# EDGAR Filing Document

**Accession Number:** 0001912963
**File Stem:** 0001104659-26-071937
**Filing Date:** 2026-6
**Character Count:** 284594
**Document Hash:** f5ea5f291ad2c5ee18f71dffcf44e9fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-071937.hdr.sgml**: 20260609

**ACCESSION NUMBER**: 0001104659-26-071937

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260609

**DATE AS OF CHANGE**: 20260609

**EFFECTIVENESS DATE**: 20260609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Trust Private Credit Fund
- **CENTRAL INDEX KEY:** 0001912963

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23792
- **FILM NUMBER:** 261077231

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2270

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23792

First Trust Private Credit Fund

(Exact name of registrant as specified in charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

registrant's telephone number, including area code: (414) 299-2270

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to shareholders is attached herewith.

[**TABLE OF CONTENTS**](#TOC)

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund

#### **Table of Contents**

---

| | |
|:---|:---|
| [Management Discussion of Fund Performance (Unaudited)](#tMADI)  | [1](#tMADI) |
| [Fund Performance (Unaudited)](#tFxTxPxC)  | [3](#tFxTxPxC) |
| [Report of Independent Registered Public Accounting Firm](#tRIRP)  | [5](#tRIRP) |
| [Consolidated Schedule of Investments](#tCSOI)  | [6](#tCSOI) |
| [Consolidated Summary of Investments (Unaudited)](#tCSOI1)  | [26](#tCSOI1) |
| [Consolidated Portfolio of Composition (Unaudited)](#tCPCU)  | [26](#tCPCU) |
| [Consolidated Statement of Assets and Liabilities](#tCSOA)  | [27](#tCSOA) |
| [Consolidated Statement of Operations](#tCSOO)  | [29](#tCSOO) |
| [Consolidated Statements of Changes in Net Assets](#tCSOC)  | [30](#tCSOC) |
| [Consolidated Statement of Cash Flows](#tCSOC1)  | [31](#tCSOC1) |
| [Consolidated Financial Highlights](#tCFH)  | [33](#tCFH) |
| [Notes to Consolidated Financial Statements](#tN1O)  | [35](#tN1O) |
| [Fund Management (Unaudited)](#tFM32)  | [57](#tFM32) |
| [Fund Information (Unaudited)](#tFUIN)  | [60](#tFUIN) |

---

*This report and the Consolidated Financial Statements contained herein are provided for the general information of the shareholders of the First Trust Private Credit Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.* 

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[**TABLE OF CONTENTS**](#TOC)

![[MISSING IMAGE: lg_firsttrust-4c.jpg]](lg_firsttrust-4c.jpg)

#### FIRST TRUST PRIVATE CREDIT FUND <br> MANAGEMENT DISCUSSION OF FUND PERFORMANCE <br> (unaudited)

#### Executive-Level Overview
We begin our Management Discussion of Fund Performance with an Executive-Level Overview to reaffirm our investment philosophy and provide context for how we navigated markets during the fiscal year ended March 31, 2026.

The U.S. economy remained resilient as the past fiscal year presented a constructive, though variable, backdrop for the risk assets we invest in. Economic growth slowed but stayed positive, despite a gradually cooling labor market, supported by steady consumer activity and inflationary pressure that continues to ease with occasional persistence. U.S. market conditions were shaped by the evolving trajectory of monetary policy as the Federal Reserve continued its rate-cutting cycle beyond the initial moves made in late 2024, supporting liquidity amid ongoing policy and macro uncertainty.

U.S. equity market performance broadened over the period, with market leadership extending beyond the largest U.S. technology companies to a wider set of sectors and market capitalizations. Interest rate volatility persisted, as easing at the short end of the yield curve contrasted with periodic upward pressure on longer-term yields driven by evolving growth and inflation expectations. Meanwhile, geopolitical developments and shifting trade dynamics continued to introduce intermittent volatility across markets.

Public equity markets saw intermittent repricing as analysts expectations for earnings growth, valuation multiples and the broader economic trajectory evolved. While these pricing adjustments caused near-term uncertainty, they also contributed to a more favorable environment for deploying capital during the fiscal year. Private markets also reflected these pricing dislocations, with a growing dispersion in asset pricing and more opportunities to be opportunistically selective across managers and strategies.

While we do not seek to predict market direction, we remain focused on navigating an increasingly complex macroeconomic and broader markets environment. Elevated volatility across both public and private markets continues to challenge traditional portfolio construction and reinforces the importance of discipline. Our approach remains centered on seeking to build uncorrelated portfolios that generate positive absolute returns over time across a range of market conditions, which we believe is especially relevant in today's environment.

As is customary in our Management Discussion of Fund Performance, we will review what we believe to be the important drivers of performance and opportunity in the First Trust Private Credit Fund (the "Fund") for the past fiscal year.

#### First Trust Private Credit Fund
Over the one-year period ended March 31, 2026, the Fund's Class I Shares returned a net gain of +5.92%. In comparison, the Fund's benchmark, the iBoxx Liquid High Yield Index TR returned +7.13% over the same period. The Fund also saw a near-historic level of currency volatility, which has impacted the value of our currency hedges. Given the nature of this hedging program, we continue to believe that currency volatility will abate over time and the basis between those hedges and the natural positions that those hedges are meant to cover will converge.

The opportunistic credit sub-sector led the Fund's performance (+2.75%), followed by direct lending (+2.22%) and asset-based lending sub-sectors (+0.95%), while the structured credit sub-sector remained flat (+0.00%). At March 31, 2026, the Fund's portfolio was allocated to: Direct Lending (38%), Structured Credit (33%), Opportunistic Credit (22%), and Asset-Based Lending (7%).

![[MISSING IMAGE: ft_firsttrustchicagodri-bw.jpg]](ft_firsttrustchicagodri-bw.jpg)

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![[MISSING IMAGE: lg_firsttrust-4c.jpg]](lg_firsttrust-4c.jpg)

The Fund focused its investments in the direct lending sub-sector on the "core" middle market, meaning target earnings before interest, tax, depreciation and amortization ("EBITDA") ranging between $25-$100 million. More favorable terms for borrowers in direct lending transactions at EBITDA levels that are considered upper middle market (above $150 million) caused our relative value view to turn more negative on this segment of the market during the year. The direct lending sub-sector was a reliable contributor to returns in the year. Investments within this sub-sector continued to perform well and were spread across over 15 industries. The Fund continued to focus on transactions that we believed had strong lender protections, no payment-in-kind ("PIK"), and relatively attractive spreads.

The backdrop for asset-backed loans ("ABL") remained constructive over the fiscal year with companies continuing to need alternative financing solutions. New co-investments in the Fund during the year followed many of the same themes of what we have executed on historically — hard assets as collateral and favorable lender protections.

The structured credit sub-sector withstood a year of volatility. Tariff and macro uncertainty, particularly in the first fiscal quarter, caused notable detractions in our broadly syndicated loan ("BSL") collateralized loan obligation ("CLO") positions. After some stabilization in the second fiscal quarter, the Fund's BSL CLO positions continued to face similar headwinds in the third fiscal quarter. Between April 2025 and July 2025, the Fund's portfolio management team was able to actively trade positions in the sub-sector in order to navigate through different pockets of volatility.

The Fund remained highly engaged in the opportunistic credit sub-sector, focusing on Significant Risk Transfer ("SRTs")/regulatory capital relief trade positions, during the year. Over the course of the year, European banks kept up strong issuance activity from established programs and the U.S. market continued to grow providing our portfolio management team ample supply to evaluate. Underlying collateral for all SRTs currently in the Fund's portfolio (large & mid-sized corporates, small and mid-sized enterprises ("SMEs"), leveraged loans, autos, in Europe and North America) continued to perform well, and underlying portfolio default rates generally were at or below long-term historical averages.

We believe that private credit as an asset class remains structurally advantaged and is well-positioned to generate strong risk-adjusted returns going forward. The Fund's portfolio aims to represent a balanced, multi-sector approach to provide private credit exposure for investors, generally targeting positions with historically low loss rates and high seniority in the capital structure. Based on the yields of underlying positions within the Fund's portfolio, the Fund generated income that was sufficient to cover the intended distribution rate of the Fund over the past year. We maintain an optimistic outlook on private credit, viewing it as a resilient and attractive asset class for investors in the current macroeconomic environment.

As always, we thank you for your continued support and intend to work hard to maintain it. We truly appreciate your trust and confidence in First Trust Capital Management.

Kind Regards,

---

| | |
|:---|:---|
| ![[MISSING IMAGE: sg_michaelpeck-bw.jpg]](sg_michaelpeck-bw.jpg)  | ![[MISSING IMAGE: sg_brianmurphy-bw.jpg]](sg_brianmurphy-bw.jpg)  |
| **Michael D. Peck, CFA** | **Brian R. Murphy** |
| Chief Executive Officer, Co-Chief Investment Officer <br> mpeck@firsttrustcapital.com | Co-Chief Investment Officer <br> bmurphy@firsttrustcapital.com |

---

![[MISSING IMAGE: ft_firsttrustchicagodri-bw.jpg]](ft_firsttrustchicagodri-bw.jpg)

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> FUND PERFORMANCE <br> March 31, 2026 (Unaudited)
![[MISSING IMAGE: lc_performance-4c.jpg]](lc_performance-4c.jpg)

This graph compares a hypothetical $10,000 investment in the Fund's Class A Shares and Class I Shares with a similar investment in the Bloomberg U.S. Aggregate Bond Index and the iBoxx USD High Yield Index TR. Results include the reinvestment of all dividends and capital gains. The indices do not reflect expenses, fees, or sales charges, which would lower performance.

The Bloomberg U.S. Aggregate Bond Index measures the performance of the US investment grade bond market. The Bloomberg U.S. Aggregate Bond Index invests in a wide spectrum of public, investment grade, taxable, fixed income securities in the United States — including government, corporate and international dollar denominated bonds as well as mortgage-backed and asset-backed securities, all with maturities of at least one year. The Bloomberg U.S. Aggregate Bond Index is unmanaged and it is not available for investment.

iBoxx USD Liquid High Yield Index TR consists of liquid USD high yield bonds, selected to provide a balanced representation of the USD high yield corporate bond universe. The iBoxx USD Liquid High Yield Index TR is unmanaged and it is not available for investment.

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of March 31, 2026**  | **1 Year**  | **Since Inception <br> (Annualized)**  |
| First Trust Private Credit Fund – Class I (Inception Date May 9, 2022) | 5.92%  | 8.10%  |
| **Before deducting maximum sales charge** |  |  |
| First Trust Private Credit Fund – Class A (Commencement of operations June 6, 2023)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;<br> 5.79%  | &nbsp;&nbsp;&nbsp;&nbsp;<br> 8.85%  |
| **After deducting maximum sales charge** |  |  |
| First Trust Private Credit Fund – Class A (Commencement of operations June 6, 2023)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;<br> (0.27)%  | &nbsp;&nbsp;&nbsp;&nbsp;<br> 6.60%  |
| Bloomberg U.S. Aggregate Bond Index | 4.35%  | 1.71%  |
| iBoxx USD Liquid High Yield Index TR | 7.13%  | 6.92%  |

---

<sup>1</sup> Maximum sales charge for Class A Shares is 4.50%.

***The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an***

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#### First Trust Private Credit Fund <br> FUND PERFORMANCE — Continued <br> March 31, 2026 (Unaudited)
***investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1 (877) 779-1999.***

Performance results include the effect of expense reduction arrangements for some, or all the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.

Fund performance is shown net of fees. For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of First Trust Private Credit Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of First Trust Private Credit Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets and the consolidated financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund at March 31, 2026, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets and its consolidated financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The consolidated financial highlights for the periods ended March 31, 2024 and March 31, 2023, were audited by another independent registered public accounting firm whose report, dated June 3, 2024, expressed an unqualified opinion on those consolidated financial highlights.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, agent banks, underlying managers or administrators of the private investment vehicles and brokers; when replies were not received from agent banks, an underlying manager or administrator or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: sg_ernstyoungllp-bw.jpg]](sg_ernstyoungllp-bw.jpg)

We have served as the auditor of one or more First Trust Capital Management L.P. investment companies since 2025.

Chicago, Illinois <br> May 30, 2026

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#### First Trust Private Credit Fund <br> CONSOLIDATED SCHEDULE OF INVESTMENTS <br> As of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **ASSET-BACKED SECURITIES – 17.2%** | **ASSET-BACKED SECURITIES – 17.2%** |
| 5000000<sup>1</sup> | Arts SPV S.R.L. <br> 10.570% (3-Month Euribor+855 basis points), 11/30/2041<sup>2,3,4,5</sup>  | $5835506 |
| 2196220<sup>1</sup> | Banco Santander, S.A. <br> Series 2024-1 CLN, 11.121% (3-Month Euribor+900 basis points), 6/20/2030<sup>2,3,4,5</sup>  | 2557437 |
| 752543<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series Syntotta 5, 10.049% (3-Month Euribor+800 basis points), 12/27/2043<sup>2,3,4,5</sup>  | 882727 |
| 3500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.809% (3-Month Euribor+675 basis points), 6/26/2045<sup>2,3,4,5</sup> | 4037755 |
| 582093 | BNP Paribas – Broadway <br> Series 1, Class JNR, 11.670% (1-Month Term SOFR+800 basis points), 4/12/2031<sup>2,4,5,6</sup>  | 580640 |
| 2323221 | Craft Ltd. <br> Series 2021-1X, Class CLN, 12.426% (3-Month Term SOFR+876 basis points), 2/21/2029<sup>2,4,5,6</sup>  | 2672539 |
| 1980000<sup>1</sup> | Deutsche Bank AG <br> Series 2025-1X, Class CLN, 11.530% (3-Month Euribor+950 basis points), 10/25/2035<sup>2,3,4,5,6</sup>  | 2272819 |
| 5000000 | Granville Ltd. <br> Series 25-1X, 10.130% (1-Month Term SOFR+650 basis points), 2/15/2030<sup>2,4,5</sup>  | 4880095 |
| 6513600<sup>1</sup> | Gregory SPV S.R.L. <br> Series 32XC, 9.872% (3-Month Euribor+775 basis points), 12/30/2045<sup>2,3,4,5</sup>  | 7525188 |
| 1519874<sup>1</sup> | Landesbank Baden-Wuerttemberg <br> Series LION-5 MEZ, 11.026% (3-Month Euribor+900 basis points), 7/31/2034<sup>2,3,4,5</sup>  | 1795217 |
| 3324726<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series LION-6 SNR, 9.676% (3-Month Euribor+765 basis points), 10/30/2036<sup>2,3,4,5</sup>  | 3847524 |
| 7790508<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series LION 2025-1 MEZ, 9.385% (3-Month Euribor+725 basis points), 10/30/2037<sup>2,3,4,5,7</sup>  | 4149171 |
|  | Lloyds Bank PLC |  |
| 2321578<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.229% (SONIA+450 basis points), 12/16/2030<sup>2,3,4,5</sup> | 3075379 |
| 2778474<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.080% (SONIA+735 basis points), 12/16/2030<sup>2,3,4,5</sup> | 3681318 |
| 4199000<sup>1</sup> | Marcello SPV S.R.L. <br> 9.428% (3-Month Euribor+725 basis points), 5/29/2047<sup>2,3,4,5</sup>  | 4853213 |
| 2216577 | Mespil Securities No.3 Designated Activity Company <br> Series 2024-1, Class B, 13.150% (2-Month Term SOFR+950 basis points), 7/28/2032<sup>2,4,5</sup>  | 2047434 |
| 5200000<sup>1</sup> | PYMES Magdalena <br> Series 12, Class NOTE, 9.029% (3-Month Euribor+700 basis points), 12/31/2039<sup>2,3,4,5,6</sup>  | 6066949 |
| 1530109<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 11, Class NOTE, 8.534% (3-Month Euribor+650 basis points), 7/4/2054<sup>2,3,4,5,6</sup>  | 1776557 |

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#### First Trust Private Credit Fund <br> CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued <br> As of March 31, 2026

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| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  | **Value**  |
| | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
| 11730418<sup>1</sup> | Santander Consumer Finance, S.A. <br> Series 2024-1, 8.853% (3-Month STIBOR+665 basis points), 12/25/2034<sup>2,3,4,5</sup>  | $| 1241775 |
| 30901617<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.640% (3-Month CIBOR+665 basis points), 6/25/2035<sup>2,3,4,5</sup> |  | 4784455 |
| 3500000<sup>1</sup> | Santander UK PLC <br> 11.229% (SONIA+750 basis points), 4/22/2032<sup>2,3,4,5</sup>  |  | 4630470 |
| 1545396<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 F, 14.950% (SONIA+1,000 basis points), 5/22/2034<sup>2,3,4,5</sup>  |  | 2094379 |
| 3000000 | St. Lawrence Corp. <br> Series 2023-1X, Class MEZZ, 13.480% (1-Month Term SOFR+975 basis points), 5/25/2033<sup>2,4,5,6</sup>  |  | 3000261 |
|  | **TOTAL ASSET-BACKED SECURITIES** <br> (Cost $75,835,596)  |  | **78288808** |
|  | **BANK LOANS – 33.7%** | **BANK LOANS – 33.7%** | **BANK LOANS – 33.7%** |
|  | Accuray, Inc. |  |  |
| 456250 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 6/5/2030<sup>5,8</sup> |  | (2827) |
| 3169787 | &nbsp;&nbsp;&nbsp;&nbsp;8.322% Cash, 6.000% PIK, Term Loan (3-Month Term SOFR+1,050 <br> basis points), 6/5/2030<sup>2,5,9</sup>  |  | 2484813 |
|  | Blue Raven Solutions, LLC |  |  |
| 430000 | &nbsp;&nbsp;&nbsp;&nbsp;9.673%, Revolver (3-Month Term SOFR+600 basis points), 1/16/2031<sup>2,5,7</sup>  |  | 129000 |
| 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;9.668%, Term Loan (1-Month Term SOFR+600 basis points), 1/16/2032<sup>2,5</sup>  |  | 3822000 |
| 5486250 | Byoma U.S., Inc. <br> 9.655%, Term Loan (3-Month Term SOFR+600 basis points), 11/17/2027<sup>2,5</sup>  |  | 5376525 |
| 1964167 | C3 Rentals, LLC <br> 11.668%, Term Loan (1-Month Term SOFR+800 basis points), 4/22/2027<sup>2,5</sup>  |  | 1983809 |
| 1951223 | Cardinal Parent, Inc. <br> 8.949%, Term Loan (3-Month Term SOFR+450 basis points), 11/12/2027<sup>2,6</sup>  |  | 1819515 |
| 9000000 | Catalyst Brands, LLC <br> 11.790%, Term Loan (1-Month Term SOFR+813 basis points), 9/17/2030<sup>2,5</sup>  |  | 9000000 |
|  | CB Buyer, Inc. |  |  |
| 394750 | &nbsp;&nbsp;&nbsp;&nbsp;3.701%, Revolver (1-Month Term SOFR+525), 7/1/2031<sup>5,7</sup> |  | 53949 |
| 676983 | &nbsp;&nbsp;&nbsp;&nbsp;3.652%, Delay Draw (1-Month Term SOFR+525), 7/1/2031<sup>5</sup> |  | 670213 |
| 3871122 | &nbsp;&nbsp;&nbsp;&nbsp;8.922%, Term Loan, 7/1/2031<sup>5,10</sup> |  | 3832410 |
| 198549 | CIRE Alto OpCo, LLC <br> 24.090%, Term Loan, 6/30/2026<sup>5,10</sup>  |  | 194757 |
| 3960000 | Connect America.com, LLC <br> 9.450%, Term Loan (3-Month Term SOFR+575 basis points), 12/31/2028<sup>2,5</sup>  |  | 3817440 |

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
|  | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
| 970000 | CPC/Cirtec Holdings, Inc. <br> 8.668%, Term Loan (1-Month Term SOFR+500 basis points), 1/30/2029<sup>2,5</sup>  | $963210 |
|  | Craftmark Bakery Holdings, LLC |  |
| 2857436 | &nbsp;&nbsp;&nbsp;&nbsp;8.914%, Term Loan (3-Month Term SOFR+525 basis points), 5/6/2031<sup>2,5</sup>  | 2834576 |
| 717528 | &nbsp;&nbsp;&nbsp;&nbsp;8.917%, Delay Draw (3-Month Term SOFR+525 basis points), 5/6/2031<sup>2,5,7</sup>  | 77922 |
| 410256 | &nbsp;&nbsp;&nbsp;&nbsp;8.917%, Revolver (3-Month Term SOFR+525 basis points), 5/6/2031<sup>2,5,7</sup>  | 201846 |
| 2032961 | DCERT Buyer, Inc. <br> 10.668% (1-Month Term SOFR+700 basis points), 2/24/2029<sup>2</sup>  | 1570462 |
|  | Dentive, LLC |  |
| 142656 | &nbsp;&nbsp;&nbsp;&nbsp;10.950%, Delay Draw (1-Month Term SOFR+300 basis points), 12/23/2028<sup>2,5</sup>  | 137563 |
| 287156 | &nbsp;&nbsp;&nbsp;&nbsp;10.450%, Term Loan (3-Month Term SOFR+675 basis points), 12/23/2028<sup>2,5</sup>  | 276904 |
| 1688970 | &nbsp;&nbsp;&nbsp;&nbsp;10.950%, Delay Draw, 12/26/2028<sup>2,5</sup> | 1628674 |
| 4987589 | Dorel Industries, Inc. <br> 9.410% Cash, 2.500% PIK, Term Loan (3-Month Term SOFR+360 basis points), 9/29/2030<sup>2,5,9</sup>  | 4688758 |
| 3750000 | Family Dollar Stores, LLC <br> 10.165%, Term Loan (1-Month Term SOFR+650 basis points), 7/3/2028<sup>2,5</sup>  | 3750000 |
|  | Fenix Topco, LLC |  |
| 58359 | &nbsp;&nbsp;&nbsp;&nbsp;10.450%, Delay Draw (3-Month Term SOFR+675 basis points), 4/2/2027<sup>2,5,7</sup>  | 48299 |
| 841397 | &nbsp;&nbsp;&nbsp;&nbsp;10.450%, Term Loan (3-Month Term SOFR+675 basis points), 3/28/2029<sup>2,5</sup>  | 810265 |
|  | Fertility (ITC) Buyer, Inc. |  |
| 1580939 | &nbsp;&nbsp;&nbsp;&nbsp;9.872%, Delay Draw (1-Month Term SOFR+600 basis points), 1/3/2029<sup>2,5,7</sup>  | 1165281 |
| 1311905 | &nbsp;&nbsp;&nbsp;&nbsp;9.692%, Term Loan (6-Month Term SOFR+600 basis points), 1/3/2029<sup>2,5</sup>  | 1311905 |
|  | Florida Food Products, LLC |  |
| 490450 | &nbsp;&nbsp;&nbsp;&nbsp;9.590%, Term Loan (3-Month Term SOFR+500 basis points), 10/18/2028<sup>2,6</sup>  | 347400 |
| 130699 | &nbsp;&nbsp;&nbsp;&nbsp;9.590%, Delayed Draw (3-Month Term SOFR+500 basis points), 10/18/2028<sup>5</sup>  | 129283 |
| 531473 | Fortna Group, Inc. <br> 10.080%, Term Loan (6-Month Term SOFR+550 basis points), 6/1/2029<sup>2,6</sup>  | 289429 |
|  | GT Independence Services, LLC |  |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;8.700%, Term Loan (3-Month Term SOFR+500 basis points), 11/18/2027<sup>2,5</sup>  | 3956626 |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
|  | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
| 526316 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 11/18/2027<sup>5,8</sup> |  |
| 1094012 | HS Purchaser LLC <br> 9.764% (1-Month Term SOFR+600 basis points), 5/21/2029<sup>2,5,6</sup>  | $1065490 |
| 4438876 | Ipsen Group Holding GmbH <br> 7.173% Cash, 7.000% PIK, Term Loan (1-Month Term SOFR+1,075 <br> basis points), 7/31/2029<sup>2,5,9</sup>  | 4314656 |
| 1093588 | Ivanti Software, Inc. <br> 8.639% (3-Month Term SOFR+475 basis points), 6/1/2029<sup>2,5</sup>  | 742191 |
| 78975 | IvantiNewCo <br> 9.639%, Term Loan (1-Month Term SOFR+575 basis points), 6/1/2029<sup>2</sup>  | 79073 |
| 5000000 | Jonah Energy South Texas, LLC <br> 9.701%, Term Loan (3-Month Term SOFR+600 basis points), 3/30/2030<sup>2,5</sup>  | 4950000 |
|  | KL Charlie Acquisition Company |  |
| 459018 | &nbsp;&nbsp;&nbsp;&nbsp;9.268%, Delay Draw (1-Month Term SOFR+560 basis points), 12/20/2026<sup>2,5</sup>  | 459018 |
| 349554 | &nbsp;&nbsp;&nbsp;&nbsp;9.268%, Term Loan (1-Month Term SOFR+560 basis points), 12/20/2026<sup>2,5</sup>  | 349554 |
| 926947 | Litigation Trust Class A- 1 DIP Interest <br> 0.000% Cash, 10.000% PIK, 12/31/2026<sup>5,9,10</sup>  | 926947 |
| 276694 | Litigation Trust Class A- 2 Bridge Interest <br> 0.000% Cash, 10.000% PIK, Bridge, 10/31/2026<sup>5,9,10</sup>  | 276694 |
| 1125575 | Litigation Trust Class A- 2 DIP Interest <br> 0.000% Cash, 10.000% PIK, 12/31/2026<sup>5,9,10</sup>  | 1125575 |
| 75729 | Litigation Trust Other Claims <br> 0.000%, Bridge, 10/31/2026<sup>5</sup>  | 75729 |
|  | Medical Technology Solutions, LLC |  |
| 2363125 | &nbsp;&nbsp;&nbsp;&nbsp;8.926%, Term Loan (1-Month Term SOFR+525 basis points), 6/3/2032<sup>5</sup>  | 2333586 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 6/3/2032<sup>5,8</sup> |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 6/3/2032<sup>5,8</sup> |  |
|  | Minds + Assembly, LLC |  |
| 3042220 | &nbsp;&nbsp;&nbsp;&nbsp;8.700%, Term Loan (3-Month Term SOFR+500 basis points), 10/28/2026<sup>2,5</sup>  | 3023967 |
| 169271 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 10/28/2026<sup>5,8</sup> |  |
| 460138 | &nbsp;&nbsp;&nbsp;&nbsp;8.950%, Term Loan (3-Month Term SOFR+525 basis points), 3/31/2028<sup>2,5</sup>  | 457377 |
| 4702956 | Nephron Pharmaceuticals Corp. <br> 12.892%, Term Loan (3-Month Term SOFR+920 basis points), 1/31/2028<sup>2,5</sup>  | 4679442 |
|  | NMA Holdings, LLC |  |
| 2091176 | &nbsp;&nbsp;&nbsp;&nbsp;8.686%, Term Loan (3-Month Term SOFR+500 basis points), 1/2/2028<sup>2,5</sup>  | 2094313 |

---

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[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
|  | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
| 528684 | &nbsp;&nbsp;&nbsp;&nbsp;8.686%, Delay Draw (3-Month Term SOFR+500 basis points), 7/7/2028<sup>2,5,7</sup>  | 97124 |
| 352941 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 7/7/2028<sup>5,8</sup> | $— |
| 1869705 | Pareto Buyer, LLC <br> 0.500%, Delay Draw, 12/12/2032<sup>5,8</sup>  | (6544) |
| 1246470 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 12/12/2032<sup>5,8</sup> | (10096) |
| 6825000 | &nbsp;&nbsp;&nbsp;&nbsp;8.175%, Term Loan (3-Month Term SOFR+450 basis points), 12/12/2032<sup>2,5,7</sup>  | 6644493 |
|  | PhyNet Dermatology, LLC |  |
| 995527 | &nbsp;&nbsp;&nbsp;&nbsp;10.170%, Term Loan (3-Month Term SOFR+650 basis points), 10/20/2029<sup>2,5</sup>  | 973128 |
| 494902 | &nbsp;&nbsp;&nbsp;&nbsp;10.170%, Term Loan (3-Month Term SOFR+650 basis points), 10/20/2029<sup>2,5</sup>  | 483766 |
| 3935552 | Progress Lighting, LLC <br> 14.170%, Term Loan (3-Month Term SOFR+1,050 basis points), 9/18/2029<sup>2,5</sup>  | 3842323 |
| 2745897 | Project Leopard Holdings, Inc. <br> 9.292%, Term Loan (3-Month Term SOFR+525 basis points), 7/20/2029<sup>2,6</sup>  | 1727169 |
| 4971247 | Resolute Investment Managers, Inc. <br> 10.763%, Term Loan (3-Month Term SOFR+650 basis points), 4/30/2027<sup>2</sup>  | 3989426 |
|  | Riccobene Associates |  |
| 1306867 | &nbsp;&nbsp;&nbsp;&nbsp;8.418%, Term Loan (1-Month Term SOFR+475 basis points), 11/12/2027<sup>2,5</sup>  | 1299026 |
| 135318 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 11/12/2027<sup>5,8</sup> |  |
| 539310 | &nbsp;&nbsp;&nbsp;&nbsp;8.418%, Delay Draw (1-Month Term SOFR+475 basis points), 1/10/2028<sup>2,5,7</sup>  | 276263 |
| 960322 | Riskonnect Parent, LLC <br> 8.495%, Term Loan (6-Month Term SOFR+475 basis points), 12/7/2028<sup>2</sup>  | 953120 |
|  | Sepro Holdings, LLC |  |
| 432836 | &nbsp;&nbsp;&nbsp;&nbsp;9.653%, Delay Draw, 7/26/2030<sup>5,7</sup> | 354377 |
| 2984403 | &nbsp;&nbsp;&nbsp;&nbsp;8.922%, Term Loan (1-Month Term SOFR+525 basis points), 7/26/2030<sup>2,5</sup>  | 2940831 |
| 8589161 | Shryne Group, Inc. <br> 14.887% Cash, 1.000% PIK, Term Loan (1-Month Term SOFR+1,122 basis points), 5/26/2026<sup>2,5,9</sup>  | 8589161 |
|  | South Florida ENT Associates |  |
| 339929 | &nbsp;&nbsp;&nbsp;&nbsp;3.800%, Delay Draw (1-Month Term SOFR+525 basis points), 12/31/2028<sup>2,5</sup>  | 339929 |
| 761303 | &nbsp;&nbsp;&nbsp;&nbsp;9.673%, Term Loan (3-Month Term SOFR+525 basis points), 12/31/2028<sup>2,5</sup>  | 761303 |
|  | Sparta AN Bidco, LLC |  |
| 477273 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Delay Draw, 3/13/2031<sup>5,8</sup> | (4176) |

---

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[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
|  | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
| 270454 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 3/13/2031<sup>5,8</sup> | (4733) |
| 47727 | &nbsp;&nbsp;&nbsp;&nbsp;9.168%, Revolver (1-Month Term SOFR+550 basis points), 3/13/2031<sup>2,5</sup>  | $46892 |
| 4454545 | &nbsp;&nbsp;&nbsp;&nbsp;9.168%, Term Loan (1-Month Term SOFR+550 basis points), 3/31/2031<sup>2,5</sup>  | 4376591 |
| 337119 | Steward Health Care System, LLC <br> 10.000%, Bridge, 5/28/2026<sup>5,11</sup>  |  |
| 5021325 | Sugar Creek Packing Co. <br> 12.426%Cash, 3.000% PIK, Term Loan (1-Month Term SOFR+875 basis points), 1/9/2031<sup>2,5</sup>  | 4812874 |
|  | Summit Spine & Joint Centers |  |
| 414594 | &nbsp;&nbsp;&nbsp;&nbsp;8.418%, Revolver (1-Month Term SOFR+475 basis points), 3/18/2028<sup>2,5,7</sup>  | 22181 |
| 2728657 | &nbsp;&nbsp;&nbsp;&nbsp;8.418%, Term Loan (1-Month Term SOFR+475 basis points), 3/18/2028<sup>2,5</sup>  | 2710920 |
| 829187 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 3/18/2028<sup>5,8</sup> |  |
|  | Super Sod, LLC |  |
| 1007719 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Revolver, 3/10/2032<sup>5,8</sup> | (10077) |
| 1259648 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Delay Draw, 3/10/2032<sup>5,8</sup> | (6298) |
| 6046312 | &nbsp;&nbsp;&nbsp;&nbsp;8.417%, Term Loan (1-Month Term SOFR+475 basis points), 3/10/2032<sup>2,5</sup>  | 5985849 |
| 1089396 | Synamedia Americas Holdings, Inc. <br> 12.062%, Term Loan, 12/5/2028<sup>5</sup>  | 1089396 |
|  | Tank Holding Corp. |  |
| 1841938 | &nbsp;&nbsp;&nbsp;&nbsp;9.418%, Term Loan (1-Month Term SOFR+575 basis points), 3/31/2028<sup>2</sup>  | 1654300 |
| 15409 | &nbsp;&nbsp;&nbsp;&nbsp;1.000%, Revolver, 3/31/2028<sup>8</sup> | (1387) |
| 294347 | &nbsp;&nbsp;&nbsp;&nbsp;11.750%, Delay Draw (1-Month Term SOFR+600 basis points), 5/11/2029<sup>2</sup>  | 265005 |
| 679000 | &nbsp;&nbsp;&nbsp;&nbsp;9.668%, Term Loan (1-Month Term SOFR+600 basis points), 5/11/2029<sup>2</sup>  | 611314 |
|  | Taoglas Group Holdings Limited |  |
| 214991 | &nbsp;&nbsp;&nbsp;&nbsp;10.961%, Revolver (1-Month Term SOFR+725 basis points), 2/28/2029<sup>2,5,7</sup>  | 201242 |
| 761458 | &nbsp;&nbsp;&nbsp;&nbsp;10.950%, Term Loan (3-Month Term SOFR+725 basis points), 2/28/2029<sup>2,5</sup>  | 753920 |
| 332043 | TCW Fenix Topco, LLC <br> 1.000%, Delay Draw, 4/2/2027<sup>5,8</sup>  |  |
| 4968750 | The Goodyear Tire and & Rubber Company <br> 9.417%, Term Loan (3-Month Term SOFR+575 basis points), 10/31/2026<sup>2,5</sup>  | 4844531 |
| 2450000 | USN OPCO, LLC <br> 9.523%, Term Loan, 12/21/2026<sup>5</sup>  | 2450000 |
|  | Vomela Purchaser, LLC |  |

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[**TABLE OF CONTENTS**](#TOC)

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| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  | **Value**  |
|  | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** | **BANK LOANS (Continued)** |
| 659622 | &nbsp;&nbsp;&nbsp;&nbsp;0.500%, Delay Draw, 12/31/2029<sup>5,8</sup> |  | (6596) |
| 4918423 | &nbsp;&nbsp;&nbsp;&nbsp;8.918%, Term Loan (1-Month Term SOFR+525 basis points), 12/31/2029<sup>2,5</sup>  | $| 4820055 |
| 1497051 | West Side Holdco, LLC <br> 13.000%, Term Loan, 9/3/2027<sup>5,10</sup>  |  | 1571904 |
|  | **TOTAL BANK LOANS <br> (Cost $156,606,862)**  |  | **153762125** |
| **Number <br> of Shares**  |  |  |  |
|  | **CLOSED-END FUNDS – 0.2%** | **CLOSED-END FUNDS – 0.2%** | **CLOSED-END FUNDS – 0.2%** |
| 124379 | Palmer Square Capital BDC, Inc.<sup>12</sup> |  | 1215183 |
|  | **TOTAL CLOSED-END FUNDS <br> (Cost $2,040,862)**  |  | **1215183** |
| **Principal <br> Amount ($)**  |  |  |  |
|  | **COLLATERALIZED LOAN OBLIGATIONS – 33.3%** | **COLLATERALIZED LOAN OBLIGATIONS – 33.3%** | **COLLATERALIZED LOAN OBLIGATIONS – 33.3%** |
|  | 720 East CLO Ltd. |  |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class D1R, 6.422% (3-Month Term SOFR+275 basis points), 10/15/2038<sup>2,6,13</sup>  |  | 741467 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 9.172% (3-Month Term SOFR+550 basis points), 10/15/2038<sup>2,6,13</sup>  |  | 241290 |
| 2500000 | ABPCI Direct Lending Fund CLO LP <br> Series 2024-19A, Class E, 11.317% (3-Month Term SOFR+765 basis points), 10/30/2036<sup>2,6,13</sup>  |  | 2489020 |
| 1250000 | ABPCI Direct Lending Fund CLO, LLC <br> Series 2017-1A, Class ERR, 11.168% (3-Month Term SOFR+750 basis points), 7/20/2037<sup>2,6,13</sup>  |  | 1246343 |
| 18000000 | ABPCI Highland Park CLO <br>14.260%, 12/23/2030<sup>7,14</sup> |  | 5885220 |
| 250000 | AIMCO CLO Ltd. <br> Series 2019-10A, Class ERR, 9.319% (3-Month Term SOFR+565 basis points), 7/22/2037<sup>2,6,13</sup>  |  | 245633 |
| 500000 | Alinea CLO Ltd. <br> Series 2018-1A, Class DR, 5.918% (3-Month Term SOFR+225 basis points), 7/20/2031<sup>2,6,13</sup>  |  | 501307 |
| 1000000 | Anchorage Capital CLO Ltd. <br> Series 2022-24A, Class A1R, 5.102% (3-Month Term SOFR+143 basis points), 7/15/2037<sup>2,6,13</sup>  |  | 1002652 |
| 3500000 | Antares CLO Ltd. <br> Series 2026-1A, Class E, 10.176% (3-Month Term SOFR+650 basis <br> points), 4/20/2039<sup>2,6</sup>  |  | 3440582 |
|  | Apidos CLO Ltd. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-23A, Class DRR, 6.272% (3-Month Term SOFR+260 basis points), 4/15/2033<sup>2,6,13</sup>  |  | 990361 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-28A, Class C1R, 6.518% (3-Month Term SOFR+285 basis points), 10/20/2038<sup>2,6,13</sup>  | $348299 |
| 750000 | Ares CLO Ltd. <br> Series 2016-39A, Class DR3, 6.918% (3-Month Term SOFR+325 basis points), 7/18/2037<sup>2,6,13</sup>  | 738894 |
| 500000 | Ares Loan Funding Ltd. <br> Series 2021-ALFA, Class D1R, 6.517% (3-Month Term SOFR+285 basis points), 4/15/2039<sup>2,6,13</sup>  | 497414 |
| 1000000<sup>1</sup> | Arini European CLO <br> Series 7A, Class SUB, 2.070%, 1/15/2039<sup>3,6,10,13,14</sup>  | 887674 |
|  | Arini U.S. CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A, Class D, 7.672% (3-Month Term SOFR+400 basis points), 4/15/2038<sup>2,6,13</sup>  | 1004766 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 5A, Class D, 6.620% (3-Month Term SOFR+295 basis points), 4/15/2039<sup>2,6,13</sup>  | 1000000 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 5A, Class E, 9.670% (3-Month Term SOFR+600 basis points), 4/15/2039<sup>2,6,13</sup>  | 1000000 |
|  | Bain Capital Credit CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A, Class DR, 6.618% (3-Month Term SOFR+295 basis points), 7/19/2031<sup>2,6,13</sup>  | 751953 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class D, 7.030% (3-Month Term SOFR+336 basis points), 7/24/2034<sup>2,6,13</sup>  | 963375 |
|  | Ballyrock CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-17A, Class C1R, 6.368% (3-Month Term SOFR+270 basis points), 10/20/2038<sup>2,6,13</sup>  | 492738 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-17A, Class C2R, 7.618% (3-Month Term SOFR+395 basis points), 10/20/2038<sup>2,6,13</sup>  | 245523 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-17A, Class DR, 9.768% (3-Month Term SOFR+610 basis points), 10/20/2038<sup>2,6,13</sup>  | 238045 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class C1R3, 6.368% (3-Month Term SOFR+270 basis points), 10/25/2038<sup>2,6,13</sup>  | 985383 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class C2R3, 7.618% (3-Month Term SOFR+395 basis points), 10/25/2038<sup>2,6,13</sup>  | 245496 |
| 500000 | Benefit Street Partners CLO Ltd. <br> Series 2021-23A, Class ER, 8.918% (3-Month Term SOFR+525 basis points), 4/25/2034<sup>2,6,13</sup>  | 496034 |
| 500000 | BlueMountain CLO Ltd. <br> Series 2020-30A, Class DR, 6.972% (3-Month Term SOFR+330 basis points), 4/15/2035<sup>2,6,13</sup>  | 495428 |
|  | Bryant Park Funding Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-20A, Class DR, 7.072% (3-Month Term SOFR+340 basis points), 4/15/2038<sup>2,6,13</sup>  | 493136 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-27A, Class D3, 7.970% (3-Month Term SOFR+430 basis points), 7/20/2038<sup>2,6,13</sup>  | 494731 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-21A, Class ER, 8.918% (3-Month Term SOFR+525 basis points), 10/18/2038<sup>2,6,13</sup>  | $486744 |
| 1000000 | Carlyle Global Market Strategies CLO Ltd. <br> Series 2014-2RA, Class C, 6.714% (3-Month Term SOFR+306 basis points), 5/15/2031<sup>2,6,13</sup>  | 1002636 |
|  | Carlyle U.S. CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-2A, Class D, 6.810% (3-Month Term SOFR+315 basis points), 4/20/2039<sup>2,6,13</sup>  | 250000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-2A, Class E, 9.800% (3-Month Term SOFR+604 basis points), 4/20/2039<sup>2,6,13</sup>  | 495000 |
| 500000 | Cedar Funding CLO Ltd. <br> Series 2023-17A, Class ER, 10.170% (3-Month Term SOFR+650 basis points), 7/20/2038<sup>2,6,13</sup>  | 477044 |
|  | CIFC Funding Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A, Class D, 10.030% (3-Month Term SOFR+636 basis <br> points), 10/24/2030<sup>2,6,13</sup>  | 497890 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A, Class D1R, 6.718% (3-Month Term SOFR+305 basis points), 10/20/2037<sup>2,6,13</sup>  | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A, Class ER2, 8.920% (3-Month Term SOFR+525 basis points), 4/16/2039<sup>2,6,13</sup>  | 481407 |
|  | Dryden CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-55A, Class D, 6.784% (3-Month Term SOFR+311 basis <br> points), 4/15/2031<sup>2,6,13</sup>  | 1004020 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-102A, Class D1R, 6.572% (3-Month Term SOFR+290 basis points), 10/15/2038<sup>2,6,13</sup>  | 995089 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-114A, Class D1, 6.610% (3-Month Term SOFR+300 basis points), 4/20/2039<sup>2,6,13</sup>  | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-114A, Class E, 6.630% (3-Month Term SOFR+650 basis points), 4/20/2039<sup>2,6,13</sup>  | 492500 |
|  | Dryden Senior Loan Fund |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-30A, Class DR, 6.514% (3-Month Term SOFR+286 basis points), 11/15/2028<sup>2,6,13</sup>  | 501319 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-54A, Class D, 7.029% (3-Month Term SOFR+336 basis <br> points), 10/19/2029<sup>2,6,13</sup>  | 751948 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-45A, Class DRR, 6.722% (3-Month Term SOFR+305 basis points), 10/15/2030<sup>2,6,13</sup>  | 501302 |
|  | Eaton Vance CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A, Class DR, 6.429% (3-Month Term SOFR+276 basis points), 1/20/2030<sup>2,6,13</sup>  | 501303 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class AR4, 5.012% (3-Month Term SOFR+134 basis points), 10/15/2038<sup>2,6,13</sup>  | 1002310 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class D1R4, 6.672% (3-Month Term SOFR+300 basis points), 10/15/2038<sup>2,6,13</sup>  | 497741 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 629 | Elevation CLO Ltd. <br> Series 2018-10A, Class AR, 4.588% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>2,6,13</sup>  | $629 |
| 1000000 | Elmwood CLO Ltd. <br> Series 2022-6A, Class D1R2, 6.368% (3-Month Term SOFR+270 basis points), 10/17/2038<sup>2,6,13</sup>  | 985344 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A, Class ER2, 8.818% (3-Month Term SOFR+515 basis points), 10/17/2038<sup>2,6,13</sup>  | 482276 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class ER, 9.168% (3-Month Term SOFR+550 basis points), 10/20/2038<sup>2,6,13</sup>  | 475422 |
| 1000000 | Empower CLO Ltd. <br> Series 2025-1A, Class D1, 6.618% (3-Month Term SOFR+295 basis <br> points), 7/20/2038<sup>2,6,13</sup>  | 998532 |
|  | Fortress Credit Opportunities CLO, LLC |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-19A, Class ER, 11.672% (3-Month Term SOFR+800 basis points), 10/15/2036<sup>2,5,6,13</sup>  | 987039 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A, Class ER, 10.619% (3-Month Term SOFR+695 basis points), 10/22/2037<sup>2,6,13</sup>  | 1944448 |
| 500000 | Galaxy CLO Ltd. <br> Series 2017-24A, Class AR, 5.212% (3-Month Term SOFR+154 basis points), 4/15/2037<sup>2,6,13</sup>  | 500000 |
| 500000 | Golub Capital CLO Ltd. <br> Series 2026-88A, Class E, 9.890% (3-Month Term SOFR+603 basis <br> points), 4/17/2039<sup>2,6,13</sup>  | 490000 |
|  | Invesco U.S. CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class ER, 10.569% (3-Month Term SOFR+690 basis points), 4/22/2037<sup>2,6,13</sup>  | 236360 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class ER, 11.550% (3-Month Term SOFR+788 basis points), 4/21/2038<sup>2,6,13</sup>  | 239351 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 9.672% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,6,13</sup>  | 248822 |
|  | KKR CLO Ltd. |  |
| 388384 | &nbsp;&nbsp;&nbsp;&nbsp;Series 18, Class A1R2, 4.718% (3-Month Term SOFR+105 basis points), 10/18/2035<sup>2,6,13</sup>  | 388158 |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class D1R3, 7.085% (3-Month Term SOFR+325 basis points), 10/15/2038<sup>2,6,13</sup>  | 748860 |
| 1000000 | Magnetite CLO Ltd. <br> Series 2020-26A, Class D1R2, 6.168% (3-Month Term SOFR+250 basis points), 1/25/2038<sup>2,6,13</sup>  | 977019 |
| 1250000 | Maranon Loan Funding Ltd. <br> Series 2021-3A, Class ER, 11.492% (3-Month Term SOFR+782 basis points), 10/15/2036<sup>2,6,13</sup>  | 1191151 |
|  | MCF CLO Ltd. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class ER, 11.728% (3-Month Term SOFR+806 basis points), 4/17/2036<sup>2,6,13</sup>  | 2496886 |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class ER, 11.668% (3-Month Term SOFR+800 basis points), 4/18/2036<sup>2,6,13</sup>  | $4500603 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class SUB, 15.000%, 4/18/2036<sup>6,10,13,14</sup> | 1470623 |
| 500000 | Menlo CLO Ltd. <br> Series 2025-3A, Class D, 6.894% (3-Month Term SOFR+300 basis points), 10/16/2038<sup>2,6,13</sup>  | 501123 |
|  | Morgan Stanley Eaton Vance CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-18A, Class D1R, 6.768% (3-Month Term SOFR+310 basis points), 10/20/2037<sup>2,6,13</sup>  | 495085 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class ER, 9.731% (3-Month Term SOFR+606 basis points), 10/23/2037<sup>2,6,13</sup>  | 475772 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19A, Class D1R, 6.672% (3-Month Term SOFR+300 basis points), 7/15/2038<sup>2,6,13</sup>  | 498750 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-19A, Class D2R, 8.172% (3-Month Term SOFR+450 basis points), 7/15/2038<sup>2,6,13</sup>  | 488551 |
| 1926983 | Mount Logan Funding LP <br> Series 2018-1A, Class SUBR, 13.320%, 1/22/2033<sup>6,10,12,13,14</sup>  | 821744 |
|  | Neuberger Berman CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-22A, Class ER2, 10.498% (3-Month Term SOFR+683 basis points), 4/15/2038<sup>2,6,13</sup>  | 500000 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16SA, Class D1R2, 6.372% (3-Month Term SOFR+270 <br> basis points), 4/15/2039<sup>2,6,13</sup>  | 986219 |
|  | Neuberger Berman Loan Advisers CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-41A, Class DR, 6.472% (3-Month Term SOFR+280 basis points), 4/15/2034<sup>2,6,13</sup>  | 493549 |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-64A, Class SUB, 27.000%, 07/23/2040<sup>5,14</sup> | 495000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-28A, Class D1R, 6.868% (3-Month Term SOFR+320 basis points), 10/20/2038<sup>2,6,13</sup>  | 498052 |
| 4930000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-63A, Class SUB, 12.000%, 4/16/2039<sup>6,7,10,13,14</sup> | 2860000 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-60A, Class SUB, 12.000%, 4/22/2039<sup>6,10,13,14</sup> | 1457423 |
| 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-61A, Class SUB, 12.000%, 7/17/2039<sup>6,10,13,14</sup> | 2962798 |
| 3933000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-62A, Class SUB, 12.000%, 10/17/2039<sup>6,10,13,14</sup> | 3093920 |
|  | New Mountain CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series CLO-6A, Class D1, 6.768% (3-Month Term SOFR+310 basis <br> points), 10/15/2037<sup>2,6,13</sup>  | 999055 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series CLO-1A, Class DRR, 6.522% (3-Month Term SOFR+285 basis points), 1/15/2038<sup>2,6,13</sup>  | 497906 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series CLO-9A, Class D1, 6.509% (3-Month Term SOFR+280 basis <br> points), 4/22/2039<sup>2,6,13</sup>  | 500000 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series CLO-9A, Class E, 9.009% (3-Month Term SOFR+530 basis points), 4/22/2039<sup>2,6,13</sup>  | 250000 |
|  | Oaktree CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class ER, 9.672% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>2,6,13</sup>  | 476398 |

---

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class D2R, 8.068% (3-Month Term SOFR+440 basis points), 7/20/2038<sup>2,6,13</sup>  | $493240 |
| 500000 | Octagon Investment Partners Ltd. <br> Series 2013-1A, Class DR2, 6.430% (3-Month Term SOFR+276 basis points), 1/25/2031<sup>2,6,13</sup>  | 501283 |
| 500000 | Octagon Ltd. <br> Series 2023-1A, Class ER, 9.418% (3-Month Term SOFR+575 basis points), 10/20/2038<sup>2,6,13</sup>  | 480489 |
| 500000 | OHA Credit Partners Ltd. <br> Series 2015-12A, Class ER2, 9.921% (3-Month Term SOFR+625 basis points), 4/23/2037<sup>2,6,13</sup>  | 491767 |
|  | OZLM Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-22A, Class C, 6.579% (3-Month Term SOFR+291 basis <br> points), 1/17/2031<sup>2,6,13</sup>  | 501304 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-20A, Class C, 6.879% (3-Month Term SOFR+321 basis <br> points), 4/20/2031<sup>2,6,13</sup>  | 501300 |
|  | Palmer Square European Loan Funding |  |
| 600000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 11/15/2032<sup>3,6,10,12,13,14</sup> |  |
| 900000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 0.000%, 1/15/2033<sup>3,6,10,12,14</sup> | 165707 |
| 1034143<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3X, Class SUB, 10.133%, 5/15/2033<sup>3,6,7,10,12,14</sup> | 857463 |
| 2500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 11.195%, 8/15/2033<sup>3,6,10,12,14</sup> | 1920308 |
| 4000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 10.000%, 5/15/2034<sup>3,6,10,12,14</sup> | 3138841 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 12.095%, 5/15/2034<sup>3,6,10,12,13,14</sup> | 1782584 |
| 1000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 15.495%, 10/15/2034<sup>3,6,10,12,14</sup> | 814758 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 11.274%, 2/15/2035<sup>3,6,10,12,14</sup> | 1858138 |
| 1250000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3X, Class SUB, 6.348%, 7/15/2035<sup>3,6,10,12,14</sup> | 1448092 |
| 2825000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2X, Class SUB, 11.500%, 10/15/2037<sup>3,6,10,12,14</sup> | 2213626 |
| 1050000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1X, Class SUB, 10.000%, 1/15/2038<sup>3,6,10,12,14</sup> | 613442 |
| 500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1X, Class FR, 10.286% (3-Month Euribor+827 basis points), 1/15/2038<sup>2,3,6,12</sup>  | 575763 |
| 475000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class F, 10.186% (3-Month Euribor+817 basis points), 7/15/2038<sup>2,3,6,12</sup>  | 546941 |
| 1500000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2X, Class SUB, 10.695%, 7/15/2038<sup>3,6,10,12,14</sup> | 1371121 |
| 1915000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2X, Class SUB, 10.000%, 10/15/2038<sup>3,6,10,12,14</sup> | 1181454 |
| 2000000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1X, Class SUB, 15.353%, 1/15/2039<sup>3,6,10,12,14</sup> | 1517980 |
| 1750000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1X, Class SUB, 0.000%, 4/15/2039<sup>3,6,10,12,14</sup> | 2022654 |
| 1250000<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1X, Class SUB, 14.131%, 10/15/2039<sup>3,6,10,12,14</sup> | 1109363 |
|  | Palmer Square Loan Funding Ltd. |  |
| 825000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class SUB, 11.500%, 7/20/2031<sup>6,10,12,13,14</sup> |  |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class SUB, 9.290%, 7/24/2031<sup>6,10,12,13,14</sup> | 280593 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 10.000%, 1/25/2032<sup>6,10,12,13,14</sup> | 319087 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 12.000%, 8/8/2032<sup>6,10,12,13,14</sup> | 1837207 |
| 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 10.000%, 10/15/2032<sup>6,10,12,13,14</sup> | 1412315 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 10.000%, 1/15/2033<sup>6,10,12,13,14</sup> | 1823684 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 4150000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 10.000%, 2/15/2033<sup>6,10,12,13,14</sup> | $2821851 |
| 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class SUB, 10.000%, 7/15/2033<sup>6,10,12,13,14</sup> | 2040258 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class SUB, 9.569%, 1/15/2034<sup>6,10,12,13,14</sup> | 2052870 |
| 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class SUB, 10.000%, 4/15/2037<sup>6,10,12,13,14</sup> | 877292 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class SUB, 10.000%, 7/20/2037<sup>6,10,12,13,14</sup> | 1797427 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class SUB, 12.000%, 7/20/2037<sup>6,10,12,13,14</sup> | 1328957 |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A, Class SUB, 10.000%, 10/20/2037<sup>6,10,12,13,14</sup> | 1024008 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class SUB, 10.000%, 1/15/2038<sup>6,10,12,13,14</sup> | 2130175 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class SUB, 10.000%, 4/20/2038<sup>6,10,12,13,14</sup> | 1888334 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class SUB, 10.000%, 7/20/2038<sup>6,10,12,13,14</sup> | 295752 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class SUB, 10.000%, 7/20/2038<sup>6,10,12,13,14</sup> | 1488421 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class SUB, 11.500%, 7/20/2038<sup>6,10,12,13,14</sup> | 905704 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A, Class SUB, 12.922%, 10/20/2038<sup>6,10,12,13,14</sup> | 1453406 |
| 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A, Class SUB, 11.262%, 10/20/2038<sup>6,10,12,13,14</sup> | 1230587 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class SUB, 10.000%, 1/20/2039<sup>6,10,12,13,14</sup> | 407070 |
| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1A, Class SUB, 10.744%, 4/20/2039<sup>5,6,7,10,12,13,14</sup> | 1916750 |
|  | Post CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 10.468% (3-Month Term SOFR+680 basis <br> points), 4/20/2037<sup>2,6,13</sup>  | 492041 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class BR, 5.368% (3-Month Term SOFR+170 basis points), 10/20/2038<sup>2,6,13</sup>  | 500305 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class D1R, 6.518% (3-Month Term SOFR+285 basis points), 10/20/2038<sup>2,6,13</sup>  | 497563 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class D2R, 7.618% (3-Month Term SOFR+395 basis points), 10/20/2038<sup>2,6,13</sup>  | 197787 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class E, 9.110% (3-Month Term SOFR+540 basis points), 1/20/2039<sup>2,6,13</sup>  | 493730 |
| 1000000 | Rad CLO Ltd. <br> Series 2021-15A, Class A1AR, 5.028% (3-Month Term SOFR+136 basis points), 7/20/2040<sup>2,6,13</sup>  | 1002434 |
|  | Regatta Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-1A, Class A1R3, 4.755% (3-Month Term SOFR+107 basis points), 6/20/2034<sup>2,6,13</sup>  | 1000870 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A, Class D1R, 6.772% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>2,6,13</sup>  | 496505 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A, Class D1, 6.472% (3-Month Term SOFR+280 basis <br> points), 10/15/2038<sup>2,6,13</sup>  | 991909 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class D1R2, 6.300% (3-Month Term SOFR+265 basis points), 4/15/2039<sup>2,6,13</sup>  | 983515 |
| 1000000 | Riserva CLO Ltd. <br> Series 2016-3A, Class DRR, 7.179% (3-Month Term SOFR+351 basis points), 1/18/2034<sup>2,6,13</sup>  | 961843 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 500000 | Sculptor CLO Ltd. <br> Series 29A, Class D2R, 8.019% (3-Month Term SOFR+435 basis points), 7/22/2038<sup>2,6,13</sup>  | $488276 |
| 600000 | Shackleton CLO Ltd. <br> Series 2019-14A, Class ERR, 9.568% (3-Month Term SOFR+590 basis points), 7/20/2034<sup>2,6,13</sup>  | 556577 |
| 500000 | Silver Point CLO Ltd. <br> Series 2025-12A, Class A1, 5.288% (3-Month Term SOFR+131 basis points), 10/15/2038<sup>2,6,13</sup>  | 499688 |
| 750000 | Trestles CLO Ltd. <br> Series 2023-6A, Class A1R, 4.848% (3-Month Term SOFR+118 basis points), 4/25/2038<sup>2,6,13</sup>  | 748755 |
|  | Trinitas CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-15A, Class E, 11.381% (3-Month Term SOFR+771 basis points), 4/22/2034<sup>2,6,13</sup>  | 220625 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-34A, Class D1, 7.669% (3-Month Term SOFR+400 basis points), 4/22/2038<sup>2,6,13</sup>  | 998921 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-34A, Class E, 10.829% (3-Month Term SOFR+716 basis points), 4/22/2038<sup>2,6,13</sup>  | 481983 |
| 234060 | Venture CLO Ltd. <br> Series 2019-38A, Class ARR, 4.667% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>2,6,13</sup>  | 234338 |
| 500000 | Verdelite Static CLO Ltd. <br> Series 2024-1A, Class D, 6.518% (3-Month Term SOFR+285 basis points), 7/20/2032<sup>2,6,13</sup>  | 501687 |
|  | Voya CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A, Class C, 7.259% (3-Month Term SOFR+359 basis points), 4/17/2030<sup>2,6,13</sup>  | 501299 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-1A, Class CR, 6.884% (3-Month Term SOFR+321 basis points), 10/15/2030<sup>2,6,13</sup>  | 501301 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A, Class D, 6.684% (3-Month Term SOFR+301 basis points), 7/15/2031<sup>2,6,13</sup>  | 250940 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-3A, Class CR4, 6.568% (3-Month Term SOFR+290 basis points), 10/20/2031<sup>2,6,13</sup>  | 500541 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2A, Class D, 7.629% (3-Month Term SOFR+396 basis points), 7/20/2032<sup>2,6,13</sup>  | 496169 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3A, Class CRR, 6.768% (3-Month Term SOFR+310 basis points), 4/20/2034<sup>2,6,13</sup>  | 998094 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class ER, 10.368% (3-Month Term SOFR+670 basis points), 4/20/2037<sup>2,6,13</sup>  | 492034 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class D1RR, 6.722% (3-Month Term SOFR+305 basis points), 10/15/2037<sup>2,6,13</sup>  | 500000 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3A, Class ARR, 4.920% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>2,6,13</sup>  | 499684 |

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[**TABLE OF CONTENTS**](#TOC)

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| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  | **Value**  |
| | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3A, Class D1RR, 6.370% (3-Month Term SOFR+270 basis points), 1/20/2038<sup>2,6,13</sup>  | $| 493290 |
| 300000 | Wellington Management CLO Ltd. <br> Series 2023-1A, Class D2R, 7.668% (3-Month Term SOFR+400 basis points), 10/20/2038<sup>2,6,13</sup>  |  | 295745 |
| 500000 | Whitebox CLO Ltd. <br> Series 2023-4A, Class D1R, 7.568% (3-Month Term SOFR+390 basis points), 4/20/2036<sup>2,6,13</sup>  |  | 499965 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS <br> (Cost $163,683,149)**  |  | **151631665** |
| **Number <br> of Shares**  |  |  |  |
|  | **PRIVATE INVESTMENT VEHICLES – 21.7%** | **PRIVATE INVESTMENT VEHICLES – 21.7%** | **PRIVATE INVESTMENT VEHICLES – 21.7%** |
|  | **INVESTMENT PARTNERSHIPS – 14.4%** | **INVESTMENT PARTNERSHIPS – 14.4%** | **INVESTMENT PARTNERSHIPS – 14.4%** |
| N/A<sup>15</sup> | Acer Tree Credit Opportunities Partners LP<sup>5</sup> |  | 4024400 |
| N/A<sup>15</sup> | APD SSC Equity LP<sup>5</sup> |  | 498821 |
| N/A<sup>15</sup> | Arbour Lane Credit Opportunity Fund IV LP<sup>16</sup> |  | 5922703 |
| N/A<sup>15</sup> | Audax Private Credit Fund LP<sup>16</sup> |  | 21625180 |
| N/A<sup>15</sup> | BCP Special Opportunities Offshore Feeder III LP<sup>16</sup> |  | 2058465 |
| N/A<sup>15</sup> | Blue Torch Offshore Credit Opp Fund IV LP<sup>16</sup> |  | 1800000 |
| N/A<sup>15</sup> | DSC Meridian Credit Opportunities Onshore Fund LP<sup>5</sup> |  | 7352640 |
| 2818223 | IFRG Investor III LP<sup>5</sup> |  | 163457 |
| N/A<sup>15</sup> | Linden Investors LP<sup>5</sup> |  | 7886655 |
| N/A<sup>15</sup> | Pareto Buyer, LLC<sup>5</sup> |  | 184049 |
| N/A<sup>15</sup> | Proterra Credit Fund 3 LP<sup>16</sup> |  | 3188761 |
| N/A<sup>15</sup> | Seer Capital Regulatory Capital Relief Fund LP<sup>16</sup> |  | 4129065 |
| N/A<sup>15</sup> | TCW Rescue Financing II LP<sup>16</sup> |  | 4289706 |
| N/A<sup>15</sup> | Whitehawk IV-Plus Onshore Fund LP<sup>16</sup> |  | 2440186 |
|  |  |  | 65564088 |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES – 1.7%** | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES – 1.7%** | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES – 1.7%** |
| 12000000 | TCW Direct Lending VIII, LLC<sup>16</sup> |  | 7477274 |
| **Principal <br> Amount ($)**  |  |  |  |
|  | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS – 5.6%** | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS – 5.6%** | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS – 5.6%** |
| 500000 | Antares Loan Funding I Ltd. <br> 2/17/2032<sup>16</sup>  |  | 574886 |
| 789072 | Ares Capital Corp. <br> Series 2023-1, 7/11/2033<sup>5</sup>  |  | 817589 |
| 5362440 | Fortress Credit Opportunities CLO, LLC <br> Series XXVII, 1/28/2035<sup>5</sup>  |  | 6337331 |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)**  | | **Value**  |
| | **PRIVATE INVESTMENT VEHICLES (Continued)** | **PRIVATE INVESTMENT VEHICLES (Continued)** |
| | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS (Continued)** | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS (Continued)** |
| 1344500 | GPG Loan Funding, LLC <br> 4/29/2034<sup>5</sup>  | $1418256 |
| 1666667 | Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – Class C <br> 10.922% (3-Month Term SOFR+725 basis points), 4/30/2031<sup>5</sup>  | 1666667 |
| 763889 | Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – Class D <br> 11.422% (3-Month Term SOFR+775 basis points), 4/30/2031<sup>5</sup>  | 763889 |
| 1500000 | KCLF Note Issuer I SPV, LLC <br> 12/28/2033<sup>16</sup>  | 1555917 |
| 5640743 | MCF CLO 12, LLC <br> 2/24/2028<sup>5</sup>  | 6491932 |
| 4163407 | NXT Capital CLO, LLC <br> Series 2026-1, 6/24/2028<sup>5,14</sup>  | 4643448 |
| 1237892 | Silver Point Loan Funding, LLC <br> 10/20/2033<sup>16</sup>  | 1393750 |
|  |  | 25663665 |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** <br> (Cost $95,273,862)  | **98705027** |
| **Number <br> of Shares**  |  |  |
|  | **WARRANTS – 0.1%** | **WARRANTS – 0.1%** |
| 760719 | Accuray, Inc., Expiration Date: December 31, 2028\*<sup>,5</sup> | 232129 |
| 69534 | Dorel Industries, Inc. – Class B, Expiration Date: September 30, 2032<sup>3,5</sup> | 92972 |
|  | **TOTAL WARRANTS <br> (Cost $647,441)**  | **325101** |
| **Principal <br> Amount ($)**  |  |  |
|  | **SHORT-TERM INVESTMENTS – 2.4%** | **SHORT-TERM INVESTMENTS – 2.4%** |
| 10804861 | UMB Bank, Money Market Special II Deposit Investment, 3.43%<sup>17</sup> | 10804861 |
|  | **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $10,804,861)**  | **10804861** |
|  | **TOTAL INVESTMENTS – 110.2% <br> (Cost $504,892,633)**  | **494732770** |
|  | Liabilities in Excess of Other Assets – (10.2)% | (39250272) |
|  | **TOTAL NET ASSETS – 100.0%** | $**455482498** |

---

CIBOR – Copenhagen Interbank Offered Rate

Euribor – Euro Interbank Offered Rate

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

SOFR – Secured Overnight Financing Rate

------

[**TABLE OF CONTENTS**](#TOC)

SONIA – Sterling Overnight Index Average

STIBOR – Stockholm Interbank Offered Rate

\* Non-income producing security.

<sup>1</sup> Principal Amount denoted in local currency.

<sup>2</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>3</sup> Foreign security denominated in U.S. Dollars.

<sup>4</sup> All or a portion of this investment is a holding of FTPCF Cayman Sub1 Ltd.

<sup>5</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>6</sup> Callable.

<sup>7</sup> A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion.

<sup>8</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

<sup>9</sup> Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

<sup>10</sup> Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>11</sup> Issuer filed for bankruptcy and/or is in default.

<sup>12</sup> Affiliated company.

<sup>13</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $120,455,213, which represents 26.45% of the total net assets of the Fund.

<sup>14</sup> CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The Fund monitors the effective yield and residual value for each CLO equity position held within the Fund's portfolio on a quarterly basis. The residual value also known as the equity or residual tranche is the portion of the CLO's assets remaining after all debt obligations have been fully satisfied. The effective yield and investment cost may ultimately not be realized.

<sup>15</sup> Investment does not issue shares.

<sup>16</sup> Investment valued using net asset value per share as practical expedient.

<sup>17</sup> The rate is the annualized seven-day yield at period end.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions On Redemptions**  | **Redemptions <br> Permitted**  | **Redemption <br> Notice Period**  | **Cost**  | **Fair Value**  | **Original <br> Acquisition Date**  |
|  Acer Tree Credit Opportunities Partners LP<sup>1</sup>  | Quarterly<sup>2</sup>  | 45 Days  | $4000000 | $4024400 | 1/31/2025  |
| APD SSC Equity LP<sup>1</sup>  | Not permitted  | N/A  | 498821 | 498821 | 2/23/2026  |
|  Arbour Lane Credit Opportunity Fund IV LP<sup>1</sup>  | Not permitted  | N/A  | 6035747 | 5922703 | 2/27/2025  |
| Audax Private Credit Fund LP<sup>1</sup>  | Not permitted  | N/A  | 21685638 | 21625180 | 10/30/2024  |
|  BCP Special Opportunities Fund Offshore <br> Feeder III LP<sup>1</sup>  | Not permitted  | N/A  | 1939780 | 2058465 | 11/2/2023  |
|  Blue Torch Offshore Credit Opp <br> Fund IV LP<sup>1</sup>  | Not permitted  | N/A  | 1839061 | 1800000 | 12/26/2025  |
|  DSC Meridian Credit Opportunities Onshore Fund LP<sup>1</sup>  | Quarterly<sup>2</sup>  | 65 Days  | 5350000 | 7352640 | 5/1/2023  |
| IFRG Investor III LP<sup>1</sup>  | Not permitted  | N/A  | 2818223 | 163457 | 7/28/2023  |
| Linden Investors LP<sup>1</sup>  | Quarterly<sup>2</sup>  | 65 Days  | 5100000 | 7886655 | 5/1/2023  |
| Palmer Square Capital BDC, Inc.<sup>1</sup>  | Not permitted  | N/A  | 2040862 | 1215183 | 2/1/2023  |
| Pareto Buyer, LLC<sup>1</sup>  | Not permitted  | N/A  | 184049 | 184049 | 12/12/2025  |
| Proterra Credit Fund 3 LP<sup>1</sup>  | Not permitted  | N/A  | 3302813 | 3188761 | 8/6/2025  |
|  Seer Capital Regulatory Capital Relief Fund LP<sup>1</sup>  | Not permitted  | N/A  | 4000000 | 4129065 | 3/7/2024  |
| TCW Direct Lending VIII, LLC<sup>1</sup>  | Not permitted  | N/A  | 8573540 | 7477274 | 8/9/2023  |
| TCW Rescue Financing II LP<sup>1</sup>  | Not permitted  | N/A  | 4580800 | 4289706 | 9/12/2024  |
| Whitehawk IV-Plus Onshore Fund LP<sup>1</sup>  | Not permitted  | N/A  | 2413828 | 2440186 | 6/29/2023  |
| **Totals** |  |  | $**74363162** | $**74256545** |  |

---

<sup>1</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>2</sup> The private investment vehicle can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the private investment vehicle.

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASE <br> CONTRACTS** | **Counterparty**  | **Currency <br> Exchange**  | **Settlement <br> Date**  | **Currency <br> Amount <br> Purchased <br> (Sold)**  | **Value At <br> Settlement <br> Date**  | **Value At <br> March 31, <br> 2026**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| British Pound  | BNP Paribas  | GBP per USD  | 5/15/2026 | $37000 | $49397 | $48968 | $(428) |
| Euro  | BNP Paribas  | EUR per USD  | 4/15/2026 | 339000 | 394121 | 392122 | (1999) |
| Euro  | BNP Paribas  | EUR per USD  | 6/18/2026 | 144000 | 160013 | 167042 | 7029 |
| Euro  | BNP Paribas  | EUR per USD  | 11/6/2026 | 368000 | 412344 | 428707 | 16363 |
| British Pound  | BNP Paribas  | GBP per USD  | 4/15/2026 | 356000 | 474548 | 471196 | (3352) |
| British Pound  | BNP Paribas  | GBP per USD  | 4/15/2026 | 37000 | 49396 | 48973 | (424) |
| Swedish Krona  | BNP Paribas  | SEK per USD  | 4/15/2026 | 4000 | 434 | 423 | (11) |
| Euro | BNP Paribas  | EUR per USD  | 5/15/2026 | 339000 | 394698 | 392661 | (2037) |
| Swedish Krona  | BNP Paribas  | SEK per USD  | 5/15/2026 | 4000 | 435 | 424 | (11) |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | 1475000 | 1705617 | 1709054 | 3437 |
| **TOTAL PURCHASE CONTRACTS**  | **TOTAL PURCHASE CONTRACTS**  | **TOTAL PURCHASE CONTRACTS**  | **TOTAL PURCHASE CONTRACTS**  | **TOTAL PURCHASE CONTRACTS**  | $3641003 | $3659570 | $18567 |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued <br> As of March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SALE CONTRACTS**  | **Counterparty**  | **Currency <br> Exchange**  | **Settlement <br> Date**  | **Currency <br> Amount <br> Purchased <br> (Sold)**  | **Value At <br> Settlement <br> Date**  | **Value At <br> March 31, <br> 2026**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| British Pound  | BNP Paribas  | GBP per USD  | 5/15/2026 | $(4101000) | $(5602171) | $(5427547) | $174624 |
| Euro  | BNP Paribas  | EUR per USD  | 4/15/2026 | (1512000) | (1735171) | (1748937) | (13766) |
| Euro  | BNP Paribas  | EUR per USD  | 4/15/2026 | (2443000) | (2835077) | (2825829) | 9248 |
| Euro  | BNP Paribas  | EUR per USD  | 4/15/2026 | (11164000) | (13075612) | (12913450) | 162162 |
| British Pound  | BNP Paribas  | GBP per USD  | 4/15/2026 | (2535000) | (3411755) | (3355283) | 56472 |
| Swedish Krona  | BNP Paribas  | SEK per USD  | 4/15/2026 | (3154000) | (344814) | (333445) | 11369 |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (60000) | (70788) | (69428) | 1360 |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (60000) | (70500) | (69428) | 1072 |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (50000) | (55640) | (57856) | (2216) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (60000) | (67560) | (69428) | (1868) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (30000) | (33375) | (34714) | (1339) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (20000) | (22480) | (23143) | (663) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2026 | (100000) | (111380) | (115713) | (4333) |
| Euro | BNP Paribas  | EUR per USD  | 4/27/2026 | (200000) | (231840) | (231486) | 354 |
| Euro | BNP Paribas  | EUR per USD  | 5/15/2026 | (11260000) | (13412011) | (13042370) | 369641 |
| Euro | BNP Paribas  | EUR per USD  | 5/15/2026 | (2347000) | (2727425) | (2718512) | 8913 |
| Euro | BNP Paribas  | EUR per USD  | 5/15/2026 | (1512000) | (1737742) | (1751338) | (13596) |
| Swedish Krona  | BNP Paribas  | SEK per USD  | 5/15/2026 | (5085900) | (572317) | (538491) | 33826 |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | (1664000) | (1866176) | (1928044) | (61868) |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | (90000) | (100755) | (104281) | (3526) |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | (80000) | (93848) | (92694) | 1154 |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | (200000) | (224460) | (231736) | (7276) |
| Euro | BNP Paribas  | EUR per USD  | 5/22/2026 | (100000) | (108250) | (115868) | (7618) |
| Euro | BNP Paribas  | EUR per USD  | 6/15/2026 | (13268000) | (15439839) | (15388953) | 50886 |
| Euro | BNP Paribas  | EUR per USD  | 6/15/2026 | (1512000) | (1740161) | (1753701) | (13540) |
| British Pound  | BNP Paribas  | GBP per USD  | 6/15/2026 | (3978000) | (5336885) | (5263916) | 72969 |
| Swedish Krona  | BNP Paribas  | SEK per USD  | 6/15/2026 | (5029600) | (549682) | (533343) | 16339 |
| Euro | BNP Paribas  | EUR per USD  | 6/18/2026 | (944000) | (1062000) | (1095054) | (33054) |
| Euro | BNP Paribas  | EUR per USD  | 7/15/2026 | (475000) | (566438) | (551431) | 15007 |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (50000) | (55800) | (58062) | (2262) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (40000) | (44688) | (46450) | (1762) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (60000) | (70770) | (69675) | 1095 |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (50000) | (59285) | (58062) | 1223 |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (140000) | (156310) | (162574) | (6264) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2026 | (60000) | (67848) | (69675) | (1827) |
| Euro | BNP Paribas  | EUR per USD  | 8/21/2026 | (80000) | (94288) | (93016) | 1272 |
| Euro | BNP Paribas  | EUR per USD  | 8/21/2026 | (80000) | (87040) | (93016) | (5976) |
| Euro | BNP Paribas  | EUR per USD  | 8/21/2026 | (200000) | (225000) | (232540) | (7540) |
| Euro | BNP Paribas  | EUR per USD  | 8/24/2026 | (70000) | (78645) | (81399) | (2754) |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (50000) | (55975) | (58217) | (2242) |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (50000) | (56760) | (58217) | (1457) |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (110000) | (123255) | (128077) | (4822) |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (60000) | (71448) | (69860) | 1588 |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (70000) | (82852) | (81503) | 1349 |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2026 | (50000) | (56065) | (58217) | (2152) |
| Euro | BNP Paribas  | EUR per USD  | 11/6/2026 | (1408000) | (1576960) | (1640270) | (63310) |
| Euro | BNP Paribas  | EUR per USD  | 11/20/2026 | (70000) | (82845) | (81589) | 1256 |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SALE CONTRACTS**  | **Counterparty**  | **Currency <br> Exchange**  | **Settlement <br> Date**  | **Currency <br> Amount <br> Purchased <br> (Sold)**  | **Value At <br> Settlement <br> Date**  | **Value At <br> March 31, <br> 2026**  | **Unrealized <br> Appreciation <br> (Depreciation)**  |
| Euro | BNP Paribas  | EUR per USD  | 11/20/2026 | $(2560000) | $(2885120) | $(2983815) | $(98695) |
| Euro | BNP Paribas  | EUR per USD  | 11/20/2026 | (80000) | (87480) | (93244) | (5764) |
| Euro | BNP Paribas  | EUR per USD  | 11/23/2026 | (80000) | (90200) | (93254) | (3054) |
| Euro | BNP Paribas  | EUR per USD  | 12/23/2026 | (485000) | (518708) | (565967) | (47259) |
| Euro | BNP Paribas  | EUR per USD  | 1/22/2027 | (120000) | (134808) | (140185) | (5377) |
| Euro | BNP Paribas  | EUR per USD  | 1/22/2027 | (40000) | (47828) | (46728) | 1100 |
| Euro | BNP Paribas  | EUR per USD  | 1/22/2027 | (40000) | (47500) | (46728) | 772 |
| Euro | BNP Paribas  | EUR per USD  | 1/22/2027 | (40000) | (45592) | (46728) | (1136) |
| Euro | BNP Paribas  | EUR per USD  | 1/22/2027 | (40000) | (44996) | (46728) | (1732) |
| Euro | BNP Paribas  | EUR per USD  | 2/22/2027 | (90000) | (101880) | (105256) | (3376) |
| Euro | BNP Paribas  | EUR per USD  | 2/22/2027 | (60000) | (71298) | (70171) | 1127 |
| Euro | BNP Paribas  | EUR per USD  | 2/22/2027 | (1336000) | (1468264) | (1562474) | (94210) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2027 | (40000) | (45760) | (46800) | (1040) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2027 | (130000) | (146484) | (152099) | (5615) |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2027 | (60000) | (72012) | (70199) | 1813 |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2027 | (60000) | (71454) | (70199) | 1255 |
| Euro | BNP Paribas  | EUR per USD  | 4/22/2027 | (50000) | (56435) | (58500) | (2065) |
| Euro | BNP Paribas  | EUR per USD  | 5/21/2027 | (60000) | (71550) | (70264) | 1286 |
| Euro | BNP Paribas  | EUR per USD  | 5/24/2027 | (90000) | (102285) | (105406) | (3121) |
| Euro | BNP Paribas  | EUR per USD  | 6/4/2027 | (1976000) | (2242760) | (2315058) | (72298) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2027 | (672000) | (771456) | (788509) | (17053) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2027 | (120000) | (135480) | (140805) | (5325) |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2027 | (40000) | (48176) | (46935) | 1241 |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2027 | (30000) | (35826) | (35201) | 625 |
| Euro | BNP Paribas  | EUR per USD  | 7/22/2027 | (40000) | (45292) | (46935) | (1643) |
| Euro | BNP Paribas  | EUR per USD  | 7/30/2027 | (2584000) | (2917853) | (3032779) | (114926) |
| Euro | BNP Paribas  | EUR per USD  | 8/20/2027 | (1480000) | (1771264) | (1738202) | 33062 |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2027 | (60000) | (72510) | (70609) | 1901 |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2027 | (40000) | (47900) | (47073) | 827 |
| Euro | BNP Paribas  | EUR per USD  | 10/22/2027 | (50000) | (56780) | (58841) | (2061) |
| Euro | BNP Paribas  | EUR per USD  | 1/21/2028 | (40000) | (48512) | (47210) | 1302 |
| Euro | BNP Paribas  | EUR per USD  | 1/21/2028 | (840000) | (1009621) | (991408) | 18213 |
| Euro | BNP Paribas  | EUR per USD  | 1/24/2028 | (40000) | (45560) | (47214) | (1654) |
| Euro | BNP Paribas  | EUR per USD  | 3/13/2028 | (1320000) | (1604460) | (1560524) | 43936 |
| Euro | BNP Paribas  | EUR per USD  | 3/13/2028 | (1016000) | (1158240) | (1201131) | (42891) |
| Euro | BNP Paribas  | EUR per USD  | 4/21/2028 | (50000) | (60875) | (59185) | 1690 |
| **TOTAL SALE CONTRACTS**  | **TOTAL SALE CONTRACTS**  | **TOTAL SALE CONTRACTS**  | **TOTAL SALE CONTRACTS**  | **TOTAL SALE CONTRACTS**  | $(94434205) | $(94128202) | $306003 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**  | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**  | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**  | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**  | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**  | $(90793202) | $(90468632) | $324570 |

---

EUR – Euro

SEK – Swedish Krona

GBP – British Pound Sterling

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED SUMMARY OF INVESTMENTS <br> As of March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
| **Security Type/Sector\***  | **Percent of Total <br> Net Assets**  |
| Asset-Backed Securities  | 17.2% |
| Bank Loans  | 33.7% |
| Closed-End Funds  | 0.2% |
| Collateralized Loan Obligations  | 33.3% |
| Private Investment Vehicles |  |
| &nbsp;&nbsp;&nbsp; Investment Partnerships  | 14.4% |
| &nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies  | 1.7% |
| &nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations  | 5.6% |
| Total Private Investment Vehicles  | 21.7% |
| Warrants  | 0.1% |
| Short-Term Investments  | 2.4% |
| **Total Investments**  | 108.6% |
| Liabilities in Excess of Other Assets  | (8.6)% |
| **Total Net Assets**  | **100.0%** |

---

\* This table does not include forward foreign currency exchange contracts. Please refer to the Consolidated Schedule of Investments for information on forward foreign currency exchange contracts.

#### CONSOLIDATED PORTFOLIO COMPOSITION <br> As of March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Country of Incorporation\***  | **Value**  | **Percent of Total <br> Net Assets**  |
| Canada  | $92972 | 0.0% |
| Cayman Islands  | 1737700 | 0.4% |
| Denmark  | 4784455 | 1.0% |
| European Union  | 58904471 | 12.7% |
| Portugal  | 4037755 | 0.9% |
| Spain  | 7843506 | 1.7% |
| Sweden  | 1241775 | 0.3% |
| United Kingdom  | 13481546 | 3.0% |
| United States  | 402608590 | 88.6% |
| **Total Investments**  | **494732770** | 108.6% |
| Liabilities in Excess of Other Assets  | (39250272) | (8.6)% |
| **Total Net Assets**  | $**455482498** | **100.0%** |

---

\* This table does not include forward foreign currency exchange contracts. Please refer to the Consolidated Schedule of Investments for information on forward foreign currency exchange contracts.

See accompanying Notes to Consolidated Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES <br> As of March 31, 2026

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at fair value  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $426,530,395)  | $427362534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $67,557,377)  | 56565375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments (cost $10,804,861)  | 10804861 |
| &nbsp;&nbsp;&nbsp; Cash  | 679144 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $55,310)  | 55310 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts  | 1130158 |
| &nbsp;&nbsp;&nbsp; Receivables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 3382564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 7364721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 26644 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 336293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 507707604 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts  | 805588 |
| &nbsp;&nbsp;&nbsp; Payables:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 23979309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable (Note 14)  | 22059052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 4684925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fee  | 340959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class I (Note 3)  | 87435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 76375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund services expense  | 56995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 38065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services fees  | 23245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 11396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable (Note 14)  | 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 324 |
| &nbsp;&nbsp;&nbsp; Accrued other expenses  | 44302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 52225106 |
| Commitments and Contingencies (Note 3 & Note 13) |  |
| **Net Assets**  | $**455482498** |

---

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES — Continued <br>As of March 31, 2026

---

| | |
|:---|:---|
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital (par value of $0.01 per share with an unlimited number of shares authorized)  | $469790486 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated deficit)  | (14307988) |
| **Net Assets**  | $**455482498** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp; Class A Shares:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding  | $485747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding  | 49773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (4.50% of offering price)\*  | $0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offer price to public  | $10.22 |
| &nbsp;&nbsp;&nbsp; Class I Shares:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding  | $454996751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding  | 46396033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $9.81 |

---

\* Investors in Class A Shares may be charged a sales charge of up to 4.50% of the subscription amount. For Class A Shares, no sales charge applies on investments of $250,000 or more, but a contingent deferred sales charge ("CDSC") of 1.25% will be imposed to the extent a finder's fee was paid on certain redemptions of such shares within 12 months of the date of purchase.

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENT OF OPERATIONS <br> For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | $29565484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from affiliated issuers  | 5586000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign tax withholdings of $68,711)  | 3551191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated issuers  | 232092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest  | 1172795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 40107562 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fee (Note 3)  | 6069848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class I (Note 3)  | 752166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A (Note 3)  | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pricing and research expense  | 642991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund services expense  | 459571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense (Note 14)  | 263735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 202126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 131387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 113601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused line of credit fee (Note 14)  | 110297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees  | 67812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses  | 63308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 34559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 14061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services fees  | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees  | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous  | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 8973544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees waived  | (1291329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 7682215 |
| **Net investment income**  | 32425347 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2525510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers  | 94534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts  | (3085892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (277996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (743844) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (838670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers  | (7444941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts  | 1293405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | (18608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation  | (7008814) |
|  **Net realized and unrealized gain (loss) on investments, forward foreign currency exchange contracts and foreign currency**  | (7752658) |
| **Net Increase in Net Assets from Operations**  | $24672689 |

---

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **For the <br> Year Ended <br> March 31, 2026**  | **For the <br> Year Ended <br> March 31, 2025**  |
| **Increase (Decrease) in Net Assets From:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | $32425347 | $26510640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, investments in affiliated issuers, forward foreign currency exchange contracts and foreign currency transactions  | (743844) | 718970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, investments in affilliated issuers, forward foreign currency exchange contracts and foreign currency <br> translations  | (7008814) | (5312326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from operations**  | 24672689 | 21917284 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (30867) | (15557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (36633844) | (27155828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retun of capital:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (6114) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (7256967) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders**  | (43927792) | (27171385) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 264709 | 234773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 167077239 | 277067453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 726 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 4933372 | 1134032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (84966846) | (48447273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions**  | 87309200 | 229993903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets**  | 68054097 | 224739802 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 387428401 | 162688599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period  | $455482498 | $387428401 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 26431 | 22682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 16569039 | 26847721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | 72 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | 491130 | 110389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (8484923) | (4704952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital share transactions**  | 8601749 | 22276322 |

---

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENT OF CASH FLOWS <br> For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Cash flows provided by (used in) operating activities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations  | $24672689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase (decrease) in net assets from <br> operations to net cash provided by (used in) operating activities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term portfolio investments  | (322336463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of long-term portfolio investments  | 196520020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net  | 34521836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment-in-kind interest added to principal amount of investment  | (1172795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization on investments  | (737198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on paydowns  | (652299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments and investments in affiliated issuers  | (2620044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and investments in affiliated issuers  | 8283611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts  | (1293405) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase) Decrease in operating assets:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | (7339859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | (327368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | (299192) |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in operating liabilities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 3615701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fee  | (24134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 21762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 16107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A (Note 3)  | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class I (Note 3)  | 50971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax services fees  | (5028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund services expense  | (11002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | (2391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable (Note 14)  | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 11396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses  | (823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused line of credit fees (Note 14)  | (2119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses  | 9742 |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities  | (69084938) |
| &nbsp;&nbsp;&nbsp; Cash flows provided by (used in) financing activities:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 168030045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to shareholders, net of reinvestments  | (38993694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (74303776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw on line of credit  | 68059052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydown on line of credit  | (54000000) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities  | 68791627 |
| &nbsp;&nbsp;&nbsp; Net decrease in cash and foreign currency  | (293311) |

---

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED STATEMENT OF CASH FLOWS — Continued <br>For the Year Ended March 31, 2026

---

| | |
|:---|:---|
| Total cash and cash denominated in foreign currency at value at beginning of period  | $1027765 |
| Total cash and cash denominated in foreign currency at value at the end of the period  | 734454 |
| Increase (decrease) in cash  | (293311) |
| Supplemental disclosure of non-cash activities: |  |
| &nbsp;&nbsp;&nbsp; Reinvested dividends  | $4934098 |
| Supplemental disclosure of cash flow information: |  |
| &nbsp;&nbsp;&nbsp; Interest paid  | $260433 |

---

See accompanying Consolidated Notes to Financial Statements.

------

[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> CONSOLIDATED FINANCIAL HIGHLIGHTS <br> Class A
*Per share operating performance.<br>For a capital share outstanding throughout the period.* 

---

| | | | |
|:---|:---|:---|:---|
| | **For the <br> Year Ended <br> March 31, 2026**  | **For the <br> Year Ended <br> March 31, 2025**  | **For the Period <br> June 6, 2023\* <br> Through <br> March 31, 2024**  |
| **Net asset value, beginning of period**  | $10.20 | $10.45 | $10.00 |
| **Income (Loss) from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.68 | 0.99 | 0.85 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (0.11) | (0.13) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 0.57 | 0.86 | 1.20 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income  | (0.84) | (1.09) | (0.72) |
| &nbsp;&nbsp;&nbsp; From net realized gain  |  | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp; Return of capital  | (0.17) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  | (1.01) | (1.11) | (0.75) |
| **Net asset value, end of period**  | $9.76 | $10.20 | $10.45 |
| **Total return<sup>2</sup>**  | 5.79% | 8.66% | 10.59%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands)  | 486 | 237 | 1 |
|  Ratio of expenses to average net assets (excluding <br> interest expense, commitment fees and unused line of <br> credit fees):  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup>  | 2.19% | 1.92% | 2.30%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup>  | 2.19% | 1.92% | 2.30%<sup>5</sup> |
|  Ratio of net investment income (loss) to average net <br> assets (excluding interest expense, commitment fees <br> and unused line of credit fees):  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup>  | 6.86% | 9.58% | 10.06%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup>  | 6.86% | 9.58% | 10.06%<sup>5</sup> |
|  Ratio of expenses to average net assets (including <br> interest expense, commitment fees and unused line of <br> credit fees):  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup>  | 2.28% | 1.99% | 2.30%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup>  | 2.28% | 1.99% | 2.30%<sup>5</sup> |
|  Ratio of net investment income (loss) to average net assets (including interest expense, commitment fees and unused line of credit fees):  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup>  | 6.78% | 9.65% | 10.06%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup>  | 6.78% | 9.65% | 10.06%<sup>5</sup> |
| Portfolio turnover rate  | 47% | 27% | 25%<sup>3</sup> |
| Total amount outstanding (000's omitted) |  |  |  |
| Secured credit facility  | $22059 | $8000 | $— |
| Asset coverage per $1,000 of borrowings<sup>7</sup>: |  |  |  |
| Secured credit facility  | $21648 | $49429 | $— |

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\* Commencement of public offering.

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Total return would have been higher/lower had fees not been recovered/waived by the Investment Adviser.These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Class A Shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratios do not reflect the Fund's proportionate share of the expenses of the private investment vehicles.

<sup>5</sup> Annualized.

<sup>6</sup> Ratios do not reflect the Fund's proportionate share of the income and expenses of the private investment vehicles.

<sup>7</sup> Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

See accompanying Consolidated Notes to Financial Statements.

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#### First Trust Private Credit Fund <br> CONSOLIDATED FINANCIAL HIGHLIGHTS <br> Class I
*Per share operating performance.<br>For a capital share outstanding throughout each period.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the <br> Year Ended <br> March 31, 2026**  | **For the <br> Year Ended <br> March 31, 2025**  | **For the <br> Year Ended <br> March 31, 2024**  | **For the Period <br> May 9, 2022\* <br> Through <br> March 31, 2023**  |
| **Net asset value, beginning of period**  | $10.24 | $10.45 | $10.08 | $10.00 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup>  | 0.74 | 1.02 | 0.96 | 0.54 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (0.16) | (0.14) | 0.35 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations  | 0.58 | 0.88 | 1.31 | 0.34 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income  | (0.84) | (1.07) | (0.91) | (0.25) |
| &nbsp;&nbsp;&nbsp; From net realized gain  |  | (0.02) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp; Return of capital  | (0.17) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions  | (1.01) | (1.09) | (0.94) | (0.26) |
| **Net asset value, end of period**  | $9.81 | $10.24 | $10.45 | $10.08 |
| **Total return<sup>2</sup>**  | 5.92% | 8.80% | 13.77% | 3.37%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands)  | $454997 | $387191 | $162687 | $31010 |
|  Ratio of expenses to average net assets (excluding <br> interest expense, commitment fees and unused line of credit fees):  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup>  | 1.94% | 1.91% | 2.35% | 5.46%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup>  | 1.65% | 1.65% | 1.65% | 1.65%<sup>5</sup> |
|  Ratio of net investment income (loss) to average net <br> assets (excluding interest expense, commitment <br> fees and unused line of credit fees):  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup>  | 7.12% | 9.59% | 8.61% | 2.22%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup>  | 7.41% | 9.85% | 9.31% | 6.03%<sup>5</sup> |
|  Ratio of expenses to average net assets (including interest expense, commitment fees and unused line of credit fees):  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>4</sup>  | 2.02% | 1.98% | 2.35% | 5.46%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>4</sup>  | 1.73% | 1.72% | 1.65% | 1.65%<sup>5</sup> |
|  Ratio of net investment income (loss) to average net <br> assets (including interest expense, commitment <br> fees and unused line of credit fees):  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and expenses absorbed<sup>6</sup>  | 7.03% | 9.66% | 8.61% | 2.22%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and expenses absorbed<sup>6</sup>  | 7.32% | 9.92% | 9.31% | 6.03%<sup>5</sup> |
| Portfolio turnover rate  | 47% | 27% | 25% | 46%<sup>3</sup> |
| Total amount outstanding (000's omitted) |  |  |  |  |
| Secured credit facility  | $22059 | $8000 | $— | $— |
| Asset coverage per $1,000 of borrowings<sup>7</sup>: |  |  |  |  |
| Secured credit facility  | $21648 | $49429 | $— | $— |

---

\* Commencement of operations.

<sup>1</sup> Based on average shares outstanding for the period.

<sup>2</sup> Total return would have been higher/lower had fees not been recovered/waived by the Investment Adviser. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Class I Shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratios do not reflect the Fund's proportionate share of the expenses of the private investment vehicles.

<sup>5</sup> Annualized.

<sup>6</sup> Ratios do not reflect the Fund's proportionate share of the income and expenses of the private investment vehicles.

<sup>7</sup> Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

See accompanying Consolidated Notes to Financial Statements.

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br> March 31, 2026

#### Note 1 — Organization
First Trust Private Credit Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") as a non-diversified, closed-end management investment company. The Fund operates as an interval fund. The Fund operates under an Amended and Restated Agreement and Declaration of Trust dated August 16, 2022 (the "Declaration of Trust"). First Trust Capital Management L.P. serves as the investment adviser (the "Investment Adviser") of the Fund. The Investment Adviser is an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund currently offers shares of beneficial interest (the "Shares") in two separate share Classes: Class A Shares and Class I Shares.

The Fund's investment objective is to produce current income. The Fund seeks to achieve its investment objective by allocating at least 80% of its net assets, plus the amount of any borrowings for investment purposes, to a diverse portfolio of private credit instruments. The Fund uses a "multi-manager" approach whereby the Fund's assets are allocated among the Investment Adviser and one or more Sub-Advisers (as defined in Note 3 below), in percentages determined at the discretion of the Investment Adviser. The Investment Adviser and Sub-Advisers may invest directly in individual securities or through closed-end and open-end registered investment companies, private investment vehicles and other investment funds that invest or trade in a wide range of investments.

The Fund commenced the public offering of Class I Shares on September 6, 2022 and has publicly offered Class I Shares in a continuous offering since that time. Class A Shares have been publicly offered since June 6, 2023. The Shares are generally offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Shares are issued at net asset value ("NAV") per Share. No holder of Shares (each, a "Shareholder") has the right to require the Fund to redeem its Shares.

The Shares of each Class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Fund's Board of Trustees (the "Board" and the members thereof, "Trustees"). Income, expenses (other than expenses attributable to a specific Class) and realized and unrealized gains and losses on investments are allocated to each Class of Shares in proportion of the value of their relative Shares outstanding. Shareholders of a Class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights with respect to that distribution plan.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Accounting Standards Codification ("ASC") 946, *Financial Services — Investment Companies.* 

(a) Consolidation

The Fund may invest up to 25% of its total assets in its subsidiary, FTPCF Cayman Sub1 Ltd., a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands. FTPCF Cayman Sub1 Ltd., is advised by the Investment Adviser and acts as an investment fund in order to effect certain investments consistent with the Fund's investment objectives and policies specified in the Fund's prospectus and statement of additional information. As of March 31, 2026, the net assets of FTPCF Cayman Sub1 Ltd. were $80,869,151, representing 17.75% of the Fund's total net assets.

FTPCF Cayman Sub1 Ltd. is an exempted company incorporated in the Cayman Islands with limited liability. It 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. The subsidiary has elected to be disregarded as an entity separate from the Fund for U.S. federal income tax purposes.

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the FTPCF Cayman Sub1 Ltd. All inter-company accounts and transactions have been eliminated in consolidation.

#### Note 2 — Significant Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its Consolidated Financial Statements. The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Consolidated Financial Statements. Actual results could differ from these estimates.

(a) Valuation of Investments

UMB Fund Services, Inc. ("UMBFS"), the Fund's administrator, calculates the Fund's NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated Investment Adviser as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Adviser carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets by utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities are reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter ("OTC") securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
short, at the time the NAV is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Valuation Designee not to reflect the fair value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant Determination Date at the time NAV is determined.

Fixed-income securities, except for private debt investments discussed below, with a remaining maturity of sixty (60) days or more, will normally be valued according to dealer-supplied mean quotations or mean quotations from a recognized pricing service. Fixed-income securities for which market quotations are unavailable or are believed by the Valuation Designee not to reflect fair value will be valued based upon broker-supplied quotations provided that if such quotations are unavailable or are believed by the Valuation Designee not to reflect fair value, such fixed-income securities will be valued using valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of sixty (60) days or less are valued at amortized cost, which the Valuation Designee has determined to approximate fair value.

The Fund will generally value shares of exchange traded funds ("ETFs") at the last sale price on the exchange on which the ETF is principally traded. The Fund will generally value shares of open-end investment companies and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective NAVs.

To the extent that the Fund invests in private investment vehicles, the Fund will generally value those assets in accordance with the value determined as of such date by each private investment vehicle in accordance with the private investment vehicle's valuation policies and reported at the time of the Fund's valuation. As a general matter, the fair value of the Fund's interest in a private investment vehicle will represent the amount that the Fund could reasonably expect to receive from the private investment vehicle if the Fund's interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. In the event that the private investment vehicle does not report a value to the Fund on a timely basis, the Fund will determine the fair value of such private investment vehicle based on the most recent final or estimated value reported by the private investment vehicle, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment vehicle.

The Valuation Designee will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the underlying manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular private investment vehicle. In other cases, such as when a private investment vehicle imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist or when there have been no recent transactions in private investment vehicle interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the private investment vehicle. Any such decision will be made in good faith by the Valuation Designee, under oversight by the Board.

In certain circumstances, the Valuation Designee may determine that a private investment vehicle's NAV shall be adjusted more frequently. For these private investment vehicles, the NAVs are adjusted daily based on the total return that each private investment vehicle is estimated by the Valuation Designee to generate during the period (adjusted NAV). The Valuation Designee monitors these estimates daily and updates them as necessary if macro or individual fund changes warrant any adjustments, subject to the review and supervision of the Valuation Designee.

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Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in private investment vehicles may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular Private investment vehicle under consideration.

The Valuation Designee will determine the fair value of its shares of a private company based on numerous factors, including but not limited to market activity or events in the market. Absent such a transaction or event within a year, or as deemed necessary by the Valuation Designee, but in no instance greater than one year from the quarter end in which such event occurred, the Valuation Designee will engage qualified external valuation consultants to provide an independent valuation.

The Valuation Designee will evaluate each private debt investment's fair value based on numerous factors, including but not limited to, changes in credit risk, construction risk, the financial strength of the borrower and the debt instrument's spread to US Treasuries. The Fund will also engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semi-annually. The Fund will generally value any private debt investments at the lesser of their amortized cost or the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will fair value the investment using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

The Fund values its investments in private investment vehicles (generally private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) at the value determined by each private investment vehicle in accordance with such private investment vehicle's valuation policies and reported at the time of the Fund's valuation. The Fund will determine the fair value of such private investment vehicle based on the most recent final or estimated value reported by the private investment vehicle, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment vehicle. Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in private investment vehicles may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular private investment vehicle under consideration.

The Fund will generally value shares of open-end and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective NAVs.

Warrants for which market quotations are not readily available will be fair valued based on the underlying investment. The Fund will engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semi-annually. The Fund will generally value warrants at the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the warrant based on current market conditions. In such an instance, the Valuation Designee will fair value the warrant using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of

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which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments regarding appropriate valuations should prove incorrect.

(b) Foreign Currency Translation

The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gains or losses on investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

(c) Closed-end Funds ("CEFs")

A CEF is a pooled investment fund that is registered under the Investment Company Act and whose shares may be listed and traded on U.S. national securities exchanges. Investments in CEFs are subject to various risks, including reliance on management's ability to meet a CEF's investment objective and to manage a CEF's portfolio, and fluctuation in the market value of a CEF's shares compared to the changes in the value of the underlying securities that the CEF owns. In addition, the Fund bears a pro rata share of the management fees and expenses of each underlying CEF in addition to the Fund's management fees and expenses, which results in the Fund's Shareholders being subject to higher expenses than if they invested directly in the CEFs.

(d) Private Investment Vehicles

Private investment vehicles are generally exempt under Section 3(c)(1) or 3(c)(7) of the Investment Company Act and invest or trade in a wide range of securities. When the Fund invests in securities issued by private investment vehicles, it will bear its pro rata portion of the private investment vehicles' expenses. These expenses are in addition to the direct expenses of the Fund's own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A private investment vehicle in which the Fund invests has its own investment risks, and those risks can affect the value of such private investment vehicle's shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of a private investment vehicle will be achieved. A private investment vehicle may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such private investment vehicle at a time

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that is unfavorable to the Fund. In addition, one private investment vehicle may buy the same securities that another private investment vehicle sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.

(e) Forward Foreign Currency Exchange Contracts

The Fund may enter into forward foreign currency exchange contracts ("forward contracts") under which it is obligated to exchange currencies on specified future dates at specified rates, and is subject to the risk of foreign exchange rate fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation/depreciation on forward foreign currency exchange contracts. The Fund records realized gains or losses at the time the forward contract is settled. Counterparties to these forward contracts are major U.S. financial institutions.

(f) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income and expense is recorded net of applicable withholding taxes on the ex-dividend date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Consolidated Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

Some or all of the interest payments of a loan or preferred equity may be structured in the form of paid-in-kind ("PIK"), which accrues to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due.

Investments in the equity of collateralized loan obligations (CLOs) recognize investment income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, as required by ASC 325-40, *Beneficial Interest in Securities Financial Assets*. The Fund monitors the expected residual payments, and effective yield is determined and updated periodically, as needed. Accordingly, investment income recognized on CLO equity securities in the Consolidated Statement of Operations differs from both the tax-basis investment income and from the cash distributions actually received by the Fund during the period.

(g) Federal Income Taxes

The Fund intends to continue to comply with the requirements of Subchapter M of the Code applicable to RICs and to distribute substantially all of its net investment income and any net realized gains to its Shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for Consolidated Financial Statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

*ASC 740, Income Taxes* ("ASC 740") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent

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likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the Consolidated Financial Statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.

ASC 740 requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, based on the statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March 31, 2026, and during the prior four open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h) Distributions to Shareholders

The Fund makes monthly distributions to its shareholders equal to 10% annually of the Fund's NAV per Share (the "Distribution Policy"). At a meeting held on March 5, 2026, the Board approved a decrease in the monthly distributions that the Fund intends to make to shareholders from 10% to 8.50% annually. The change will be effective on May 1, 2026 and will affect the distributions beginning in June 2026. This predetermined dividend rate may be modified by the Board from time to time and may be increased to the extent of the Fund's investment company taxable income that it is required to distribute in order to maintain its status as a RIC. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for Consolidated Financial Statement and tax purposes.

For financial reporting purposes, dividends and distributions to Shareholders are recorded on the ex-date. If, for any distribution, available cash is less than the amount of this predetermined dividend rate, then assets of the Fund will be sold and such disposition may generate additional taxable income. The Fund's final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year, as well as the remaining net capital gain realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt income and net capital gains, such excess amount distributed would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits. Payments in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the Shares. After such adjusted tax basis is reduced to zero, the payment would constitute capital gain (assuming the Shares are held as capital assets). The Distribution Policy may, under certain circumstances, have certain adverse consequences to the Fund and its Shareholders because it may result in a return of capital resulting in less of a Shareholder's assets being invested in the Fund and, over time, increase the Fund's expense ratio. The Distribution Policy also may cause the Fund to sell a security at a time it would not otherwise do so in order to manage the distribution of income and gain.

(i) Segments

An operating segment is defined in ASC 280 — *Segment Reporting*, 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's President acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results

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of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's Consolidated Financial Statements. The total return and performance of the Fund is reflected within the accompanying Consolidated Financial Highlights. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

#### Note 3 — Investment Advisory and Other Agreements and Activity with Affiliates
The Fund has entered into an investment management agreement (the "Agreement") with the Investment Adviser. Pursuant to the Agreement, the Fund pays the Investment Adviser a monthly fee, in arrears, equal to 1.35% on an annualized basis of the Fund's NAV as of each month-end (the "Investment Management Fee"), subject to certain adjustments.

The Fund uses a "multi-manager" approach whereby the Fund's assets are allocated amongst the Investment Adviser and one or more sub-advisers in percentages determined at the discretion of the Investment Adviser. During the year ended March 31, 2026, the Investment Adviser has engaged Mount Logan Management, LLC ("Mount Logan") and Palmer Square Capital Management LLC ("Palmer Square") (each, a "Sub-Adviser" and together, the "Sub-Advisers") to manage certain assets of the Fund. Pursuant to a separate sub-advisory agreement among the Fund, the Investment Adviser and Mount Logan, Mount Logan receives a portfolio management fee equal to 1.00% on an annualized basis of their portion of the Fund's average daily net assets, subject to certain adjustments. Pursuant to a separate sub-advisory agreement among the Fund, the Investment Adviser and Palmer Square, Palmer Square receives a portfolio management fee equal to 0.50% on an annualized basis of their portion of the Fund's average daily net assets, subject to certain adjustments. Effective July 1, 2025 Palmer Square's portfolio management fee was revised to 0.45% on an annualized basis of their portion of the Fund's average daily net assets, subject to certain adjustments. Each Sub-Adviser's fee is paid by the Investment Adviser out of the Investment Management Fee.

The Investment Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure that Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization and extraordinary expenses (such as litigation expenses)) do not exceed 2.40% and 1.65% of the net assets on an annualized basis of Class A Shares and Class I Shares, respectively (the "Expense Limit"). The Expense Limitation and Reimbursement Agreement may not be terminated by the Fund or the Investment Adviser until April 29, 2027. Thereafter, the Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms unless terminated by the Fund or the Investment Adviser upon 30 days' advanced written notice. Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.40% and 1.65% for the Class A Shares and Class I Shares, respectively. For a period not to exceed three years from the date on which a Waiver is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in effect at the time of the Waiver and the Expense Limit at the time of the recoupment.

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
For the year ended March 31, 2026, the Investment Adviser has waived $1,291,329 in Investment Management fees for Class I Shares. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Consolidated Statement of Assets and Liabilities. At March 31, 2026, the amount of these potentially recoverable expenses was $2,505,336. The Investment Adviser may recapture all or a portion of this amount no later than March 31<sup>st</sup> of year stated below:

---

| | |
|:---|:---|
| 2027  | $530751 |
| 2028  | 683256 |
| 2029  | 1291329 |
| Total  | $2505336 |

---

The Fund has adopted a Distribution and Service Plan with respect to Class A Shares and Class I Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plans allow the Fund to pay distribution and servicing fees for the sale and servicing of its Class A Shares and Class I Shares. Under the Distribution and Service Plan for Class A Shares, the Fund is permitted to pay as compensation up to 1.00% on an annualized basis of the aggregate net assets of the Fund attributable to Class A Shares and under the Distribution and Service Plan for Class I Shares, the Fund is permitted to pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class I Shares (collectively, the "Distribution and Servicing Fee") to qualified recipients. The Fund or the Distributor (as defined below) may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person who renders assistance in distributing or promoting the sale of the respective Class of Shares or who provides certain Shareholder services, pursuant to a written agreement. The Distribution and Servicing Fee is paid out of the Fund's assets attributable to the applicable Share Class and decreases the net profits or increases the net losses of such Share Class.

First Trust Portfolios L.P., an affiliate of the Investment Adviser, serves as the Fund's distributor (the "Distributor"). UMBFS serves as the Fund's fund accountant, transfer agent and administrator; and UMB Bank, n.a., an affiliate of UMBFS, serves as a custodian of the assets of the Fund.

A Trustee is an affiliate, and an officer of the Fund is an employee, of UMBFS. The Fund does not compensate trustees and officers affiliated with UMBFS or the Investment Adviser. For the year ended March 31, 2026, the Fund's fees incurred for Trustees are reported on the Consolidated Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer ("CCO") services to the Fund. The Fund's fees incurred for CCO services for the year ended March 31, 2026 are reported on the Consolidated Statement of Operations.

#### Note 4 — Federal Income Taxes
The Fund has elected to be treated and intends to continue to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes substantially all of its income and gains each year.

At March 31, 2026, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes, were as follows:

---

| | |
|:---|:---|
| Cost of investments  | $516311573 |
| Gross unrealized appreciation  | $14221370 |
| Gross unrealized depreciation  | (27064595) |
| Net unrealized appreciation (depreciation) on investments and derivatives  | $(12843225) |

---

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
The difference between cost amounts for Consolidated Financial Statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in securities transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the tax year ended March 31, 2026, permanent differences in book and tax accounting have been reclassified as follows:

---

| | |
|:---|:---|
| Increase (Decrease)  | Increase (Decrease)  |
| Paid-in Capital  | Total Distributable <br> Earnings  |
| $144512  | $(144512)  |

---

As of March 31, 2026, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated capital and other losses  | $(269223) |
| Net unrealized appreciation on investments  | (12854056) |
| Other temporary differences  | (4108) |
| Total accumulated earnings (deficit)  | $(13127387) |

---

The tax character of distributions paid during the years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Distribution paid from:  | **2026**  | **2025**  |
| &nbsp;&nbsp;&nbsp; Ordinary income  | $36280834 | $26942238 |
| &nbsp;&nbsp;&nbsp; Net long-term capital gains  | 383877 | 229147 |
| &nbsp;&nbsp;&nbsp; Return of capital  | 7263081 |  |
| Total distributions  | $43927792 | $27171385 |

---

As of March 31, 2026, the Fund had no short-term or long-term capital loss carryovers.

As of March 31, 2026, the Fund had no qualified late-year ordinary losses, which are deferred until fiscal year 2027 for tax purposes.

As of March 31, 2026, the Fund had $0 in short-term post-October capital losses and $269,223 in long-term post-October capital losses, which are deferred until fiscal year 2027 for tax purposes.

#### Note 5 — Investment Transactions
For the year ended March 31, 2026, purchases and sales of investments, excluding short-term investments, were $322,336,463 and $192,495,619, respectively.

#### Note 6 — Redemption Fee
The Fund may impose a maximum deferred sales charge of 1.25% of the total redemption amount on Class A Shares redeemed within 12 months of the date of purchase. For the year ended March 31, 2026, the Fund received $0 in deferred sales charges.

#### Note 7 — Indemnifications
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements cannot be known; however, the Fund expects any risk of loss from such claims to be remote.

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026

#### Note 8 — Repurchase of Shares
The Fund intends to provide a limited degree of liquidity to the Shareholders by conducting quarterly repurchase offers. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each such date, a "Valuation Date"). Each repurchase offer will be for no less than 5% of the Shares outstanding, but if the number of Shares tendered for repurchase exceeds the number the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.

If Shareholders tender for repurchase more than the repurchase offer amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of the outstanding Shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the repurchase offer amount, or if Shareholders tender Shares in an amount exceeding the repurchase offer amount plus 2% of the outstanding Shares on the repurchase request deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by Shareholders who own less than $1,000 worth of Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund will accept the total number of Shares tendered in connection with required minimum distributions from an Individual Retirement Account ("IRA") or other qualified retirement plan. It is the Shareholder's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan.

The results of the repurchase offers conducted during the year ended March 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Repurchase offer**  | **Repurchase offer**  | **Repurchase Offer**  | **Repurchase Offer**  |
| Commencement Date:  | May 30, 2025  | August 29, 2025  | December 1, 2025  | February 27, 2026  |
| Repurchase Request Date  | June 30, 2025  | September 30, 2025  | December 31, 2025  | March 31, 2026  |
| Repurchase Pricing Date  | June 30, 2025  | September 30, 2025  | December 31, 2025  | March 31, 2026  |
|  Net Asset Value as of Repurchase Pricing Date:  |  |  |  |  |
| Class A Shares  | $10.15  | $10.13  | $9.95  | $9.76  |
| Class I Shares  | $10.18  | $10.17  | $9.98  | $9.81  |
| Amount Repurchased: |  |  |  |  |
| Class A Shares  | $—  | $—  | $—  | $—  |
| Class I Shares  | $11465752  | $25564104  | $23957681  | $23979309  |
|  Percentage of Outstanding Shares Repurchased:  |  |  |  |  |
| Class A Shares  | —%  | —%  | —%  | —%  |
| Class I Shares  | 2.74%  | 5.51%  | 4.99%  | 5.01%  |

---

#### Note 9 — Fair Value Measurements
ASC 820, *Fair Value Measurement* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement.

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
Under ASC 820, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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.

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

In accordance with Accounting Standards Update ("ASU") 2015-07, *Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)*, investments valued at the NAV as practical expedient are not included in the fair value hierarchy. As such, investments in private investment vehicles with a fair value of $56,455,893 are excluded from the fair value hierarchy as of March 31, 2026.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
| **Assets:** |  |  |  |  |
| Investments, at fair value |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  | $— | $— | $78288808 | $78288808 |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 13304828 | 140457297 | 153762125 |
| &nbsp;&nbsp;&nbsp; Closed-End Funds  | 1215183 |  |  | 1215183 |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 144792294 | 6839371 | 151631665 |
| &nbsp;&nbsp;&nbsp; Private Investment Vehicles  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships  |  |  | 20110022 | 20110022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations  |  |  | 22139112 | 22139112 |
| &nbsp;&nbsp;&nbsp; Warrants  |  |  | 325101 | 325101 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments  | 10804861 |  |  | 10804861 |
| Subtotal  | $12020044 | $158097122 | $268159711 | $438276877 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
| &nbsp;&nbsp;&nbsp; Private Investment Vehicles at NAV  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships  |  |  |  | 45454066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies  |  |  |  | 7477274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations  |  |  |  | 3524553 |
| Total investments  |  |  |  | $494732770 |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange <br> contracts\*  | $— | $1130158 | $— | $1130158 |
| Total Assets  | $12020044 | $159227280 | $268159711 | $495862928 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange <br> contracts\*  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $805588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $805588 |
| Total Liabilities  | $— | $805588 | $— | $805588 |

---

\* Forward foreign currency exchange constracts are valued at the unrealized appreciation (depreciation).

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance as of <br> March 31, 2025**  | **Transfers <br> into level 3**  | **Transfers <br> out of level 3**  | **Net gains <br> (losses) for <br> the period**  | **Purchases**  | **Sales**  | **Balance as of <br> March 31, 2026**  | **Change in <br> unrealized <br> gains (losses) <br> for the period <br> for assets held <br> at the end of <br> the reporting <br> period**  |
|  Asset-Backed Securities  | $— | $56335108 | $— | $2500991 | $36558317 | $(17105608) | $78288808 | $1478162 |
| Bank Loans  | 97555111 | 777077 |  | 86890 | 101666066 | (59627847) | 140457297 | (569872) |
|  Collateralized Loan Obligations  | 5027500 | 1009028 |  | (69657) | 12855000 | (11982500) | 6839371 | (64717) |
|  Private Investment Vehicles  | 29213266 | 4333253 |  | 5315727 | 11179492 | (7792604) | 42249134 | 4335321 |
| Warrants  |  |  |  | (322340) | 647441 |  | 325101 | (322340) |
| **Total:** | $**131795877** | $**62454466** | $**—** | $**7511611** | $**162906316** | $**(96508559)** | $**268159711** | $**4856554** |

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The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments**  | **Fair Value**  | **Valuation <br> Technique(s)**  | **Unobservable <br> Input(s)**  | **Range of <br> Input(s)**  | **Weighted <br> Average**  | **Impact on <br> Valuation <br> from an <br> Increase <br> in Input**  |
| **Asset-Backed Securities**  | $4853213 | Transaction Price  | Transaction Price  | n/a  | n/a  | Increase  |
|  | 48667673 | Discounted Cash Flows  | Discount Margin, <br> Conditional Prepayment <br> Rate, Constant Default <br> Rate, Reinvestment Rate  | 610/0.0%/<br>0.39%/0.0%-<br>790/12.0%/<br>1.17%/72.0%  | 723/6.4%/<br>0.69%/54.1%  | Decrease  |
|  | 24767922 | Discounted Cash Flows  | Discount Margin, <br> Conditional Prepayment <br> Rate, Constant Default <br> Rate, Reinvestment Rate, <br> Correlation, Wavg Pool <br> Credit Spread  | 447/0.0%/0.17%/<br>55.6%/50.0%/44-<br>955/10.0%/5.21%/<br>84.9%/50.0%/229  | 653/3.2%/0.87%/<br>68.4%/50.0%/107  | Decrease  |
| **Bank Loans**  | 1571904 | Coverage  | EBITDA Multiple  | 5.50x  | 5.50x  | Increase  |
|  | 105761271 | Income Approach  | Market Yield  | 6.82%-29.58%  | 11.83%  | Decrease  |
|  | 2404945 | Liquidation Approach  | Present Value of <br> Expected Sale Proceeds  | n/a  | n/a  | Increase  |
|  | 30719179 | Transaction Price  | Transaction Price  | n/a  | n/a  | Increase  |
| **Collateralized Loan Obligations**  | 2411750 | Transaction Price  | Transaction Price  | n/a  | n/a  | Increase  |
|  | 4427621 | Adjusted Net Asset Value  | Reported Net Asset Value/Fair Value Adjustments  | n/a  | n/a  | Increase  |
| **Private Investment Vehicles**  | 17472711 | Income Approach  | Market Yield  | 17.80%-21.60%  | 20.11%  | Decrease  |
|  | 163457 | Recovery Approach  | Recovery Percentage  | 5.80%  | 5.80%  | Increase  |
|  | 3113426 | Transaction Price  | Transaction Price  | n/a  | n/a  | Increase  |
|  | 21499540 | Adjusted Net Asset Value  | Reported Net Asset Value/Fair Value Adjustments  | n/a  | n/a  | Increase  |
| **Warrants**  | 325101 | Black-Scholes  | Volatility  | 45.00%-101.68%  | 86.90%  | Increase  |

---

#### Note 10 — Affiliated Issuers
An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment which is advised or sponsored by a Sub-Adviser. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SOI Desription**  | **Shares/<br>Principal<br>Amount<br>End of<br>Period**  | **Value <br> Beginning <br> of Period**  | **Additions**  | **Reductions**  | **Amortization**  | **Net <br> Realized <br> Gain <br> (Loss)**  | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)**  | **Value <br> End of <br> Period**  | **Dividend <br> Income**  | **Interest <br> Income**  |
| **Closed-End Funds** |  |  |  |  |  |  |  |  |  |  |
| Palmer Square Capital BDC, Inc.<sup>1</sup>  | 124379 | $2166738 | $— | $(534905) | $— | $(94949) | $(321701) | $1215183 | $220063 | $237483 |
| **Collateralized Loan Obligations** |  |  |  |  |  |  |  |  |  |  |
| Mount Logan Funding LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class ER, 13.012% (3-Month Term <br> SOFR+872 basis points), 1/22/2033<sup>1,2,3,4</sup>  |  | 599112 |  | (579000) |  | (11700) | (8412) |  |  | 20475 |

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SOI Desription**  | **Shares/<br>Principal<br>Amount<br>End of<br>Period**  | **Value <br> Beginning <br> of Period**  | **Additions**  | **Reductions**  | **Amortization**  | **Net <br> Realized <br> Gain <br> (Loss)**  | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)**  | **Value <br> End of <br> Period**  | **Dividend <br> Income**  | **Interest <br> Income**  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class SUBR, 0.000%, 1/22/2033<sup>1,2,3,4,5</sup> | 1926983 | 988911 |  | (83821) |  |  | (83346) | 821744 |  | 35565 |
| Palmer Square European Loan Funding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class SUB, 0.000%, 11/15/2032<sup>1,2,3,4,5,6,7</sup> | 600000 |  |  | (146114) |  |  | 146114 |  |  | 148578 |
| &nbsp;&nbsp;&nbsp; Series 2023-2X, Class SUB, 0.000%, 1/15/2033<sup>1,2,3,5,6,7</sup> | 900000 | 905655 |  | (767222) |  |  | 27274 | 165707 |  | 13704 |
| &nbsp;&nbsp;&nbsp; Series 2023-3X, Class SUB, 10.133%, 5/15/2033<sup>1,2,3,5,6,8</sup> | 1034143 | 965230 |  | (209976) |  |  | 102209 | 857463 |  | 18811 |
| &nbsp;&nbsp;&nbsp; Series 2024-1X, Class SUB, 11.195%, 8/15/2033<sup>1,2,3,5,6,7</sup> | 2500000 | 2135816 |  | (777076) |  |  | 561568 | 1920308 |  | 299237 |
| &nbsp;&nbsp;&nbsp; Series 2024-2X, Class SUB, 10.000%, 5/15/2034<sup>1,2,3,5,6,7</sup> | 4000000 | 3750527 |  | (874273) |  |  | 262587 | 3138841 |  | 145169 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class SUB, 12.095%, 5/15/2034<sup>1,2,3,4,5,6,7</sup> | 2000000 | 2076798 |  | (228885) |  |  | (65329) | 1782584 |  | 304938 |
| &nbsp;&nbsp;&nbsp; Series 2025-1X, Class SUB, 15.495%, 10/15/2034<sup>1,2,3,5,6,7</sup> | 1000000 | 1081315 |  | (94392) |  |  | (172165) | 814758 |  | 105873 |
| &nbsp;&nbsp;&nbsp; Series 2025-2X, Class SUB, 11.274%, 2/15/2035<sup>1,2,3,5,6,7</sup> | 2000000 | $— | $2233389 | $(101452) | $— | $— | $(273799) | $1858138 | $— | $210752 |
| &nbsp;&nbsp;&nbsp; Series 2025-3X, Class SUB, 6.348%, 7/15/2035<sup>1,2,3,5,6,7</sup> | 1250000 |  | 1482448 |  |  |  | (34356) | 1448092 |  | 39805 |
| &nbsp;&nbsp;&nbsp; Series 2024-2X, Class SUB, 11.500%, 10/15/2037<sup>1,2,3,5,6,7</sup> | 2825000 | 2924332 |  | (88290) | 9267 | 541 | (632224) | 2213626 |  | 432482 |
| &nbsp;&nbsp;&nbsp; Series 2023-1X, Class SUB, 10.000%, 1/15/2038<sup>1,2,3,5,6,7</sup> | 1050000 | 863748 |  | (160089) |  |  | (90217) | 613442 |  | 12369 |
| &nbsp;&nbsp;&nbsp; Series 2023-1X, Class FR, 10.286% (3-Month Euribor+827 basis points), 1/15/2038<sup>1,2,6,7,9</sup>  | 500000 | 538671 |  |  |  |  | 37092 | 575763 |  | 64240 |
| &nbsp;&nbsp;&nbsp; Series 2025-2X, Class F, 10.186% (3-Month Euribor+817 basis points), 7/15/2038<sup>1,2,6,7,9</sup>  | 475000 |  | 528557 |  |  |  | 18384 | 546941 |  | 28830 |
| &nbsp;&nbsp;&nbsp; Series 2025-2X, Class SUB, 0.000%, 7/15/2038<sup>1,2,3,5,6,7</sup> |  | 1613878 |  | (1729113) | 1041 | 201667 | (87473) |  |  | 134379 |
| &nbsp;&nbsp;&nbsp; Series 2025-2X, Class SUB, 10.695%, 7/15/2038<sup>1,2,3,5,6,7</sup> | 1500000 |  | 1651718 | (53230) | 2028 |  | (229395) | 1371121 |  | 76647 |
| &nbsp;&nbsp;&nbsp; Series 2023-2X, Class SUB, 10.000%, 10/15/2038<sup>1,2,3,5,6,7</sup> | 1915000 | 1107397 | 413794 | (62303) |  |  | (277434) | 1181454 |  | 48267 |
| &nbsp;&nbsp;&nbsp; Series 2024-1X, Class SUB, 15.353%, 1/15/2039<sup>1,2,3,5,6,7</sup> | 2000000 | 2034274 |  | (276068) |  |  | (240226) | 1517980 |  | 203649 |
| &nbsp;&nbsp;&nbsp; Series 2026-1X, Class SUB, 0.000%, 4/15/2039<sup>1,2,3,5,6,7</sup> | 1750000 |  | 2074443 |  |  |  | (51789) | 2022654 |  | 55934 |
| &nbsp;&nbsp;&nbsp; Series 2025-1X, Class SUB, 14.131%, 10/15/2039<sup>1,2,3,5,6,7</sup> | 1250000 | 1216479 |  | (15377) | 4482 |  | (96221) | 1109363 |  | 117601 |
| Palmer Square Loan Funding Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class E, 12.074% (3-Month Term <br> SOFR+777 basis points), 10/15/2029<sup>1,2,3,4</sup>  |  | 1005014 |  | (1007001) | (210) | (1025) | 3222 |  |  | 30184 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 10.888% (3-Month Term <br> SOFR+657 basis points), 10/15/2032<sup>1,2,3,4</sup>  |  | 248293 |  | (245421) | 211 |  | (3083) |  |  | 29774 |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class SUB, 11.500%, 7/20/2031<sup>1,2,3,4,5</sup> | 825000 | 20170 |  | (270145) |  |  | 249975 |  |  | 235076 |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class SUB, 0.000%, 7/24/2031<sup>1,2,3,4,5</sup> | 450000 | 393854 |  | (118217) |  |  | 4956 | 280593 |  | 49427 |

---

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[**TABLE OF CONTENTS**](#TOC)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SOI Desription**  | **Shares/<br>Principal<br>Amount<br>End of<br>Period**  | **Value <br> Beginning <br> of Period**  | **Additions**  | **Reductions**  | **Amortization**  | **Net <br> Realized <br> Gain <br> (Loss)**  | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)**  | **Value <br> End of <br> Period**  | **Dividend <br> Income**  | **Interest <br> Income**  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class SUB, 10.000%, 1/25/2032<sup>1,2,3,4,5</sup> | 500000 | 449307 |  | (92817) |  |  | (37403) | 319087 |  | 16628 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class SUB, 12.000%, 8/8/2032<sup>1,2,3,4,5</sup> | 3000000 | 2752268 |  | (530208) |  |  | (384853) | 1837207 |  | 45355 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class SUB, 10.000%, 10/15/2032<sup>1,2,3,4,5</sup> | 2510000 | 2236771 |  | (545457) |  |  | (278999) | 1412315 |  | 35364 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class SUB, 10.000%, 1/15/2033<sup>1,2,3,4,5</sup> | 3000000 | 3006631 |  | (493896) |  |  | (689051) | 1823684 |  | 248162 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class SUB, 10.000%, 2/15/2033<sup>1,2,3,4,5</sup> | 4150000 | 4150000 |  | (656121) |  |  | (672028) | 2821851 |  | 366659 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class SUB, 10.000%, 7/15/2033<sup>1,2,3,4,5</sup> | 2625000 |  | 2625000 | (126162) |  |  | (458580) | 2040258 |  | 177511 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class SUB, 9.569%, 1/15/2034<sup>1,2,3,4,5</sup> | 2000000 |  | 2000000 |  |  |  | 52870 | 2052870 |  | 29678 |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class SUB, 10.000%, 4/15/2037<sup>1,2,3,4,5</sup> | 1540000 | $1463089 | $— | $(100467) | $— | $— | $(485330) | $877292 | $— | $86679 |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class SUB, 10.000%, 7/20/2037<sup>1,2,3,4,5</sup> | 3000000 | 2633826 |  | (124702) |  |  | (711697) | 1797427 |  | 261179 |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class SUB, 12.000%, 7/20/2037<sup>1,2,3,4,5</sup> | 2000000 | 1903530 |  | (55857) | (5273) |  | (513443) | 1328957 |  | 233373 |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class SUB, 10.000%, 10/20/2037<sup>1,2,3,4,5</sup> | 1250000 | 1187552 |  | (102768) |  |  | (60776) | 1024008 |  | 84522 |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class SUB, 10.000%, 1/15/2038<sup>1,2,3,4,5</sup> | 3000000 | 3041705 |  | (58477) |  |  | (853053) | 2130175 |  | 351520 |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class SUB, 10.000%, 4/20/2038<sup>1,2,3,4,5</sup> | 2250000 | 2261814 |  | (15538) |  |  | (357942) | 1888334 |  | 235965 |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class SUB, 10.000%, 7/20/2038<sup>1,2,3,4,5</sup> | 500000 | 510175 |  | (70845) |  |  | (143578) | 295752 |  | 14789 |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class SUB, 10.000%, 7/20/2038<sup>1,2,3,4,5</sup> | 2000000 |  | 2000000 | (14522) |  |  | (497057) | 1488421 |  | 136800 |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class SUB, 11.500%, 7/20/2038<sup>1,2,3,4,5</sup> | 1000000 |  | 1000000 |  |  |  | (94296) | 905704 |  | 52152 |
| &nbsp;&nbsp;&nbsp; Series 2025-4A, Class SUB, 12.922%, 10/20/2038<sup>1,2,3,4,5</sup> | 1500000 |  | 1500000 |  |  |  | (46594) | 1453406 |  | 27851 |
| &nbsp;&nbsp;&nbsp; Series 2025-5A, Class SUB, 11.262%, 10/20/2038<sup>1,2,3,4,5</sup> | 1270000 |  | 1270000 |  |  |  | (39413) | 1230587 |  | 24731 |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class SUB, 10.000%, 1/20/2039<sup>1,2,3,4,5</sup> | 500000 | 472204 |  | (27725) |  |  | (37409) | 407070 |  | 18151 |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class SUB, 10.744%, 4/20/2039<sup>1,2,3,4,5,8,10</sup> | 2100000 |  | 1900000 |  |  |  | 16750 | 1916750 |  | 27653 |
| **Private Investment Vehicle** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; BCP Special Opportunities Offshore Feeder III LP<sup>11,12</sup>  | N/A | 308973 | 1738509 | (89746) |  |  | 100729 | 2058465 | 12029 | 12029 |
|  | $71570505 | $53014057 | $22417858 | $(11527677) | $11546 | $94534 | $(7444943) | $56565375 | $232092 | $5586000 |

---

<sup>1</sup> Affiliated company.

<sup>2</sup> Callable.

<sup>3</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933.

<sup>4</sup> Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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<sup>5</sup> CLO subordinated notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The Fund monitors the effective yield and residual value for each CLO equity position held within the Fund's portfolio on a quarterly basis. The residual value also known as the equity or residual tranche is the portion of the CLO's assets remaining after all debt obligations have been fully satisfied. The effective yield and investment cost may ultimately not be realized.

<sup>6</sup> Foreign security denominated in U.S. Dollars.

<sup>7</sup> Principal amount denoted in local currency.

<sup>8</sup> A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion.

<sup>9</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>10</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>11</sup> Investment valued using net asset value per share as practical expedient.

<sup>12</sup> Investment does not issue shares.

#### Note 11 — Derivatives and Hedging Disclosures
ASC 815, *Derivatives and Hedging* requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. The fair values of derivative instruments as of March 31, 2026, by risk category are as follows:

---

| | | |
|:---|:---|:---|
| | **Derivatives Not Designated <br> As Hedging Instruments**  | **Derivatives Not Designated <br> As Hedging Instruments**  |
| | **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts**  | **Total**  |
| **Assets:** |  |  |
| Foreign exchange  | $1130158 | $1130158 |
|  | $1130158 | $1130158 |

---

---

| | | |
|:---|:---|:---|
| | **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts**  | **Total**  |
| **Liabilites:** |  |  |
| Foreign exchange  | $(805588) | $(805588) |
|  | $(805588) | $(805588) |

---

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[**TABLE OF CONTENTS**](#TOC)

#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
The effects of derivative instruments on the Consolidated Statement of Operations for the year ended March 31, 2026, by risk category are as follows:

---

| | | |
|:---|:---|:---|
| | **Derivatives Not Designated <br> As Hedging Instruments**  | **Derivatives Not Designated <br> As Hedging Instruments**  |
| | **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts**  | **Total**  |
| **Net Realized Gain (Loss) on Derivatives:** |  |  |
| Foreign exchange  | $(3085892) | $(3085892) |
|  | $(3085892) | $(3085892) |

---

---

| | | |
|:---|:---|:---|
| | **Derivatives Not Designated <br> As Hedging Instruments**  | **Derivatives Not Designated <br> As Hedging Instruments**  |
| | **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts**  | **Total**  |
|  **Net Change in Unrealized Appreciation/Depreciation on Derivatives:**  |  |  |
| Foreign exchange  | $1293405 | $1293405 |
|  | $1293405 | $1293405 |

---

The notional amount and the number of contracts as of March 31, 2026 are included on the Consolidated Schedule of Investments. The quarterly average volumes of derivative instruments are as follows:

---

| | | |
|:---|:---|:---|
| **Derivatives Not Designated As Hedging Instruments**  | | |
| Forward foreign currency exchange contracts  | Notional amount  | $(81275175)  |

---

#### Note 12 — Disclosures about Offsetting Assets and Liabilities
ASU 2011-11, *Disclosures about Offsetting Assets and Liabilities*, requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

The Fund mitigates credit risk with respect to OTC derivative counterparties through credit support annexes included with International Swaps and Derivatives Association ("ISDA") Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements allow the Fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Fund's Consolidated Statement of Assets and Liabilities presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the Consolidated Statement of Assets and Liabilities to present below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the Consolidated Statement of Assets and Liabilities and net amounts are presented below:

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unrealized Appreciation/<br>Depreciation on Forward Foreign<br>Currency Exchange Contracts** | **Counterparty**  | **Gross Amounts <br> Recognized in <br> Consolidated <br> Statement of <br> Assets and <br> Liabilities**  | **Amounts Not Offset in <br> Consolidated Statement of <br> Assets and Liabilities**  | **Amounts Not Offset in <br> Consolidated Statement of <br> Assets and Liabilities**  | **Net <br> Amount**  |
| **Unrealized Appreciation/<br>Depreciation on Forward Foreign<br>Currency Exchange Contracts** | **Counterparty**  | **Gross Amounts <br> Recognized in <br> Consolidated <br> Statement of <br> Assets and <br> Liabilities**  | **Financial <br> Instruments\***  | **Cash <br> Collateral\*\***  | **Net <br> Amount**  |
|  Forward foreign currency exchange contracts – assets  | BNP Paribas  | $1130158 | $(805588) | $— | $324570 |
|  Forward foreign currency exchange contracts – liabilities  | BNP Paribas  | $(805588) | $805588 | $— | $— |

---

\* Amounts relate to Master Netting Agreements and collateral agreements (for example, ISDA) which have been determined by the Investment Adviser to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

\*\* The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Consolidated Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

#### Note 13 — Commitments
Bank loans, collateralized loan obligations and private investment vehicles may be structured to be fully funded at the time of investment or include unfunded investment commitments, which are contractual obligations for future funding. The potential investment commitments are noted as "Commitments and contingencies" as reported on the Consolidated Statement of Assets and Liabilities. As of March 31, 2026, unfunded commitments totaled $67,542,089 for which net unrealized loss of $58,040 are included in the related value column of the Consolidated Schedule of Investments for such commitments. The unfunded investment commitments outstanding as of March 31, 2026, are as follows:

---

| | |
|:---|:---|
| | **Unfunded <br> Commitment**  |
| Asset-Backed Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.  | $456250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Raven Solutions, LLC  | 215000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc.  | 336853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Craftmark Bakery Holdings, LLC  | 838994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC  | 7901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertility (ITC) Buyer, Inc.  | 415658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GT Independence Services, LLC  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg  | 4190508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Technology Solutions, LLC  | 1625000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minds + Assembly, LLC  | 169271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMA Holdings, LLC  | 785294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Buyer, LLC  | 3241399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riccobene Associates  | 395129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sepro Holdings, LLC  | 72139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparta AN Bidco, LLC  | 747728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Spine & Joint Centers  | 1218905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Sod, LLC  | 2267367 |

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026

---

| | |
|:---|:---|
| | **Unfunded <br> Commitment**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tank Holding Corp.  | $15409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taoglas Group Holdings Limited  | 11621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Fenix Topco, LLC  | 332043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vomela Purchaser, LLC  | 659622 |
| Collateralized Loan Obligations |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Highland Park CLO  | 12450000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd.  | 1680000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square European Loan Funding  | 34143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd.  | 100000 |
| Private Investment Vehicles |  |
| &nbsp;&nbsp;&nbsp; Investment Partnerships  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbour Lane Credit Opportunity Fund IV LP  | 6072384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audax Private Credit Fund LP  | 3314362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCP Special Opportunities Offshore Feeder III LP  | 1091665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Torch Offshore Credit Opp Fund IV LP  | 10200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proterra Credit Fund 3 LP  | 1704387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Rescue Financing II LP  | 3681957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitehawk IV-Plus Onshore Fund LP  | 600000 |
| &nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp.  | 710928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Credit Opportunities CLO, LLC  | 192520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPG Loan Funding, LLC  | 1155500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – <br> Class C  | 1333333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – <br> Class D  | 611111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCF CLO 12, LLC  | 9007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXT Capital CLO, LLC  | 2836593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Loan Funding, LLC  | 762108 |
|  | $67542089 |

---

#### Note 14 — Credit Agreement
The Fund, as the borrower, has entered into a credit agreement (the "TriState Agreement"), with TriState Capital Bank as the lender. The Tristate Agreement establishes a commitment by the lender to make revolving loans to the Fund in an aggregate principal amount not in excess of $35,000,000, which may be increased from time to time upon mutual agreement by the parties. The expiration date of the Tristate Agreement is March 30, 2026. In connection with the Tristate Agreement, the Fund has made certain customary representations and warranties and is required to comply with various customary covenants, reporting requirements and other requirements including maintaining a loan to value ratio of 3 to 1 at any time. The Tristate Agreement contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
default, the lender may declare the outstanding advances and all other obligations under the Tristate Agreement immediately due and payable. The Fund's obligations to the lender under the Tristate Agreement are secured by a first-priority security interest in substantially all of the assets of the Fund.

For the year ended March 31, 2026, the Fund incurred a cost related to the setup and maintenance of the TriState Agreement (the "Commitment fee") and for the quarterly average daily unused portion of the revolving commitment (the "Unused line of credit fees") as reported on the Consolidated Statement of Operations. The average annualized interest rate, average daily loan balance, maximum loan amount outstanding and amount recorded as interest expense in the statement of operations for the one hundred and one (101) specific days the Fund had outstanding borrowings were 6.786%, $9,272,277, $25,000,000, and $185,826, respectively. As of February 6, 2026, the Fund terminated the Tristate Agreement.

The Fund, as the borrower, has entered into a credit agreement (the "PNC Agreement"), with PNC Bank, National Association as the lender. The PNC Agreement establishes a commitment by the lender to make revolving loans to the Fund in an aggregate principal amount not in excess of $65,000,000, which may be increased from time to time upon mutual agreement by the parties. The expiration date of the PNC Agreement is February 6, 2029. In connection with the PNC Agreement, the Fund has made certain customary representations and warranties and is required to comply with various customary covenants, reporting requirements and other requirements including maintaining a loan to value ratio of 3 to 1 at any time. The PNC Agreement contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the lender may declare the outstanding advances and all other obligations under the PNC Agreement immediately due and payable. The Fund's obligations to the lender under the PNC Agreement are secured by a first-priority security interest in substantially all of the assets of the Fund.

For the year ended March 31, 2026, the Fund incurred a cost related to the setup and maintenance of the PNC Agreement (the "Commitment fee") and for the quarterly average daily unused portion of the revolving commitment (the "Unused line of credit fees") as reported on the Consolidated Statement of Operations. The average annualized interest rate, average daily loan balance, maximum loan amount outstanding and amount recorded as interest expense in the Consolidated Statement of Operations for the fifty-four (54) specific days the Fund had outstanding borrowings were 5.644%, $10,055,349, $22,059,052, and $85,482, respectively. As of March 31, 2026, the Fund had $22,059,052 in outstanding borrowings..

#### Note 15 — Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of control of the Fund, under Section 2(a) 9 of the Act. As of March 31, 2026, the Shareholders listed in the table below held, for the benefit of their customers, the following percentages of the outstanding shares of the Fund:

---

| | |
|:---|:---|
| **Beneficial Owner**  | **% of Outstanding <br> Shares of the Fund**  |
| Charles Schwab & Co.  | 74.0% |

---

The Fund has no knowledge as to whether all or any portion of the Shares owned of record are also owned beneficially.

#### Note 16 — Risk Factors
An investment in the Fund involves various risks. The Fund allocates assets to investment vehicles that invest in and actively trade securities and other financial instruments using a variety of strategies and investment techniques with significant risk characteristics, including the risks arising from the volatility

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#### First Trust Private Credit Fund <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued <br> March 31, 2026
of the equity, fixed income, commodity and currency markets, the risks of borrowings, the risks arising from leverage associated with trading in the equities, currencies and over-the-counter derivatives markets, the illiquidity of derivative instruments and the risk of loss from counterparty defaults.

No guarantee or representation is made that the investment program will be successful.

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability, threatened or actual imposition of tariffs, recessions or other events may have a significant impact on a security or instrument. Tensions, war or open conflict between nations, such as recently between Russia and Ukraine, in the Middle East or in eastern Asia, could affect the economies of many nations, including the United States. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the markets in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions on investment and/or monetary movement including the forced selling of securities or the inability to participate in impacted markets. The United States has enacted or proposed to enact significant tariffs, (which the U.S. Supreme Court recently ruled were unconstitutional) and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. Significant uncertainty remains about the United States's future relationships with other countries with respect to such trade policies, treaties, military conflicts, sanctions and potential tariffs. These developments, or the perception thereof, may have a material adverse effect on global trade, trade between the impacted nations and the United States, the stability of global financial markets and overall global economic conditions. These events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

#### Note 17 — Events Subsequent to the Fiscal Period End
In preparing these Consolidated Financial Statements, management has evaluated subsequent events through the date of issuance of the Consolidated Financial Statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the Consolidated Financial Statements.

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#### First Trust Private Credit Fund <br> FUND MANAGEMENT <br> March 31, 2026 (Unaudited)
The members of the Board and the Fund's officers and their brief biographical information, including their addresses, their year of birth and descriptions of their principal occupations during the past five years, is set forth below. The Fund's Statement of Additional Information includes additional information about the membership of the Board, and is available without charge, upon request, by calling the Fund at (877) 779-1999.

#### INDEPENDENT TRUSTEES AND ADVISORY BOARD MEMBER

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS <br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND**  | **TERM OF <br> OFFICE <br> AND <br> LENGTH <br> OF TIME <br> SERVED\***  | **PRINCIPAL <br> OCCUPATION(S) <br> DURING <br> PAST 5 YEARS**  | **NUMBER OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX\*\* <br> OVERSEEN <br> BY <br> TRUSTEE**  | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> TRUSTEES\*\*\***  |
| David G. Lee <br> Year of Birth: 1952 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Chairman and Trustee | Chairman Since May 2019; Trustee Since Inception | Retired (Since 2012); President and Director, Client Opinions, Inc. (2003 – 2012); Chief Operating Officer, Brandywine Global Investment Management (1998 – 2002). | 33  |  |
| Robert Seyferth <br> Year of Birth: 1952 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Trustee | Since Inception | Retired (Since 2009); Chief Procurement Officer/Senior Managing Director, Bear Stearns/JP Morgan Chase (1993 – 2009). | 33  |  |
| Gary E. Shugrue <br> Year of Birth: 1954 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | Trustee | Since September 2021 | Retired (Since 2023); Managing Director, Veritable LP (investment advisory firm) (2016 – 2023); Founder/ Chief Investment Officer, Ascendant Capital Partners, LP (private equity firm) (2003 – 2018). | 33  | Trustee, Quaker Investment Trust (1 portfolio) (registered investment company).  |

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#### First Trust Private Credit Fund <br> FUND MANAGEMENT — Continued <br> March 31, 2026 (Unaudited)

#### INTERESTED TRUSTEE AND OFFICERS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS <br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND**  | **TERM OF <br> OFFICE <br> AND <br> LENGTH OF <br> TIME <br> SERVED\***  | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST 5 YEARS**  | **NUMBER <br> OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX\*\* <br> OVERSEEN <br> BY TRUSTEE**  | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> TRUSTEES\*\*\***  |
| Terrance P. Gallagher\*\*\*\* <br> Year of Birth: 1958 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. Milwaukee, WI 53212  | Trustee | Since June 2020 | Retired (Since October 2025); Trustee, Investment Managers Series Trust II (registered investment company) (2013 – Present); Executive Vice President and Trust Platform Director, UMB Fund Services, Inc. (2024 – October 2025); President, Investment Managers Series Trust II (registered investment company) (2013 – April 2025); Executive Vice President and Director of Fund Accounting, Administration and Tax, UMB Fund Services, Inc. (2007 – 2023). | 33  | Trustee, Investment Managers Series Trust II (262 portfolios) (registered investment company).  |
| Michael Peck <br> Year of Birth: 1980 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. <br> Milwaukee, WI 53212  | President | Since Inception | Chief Executive Officer and Co-CIO, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2012 – Present) President and Co-CIO, Vivaldi Capital Management LP (2012 – 2024); Portfolio Manager, Coe Capital Management (2010 – 2012); Senior Financial Analyst and Risk Manager, the Bond Companies (2006 – 2008). | N/A  | N/A  |
| Chad Eisenberg <br> Year of Birth: 1982 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. Milwaukee, WI 53212  | Treasurer | Since Inception | Chief Operating Officer, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2012 – Present); Chief Operating Officer, Vivaldi Capital Management LP (2012 – 2024); Director, Coe Capital Management LLC (2010 – 2011). | N/A  | N/A  |

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#### First Trust Private Credit Fund <br> FUND MANAGEMENT — Continued <br> March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS <br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH <br> THE FUND**  | **TERM OF <br> OFFICE <br> AND <br> LENGTH OF <br> TIME <br> SERVED\***  | **PRINCIPAL <br> OCCUPATION(S) <br> DURING PAST 5 YEARS**  | **NUMBER <br> OF <br> PORTFOLIOS <br> IN FUND <br> COMPLEX\*\* <br> OVERSEEN <br> BY TRUSTEE**  | **OTHER <br> DIRECTORSHIPS <br> HELD BY <br> TRUSTEES\*\*\***  |
| Bernadette Murphy <br> Year of Birth: 1964 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. Milwaukee, WI 53212  | Chief Compliance Officer | Since 2021 | Director, Vigilant Compliance, LLC (investment management solutions firm) (2018 – Present). | N/A  | N/A  |
| Ann Maurer <br> Year of Birth: 1972 <br> c/o UMB Fund Services, Inc. <br> 235 W. Galena St. Milwaukee, WI 53212  | Secretary | Since September 2018 | Senior Vice President, Registered Funds Product Manager (Since August 2025), Senior Vice President, Client Services (2017 – 2025), Vice President, Senior Client Service Manager (2013 – 2017), Assistant Vice President, Client Relations Manager (2002 – 2013), UMB Fund Services, Inc. | N/A  | N/A  |

---

\* Trustees serve on the Board for terms of indefinite duration. A Trustee's position in that capacity will terminate if the Trustee is removed or resigns or, among other events, upon the Trustee's death, incapacity or retirement. Officers hold office until their successors are chosen and qualified and serve at the pleasure of the Trustees.

\*\* As of March 31, 2026, the fund complex consists of the AFA Asset Based Lending Fund, Agility Multi-Asset Income Fund, Aspiriant Capital Appreciation Fund, Aspiriant Real Assets Fund, Destiny Alternative Fund, Felicitas Private Markets Fund, First Trust Alternative Opportunities Fund, First Trust Enhanced Private Credit Fund, First Trust Hedged Strategies Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Hedged Equity Income Fund: Series B1, FT Vest Hedged Equity Income Fund: Series B2, FT Vest Hedged Equity Income Fund: Series B3, FT Vest Rising Dividend Achievers Total Return Fund, FT Vest Total Return Income Fund: Series A1, FT Vest Total Return Income Fund: Series A2, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4, FT Vest Total Return Income Fund: Series B1, FT Vest Total Return Income Fund: Series B2, FT Vest Total Return Income Fund: Series B3, FT Vest Total Return Income Fund: Series B4, Infinity Core Alternative Fund, Pender Real Estate Credit Fund, Variant Alternative Income Fund, Variant Alternative Lending Fund and Variant Impact Fund.

\*\*\* As of March 31, 2026.

\*\*\*\* Mr. Gallagher is deemed to be an interested person of the Fund because of his affiliation with the Fund's administrator, UMBFS.

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#### First Trust Private Credit Fund <br> FUND INFORMATION <br> March 31, 2026 (Unaudited)

#### Board Consideration of the Continuation of the Investment Management Agreement
At the meeting of the Board of Trustees (the "Board" and the members thereof, "Trustees") held on March 4 – 5, 2026 (the "Meeting"), the Board, including a majority of Trustees who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the continuation of the investment management agreement between First Trust Capital Management L.P. (the "Investment Adviser") and First Trust Private Credit Fund (the "Fund") (the "Investment Management Agreement").

In advance of the Meeting, the Independent Trustees requested and received materials from the Investment Adviser to assist them in considering the approval of the Investment Management Agreement. Among other things, the Board reviewed reports from third parties and management about the below factors. The Board did not consider any single factor as controlling in determining whether or not to approve the Investment Management Agreement. Nor are the items described herein all-encompassing of the matters considered by the Board.

The Board engaged in a detailed discussion of the materials with management of the Investment Adviser. The Independent Trustees then met separately with their independent counsel for a full review of the materials. Following these sessions, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Investment Management Agreement.

NATURE, EXTENT AND QUALITY OF SERVICES

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Investment Adviser to the Fund under the Investment Management Agreement, including the selection of Fund investments. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Investment Adviser to the Fund, including, among other things, providing office facilities, equipment, and personnel. The Board reviewed and considered the qualifications of the portfolio managers and other key personnel of the Investment Adviser who provide the investment advisory and administrative services to the Fund. The Board determined that the Investment Adviser's portfolio managers and key personnel are well-qualified by education and/or training and experience to perform the services for the Fund in an efficient and professional manner. The Board also took into account the Investment Adviser's compliance policies and procedures, including those used by the Investment Adviser to determine the value of the Fund's investments. The Board concluded that the overall quality of the advisory and administrative services provided to the Fund was satisfactory.

PERFORMANCE

The Board considered the investment performance of the Investment Adviser with respect to the Fund, noting that the Investment Adviser also acted as investment adviser to certain funds with a similar investment objective and strategy, and considering the performance of those funds in absolute and relative terms. The Board considered performance information of the Fund compared to twenty-four comparable credit focused unlisted closed-end interval funds selected by an independent third party (collectively, "Peer Group"), as well as one relevant index. The Board noted that while the Fund had outperformed the Peer Group average but underperformed the Peer Group median and the index for the three-month period ended December 31, 2025, the Fund had outperformed both the Peer Group median and average, but underperformed the relevant index for the one-year period ended December 31, 2025. The Board considered the overall performance of the Fund and concluded that the performance of the Fund was satisfactory.

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#### First Trust Private Credit Fund <br> FUND INFORMATION — Continued <br> March 31, 2026 (Unaudited)
FEES AND EXPENSES

The Board reviewed and considered the advisory fee rate and total net expense ratio of the Fund, comparing the Fund's advisory fees and total net expense ratio with those of the Fund's Peer Group. The Board noted that the Fund's advisory fees and total net expenses were below the Peer Group's median and average. In addition, the Board noted that the Investment Adviser had contractually agreed to limit the Fund's total annual operating expenses for automatically renewing consecutive one-year terms unless the agreement was terminated. The Board concluded that the advisory fees paid by the Fund and total net expense ratio were reasonable and satisfactory in light of the services provided.

BREAKPOINTS AND ECONOMIES OF SCALE

The Board considered that the structure of the Fund's advisory fees under the Investment Management Agreement did not include breakpoints. The Board noted the Investment Adviser's continued assertion that the breakpoints were not needed at current asset levels but it would re-evaluate as the Fund's assets grew. The Board concluded that the Fund's advisory fees were reasonable and satisfactory in light of the services provided.

PROFITABILITY OF INVESTMENT ADVISER

The Board reviewed and considered information regarding the costs incurred and profits realized by the Investment Adviser from its relationship with the Fund. The Board also reviewed the Investment Adviser's financial condition, which is noted Investment Adviser appeared stable. The Board determined that the compensation to the Investment Adviser from the Fund was reasonable and that the Investment Adviser's financial condition was adequate.

ANCILLARY BENEFITS AND OTHER FACTORS

The Board also discussed other benefits to be received by the Investment Adviser from its management of the Fund including, without limitation, reputational benefits and the ability to market advisory services for similar products or other funds managed by the Investment Adviser in the future. The Board noted that the Investment Adviser was an affiliate of the Fund's distributor (the "Distributor") and that the Distributor received certain fees for its role as distributor and for other services related to the Fund that were paid by the Investment Adviser. The Board further considered that a registered investment adviser affiliated with the Investment Adviser received separate management fees with respect to Fund shares held by clients of the affiliate registered investment adviser, noting that the Investment Adviser did not participate in the separate fees earned by the affiliate registered investment adviser. The Board further noted that the Investment Adviser did not have affiliations with the Fund's transfer agent, fund accountant or custodian, and therefore, did not derive any benefits from the relationships those parties had with the Fund. The Board concluded that the advisory fees were reasonable in light of the fall-out benefits.

GENERAL CONCLUSION

Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded it to be in the best interest of the Fund and its shareholders to approve the continuance of the Investment Management Agreement.

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| | | |
|:---|:---|:---|
| | **TICKER**  | **CUSIP**  |
| **First Trust Private Credit Fund – Class I Shares** | **FTPCX**  | **33741K209**  |
| **First Trust Private Credit Fund – Class A Shares** | **FTCAX**  | **33741K200**  |

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#### Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's Form N-PORT is available on the SEC website at www.sec.gov or without charge and upon request by calling the Fund at (877)-779-1999.

#### Proxy Voting Record
Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877)-779-1999 or by accessing the Fund's Form N-PX on the SEC's website at www.sec.gov.

#### Proxy Voting Policies and Procedures
A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (877) 779-1999 or on the SEC website at www.sec.gov.

#### Qualified Dividend Income
For the year ended December 31, 2025, 0.00% of dividends to be paid from net investment income, including short term capital gains from the Fund (if any), are designated as qualified dividend income.

#### Corporate Dividends Received Deduction
For the year ended December 31, 2025, 0.00% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as dividends received deduction available to corporate shareholders.

#### Capital Gain
For the year ended December 31, 2025, the Fund designated $1,258,769 as short-term capital gain distributions.

For the year ended December 31, 2025, the Fund designated $383,877 as long-term capital gain distributions.

#### Section 199A Dividends
For the year ended December 31, 2025, the Fund designated approximately 0.00% of its taxable ordinary income dividends, (dividend income and short-term gains, if any), or up to the maximum amount allowable, as Section 199A dividends. Non-corporate shareholders of the Fund meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Fund as Section 199A dividends.

#### Section 163(j) Interest Dividends
For the year ended December 31, 2025, the Fund designated approximately 66.74% of its taxable ordinary income dividends, (dividend income and short-term gains, if any), or up to the maximum amount allowable, as Section 163(j) Interest Dividends. The Fund intends to pass through Section 163(j) Interest Dividends as defined in Proposed Treasury Regulation §1.163(j)-1(b).

In early 2026, if applicable, shareholders of record received the above information on QDI and Section 199A for the distribution paid to them by the Fund during the calendar year 2025 via Form 1099.

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#### First Trust Private Credit Fund <br> FUND INFORMATION — Continued <br> March 31, 2026 (Unaudited)
The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

First Trust Private Credit Fund <br> 235 West Galena Street <br> Milwaukee, WI 53212 <br> Toll Free: (877) 779-1999

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(b) Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) Not applicable.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) The registrant does not intend to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website.

(f) The registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. David G. Lee and Mr. Robert Seyferth are qualified to serve as the audit committee financial experts serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements are $87,500 for 2025 and $95,000 for 2026.

Audit-Related Fees

(b) The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2026.

Tax Fees

(c) The aggregate fees billed for professional services rendered by the principal accountant for the review and preparation of tax returns are $16,710 for 2025 and $35,100 for 2026.

All Other Fees

(d) The aggregate fees billed for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item is $0 for 2025 and $0 for 2026.

(e) (1) The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the fiscal period April 1, 2025 through March 31, 2026 that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the fiscal year of the registrant was $0 for 2025 and $0 for 2026.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is included as part of the report to shareholders filed under Item 1(a) of this form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

![](tm2614863d1_proxyimg001.jpg)

**First Trust Capital Management L.P.**

**PROXY POLICY AND PROCEDURE**

**<u>INTRODUCTION</u>**

First Trust Capital Management L.P. ("FTCM") acts as either the advisor or sub-advisor to a number of registered investment companies, and manager or general partner to a number of non-registered private investment companies (referred to collectively as the "Funds"). In accord with Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended, FTCM has adopted the following policies and procedures to provide information on FTCM's proxy policy (the "Proxy Policy and Procedure"). These policies and procedures apply only to FTCM. Investment managers engaged as a sub-advisor for at least one of the Funds are required to vote proxies in accord with their own policies and procedures and any applicable management agreements, as agreed upon in the sub-advisory agreement.

**<u>GENERAL GUIDELINES</u>**

FTCM's Proxy Policy and Procedure is designed to ensure that proxies are voted in a manner (i) reasonably believed to be in the best interests of the Funds and their shareholders<sup>1</sup> and (ii) not affected by any material conflict of interest. FTCM considers shareholders' best economic interests over the long term (*i.e.*, addresses the common interest of all shareholders over time). Although shareholders may have differing political or social interests or values, their economic interest is generally uniform.

FTCM has adopted voting guidelines to assist in making voting decisions on common issues. The guidelines are designed to address those securities in which the Funds generally invest and may be revised in FTCM's discretion. Any non-routine matters not addressed by the proxy voting guidelines are addressed on a case-by-case basis, considering all relevant facts and circumstances at the time of the vote, particularly where such matters have a potential for major economic impact on the issuer's structure or operations. In making voting determinations, FTCM typically will rely on the individual portfolio managers who invest in and track particular companies as they are the most knowledgeable about, and best suited to make decisions regarding, particular proxy matters. In addition, FTCM may conduct research internally and/or use the resources of an independent research consultant. FTCM may also consider other materials such as studies of corporate governance and/or analyses of shareholder and management proposals by a certain sector of companies and may engage in dialogue with an issuer's management.

FTCM acknowledges its responsibility to identify material conflicts of interest related to voting proxies. FTCM's employees are required to disclose to the Chief Compliance Officer ("CCO") any personal conflicts, such as officer or director positions held by them, their spouses or close relatives, in any publicly traded company. Conflicts based on business relationships with FTCM, any affiliate or any person associated with FTCM, will be considered only to the extent that FTCM has actual knowledge of such relationships. FTCM then takes appropriate steps to address identified conflicts. Typically, in those instances when a proxy vote may present a conflict between the interests of the Fund, on the one hand, and FTCM's interests or the interests of a person affiliated with FTCM on the other, FTCM will abstain from making a voting decision and will document the decision and reasoning for doing so.

<sup>1</sup> Actions taken in accord with the best interests of the Funds and their shareholders are those which align most closely with the Funds' stated investment objectives and strategies.

First Trust Capital Management \| 225 W. Wacker Drive \| 21<sup>st</sup> Floor \| Chicago, IL 60606 \| P: 773.828.6700 \| F: 847.386.2910

![](tm2614863d1_proxyimg001.jpg)

In some cases, the cost of voting a proxy may outweigh the expected benefits. For example, casting a vote on a foreign security may involve additional costs such as hiring a translator or traveling to the foreign country to vote the security in person. In such situations, FTCM may abstain from voting a proxy if the effect on shareholders' economic interests or the value of the portfolio holding is indeterminable or insignificant.

In certain cases, securities on loan as part of a securities lending program may not be voted. Nothing in the proxy voting policies shall obligate FTCM to exercise voting rights with respect to a portfolio security if it is prohibited by the terms of the security or by applicable law or otherwise.

FTCM will not discuss with members of the public how they intend to vote on any particular proxy proposal.

**<u>SPECIAL CONSIDERATIONS</u>**

The registered investment companies are subject to the restrictions of Sections 12(d)(1)(A)(i) and (B)(i) of the Investment Company Act of 1940 (the "Act"). Generally, these provisions require that any fund and any entity controlled by that fund (including ETFs that are registered investment companies) may not (i) own, in the aggregate, more than three percent (3%) of the total outstanding voting securities of any registered open-end or closed-end investment company, including money market funds<sup>2</sup>; (ii) invest more than 5% of its total net assets in any one investment company; or (iii) invest more than 10% of its total assets in the securities of other investment companies. Section 12(d)(1)(F) of the Act provides that the Section 12(d)(1) limitations do not apply to the securities acquired by a fund if (x) immediately after the purchase or acquisition of not more than 3% of the total outstanding stock of such registered investment company is owned by the fund and all affiliated persons of the fund, and (y) the fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than one and a half percent (1.5%). In the event that one of Funds relies upon Section 12(d)(1)(F), FTCM, acting on behalf of the Fund, will, when voting with respect to any investment company owned by the Fund, comply with either of the following voting restrictions:

● Seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or

● Vote the shares held by the Fund in the same
proportion as the vote of all other holders of such security.

● In addition to Section 12(d)(1)(F), Rule 12d1-4
under the Act states that a registered investment company ("Acquiring Fund") may purchase or otherwise acquire the securities
issued by another registered investment company (the "Acquired Fund") in excess of the limits of Section 12(d)(1) and an Acquired
Fund may sell or otherwise dispose of the securities issued by the Acquiring Fund in excess of the limits of Section 12(d)(1) if certain
conditions are met. One of the conditions is that if the Acquiring Fund and its advisory group (as defined by Rule 12d1-4), in aggregate
(A) hold more than 25% of the outstanding voting securities of an Acquired Fund that is a registered open-end management investment company
or registered unit investment trust as a result of a decrease in the outstanding voting securities of an Acquired Fund, or (B) hold more
than 10% of the outstanding voting securities of an Acquired Fund that is a registered closed-end management investment company or business
development company, each of those holders will vote its securities in the same proportion as the vote of all other holders of such securities.
When relying on Rule 12d1-4, the Fund will comply with such voting restrictions as required by Rule 12d1-4 and any applicable provision
in the respective Fund of Funds Agreement with the Acquired Fund.

<sup>2</sup> The three percent (3%) limit is measured at the time of investment.

First Trust Capital Management \| 225 W. Wacker Drive \| 21<sup>st</sup> Floor \| Chicago, IL 60606 \| P: 773.828.6700 \| F: 847.386.2910

![](tm2614863d1_proxyimg001.jpg)

**<u>ISS ProxyEdge</u>**

FTCM has a contractual relationship with Institutional Shareholder Services Inc. ("ISS") through which ISS provides certain proxy management services to FTCM's portfolio management teams. Specifically, ISS (i) provides access to the ISS ProxyExchange web-based voting and research platform to access vote recommendations, research reports, execute vote instructions and run reports relevant to Subscriber's proxy voting environment; (ii) implements and maps FTCM's designated proxy voting policies to applicable accounts and generates vote recommendations based on the application of such policies; and (iii) monitors FTCM's incoming ballots, performs ballot-to-account reconciliations with FTCM and its third party providers to help ensure that ISS is receiving all ballots for which FTCM has voting rights. As part of our compliance procedures, FTCM's Compliance Department reviews ISS on a periodic basis. The procedures performed include obtaining and reviewing certain compliance and operational related documents and reviewing a sample of proxies voted during the year to ensure compliance with our proxy voting policies and procedures.

ISS provides two options for how proxy ballots are executed:

&nbsp;&nbsp;&nbsp;&nbsp;1. Implied Consent: ISS executes ballots on FTCM's behalf
based on policy guidelines chosen at the time FTCM entered into the relationship with ISS.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mandatory Signoff: ISS is not permitted to mark or process any
ballot on FTCM's behalf without first receiving FTCM's specific voting instructions via ProxyExchange.

FTCM has opted for Option 1. Implied Consent and in so doing has chosen to allow ISS to vote proxies on its behalf "with management's recommendations." FTCM has the option, however, to change its vote from the "with management's recommendations" default at any point prior to the voting deadline if the portfolio managers following the subject company determine it is in the best interests of the Funds and their shareholders to do so. In those instances when the subject company's management has not provided a voting recommendation, FTCM will either vote based on its own determination of what would align most closely with the best interests of the Funds and their shareholders or will opt to allow ISS to submit an "abstain" vote on its behalf. In addition, in those limited instances when share blocking<sup>3</sup> may apply, FTCM has instructed ISS not to cast a vote on FTCM's behalf unless FTCM provides specific instructions via ProxyExchange.

 **<u>FUND OF FUNDS-SPECIFIC POLICIES AND PROCEDURES</u>**

Several of the Funds are "Fund of Funds" that invest primarily in general or limited partnerships or other private investment vehicles (collectively, "Investment Funds"). While it is unlikely that the Fund of Funds will receive notices or proxies from Investment Funds, to the extent that the Fund of Funds do receive such notices or proxies and the Fund of Funds have voting interests in such Investment Funds, the responsibility for decisions regarding proxy voting for securities held by the Fund of Funds lies with FTCM as their advisor. FTCM will vote such proxies in accordance with the proxy policies and procedures noted above.

<sup>3</sup> Proxy voting in certain countries requires share blocking. Shareholders wishing to vote their proxies must deposit their shares shortly before the meeting date with a designated depositary. During this blocking period, any shares held by the designated depositary cannot be sold until the meeting has taken place and the shares have been returned to FTCM's custodian banks. FTCM generally opts not to participate in share blocking proxies given these restrictions on their ability to trade.

First Trust Capital Management \| 225 W. Wacker Drive \| 21<sup>st</sup> Floor \| Chicago, IL 60606 \| P: 773.828.6700 \| F: 847.386.2910

![](tm2614863d1_proxyimg001.jpg)

**<u>REGISTERED INVESTMENT COMPANIES-SPECIFIC POLICIES AND PROCEDURES</u>**

Each Fund that is registered under the Act is required to file Form N-PX annually, with its complete proxy voting record for the twelve (12) months ended June 30<sup>th</sup>, no later than August 31st of each year. The Fund's Form N-PX filing is available (i) without charge, upon request, from the Fund's administrator or (ii) by visiting the SEC's website at <u>www.sec.gov</u>.

First Trust Capital Management \| 225 W. Wacker Drive \| 21<sup>st</sup> Floor \| Chicago, IL 60606 \| P: 773.828.6700 \| F: 847.386.2910

**Acceptance of Proxy Voting Authority**

**POLICY**

The Firm has been delegated and accepted authority to vote proxies or exercise similar rights with respect to assets held by its Private Funds, Registered Funds, SMA Clients, CLOs and Direct Clients. Most of the securities the Firm invests in are non-voting securities and therefore do not require proxy voting. For those holdings that are voting securities, the Firm shall exercise any voting rights in a manner believed to be in the best interests of clients, or, to the extent applicable, their beneficiaries, and consistent with efforts to achieve a client's stated objective, including but not limited to maximizing portfolio value. The Firm will also ensure that the vote is not the product of an actual or potential conflict of interest. For clients that are subject to ERISA, it is the Firm's policy to follow the provisions of any ERISA plan's governing documents in the voting of plan securities, unless it determines that to do so would breach its fiduciary duties under ERISA.

For the Private Funds that are funds of funds, the managers of the underlying funds held by the funds of funds do not typically convey traditional voting rights to the holders and the occurrence of corporate governance or other notices for this type of investment is substantially less than that encountered in connection with registered equity securities. If the Firm is accorded voting or consent rights by virtue of any such investment, the Firm shall exercise such rights in accordance with its proxy voting policy described above.

CLOs generally invest in debt interests (including loans) that do not traditionally solicit proxies. However, to the extent authority is granted in the CLO's governing documents, a Palmer Square Affiliate could be called upon to provide or withhold consent to proposed modifications to the terms of a loan, covenants among the borrower and lenders, or restructurings and exchanges of a loan. Palmer Square will seek to make consent decisions in the overall best interests of the CLO from which consent is sought, subject to that CLO's governing documents. Depending on the circumstances, when a loan is held by multiple CLOs or by one or more CLOs and other clients, Palmer Square may determine that the interests of one or more holders diverge from others and, in that case, will generally exercise or refrain from exercising a consent right differently for some clients than for others.

**RESPONSIBILITY**

Where the Firm has accepted responsibility to vote proxies or exercise consents on behalf of a particular client, the Chief Operating Officer, or appropriate designee, is responsible for ensuring that proxies are voted or consents are exercised in a manner consistent with the proxy voting guidelines adopted by the Firm (the "Proxy Voting Guidelines") and the Firm's policies and procedures.

**PROCEDURES**

Absent special circumstances, which are further discussed below, all proxies will be voted or consents exercised consistent with the guidelines attached to the Compliance Manual on <u>Exhibit B</u> ("Proxy Voting Guidelines") and the Firm's policies and procedures. The Firm shall, in its Form ADV, generally disclose to clients information about these policies and procedures and how clients may obtain information on how the Firm voted proxies or exercised consents on their behalf when applicable. At any time, a client may contact the Firm to request information about how it voted proxies or exercised consents for their account. It is generally the Firm's policy not to disclose this information to unaffiliated third parties or special interest groups.

The Firm has delegated the responsibility to review proxy proposals and make voting recommendations to the Firm to a non-affiliated third-party vendor.<sup>1</sup> The Investment Team will ensure that any third-party recommendations followed will be consistent with the Proxy Voting Guidelines. In all cases, however, the ultimate decisions on how to vote proxies or exercise consents are made by the Chief Investment Officer, or appropriate designee.

The Firm will vote proxies for its Registered Funds in accordance with Proxy Voting Guidelines. If a Registered Fund is sub-advised by a third-party manager, the Firm may delegate proxy voting authority to the manager. Respective boards of trustees review proxy voting on an annual basis. Proxy voting records for the Firm's Registered Funds are filed with the SEC by the Registered Fund administrator.

In the event Palmer Square is requested to vote a proxy solicited by one of the underlying funds in Palmer Square Private Funds, all proxy requests received by Palmer Square and any clients' requests for voting information will be logged and maintained for no less than five years. After a review of the proxy request, the Chief Investment Officer, or appropriate designee, will vote the proxy in accordance with the best interests of the relevant Palmer Square Private Fund(s) and log such vote and its rationale on the spreadsheet. As discussed below, if the Firm believes it to be in the best interests of its client(s) holding the relevant asset, the Firm can abstain from voting a proxy or exercising a consent and, in such cases, will log the rationale for abstaining.

The Compliance Team shall be responsible for periodically testing Firm's compliance with these proxy voting policies and procedures.

***ERISA Plans***

Plans managed by the Firm governed by ERISA shall be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA. In cases where the Firm has been delegated sole proxy voting discretion, these policies and procedures will be followed subject to the fiduciary responsibility standards of ERISA. These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interest of participants and beneficiaries. The Department of Labor has indicated that voting decisions of ERISA fiduciaries must generally focus on the course that would most likely increase the value of the stock being voted.

The documents governing ERISA individual account plans may set forth various procedures for voting "employer securities" held by the plan. Where authority over the investment of plan assets is granted to plan participants, many individual account plans provide that proxies for employer securities will be voted in accordance with directions received from plan participants as to shares allocated to their plan accounts. In some cases, the governing plan documents may further provide that unallocated shares and/or allocated shares for which no participant directions are received will be voted in accordance with a proportional voting method in which such shares are voted proportionately in the same manner as are allocated shares for which directions from participants have been received.

<sup>1</sup> Decisions as to consents with respect to loans or similar assets that are generally not covered by the non-affiliated third-party vendor will be made by the Chief Investment Officer or an appropriate designee.

***Conflicts of Interest***

The Firm is subject to conflicts of interest in the voting of proxies or exercising consents due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. For example, the Firm may provide services to accounts owned or controlled by companies whose management is soliciting proxies. The Firm, along with any affiliates and/or associates, has business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. Additionally, in some cases, the Firm may advise clients whose interest in an issuer conflicts with the interests of other clients in that issuer or in the outcome of a proxy solicitation or consent request.

***Exercising Consents Related to Fixed Income Instruments***

In certain situations, a client may reserve to itself or another fiduciary the authority to exercise consents. The Firm will not exercise consent rights on behalf of a client unless the client's governing documents authorize it to do so. If requested by a client, the Firm will exercise consents pursuant to the client's statement of policy or guidelines with respect to consents; even if the Firm disagrees as to whether the decision required by the policy or guideline is in the overall best interest of the client. The exercise of consents may also be restricted or prohibited by applicable laws and regulations, including the restrictions on joint transactions applicable to registered investment companies and business development companies.

Where the Firm has full authority to exercise consents on behalf of clients, it will seek to exercise a consent on behalf of each client holding an interest in a loan or other instrument in the best interest of the particular client. Consents are to be exercised in a prudent and diligent manner and consistent with the objective of maximizing long-term investment returns.

***Special Circumstances***

The Firm may choose not to vote proxies or exercise consents in certain situations or for certain accounts, such as: (i) where a client has informed the Firm that they wish to retain the right to vote the proxy or exercise the consent; (ii) where the Firm deems the cost (including opportunity costs) of voting the proxy or exercising the consent would exceed any anticipated benefit to the client; (iii) where a proxy is received for a client that has terminated the Firm's services; (iv) where a proxy is received or a consent is solicited for a security that the Firm no longer manages (i.e., the Firm has previously sold the entire position); and/or (v) where the exercise of voting or consent rights could restrict the ability of an account's portfolio manager to freely trade the security in question (as is the case, for example, in certain foreign jurisdictions known as "blocking markets").

In addition, certain accounts over which the Firm has proxy-voting discretion may participate in securities lending programs administered by the custodian or a third party. Because title to loaned securities passes to the borrower, the Firm will be unable to vote any security that is out on loan to a borrower on a proxy record date. If the Firm has investment discretion, however, the Firm shall reserve the right to instruct the lending agent to terminate a loan in situations where the matter to be voted upon is deemed to be material to the investment and the benefits of voting the security are deemed to outweigh the costs of terminating the loan.

**BOOKS AND RECORDS**

In its books and records, the Firm will maintain a copy of the following documents:

● Proxy statement that the Firm receives regarding client's securities;

● Votes that the Firm casts on behalf of a client;

● Any document the Firm created that was material to making a decision on how to vote proxies on behalf of a client or that memorialize the basis for such decision; and

● Written client request for information on how the Firm voted proxies on behalf of the requesting client and a copy of the Firm's written response to any (written or verbal) client request for information on how the Firm voted proxies on behalf of the requesting client.

The Firm may rely upon the SEC's EDGAR system to maintain certain records referred to above.

**Exhibit B: Proxy Voting Guidelines**

In accordance with Rule 30b1-4 under the Investment Company Act of 1940 and Rule 206(4)-6 and 204-2 under of the Investment Advisers Act of 1940, Palmer Square Capital Management LLC ("Palmer Square") is providing all clients with a summary of its proxy voting procedures.

● Upon opening an account with Palmer Square, clients are given the option to delegate proxy-voting discretion to Palmer Square by completing the appropriate documents. Palmer Square will only exercise proxy-voting discretion over client shares in the instances where clients give Palmer Square discretionary authority to vote on their behalf.

● It is Palmer Square's policy to vote client shares primarily in conformity with Glass Lewis & Co. recommendations, in order to mitigate conflicts of interest that can arise between Palmer Square and its clients. Glass Lewis & Co. and Palmer Square retain a record of all recommendations.

● Glass Lewis & Co. is an independent third party that issues recommendations based upon its own internal guidelines.

● Palmer Square conducts a review at least annually of Glass Lewis & Co to assess the firm's capacity and competency to serve as a proxy advisor.

● Palmer Square will vote client shares inconsistent with Glass Lewis & Co. recommendations if Palmer Square believes that doing so is in the best interest of its clients.

● In situations where Palmer Square identifies a material conflict of interest in the voting of proxies due to business or personal relationships that Palmer Square maintains with persons having an interest in the outcome of certain votes, Palmer Square will take appropriate steps to ensure that its proxy voting decisions are made in the best interest of its clients.

● Palmer Square votes client shares via ProxyEdge, an electronic voting platform provided by Broadridge Financial Solutions, Inc. Additionally, ProxyEdge retains a record of proxy votes for each client.

● Annually, Palmer Square will file Form N-PX with the SEC, which will contain each fund's complete proxy voting record.

● Palmer Square's Compliance Team will periodically review all proxy votes to ensure consistency with its procedures.

● Upon request, clients can receive a copy of Palmer Square's proxy voting procedures and Glass Lewis & Co.'s proxy voting guidelines.

● These procedures are currently in effect but could be amended in the future

If you have any questions or would like a copy of Palmer Square's proxy voting procedures, Glass Lewis & Co.'s proxy voting guidelines and/or a record of how your shares were voted, please contact Palmer Square's Chief Compliance Officer at 816-994-3200.

**I.** **Proxy Voting Policies and Procedures** 

As required by Rule 206(4)-6 under the Advisers Act, the Adviser has adopted proxy voting policies and procedures that are reasonably designed to ensure that proxies are voted by the Adviser in the best interests of clients and that address how the Adviser should resolve material conflicts of interest that may arise between the Adviser's interests and the interests of clients. The Compliance Department is responsible for overseeing the adviser's compliance with the proxy voting policies and procedures.

Rule 206(4)-6 also requires the Adviser to: (a) disclose to Clients how they may obtain from the Adviser information as to how the Adviser voted with respect to Client securities, (b) describe to clients the Adviser's proxy voting policies and procedures and (c) upon request, furnish a copy of the policies and procedures to the requesting client. The Adviser's Form ADV Part 2 should describe the relevant proxy voting policies and procedures and disclose, as applicable, that a copy of the complete proxy voting policy and information regarding how the Adviser voted proxies for particular portfolio securities may be obtained, free of charge, by request to BC Partners (compliance@bcpartners.com).

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) The following table provides biographical information about the members of First Trust Capital Management
L.P. (the "Investment Adviser"), Mount Logan Management, LLC (a "Sub-Adviser" or "Mount Logan") and Palmer Square Capital Management LLC (a "Sub-Adviser" or "Palmer
Square" and together with Mount Logan, the "Sub-Advisers"), who are primarily responsible for the day-to-day portfolio management of First Trust Private Credit Fund as of the date of filing this
report:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> Portfolio<br> Management<br> Team Member** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Length of Time of<br> Service to the Fund** | &nbsp;&nbsp;**Business Experience During the <br> Past 5 Years** | &nbsp;&nbsp;**Role of Portfolio<br> Management Team<br> Member** |
| &nbsp;&nbsp;Michael Peck | &nbsp;&nbsp;Chief Executive Officer & Co-Chief Investment Officer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp; Chief Executive Officer and Co-CIO, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2012 - Present); President and Co-CIO, Vivaldi Capital Management LP (formerly, Vivaldi Capital Management, LLC) (2012 – March 2024) | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;Co-Chief Investment Officer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp; Co-Chief Investment Officer and Portfolio Manager, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2014 - Present), Portfolio Manager, Vivaldi Capital Management LP (formerly, Vivaldi Capital Management, LLC) (2014 – March 2024) | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Robert O'Hara | &nbsp;&nbsp;Principal, Portfolio Manager | &nbsp;&nbsp;Since January 2022 | &nbsp;&nbsp;Principal, Portfolio Manager, First Trust Capital Management L.P. (January 2022 – Present); Investment Analyst and Trader, LBMC Investment Advisors (December 2018 – December 2021) | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Ted Goldthorpe | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;10/25/2022 | &nbsp;&nbsp; Chief Executive Officer and Chairman of Mount Logan Capital Inc. | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Henry Wang | &nbsp;&nbsp;Co-President | &nbsp;&nbsp;10/25/2022 | &nbsp;&nbsp; Co-President of Mount Logan Management LLC | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Angie K. Long | &nbsp;&nbsp;Chief Investment Officer | &nbsp;&nbsp;Since February 2023 | &nbsp;&nbsp;Chief Investment Officer, Palmer Square Capital Management LLC since 2011 | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Christopher D. Long | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;Since February 2023 | &nbsp;&nbsp;Chief Executive Officer, Palmer Square Capital Management LLC since 2009 | &nbsp;&nbsp;Portfolio Management |
| &nbsp;&nbsp;Taylor R. Moore | &nbsp;&nbsp;Managing Director, Portfolio Manager, Head of Structured Credit Trading | &nbsp;&nbsp;Since February 2023 | &nbsp;&nbsp;Managing Director, Portfolio Manager, Head of Structured Credit Trading at Palmer Square Capital Management LLC since 2018, joined Palmer Square Capital Management LLC in 2013. | &nbsp;&nbsp;Portfolio Management |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (2) The following table provides information about portfolios and accounts, other than First Trust Private Credit Fund, for which
the members of the Portfolio Management team listed above are primarily responsible for the day-to-day portfolio management as of the
end of the period covered by this report:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio<br> Management Team<br> Member** | &nbsp;&nbsp;**Number of Accounts and Total Value of <br> Assets for Which Advisory Fee is <br> Performance-Based:** | &nbsp;&nbsp;**Number of Accounts and Total Value of <br> Assets for Which Advisory Fee is <br> Performance-Based:** | &nbsp;&nbsp;**Number of Accounts and Total Value of <br> Assets for Which Advisory Fee is <br> Performance-Based:** | &nbsp;&nbsp;**Number of Other Accounts Managed and <br> Total Value of Assets by Account Type for <br> Which There is No Performance-Based Fee:** | &nbsp;&nbsp;**Number of Other Accounts Managed and <br> Total Value of Assets by Account Type for <br> Which There is No Performance-Based Fee:** | &nbsp;&nbsp;**Number of Other Accounts Managed and <br> Total Value of Assets by Account Type for <br> Which There is No Performance-Based Fee:** |
| &nbsp;&nbsp; Name<br>| &nbsp;&nbsp;Registered<br> investment companies | &nbsp;&nbsp;Other pooled investment vehicles | &nbsp;&nbsp;Other accounts | &nbsp;&nbsp;Registered<br> investment companies | &nbsp;&nbsp;Other pooled investment vehicles | &nbsp;&nbsp;Other accounts |
| &nbsp;&nbsp;Michael Peck | &nbsp;&nbsp;2 Accounts<br> $151.80M | &nbsp;&nbsp;10 Accounts<br> $413.76M | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;7 Accounts<br> $4,875.74M | &nbsp;&nbsp;4 Accounts<br> $85.84M | &nbsp;&nbsp;0 Accounts |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;2 Accounts<br> $151.80M | &nbsp;&nbsp;10 Accounts<br> $413.76M | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;7 Accounts<br> $4,875.74M | &nbsp;&nbsp;11 Accounts<br> $143.25M | &nbsp;&nbsp;0 Accounts |
| &nbsp;&nbsp;Robert O'Hara | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;3 Accounts<br> $56.30M | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;1 Account<br> $3,481.03M | &nbsp;&nbsp;1 Account<br> $25.83M | &nbsp;&nbsp;0 Accounts |
| &nbsp;&nbsp;Ted Goldthorpe | &nbsp;&nbsp;4 Accounts<br> $941M | &nbsp;&nbsp;10 Accounts<br> $6.08B | &nbsp;&nbsp;3 Accounts<br> $267M | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;6 Accounts<br> $1.25B | &nbsp;&nbsp;6 Accounts<br> $1.33B |
| &nbsp;&nbsp;Henry Wang | &nbsp;&nbsp;4 Accounts<br> $941M | &nbsp;&nbsp;10 Accounts<br> $6.08B | &nbsp;&nbsp;3 Accounts<br> $267M | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;6 Accounts<br> $1.25B | &nbsp;&nbsp;6 Accounts<br> $1.33B |
| &nbsp;&nbsp;Angie K. Long | &nbsp;&nbsp;1 Account<br> $1.20B | &nbsp;&nbsp;88 Accounts<br> $26.70B | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp; 8 Accounts<br> $3.40B | &nbsp;&nbsp;98 Accounts<br> $29,288.52B | &nbsp;&nbsp;57 Accounts<br> $2.40B |
| &nbsp;&nbsp;Christopher D. Long | &nbsp;&nbsp;1 Account<br> $1.20B | &nbsp;&nbsp;88 Accounts<br> $26.70B | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp; 5 Accounts<br> $2.70B | &nbsp;&nbsp;98 Accounts<br> $29,288.52B | &nbsp;&nbsp;81 Accounts<br> $2.40B |
| &nbsp;&nbsp;Taylor R. Moore | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp; 5 Accounts<br> $1.20B | &nbsp;&nbsp;0 Accounts | &nbsp;&nbsp;0 Accounts |

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**Conflicts of Interest**

The Investment Adviser, Sub-Advisers and Portfolio Managers may manage multiple funds and/or other accounts, and as a result may be presented with one or more of the following actual or potential conflicts:

The management of multiple funds and/or other accounts may result in the Investment Adviser, a Sub-Adviser or Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Adviser seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Most other accounts managed by a Portfolio Manager are managed using the same investment models that are used in connection with the management of the Fund.

If the Investment Adviser, a Sub-Adviser or Portfolio Manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Investment Adviser and Sub-Advisers have adopted procedures for allocating portfolio transactions across multiple accounts.

The Investment Adviser and Sub-Advisers have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) The below information is provided as of March 31, 2026.

Mr. Peck and Mr. Murphy receive base salaries and bonuses, neither of which is based on performance, and are eligible to avail themselves of life insurance, medical and dental benefits offered to all employees of the Investment Adviser and to participate in the Investment Adviser's 401(k) plan. In addition, they are members of VFT Holdings LP and receive compensation based on the overall profitability of the firm and its affiliates. Mr. O'Hara receives a fixed salary and a discretionary bonus, based on individual and firm level performance. In addition, he owns interests in First Trust Capital Management L.P. and receives compensation based on the overall profitability of the firm. He also participates in a 401(k) program and receives medical/dental insurance benefits on the same basis as other employees of First Trust Capital Management L.P.

Each Mount Logan portfolio manager is compensated based on the success of various fund and business platforms. As part of this compensation, the portfolio manager receives a carried interest from the Mount Logan activities that is distributed based on factors such as seniority, longevity and performance, including successful deal sourcing and execution. Each portfolio manager's compensation would increase if the Fund's performance (and net asset value) increased due to each portfolio manager's indirect interest in the Adviser, but such compensation is not tied to any specific metric.

The Portfolio Management team members from Palmer Square receive a fixed based salary and a discretionary bonus. Each Portfolio Management team member is an equity owner of the firm and shares in the firm's profits. The Portfolio Management team members' compensation arrangements are not determined on the basis of specific funds or accounts managed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) The following is listing of the dollar range of shares beneficially owned by each Portfolio Management Team Member as of the end
of the period covered by this report:

 

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Name of Portfolio <br> Management Team <br> Member:</u>** | &nbsp;&nbsp;**<u>Dollar Range of Shares<br> Beneficially Owned by <br> Portfolio Management Team <br> Member:</u>** |
| &nbsp;&nbsp;Michael Peck |  |
| &nbsp;&nbsp;Brian Murphy | &nbsp;&nbsp;$0 - $10000 |
| &nbsp;&nbsp;Robert O'Hara | &nbsp;&nbsp;$10001 - $50000 |
| &nbsp;&nbsp;Ted Goldthorpe |  |
| &nbsp;&nbsp;Henry Wang |  |
| &nbsp;&nbsp;Angie K. Long |  |
| &nbsp;&nbsp;Christopher D. Long |  |
| &nbsp;&nbsp;Taylor R. Moore |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the Shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions,
have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of
the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

[(a)(1) Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 is attached hereto.](tm2614863d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2614863d1_ex99-cert.htm)

(a)(4) There were no written solicitations.

(a)(5) There was no change to the registrant's independent public accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2614863d1_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (registrant) First Trust Private Credit Fund | (registrant) First Trust Private Credit Fund |
| By (Signature and Title)\* | /s/ Michael Peck |
|  | Michael Peck, President |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Peck |
|  | Michael Peck, President |
|  | (Principal Executive Officer) |
| Date | June 9, 2026 |
| By (Signature and Title)\* | /s/ Chad Eisenberg |
|  | Chad Eisenberg, Treasurer |
|  | (Principal Financial Officer) |
| Date | June 9, 2026 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**<u>Exhibit Q</u>**

**First Trust Private Credit Fund**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of the First Trust Private Credit Fund (the "Fund") are valuable assets that are vital to the Fund's success. Each officer and employee of the Fund, including each of the Fund's senior financial officers ("SFOs"), is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function. The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Fund's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund's financial statements. Specifically, persons subject to this Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent conflicts of interest with the Fund in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide information to the Fund's employees and service providers (Investment Manager, administrator,
outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic
reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue
Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material
facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Respect the confidentiality of information acquired in the course of their work, except where disclosure
is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record (or participate in the recording of) entries in the Fund's books and records that are accurate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refrain from using confidential information for personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the Code</u>

*Violations*

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Fund's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

*Disclosures*

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund's senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Fund.

*Outside Service Providers*

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

*Non-Retaliation Policy*

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Fund's Board of Trustees has designated Bernadette Murphy to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

Effective: February 2022

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Michael Peck, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Private Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 9, 2026 | /s/ Michael Peck |
|  | | Michael Peck, President |
| | | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Chad Eisenberg, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Private Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 9, 2026 | /s/ Chad Eisenberg |
|  | | Chad Eisenberg, Treasurer |
| | | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Peck, President of First Trust Private Credit Fund, certify that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the registrant for the period ended March 31, 2026 (the "Report") fully complies with the requirements
of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Michael Peck |
| Michael Peck |
| President and Principal Executive Officer <br> June 9, 2026 |

---

I, Chad Eisenberg, Treasurer of First Trust Private Credit Fund, certify that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the registrant for the period ended March 31, 2026 (the "Report") fully complies with the requirements
of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the registrant.

---

| |
|:---|
| /s/ Chad Eisenberg |
| Chad Eisenberg |
| Treasurer and Principal Financial Officer<br> June 9, 2026 |

---

These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.