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | KOALA INV HLDGS RC SOFR+450 8/29/32                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      670241 | PA      | $663538.88    | 0.04%             | 2032-08-29      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Acentra Holdings, LLC                                                    | Keystone Acquisition, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8775000 | PA      | $8709187.49   | 0.57%             | 2029-12-17      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Spruce Bidco II Inc.                                                     | Spruce Bidco II Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3388991 | PA      | $3363573.40   | 0.22%             | 2032-01-30      | Floating      | 9.13%                 | No            |                  3 | On Loan: No      |
| Coupa Software Inc.                                                      | Coupa Software Incorporated, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      539886 | PA      | $545285.26    | 0.04%             | 2030-02-27      | Floating      | 1.50%                 | No            |                  3 | On Loan: No      |
| Allied Benefit Systems Intermediate LLC                                  | Allied Benefit Systems Intermediate LLC, First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1530928 | PA      | $1530927.83   | 0.10%             | 2030-10-31      | Floating      | 9.44%                 | No            |                  3 | On Loan: No      |
| R. R. Donnelley & Sons Company                                           | R. R. Donnelley & Sons Company, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8513997 | PA      | $8428857.07   | 0.55%             | 2029-08-08      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Kingpin Intermediate Ho                                                  | Kingpin Intermediate Holdings LLC                                                              | CUSIP: 49579RAB4<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |    14931000 | PA      | $14212445.63  | 0.92%             | 2032-10-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Zeus Company LLC                                                         | Zeus Company LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      701140 | PA      | $702893.20    | 0.05%             | 2031-02-28      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| WH BorrowerCo, LLC                                                       | WH BorrowerCo, LLC, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      501253 | PA      | $489974.93    | 0.03%             | 2030-08-02      | Floating      | 9.20%                 | No            |                  3 | On Loan: No      |
| Central Plains LLC 2024-1                                                | Central Plains LLC 2024-1                                                                      | CUSIP: 15487CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    13500000 | PA      | $13590450.00  | 0.88%             | 2031-10-30      | Floating      | 8.60%                 | Yes           |                  3 | On Loan: No      |
| CircusTrix Holdings LLC                                                  | CircusTrix Holdings LLC, First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      533333 | PA      | $522666.66    | 0.03%             | 2028-07-18      | Floating      | 10.76%                | No            |                  3 | On Loan: No      |
| Neutron Holdings, Inc.                                                   | Neutron Holdings, Inc., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $10075000.00  | 0.65%             | 2026-09-30      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| N/A                                                                      | NEW MTN MEZZ TLB SOFR+475 7/11/30 UNF                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4312500 | PA      | $4312500.00   | 0.28%             | 2030-07-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Armstrong Bidco Ltd.                                                     | Armstrong Bidco Limited, First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3943000 | PA      | $5157107.79   | 0.33%             | 2029-06-28      | Floating      | 9.39%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-3320.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Allied Benefit Systems Intermediate LLC                                  | Allied Benefit Systems Intermediate LLC, First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8347938 | PA      | $8347938.14   | 0.54%             | 2030-10-31      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | AlixPartners LLP                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5000000 | PA      | $4971875.00   | 0.32%             | 2032-07-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Peloton Interactive, Inc.                                                | Peloton Interactive, Inc., First Lien Term Loan                                                | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |     6930000 | PA      | $7039147.50   | 0.46%             | 2029-05-30      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| QBS Parent, Inc.                                                         | QBS Parent, Inc., First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1122215 | PA      | $1116603.46   | 0.07%             | 2032-06-03      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Jensen Hughes, Inc                                                       | Jensen Hughes, Inc, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4792793 | PA      | $4732882.88   | 0.31%             | 2031-09-01      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| Coding Solutions Acquisition Inc.                                        | Coding Solutions Acquisition Inc, First Lien AMD Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      433962 | PA      | $427452.86    | 0.03%             | 2031-08-07      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| QBS Parent, Inc.                                                         | QBS Parent, Inc., First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1704982 | PA      | $1696457.37   | 0.11%             | 2032-06-03      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                        | CSC Holdings, LLC, First Lien Term Loan                                                        | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    19902889 | PA      | $19824372.43  | 1.29%             | 2028-01-18      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC)                     | Coretrust Purchasing Group LLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6236842 | PA      | $6174473.70   | 0.40%             | 2029-10-01      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Pinnacle Buyer LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4193548 | PA      | $4204032.26   | 0.27%             | 2032-09-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings, Inc.                                               | Trident TPI Holdings, Inc., First Lien Term Loan                                               | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |    10198542 | PA      | $10033886.90  | 0.65%             | 2028-09-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Spruce Bidco II Inc.                                                     | Spruce Bidco II Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | JP        |    65606626 | PA      | $442523.64    | 0.03%             | 2032-01-30      | Floating      | 6.00%                 | No            |                  3 | On Loan: No      |
| Hanger, Inc.                                                             | Hanger, Inc., First Lien Term Loan                                                             | CUSIP: 41043BAH1<br>LEI: 254900ZJJJYVLHJXSZ60 | Long             | LON              | CORP              | US        |     4418584 | PA      | $4433496.37   | 0.29%             | 2031-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Geotechnical Merger Sub, Inc.                                            | Geotechnical Merger Sub, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      736196 | PA      | $728834.35    | 0.05%             | 2031-10-15      | Floating      | 8.74%                 | No            |                  3 | On Loan: No      |
| Crunch Fitness Merger Sub, LLC                                           | Crunch Fitness Merger Sub, LLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8823529 | PA      | $8779411.76   | 0.57%             | 2031-09-26      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Fire Flow Intermediate Corporation                                       | Fire Flow Intermediate Corporation, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    14925000 | PA      | $14999625.00  | 0.97%             | 2031-07-10      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| Garda World Security Corporation                                         | Garda World Security Corporation, First Lien Term Loan                                         | CUSIP: C4000KAG9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |     8955000 | PA      | $8977387.50   | 0.58%             | 2029-02-01      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | Pinnacle Buyer LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      806452 | PA      | $808467.74    | 0.05%             | 2032-09-12      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                          | ABG Intermediate Holdings 2 LLC, First Lien Term Loan                                          | CUSIP: 00076VBM1<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |      418950 | PA      | $418864.12    | 0.03%             | 2032-02-13      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                  | BGIF IV Fearless Utility Services, Inc., First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2358491 | PA      | $2334905.66   | 0.15%             | 2031-06-09      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Victors Purchaser, LLC                                                   | Victors Purchaser, LLC, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      990100 | PA      | $980199.00    | 0.06%             | 2031-08-15      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | SOFTBANK DDB3 SOFR+325 04/25/29                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    15000000 | PA      | $15000000.00  | 0.97%             | 2029-04-25      | Floating      | 0.75%                 | No            |                  3 | On Loan: No      |
| Thg Acquisition, LLC                                                     | Thg Acquisition, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5980239 | PA      | $5935386.90   | 0.39%             | 2031-10-31      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Crewline Buyer, Inc.                                                     | Crewline Buyer, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7528302 | PA      | $7528301.89   | 0.49%             | 2030-11-08      | Floating      | 11.07%                | No            |                  3 | On Loan: No      |
| N/A                                                                      | CFC BIDCO 2022 LTD                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5000000 | PA      | $4787500.00   | 0.31%             | 2032-05-31      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Sigma Irish Acquico Limited                                              | Sigma Irish Acquico Limited, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |     3042988 | PA      | $3020165.88   | 0.20%             | 2032-03-19      | Floating      | 9.55%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $234519.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Spruce Bidco II Inc.                                                     | Spruce Bidco II Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      763761 | PA      | $758033.26    | 0.05%             | 2032-01-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Evergreen IX Borrower 2023, LLC                                          | Falcon AMD2, First Lien AMD Term Loan                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1985000 | PA      | $1985000.00   | 0.13%             | 2030-09-30      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Jane Street Group Llc                                                    | Jane Street Group LLC, First Lien Term Loan                                                    | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |     5000000 | PA      | $4970325.00   | 0.32%             | 2031-12-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Coding Solutions Acquisition Inc.                                        | Coding Solutions Acquisition Inc, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      381679 | PA      | $375954.21    | 0.02%             | 2031-08-07      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Creek Parent, Inc.                                                       | Creek Parent, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1257143 | PA      | $1238285.72   | 0.08%             | 2031-12-18      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| The Men's Wearhouse, LLC                                                 | The Men's Wearhouse, LLC, First Lien Term Loan                                                 | CUSIP: 58711MAF6<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | LON              | CORP              | US        |     4115250 | PA      | $4139262.56   | 0.27%             | 2029-02-26      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| Bellis Acquisition Company PLC                                           | Bellis Acquisition Company PLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3000000 | PA      | $3415385.97   | 0.22%             | 2031-05-14      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | CP2 LNG HLDGS RSV TL SOFR+350 7/28/28                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      636667 | PA      | $618362.70    | 0.04%             | 2028-07-28      | Floating      | 7.81%                 | No            |                  3 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                 | Legends Hospitality Holding Company, LLC, First Lien Term Loan                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      600000 | PA      | $594000.00    | 0.04%             | 2030-08-22      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                                   | Carvana Auto Receivables Trust 2024-N2                                                         | CUSIP: 14687VAJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        5400 | PA      | $3011371.98   | 0.20%             | 2031-06-10      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Zendesk, Inc.                                                            | Zendesk, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1521739 | PA      | $1517934.78   | 0.10%             | 2028-11-22      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| EHC Holdings Holdco Limited                                              | EHC Holdings Holdco Limited, First Lien Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3000000 | PA      | $3964091.18   | 0.26%             | 2031-09-30      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| USD Currency                                                             | USD Currency                                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |           1 | NC      | $2995780.40   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | ICONIX TL SOFR+500 08/22/29 INCR7                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2830140 | PA      | $2801838.83   | 0.18%             | 2029-08-22      | Floating      | 9.39%                 | No            |                  3 | On Loan: No      |
| X.AI LLC                                                                 | X.AI LLC                                                                                       | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5500000 | PA      | $5778437.50   | 0.38%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Investment Company 24 Bidco Limited                                      | Investment Company 24 Bidco Limited, First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3000000 | PA      | $3504549.46   | 0.23%             | 2029-07-11      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| X.AI LLC                                                                 | X.AI LLC, First Lien Term Loan                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6645098 | PA      | $6904954.61   | 0.45%             | 2030-06-28      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| Olympus Wtr Us Hldg Corp                                                 | Olympus Water US Holding Corp.                                                                 | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $5005973.00   | 0.32%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                                                 | Radiology Partners, Inc., First Lien Term Loan                                                 | CUSIP: 75041EAN2<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |     7000000 | PA      | $6996360.00   | 0.45%             | 2032-06-26      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC)                     | Coretrust Purchasing Group LLC, First Lien Delayed Draw Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      789474 | PA      | $781578.95    | 0.05%             | 2029-10-01      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Investment Company 24 Bidco Limited                                      | Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan 2 Term Loan             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3000000 | PA      | $3504549.46   | 0.23%             | 2029-07-11      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Madonna Bidco Limited                                                    | Madonna Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     1111111 | PA      | $1468181.92   | 0.10%             | 2031-10-27      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Delivery Hero Finco Llc                                                  | Delivery Hero Finco LLC, First Lien Term Loan                                                  | CUSIP: D2007ZAE7<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    12941637 | PA      | $13101401.69  | 0.85%             | 2029-12-12      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                                  | Park River Holdings, Inc.                                                                      | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     6240000 | PA      | $6318000.00   | 0.41%             | 2031-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $576.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Advarra Holdings, Inc.                                                   | Advarra Holdings, Inc., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3611655 | PA      | $3647771.55   | 0.24%             | 2031-09-15      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| MetaTiedot Midco S.a r.l.                                                | MetaTiedot Midco S.a r.l., First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |      713016 | PA      | $828747.81    | 0.05%             | 2030-11-27      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: GBP 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-54353.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BGIF IV Fearless Utility Services, Inc.                                  | BGIF IV Fearless Utility Services, Inc., First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6460613 | PA      | $6396007.09   | 0.42%             | 2031-06-09      | Floating      | 9.14%                 | No            |                  3 | On Loan: No      |
| Alera Group Intermediate Holdings, Inc.                                  | Alera Group Intermediate Holdings, Inc., First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $10048550.00  | 0.65%             | 2032-05-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Investment Company 24 Bidco Limited                                      | Investment Company 24 Bidco Limited, First Lien Delayed Draw Term Loan Term Loan               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     1750000 | PA      | $2044320.52   | 0.13%             | 2029-07-11      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| JPW Industries Holding Corporation                                       | JPW Industries Holding Corporation, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7757395 | PA      | $7660427.91   | 0.50%             | 2028-11-22      | Floating      | 10.08%                | No            |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                                   | Carvana Auto Receivables Trust 2024-N2                                                         | CUSIP: 14687VAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5200000 | PA      | $5528538.08   | 0.36%             | 2030-09-10      | Fixed         | 6.44%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | Forward Contracts: GBP 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $18.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | Windstream Services LLC                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10000000 | PA      | $9918750.00   | 0.64%             | 2032-09-27      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                        | CSC Holdings, LLC                                                                              | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      862000 | PA      | $329176.25    | 0.02%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Geotechnical Merger Sub, Inc.                                            | Geotechnical Merger Sub, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1963190 | PA      | $1943558.28   | 0.13%             | 2031-10-15      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Medline Borrower Lp                                                      | Medline Borrower LP, First Lien Term Loan                                                      | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     8547578 | PA      | $8556082.54   | 0.56%             | 2028-10-23      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Heritage Environmental Services, Inc.                                    | Heritage Environmental Services, Inc., First Lien Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      655738 | PA      | $655737.70    | 0.04%             | 2031-01-31      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| Poly-Wood, LLC                                                           | Poly-Wood, LLC, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3590891 | PA      | $3554981.82   | 0.23%             | 2030-03-20      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                 | Legends Hospitality Holding Company, LLC, First Lien Term Loan                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5218001 | PA      | $5165821.23   | 0.34%             | 2031-08-22      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    19009179 | PA      | $18819087.02  | 1.22%             | 2032-02-13      | Floating      | 9.89%                 | No            |                  3 | On Loan: No      |
| Jensen Hughes, Inc                                                       | Jensen Hughes, Inc, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      315315 | PA      | $311373.88    | 0.02%             | 2031-09-01      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Anaplan, Inc.                                                            | Anaplan, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10518318 | PA      | $10518317.97  | 0.68%             | 2029-06-21      | Floating      | 8.70%                 | No            |                  3 | On Loan: No      |
| Creative Planning, LLC                                                   | Creative Planning, LLC, First Lien Term Loan                                                   | CUSIP: 1261MAAB6<br>LEI: 254900A9E6SC2CI8V842 | Long             | LON              | CORP              | US        |     6000000 | PA      | $5999999.99   | 0.39%             | 2031-05-17      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| International Schools Partnership Limited                                | International Schools Partnership Limited, First Lien Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     8000000 | PA      | $9345465.22   | 0.61%             | 2028-07-06      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Everbridge Holdings, LLC                                                 | Everbridge Holdings, LLC, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5896296 | PA      | $5925777.78   | 0.38%             | 2031-07-02      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| WH BorrowerCo, LLC                                                       | WH BorrowerCo, LLC, First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1629073 | PA      | $1592418.54   | 0.10%             | 2030-08-02      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Transdigm Inc                                                            | TransDigm, Inc.                                                                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $5152050.00   | 0.33%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                                                      | Shift4 Payments LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3500000 | PA      | $3530625.00   | 0.23%             | 2032-06-30      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Heubach Holdings USA LLC                                                 | Heubach Holdings USA LLC, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      194061 | PA      | $97030.70     | 0.01%             | 2024-04-30      | Floating      | 13.59%                | No            |                  3 | On Loan: No      |
| Hudson River Trading Llc                                                 | Hudson River Trading LLC, First Lien Term Loan                                                 | CUSIP: 44413EAJ7<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |     3000000 | PA      | $3008310.00   | 0.20%             | 2030-03-18      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | WISDOM PURCHASER RC SOFR+450 07/24/32                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      656250 | PA      | $652968.75    | 0.04%             | 2032-07-24      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Inovalon Holdings, Inc.                                                  | Inovalon Holdings, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9216223 | PA      | $8985817.64   | 0.58%             | 2028-11-24      | Floating      | 10.31%                | No            |                  3 | On Loan: No      |
| Evoriel                                                                  | Evoriel, First Lien Term Loan                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     2854173 | PA      | $3334197.19   | 0.22%             | 2031-04-02      | Floating      | 7.03%                 | No            |                  3 | On Loan: No      |
| Accel International Holdings, LLC                                        | Accel International Holdings, LLC, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8532110 | PA      | $8489449.54   | 0.55%             | 2032-04-24      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                     | Artifact Bidco, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      354680 | PA      | $352019.70    | 0.02%             | 2030-07-26      | Floating      | 0.35%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: GBP 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $352.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | Forward Contracts: NOK 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-2279.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WC ORS Holdings, L.P.                                                    | WC ORS Holdings, L.P.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        9557 | NS      | $12806.38     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Endeavor Operating Co LLC                                                | Endeavor Operating Co LLC, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13000000 | PA      | $13000000.00  | 0.84%             | 2028-03-24      | Floating      | 8.07%                 | No            |                  3 | On Loan: No      |
| Investment Company 24 Bidco Limited                                      | Investment Company 24 Bidco Limited, First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | SE        |     1410281 | PA      | $1647466.79   | 0.11%             | 2029-07-11      | Floating      | 6.88%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Transdigm Inc                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8000000 | PA      | $8000400.00   | 0.52%             | 2032-08-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| OB Global Openbet Holdings 2 LLC                                         | OB Global Openbet Holdings 2 LLC, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9475000 | PA      | $9380250.00   | 0.61%             | 2029-09-24      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| WC ORS Buyer, Inc.                                                       | WC ORS Buyer, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      272866 | PA      | $268773.18    | 0.02%             | 2031-08-07      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| Encore Capital Group, Inc.                                               | Encore Capital Group, Inc.                                                                     | CUSIP: BP5483253<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |      672000 | PA      | $868577.88    | 0.06%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Kaman Corp                                                               | Kaman Corp, First Lien Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      560345 | PA      | $559193.31    | 0.04%             | 2032-02-26      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Heritage Environmental Services, Inc.                                    | Heritage Environmental, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4340659 | PA      | $4394917.57   | 0.29%             | 2031-01-31      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| Storable Inc.                                                            | Storable Inc, First Lien Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4987500 | PA      | $5010367.69   | 0.33%             | 2031-04-16      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Victors Purchaser, LLC                                                   | Victors Purchaser, LLC, First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1730785 | PA      | $1713477.64   | 0.11%             | 2031-08-15      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: CAD 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $17.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | CASCADE INTMD TL 13% 9/24/33 PIK                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1576384 | PA      | $1544856.78   | 0.10%             | 2033-09-24      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| Ziggo Bv                                                                 | Ziggo BV, First Lien Term Loan                                                                 | CUSIP: N9833RAH2<br>LEI: 213800TQASLF9JXH5J59 | Long             | LON              | CORP              | NL        |     5800000 | PA      | $6733243.32   | 0.44%             | 2029-01-31      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Heritage Environmental Services, Inc.                                    | Heritage Environmental Services, Inc., First Lien Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1228798 | PA      | $1228797.82   | 0.08%             | 2031-01-31      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| CSC Holdings, LLC                                                        | CSC Holdings, LLC, First Lien Term Loan                                                        | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    13968295 | PA      | $13549246.33  | 0.88%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Crewline Buyer, Inc.                                                     | Crewline Buyer, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      471698 | PA      | $471698.11    | 0.03%             | 2030-11-08      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Radiate Holdco LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    12054625 | PA      | $9763744.22   | 0.63%             | 2032-06-01      | Floating      | 9.47%                 | No            |                  2 | On Loan: No      |
| Bellis Acquisition Company PLC                                           | Bellis Acquisition Company PLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    12000000 | PA      | $15967722.41  | 1.04%             | 2029-10-22      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| N/A                                                                      | ASDA TL B SONIA+675 02/16/29 GBP ADDON                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5120702 | PA      | $5069495.24   | 0.33%             | 2029-02-16      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| Acentra Holdings, LLC                                                    | Acentra Holdings, LLC, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1000000 | PA      | $992500.01    | 0.06%             | 2029-12-17      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Acropole Holding SAS                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     3846154 | PA      | $4543564.10   | 0.29%             | 2032-07-16      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| GC Waves Holdings, Inc.                                                  | GC Waves Holdings, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3355015 | PA      | $3341930.65   | 0.22%             | 2030-10-04      | Floating      | 9.16%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | LEAF HOME TL SOFR+525 9/4/31                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13886463 | PA      | $13678165.94  | 0.89%             | 2031-09-04      | Floating      | 9.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $-521994.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Coding Solutions Acquisition Inc.                                        | Coding Solutions Acquisition Inc, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4428076 | PA      | $4361655.25   | 0.28%             | 2031-08-07      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| Commscope, LLC                                                           | Commscope, LLC, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    24686241 | PA      | $25020122.76  | 1.62%             | 2029-12-17      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | KDC ONE Development Corporation Inc                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     7797184 | PA      | $7824279.57   | 0.51%             | 2028-08-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Coding Solutions Acquisition Inc.                                        | Coding Solutions Acquisition Inc, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      169847 | PA      | $167299.60    | 0.01%             | 2031-08-07      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| IBG Borrower LLC                                                         | IBG Borrower LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8689402 | PA      | $8602508.15   | 0.56%             | 2029-08-22      | Floating      | 9.45%                 | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                     | Artifact Bidco, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1551724 | PA      | $1536206.90   | 0.10%             | 2031-07-28      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: GBP 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $894746.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Truck-Lite Co., LLC                                                      | Truck-Lite Co., LLC, First Lien Term Loan                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      538670 | PA      | $533283.38    | 0.03%             | 2032-02-13      | Floating      | 9.89%                 | No            |                  3 | On Loan: No      |
| Sazerac Co Inc.                                                          | Sazerac Co Inc, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     9000000 | PA      | $9065025.00   | 0.59%             | 2032-06-25      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | TITAN BW RC SOFR+475 7/24/32                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2297297 | PA      | $2274324.33   | 0.15%             | 2032-07-24      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Ahlstrom Holding 3 Oy                                                    | Ahlstrom Holding 3 Oy, First Lien Term Loan                                                    | CUSIP: 78475BAB3<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |     4565217 | PA      | $4575489.13   | 0.30%             | 2030-05-24      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Made in Italy 2 S.P.A.                                                   | Made in Italy 2 S.P.A., Series A Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IT        |     4820870 | PA      | $5136412.25   | 0.33%             | 2030-10-17      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| Stretto, Inc.                                                            | Stretto, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    13992500 | PA      | $13887556.25  | 0.90%             | 2028-10-13      | Floating      | 9.25%                 | No            |                  3 | On Loan: No      |
| Crunch Fitness Merger Sub, LLC                                           | Crunch Fitness Merger Sub, LLC, First Lien Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1176471 | PA      | $1170588.24   | 0.08%             | 2031-09-26      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | AMCP Clean Acquisition Company, LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6022050 | PA      | $6029577.57   | 0.39%             | 2028-06-15      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| Channelside AcquisitionCo, Inc.                                          | Channelside, First Lien Term Loan                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3524471 | PA      | $3489226.72   | 0.23%             | 2028-06-30      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| MetaTiedot Midco S.a r.l.                                                | MetaTiedot Midco S.a r.l., First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     1112305 | PA      | $1305905.65   | 0.08%             | 2031-11-27      | Floating      | 7.28%                 | No            |                  3 | On Loan: No      |
| Vensure Employer Services, Inc.                                          | Vensure Employer Services, Inc., First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      565700 | PA      | $560043.24    | 0.04%             | 2031-09-27      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                       | Venture Global Plaquemines Lng LLC                                                             | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     7990000 | PA      | $8486778.25   | 0.55%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Anaplan, Inc.                                                            | Anaplan, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      582452 | PA      | $582451.94    | 0.04%             | 2028-06-21      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| WC ORS Buyer, Inc.                                                       | WC ORS Buyer, Inc., First Lien Term Loan                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1514241 | PA      | $1491526.91   | 0.10%             | 2031-08-07      | Floating      | 9.30%                 | No            |                  3 | On Loan: No      |
| Zeus Company LLC                                                         | Zeus Company LLC, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      526316 | PA      | $526315.79    | 0.03%             | 2030-02-28      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | LX267633 INDYUS TL B 1L USD                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6875000 | PA      | $6869637.50   | 0.45%             | 2030-10-04      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Ltd of Canada                                          | Husky Injection Molding Systems Ltd., First Lien Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     8973695 | PA      | $9008557.75   | 0.58%             | 2029-02-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Runway Bidco, LLC                                                        | Runway Bidco, LLC, First Lien Term Loan                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1357462 | PA      | $1343886.92   | 0.09%             | 2031-12-17      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Eagle Bidco Ltd                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     8000000 | PA      | $10817510.59  | 0.70%             | 2032-08-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Student Transportation of America Holdings Inc.                          | Student Transportation of America Holdings Inc, First Lien Term Loan                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3173333 | PA      | $3185741.06   | 0.21%             | 2032-06-24      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Electricite de France S.A.                                               | Electricite de France S.A.                                                                     | CUSIP: N/A<br>LEI: 549300X3UK4GG3FNMO06       | Long             | DBT              | CORP              | GB        |     5000000 | PA      | $6628447.99   | 0.43%             | 2037-06-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Patrimonio Autonomo FC - Bayport Nomura B                                | Patrimonio Autonomo FC - Bayport Nomura B, First Lien Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CO        | 23398232126 | PA      | $6132362.91   | 0.40%             | 2028-06-30      | Floating      | 17.19%                | No            |                  3 | On Loan: No      |
| Wolfspeed, Inc.                                                          | Wolfspeed, Inc.                                                                                | CUSIP: 977852AE2<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |    14344413 | PA      | $15294730.36  | 0.99%             | 2030-06-23      | Fixed         | 12.88%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                      | QNITY ELECTRS INC                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6000000 | PA      | $6007500.00   | 0.39%             | 2032-08-12      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | TITAN BW DD SOFR+475 7/24/32 PIK                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1148649 | PA      | $1137162.16   | 0.07%             | 2032-07-24      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Databricks, Inc.                                                         | Databricks, Inc., First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1631004 | PA      | $1647314.41   | 0.11%             | 2031-01-19      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Crete PA Holdco, LLC                                                     | Crete PA Holdco, LLC, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      348837 | PA      | $343604.64    | 0.02%             | 2030-11-25      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Excelligence Learning Corporation                                        | Excelligence Learning Corporation, First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1780822 | PA      | $1754109.59   | 0.11%             | 2030-01-18      | Floating      | 0.80%                 | No            |                  3 | On Loan: No      |
| Everbridge Holdings, LLC                                                 | Everbridge Holdings, LLC, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      592593 | PA      | $592592.59    | 0.04%             | 2031-07-02      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund                           | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    43630189 | NS      | $43630189.46  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Violin Finco Guernsey Limited                                            | Violin Finco Guernsey Limited, First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      438261 | PA      | $583522.64    | 0.04%             | 2031-06-24      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| Elk Bidco, Inc.                                                          | Elk Bidco, Inc, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1044776 | PA      | $1039552.24   | 0.07%             | 2032-06-13      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Investment Company 24 Bidco Limited                                      | Investment Company 24 Bidco Limited, First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     2295636 | PA      | $3071962.19   | 0.20%             | 2029-07-11      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Hyperion Refinance Sarl                                                  | Hyperion Refinance Sarl, First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    15000000 | PA      | $15000000.00  | 0.97%             | 2031-02-15      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | KAIROS DDB2 E+475 08/26/32 EUR                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     2058554 | PA      | $2404767.89   | 0.16%             | 2032-08-26      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| X Corp                                                                   | X Corp, First Lien Term Loan                                                                   | CUSIP: 90184NAG3<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |     1415573 | PA      | $1390602.38   | 0.09%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| OMH-Healthedge Holdings, Inc.                                            | OMH-Healthedge Holdings, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    16224583 | PA      | $16224582.70  | 1.05%             | 2030-04-01      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| ExactCare Parent, Inc.                                                   | ExactCare Parent, Inc., First Lien Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      491803 | PA      | $491803.28    | 0.03%             | 2029-11-05      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | ONE CALL RC SOFR+475 09/10/30                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1184211 | PA      | $1166447.37   | 0.08%             | 2030-09-10      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: JPY 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $2860.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | KAIROS TLB1 NIBOR+475 08/26/32 NOK                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NO        |    47421321 | PA      | $4728090.35   | 0.31%             | 2032-08-26      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Charter Next Generation, Inc.                                            | Charter Next Generation, Inc., First Lien Term Loan                                            | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |     2992167 | PA      | $3004405.06   | 0.19%             | 2030-11-29      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Paisley Bidco Limited                                                    | Paisley Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3000000 | PA      | $4004438.17   | 0.26%             | 2031-05-07      | Floating      | 7.28%                 | No            |                  3 | On Loan: No      |
| Market Bidco Limited                                                     | Market Bidco Limited, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4500000 | PA      | $5308573.53   | 0.34%             | 2030-11-04      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust 2021-C                                         | Nelnet Student Loan Trust 2021-C                                                               | CUSIP: 64035G109<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       10080 | PA      | $833675.67    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Nelnet Student Loan Trust 2021-D                                         | Nelnet Student Loan Trust 2021-D                                                               | CUSIP: 64034Y101<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       10080 | PA      | $638971.27    | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Everbridge Holdings, LLC                                                 | Everbridge Holdings, LLC, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1478578 | PA      | $1485970.67   | 0.10%             | 2031-07-02      | Floating      | 9.29%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | Forward Contracts: CAD 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $3099.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Legends Hospitality Holding Company, LLC                                 | Legends Hospitality Holding Company, LLC, First Lien Term Loan                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      300000 | PA      | $297000.00    | 0.02%             | 2031-08-22      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Quikrete Holdings, Inc.                                                  | Quikrete Holdings, Inc.                                                                        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     6874000 | PA      | $7123612.13   | 0.46%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                      | Forward Contracts: EUR 12/17/2025                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |           1 | NC      | $5713.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp. (Milano Acquisition Corp)                     | Gainwell Acquisition Corp., First Lien B Term Loan                                             | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    17248767 | PA      | $17007284.40  | 1.10%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Heritage Environmental Services, Inc.                                    | Heritage Environmental Services, Inc., First Lien Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      109290 | PA      | $109289.62    | 0.01%             | 2030-01-31      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Azurite Intermediate Holdings, Inc.                                      | Azurite Intermediate Holdings, Inc., First Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3750000 | PA      | $3721875.00   | 0.24%             | 2031-03-19      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| Level 3 Financing, Inc.                                                  | Level 3 Financing, Inc.                                                                        | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     3641533 | PA      | $3715401.31   | 0.24%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Paisley Bidco Limited                                                    | Paisley Bidco Limited, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5314494 | PA      | $7093854.09   | 0.46%             | 2031-05-07      | Floating      | 9.37%                 | No            |                  3 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                                   | Carvana Auto Receivables Trust 2024-N2                                                         | CUSIP: 14687VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3375000 | PA      | $3430305.28   | 0.22%             | 2030-09-10      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Coding Solutions Acquisition Inc.                                        | Coding Solutions Acquisition Inc, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      566038 | PA      | $557547.14    | 0.04%             | 2031-08-07      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | NEW MTN MEZZ TLB SOFR+475 8/7/28 UNF                                                           | CUSIP: MTNMEZTL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     8416667 | PA      | $8416666.67   | 0.55%             | 2028-08-07      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CircusTrix Holdings LLC                                                  | CircusTrix LLC, First Lien Term Loan                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4120161 | PA      | $4037758.07   | 0.26%             | 2028-07-18      | Floating      | 10.82%                | No            |                  3 | On Loan: No      |
| LSF12 Donnelly Bidco, LLC                                                | LSF12 Donnelly Bidco, LLC, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4912500 | PA      | $4847163.75   | 0.31%             | 2029-10-02      | Floating      | 10.82%                | No            |                  3 | On Loan: No      |
| Artifact Bidco, Inc.                                                     | Artifact Bidco, Inc., First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6339901 | PA      | $6276502.47   | 0.41%             | 2031-07-28      | Floating      | 8.55%                 | No            |                  3 | On Loan: No      |
| Certinia Inc (FinancialForce.com)                                        | Certinia Inc, First Lien Term Loan                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      470588 | PA      | $465882.36    | 0.03%             | 2029-08-03      | Floating      | 0.50%                 | No            |                  3 | On Loan: No      |
| Asurion Llc                                                              | Asurion LLC, First Lien Term Loan                                                              | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    15000000 | PA      | $14923500.00  | 0.97%             | 2030-09-19      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Zendesk, Inc.                                                            | Zendesk, Inc., First Lien Term Loan                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    15056816 | PA      | $15019173.59  | 0.97%             | 2028-11-22      | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| Altern Marketing, LLC                                                    | Altern Marketing, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6111582 | PA      | $6111581.98   | 0.40%             | 2028-06-13      | Floating      | 9.04%                 | No            |                  3 | On Loan: No      |
| Playtika Holding Corp.                                                   | Playtika Holding Corp., First Lien B-1 Term Loan                                               | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    10000000 | PA      | $9860599.70   | 0.64%             | 2028-03-13      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Hurricane Cleanco Limited                                                | Hurricane Cleanco Limited, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5579063 | PA      | $7503278.21   | 0.49%             | 2029-11-21      | Floating      | 12.50%                | No            |                  3 | On Loan: No      |
| Financiere Astek                                                         | Financiere Astek, First Lien Term Loan                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4662000 | PA      | $5405019.08   | 0.35%             | 2031-04-25      | Floating      | 8.48%                 | No            |                  3 | On Loan: No      |
| Electricite de France S.A.                                               | Electricite de France S.A., First Lien Term Loan                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     5000000 | PA      | $6700030.26   | 0.43%             | 2038-06-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** APOLLO DIVERSIFIED CREDIT FUND

**Signature:** Kenneth Seifert

**Name of Signer:** Kenneth Seifert

**Title:** Treasurer (Principal Financial Officer)