# EDGAR Filing Document

**Accession Number:** 0000091847
**File Stem:** 0001193125-25-295218
**Filing Date:** 2025-11
**Character Count:** 82252
**Document Hash:** c5fdb9f04d2c249733928fa28d91ded0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295218.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295218

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOURCE CAPITAL /DE/
- **CENTRAL INDEX KEY:** 0000091847

**ORGANIZATION NAME:**
- **EIN:** 941679410
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01731
- **FILM NUMBER:** 251515622

**BUSINESS ADDRESS:**
- **STREET 1:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-385-5777

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOURCE CAPITAL INC /DE/
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMC INVESTMENT CORP
- **DATE OF NAME CHANGE:** 19721123

## Nport-Ex

**Source Capital**

**SCHEDULE OF INVESTMENTS**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **BONDS & DEBENTURES — 20.2%** |  |
|  | **ASSET-BACKED SECURITIES — 6.7%** |  |
|  | **COLLATERALIZED LOAN OBLIGATION — 2.1%** |  |
|  | Barings Middle Market Ltd. |  |
| $1040000 | Series 2021-IA, Class D, 13.237% (3-Month Term SOFR+891.161 basis points), 7/20/2033<sup>(a),(b)</sup> | $1041569 |
|  | Fortress Credit Opportunities Ltd. |  |
| 5186000 | Series 2017-9A, Class ER, 12.640% (3-Month Term SOFR+832.161 basis points), 10/15/2033<sup>(a),(b)</sup> | 5212698 |
|  | Parliament Ltd. |  |
| 1854000 | Series 2021-2A, Class D, 8.165% (3-Month Term SOFR+396.161 basis points), 8/20/2032<sup>(a),(b)</sup> | 1848360 |
|  |  | **8102627** |
|  | **EQUIPMENT — 0.7%** |  |
|  | Coinstar Funding LLC |  |
| 2811220 | Series 2017-1A, Class A2, 5.216%, 4/25/2047<sup>(a)</sup> | 2618549 |
|  | Prop 2017-1A |  |
| 226703 | 5.300%, 3/15/2042<sup>(c),(d)</sup> | 210833 |
|  |  | **2829382** |
|  | **OTHER — 3.9%** |  |
|  | ABPCI Direct Lending Fund LLC |  |
| 2836127 | Series 2022-2A, Class C, 8.236%, 3/1/2032<sup>(a)</sup> | 2795948 |
|  | ABPCI Direct Lending Fund Ltd. |  |
| 216555 | Series 2020-1A, Class A, 3.199%, 12/29/2030<sup>(a)</sup> | 212802 |
| 2187820 | Series 2020-1A, Class B, 4.935%, 12/29/2030<sup>(a)</sup> | 2150367 |
|  | Cologix Data Centers US Issuer LLC |  |
| 1765000 | Series 2021-1A, Class C, 5.990%, 12/26/2051<sup>(a)</sup> | 1741631 |
|  | Diamond Infrastructure Funding LLC |  |
| 384000 | Series 2021-1A, Class C, 3.475%, 4/15/2049<sup>(a)</sup> | 369129 |
|  | Diamond Issuer LLC |  |
| 1000000 | Series 2021-1A, Class C, 3.787%, 11/20/2051<sup>(a)</sup> | 933582 |
|  | Elm Trust |  |
| 8549 | Series 2020-3A, Class A2, 2.954%, 8/20/2029<sup>(a)</sup> | 8537 |
| 23422 | Series 2020-3A, Class B, 4.481%, 8/20/2029<sup>(a)</sup> | 23389 |
| 244826 | Series 2020-4A, Class B, 3.866%, 10/20/2029<sup>(a)</sup> | 244401 |
|  | Golub Capital Partners Funding Ltd. |  |
| 545371 | Series 2020-1A, Class B, 4.496%, 1/22/2029<sup>(a)</sup> | 543406 |
| 1059421 | Series 2021-1A, Class B, 3.816%, 4/20/2029<sup>(a)</sup> | 1048166 |
| 2684535 | Series 2021-2A, Class B, 3.994%, 10/19/2029<sup>(a)</sup> | 2623515 |
|  | Hotwire Funding LLC |  |
| 750000 | Series 2021-1, Class C, 4.459%, 11/20/2051<sup>(a)</sup> | 736907 |
|  | Monroe Capital Funding Ltd. |  |
| 398588 | Series 2021-1A, Class B, 3.908%, 4/22/2031<sup>(a)</sup> | 394799 |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **BONDS & DEBENTURES (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | **OTHER (Continued)** |  |
|  | VCP RRL Ltd. |  |
| $521449 | Series 2021-1A, Class B, 2.848%, 10/20/2031<sup>(a)</sup> | $491454 |
| 1098413 | Series 2021-1A, Class C, 5.425%, 10/20/2031<sup>(a)</sup> | 1004926 |
|  |  | **15322959** |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,590,763) | **26254968** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4%** |  |
|  | **NON-AGENCY — 0.4%** |  |
|  | BX Commercial Mortgage Trust |  |
| 1270134 | Series 2021-VOLT, Class F, 6.665% (1-Month Term SOFR+251.448 basis points), 9/15/2036<sup>(a),(b)</sup> | 1267752 |
|  | Eleven Madison Mortgage Trust |  |
| 344000 | Series 2015-11MD, Class A, 3.673%, 9/10/2035<sup>(a),(b)</sup> | 341885 |
|  |  | **1609637** |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,580,272) | **1609637** |
|  | **CONVERTIBLE BONDS — 1.6%** |  |
|  | Delivery Hero AG |  |
| 500000 | 1.000%, 1/23/2027 | 562880 |
| 100000 | 1.500%, 1/15/2028 | 108061 |
| 1200000 | 3.250%, 2/21/2030 | 1390628 |
|  | Wayfair, Inc. |  |
| 3933000 | 0.625%, 10/1/2025 | 3933000 |
| 122000 | 1.000%, 8/15/2026 | 119560 |
|  | **TOTAL CONVERTIBLE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,752,657) | **6114129** |
|  | **CORPORATE BANK DEBT — 6.5%** |  |
|  | Banner Commercial Funding LP Term Loan |  |
| 5343750 | 10.634% (1-Month Term SOFR+650 basis points), 5/27/2028<sup>(b),(c),(d),(e)</sup> | 5250235 |
|  | Capstone Acquisition Holdings, Inc. Term Loan |  |
| 2273798 | 8.763% (1-Month Term SOFR+460 basis points), 11/12/2029<sup>(b),(c),(d),(e),(f)</sup> | 2286172 |
|  | Cornerstone OnDemand, Inc. |  |
| 71769 | 8.013% (1-Month Term SOFR+375 basis points), 10/16/2028<sup>(b),(d),(e)</sup> | 68808 |
|  | Delta Commercial Funding LP |  |
| 3100000 | 9.119% (1-Month Term SOFR+480 basis points), 12/31/2027<sup>(b),(c),(d),(e),(f),(g)</sup> | 3050400 |
|  | EQS Legacy Holdings LLC Term Loan |  |
| 8575000 | 11.000%, 3/27/2032<sup>(b),(c),(d),(e)</sup> | 8575000 |
|  | JC Penney Corp., Inc. |  |
| 459336 | 5.568% (3-Month USD Libor+425 basis points), 6/23/2027<sup>\*,(b),(c),(d),(e),(h)</sup> | 46 |
|  | Lealand Finance Company B.V. Senior Exit LC |  |
| 1363749 | 3.500%, 6/30/2027<sup>(b),(c),(d),(e),(f),(g)</sup> | (409125) |
| 4296753 | 5.250%, 6/30/2027<sup>(b),(c),(d),(e),(f),(g)</sup> | (429675) |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **CORPORATE BANK DEBT (Continued)** |  |
|  | Lealand Reficar LC Term Loan |  |
| $33066 | 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027<sup>(b),(c),(d),(e),(f),(i)</sup> | $29098 |
|  | McDermott LC |  |
| 912667 | 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027<sup>(b),(c),(d),(e),(f)</sup> | 730134 |
|  | McDermott Technology Americas, Inc. |  |
| 141927 | 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027<sup>(b),(d),(e)</sup> | 120638 |
| 1604421 | 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027<sup>(b),(c),(d),(e),(i)</sup> | 1267492 |
|  | Plantation Loan |  |
| 3500000 | 10.555%, 1/25/2027<sup>(b),(c),(d),(e)</sup> | 3500000 |
|  | Vision Solutions, Inc. |  |
| 71758 | 8.570% (3-Month Term SOFR+400 basis points), 4/24/2028<sup>(b),(d),(e)</sup> | 69067 |
|  | WH Borrower LLC |  |
| 1206975 | 8.884% (3-Month Term SOFR+475 basis points), 2/20/2032<sup>(b),(d),(e)</sup> | 1206227 |
|  | **TOTAL CORPORATE BANK DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,077,685) | **25314517** |
|  | **CORPORATE BONDS — 5.0%** |  |
|  | **COMMUNICATIONS — 1.0%** |  |
|  | Consolidated Communications, Inc. |  |
| 1272000 | 6.500%, 10/1/2028<sup>(a)</sup> | 1290482 |
|  | EchoStar Corp. |  |
| 846895 | 3.875%, 11/30/2030 | 2083361 |
|  | Frontier Communications Holdings LLC |  |
| 453000 | 5.875%, 10/15/2027<sup>(a)</sup> | 452434 |
|  |  | **3826277** |
|  | **CONSUMER DISCRETIONARY — 0.5%** |  |
|  | Air Canada Pass Through Trust |  |
| 1500000 | Series 2020-1, Class C, 10.500%, 7/15/2026<sup>(a)</sup> | 1563704 |
|  | VT Topco, Inc. |  |
| 421000 | 8.500%, 8/15/2030<sup>(a)</sup> | 428368 |
|  |  | **1992072** |
|  | **FINANCIALS — 3.4%** |  |
|  | Apollo Debt Solutions BDC Senior Notes |  |
| 2333000 | 8.620%, 9/28/2028<sup>(c),(d)</sup> | 2333000 |
|  | Charles Schwab Corp. |  |
| 549000 | 4.000% (USD 5 Year Tsy+316.8 basis points)<sup>(b),(j)</sup> | 542616 |
| 75000 | 5.000% (3-Month USD Libor+257.5 basis points)<sup>(b),(j)</sup> | 73594 |
|  | Five Point Operating Co. LP |  |
| 100000 | 8.000%, 10/1/2030<sup>(a)</sup> | 101480 |
|  | Hlend Senior Notes |  |
| 3500000 | 8.170%, 3/15/2028<sup>(c),(d)</sup> | 3500000 |
|  | HPS Corporate Lending Fund |  |
| 520000 | 6.750%, 1/30/2029 | 541948 |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **CORPORATE BONDS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | Midcap Financial Issuer Trust |  |
| $3466000 | 6.500%, 5/1/2028<sup>(a)</sup> | $3442362 |
|  | Oaktree Strategic Credit Fund |  |
| 1615000 | 8.400%, 11/14/2028 | 1753704 |
|  | OCREDIT BDC Senior Notes |  |
| 552000 | 7.770%, 3/7/2029<sup>(c),(d)</sup> | 552000 |
|  | Vornado Realty LP |  |
| 250000 | 2.150%, 6/1/2026 | 245563 |
|  |  | **13086267** |
|  | **HEALTH CARE — 0.1%** |  |
|  | Heartland Dental LLC/Heartland Dental Finance Corp. |  |
| 381000 | 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028<sup>(a),(d)</sup> | **401479** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,647,792) | **19306095** |
|  | **TOTAL BONDS & DEBENTURES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $77,649,169) | **78599346** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  |  |
|  | **CLOSED-END FUNDS — 0.0%** |  |
| 142220 | Altegrity, Inc.<sup>(c),(d)</sup> | 163553 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **163553** |
|  | **COMMON STOCKS — 40.6%** |  |
|  | **AEROSPACE & DEFENSE — 1.7%** |  |
| 5819 | Howmet Aerospace, Inc. | 1141862 |
| 15343 | Safran S.A. | 5405535 |
|  |  | **6547397** |
|  | **APPAREL & TEXTILE PRODUCTS — 0.7%** |  |
| 14586 | Cie Financiere Richemont S.A. - Class A | **2777588** |
|  | **ASSET MANAGEMENT — 0.0%** |  |
| 14610 | Pershing Square Tontine Holdings Ltd.<sup>(c),(d)</sup> | **—** |
|  | **BANKING — 2.2%** |  |
| 66508 | Citigroup, Inc. | 6750562 |
| 22932 | Wells Fargo & Co. | 1922160 |
|  |  | **8672722** |
|  | **BEVERAGES — 3.7%** |  |
| 86811 | Heineken Holding N.V. | 5946727 |
| 167093 | JDE Peet's N.V. | 6120335 |
| 22509 | Pernod Ricard S.A. | 2207563 |
|  |  | **14274625** |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **CABLE & SATELLITE — 2.2%** |  |
| 5983 | Charter Communications, Inc. - Class A\* | $1645953 |
| 215600 | Comcast Corp. - Class A | 6774152 |
|  |  | **8420105** |
|  | **CHEMICALS — 1.3%** |  |
| 83744 | International Flavors & Fragrances, Inc. | **5153606** |
|  | **COMMERCIAL SUPPORT SERVICES — 0.9%** |  |
| 47135 | Eurofins Scientific S.E. | **3418643** |
|  | **CONSTRUCTION MATERIALS — 1.4%** |  |
| 69135 | Amrize Ltd.\* | 3333869 |
| 23170 | Holcim AG\* | 1959889 |
|  |  | **5293758** |
|  | **CONSUMER SERVICES — 0.1%** |  |
| 23300 | Shiseido Co. Ltd. | **398141** |
|  | **E-COMMERCE DISCRETIONARY — 0.7%** |  |
| 12523 | Amazon.com, Inc.\* | **2749675** |
|  | **ELECTRIC UTILITIES — 0.0%** |  |
| 9047 | PG&E Corp. | **136429** |
|  | **ELECTRICAL EQUIPMENT — 2.2%** |  |
| 39535 | TE Connectivity Ltd. | **8679118** |
|  | **ENGINEERING & CONSTRUCTION — 1.1%** |  |
| 98014 | McDermott International, Ltd.<sup>\*,(c),(d)</sup> | 1470210 |
| 21370 | Samsung C&T Corp. | 2811662 |
| 10312 | Uniti Group, Inc.\* | 63109 |
|  |  | **4344981** |
|  | **ENTERTAINMENT CONTENT — 0.6%** |  |
| 4347 | Epic Games, Inc.<sup>(c),(d)</sup> | 1156302 |
| 44007 | Nexon Co., Ltd. | 966229 |
|  |  | **2122531** |
|  | **HEALTH CARE FACILITIES & SVCS — 0.4%** |  |
| 8224 | ICON PLC\* | **1439200** |
|  | **HOME CONSTRUCTION — 0.7%** |  |
| 50623 | Fortune Brands Innovations, Inc. | **2702762** |
|  | **INSURANCE — 1.2%** |  |
| 13605 | Aon PLC - Class A | **4851271** |
|  | **INTERNET MEDIA & SERVICES — 7.0%** |  |
| 31853 | Alphabet, Inc. - Class A | 7743464 |
| 19721 | Alphabet, Inc. - Class C | 4803049 |
| 8390 | Delivery Hero S.E.\* | 240432 |
| 10387 | Meta Platforms, Inc. - Class A | 7628005 |
| 86481 | Prosus N.V.\* | 6085550 |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES (Continued)** |  |
| 8195 | Uber Technologies, Inc.\* | $802864 |
|  |  | **27303364** |
|  | **LEISURE FACILITIES & SERVICES — 1.2%** |  |
| 8054 | Marriott International, Inc. - Class A | 2097584 |
| 18090 | Vail Resorts, Inc. | 2705721 |
|  |  | **4803305** |
|  | **METALS & MINING — 0.9%** |  |
| 802359 | Glencore PLC\* | **3685931** |
|  | **OIL & GAS PRODUCERS — 0.6%** |  |
| 2203 | Gulfport Energy Corp.\* | 398699 |
| 70369 | Kinder Morgan, Inc. | 1992146 |
|  |  | **2390845** |
|  | **OIL & GAS SERVICES & EQUIP — 0.5%** |  |
| 142889 | NOV, Inc. | **1893279** |
|  | **OTHER COMMON STOCK — 2.7%** |  |
|  | Other Common Stock<sup>(k)</sup> | **10612063** |
|  | **REAL ESTATE OWNERS & DEVELOPERS — 0.1%** |  |
| 60408 | Swire Pacific Ltd. - Class A | **511939** |
|  | **REAL ESTATE SERVICES — 0.1%** |  |
| 16058 | Copper Property CTL Pass Through Trust<sup>(d)</sup> | **199280** |
|  | **RETAIL - DISCRETIONARY — 1.2%** |  |
| 23348 | CarMax, Inc.\* | 1047625 |
| 16171 | Ferguson Enterprises, Inc. | 3631683 |
|  |  | **4679308** |
|  | **SEMICONDUCTORS — 3.3%** |  |
| 37249 | Analog Devices, Inc. | 9152079 |
| 2117 | Broadcom, Inc. | 698419 |
| 13587 | NXP Semiconductors N.V. | 3094168 |
|  |  | **12944666** |
|  | **TECHNOLOGY HARDWARE — 0.3%** |  |
| 14244 | Nintendo Co., Ltd. | **1233353** |
|  | **TECHNOLOGY SERVICES — 0.5%** |  |
| 41039 | LG Corp. | **2105989** |
|  | **TRANSPORTATION & LOGISTICS — 0.7%** |  |
| 84452 | PHI Group, Inc.<sup>(c),(d)</sup> | **2702464** |
|  | **TRANSPORTATION EQUIPMENT — 0.4%** |  |
| 7391 | Westinghouse Air Brake Technologies Corp. | **1481674** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,173,570) | **158530012** |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **LIMITED PARTNERSHIPS — 18.4%** |  |
| 2300000 | BH3 Debt Opportunity Fund II-Parallel, LP<sup>(d),(l)</sup> | $1071788 |
| 55000 | Blue Torch Credit Opportunities Fund II LP<sup>(d),(l)</sup> | 3540555 |
| 3900000 | Castlelake Asset-Based Private Credit III Evergreen A, L.P.<sup>(d),(l)</sup> | 3820772 |
| 60000 | Clover Private Credit Opportunities Fund LP<sup>(d),(l)</sup> | 3182928 |
| 10507864 | FPS Holdco II LLC<sup>(d),(l),(m)</sup> | 10705317 |
| 55000 | HIG WhiteHorse Direct Lending 2020 LP<sup>(d),(l)</sup> | 4114355 |
| 6000000 | Jett Texas LLC<sup>(d),(l)</sup> | 6000000 |
| 80000 | Metro Partners Fund VII LP<sup>(d),(l)</sup> | 8511391 |
| 80000 | MSD Private Credit Opportunities Fund II LP<sup>(d),(l)</sup> | 5824123 |
| 30000 | MSD Real Estate Credit Opportunities Fund<sup>(d),(l)</sup> | 1403284 |
| 55000 | Nebari Natural Resources Credit Fund I LP<sup>(d),(l)</sup> | 2981102 |
| 30000 | Piney Lake Opportunities Fund LP<sup>(d),(l)</sup> | 3144352 |
| 18000 | Post Road Special Opportunity Fund II LP<sup>(d),(l)</sup> | 1757223 |
| 35000 | Silverview Credit Opportunities Onshore Fund LP<sup>(d),(l)</sup> | 1605464 |
| 48500 | Silverview Special Situations Lending LP<sup>(d),(l)</sup> | 4147653 |
| 14000000 | Tioga Partners IV, LP<sup>(d),(l)</sup> | 6912137 |
| 3000000 | Trevian Capital Debt Fund, LP<sup>(d),(l)</sup> | 3000000 |
|  | **TOTAL LIMITED PARTNERSHIPS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $67,250,709) | **71722444** |
|  | **PREFERRED STOCKS — 0.0%** |  |
|  | **INDUSTRIALS — 0.0%** |  |
| 65370 | Uniti Group, Inc. - Series A, 11.000%<sup>(c),(d)</sup> | **65370** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $124,813) | **65370** |
|  | **WARRANTS (SPAC) — 0.0%** |  |
| 31567 | Electriq Power Holdings, Inc., Expiration Date: January 25, 2028<sup>\*,(c)</sup> |  |
| 24015 | MariaDB PLC, Expiration Date: December 16, 2027<sup>\*,(c)</sup> |  |
| 5878 | Ross Acquisition Corp. II, Expiration Date: February 12, 2026<sup>\*,(c)</sup> |  |
| 1996 | Uniti Group, Inc. , Expiration Date: August 11, 2035<sup>\*,(c),(d)</sup> |  |
|  | **TOTAL WARRANTS (SPAC)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,489) | **—** |
|  | **SHORT-TERM INVESTMENTS — 20.2%** |  |
|  | **MONEY MARKET INVESTMENTS — 0.4%** |  |
| 1448957 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.92%<sup>(n)</sup> | **1448957** |

---

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  |  |
|  | **TREASURY BILLS — 19.8%** |  |
|  | U.S. Treasury Bill |  |
| $25300000 | 4.27%, 10/7/2025<sup>(o)</sup> | 25282238 |
| 25900000 | 4.21%, 11/12/2025<sup>(o)</sup> | 25775253 |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal |  |  |
| Amount |  | Value |
|  | **TREASURY BILLS (Continued)** |  |
| $26600000 | 4.01%, 12/11/2025<sup>(o)</sup> | $26398289 |
|  |  | **77455780** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $78,900,482) | **78904737** |
|  | **TOTAL INVESTMENTS — 99.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $321,116,232) | **387985462** |
|  | Other Assets in Excess of Liabilities — 0.6% | 2045225 |
|  | **TOTAL NET ASSETS — 100.0%** | $**390030687** |

---

BDC – Business Development Company

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

US – United States

\* Non-income producing security.

<sup>(a)</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 $35,334,081, which represents 9.06% of Total Net Assets.

<sup>(b)</sup> Variable or floating rate security.

<sup>(c)</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>(d)</sup> Restricted securities. These restricted securities, most of which are considered liquid by the Adviser, are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under policies adopted by authority of the Fund's Board of Directors. The total value of these securities is $109,791,452, which represents 28.15% of Total Net Assets.

<sup>(e)</sup> Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR"), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate ("SOFR"). Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy.

<sup>(f)</sup> As of September 30, 2025, the Fund had entered into commitments to fund various delayed draw debt-related investments. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing those investments and there can be no assurance that such conditions will be satisfied.

<sup>(g)</sup> All or a portion of the loan is unfunded.

<sup>(h)</sup> Security is in default.

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

<sup>(j)</sup> Perpetual security. Maturity date is not applicable.

<sup>(k)</sup> As permitted by U.S. Securities and Exchange Commission regulations, "Other" Common Stocks include holdings in their first year of acquisition that have not previously been publicly disclosed.

<sup>(l)</sup> Investment valued using net asset value per share (or its equivalent) as a practical expedient.

<sup>(m)</sup> Affiliated company.

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

<sup>(o)</sup> Treasury bill discount rate.

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Initial Acquisition Date** | **Cost** | **Fair Value** | **Fair Value as a % of Total Net Assets** |
| Altegrity, Inc. | 9/1/2021 | $- | $163553 | 0.04% |
| Apollo Debt Solutions BDC Senior Notes, 8.620%, 9/28/2028 | 8/10/2023 | 2333000 | 2333000 | 0.60% |
| Banner Commercial Funding LP Term Loan, 10.634% (1-Month Term SOFR+650basis points), 5/27/2028 | 6/10/2025 | 5245557 | 5250235 | 1.35% |
| BH3 Debt Opportunity Fund II-Parallel, LP | 9/10/2024 | 1063128 | 1071788 | 0.27% |
| Blue Torch Credit Opportunities Fund II LP | 2/16/2021 | 4227080 | 3540555 | 0.91% |
| Capstone Acquisition Holdings, Inc. Term Loan, 8.763% (1-Month Term SOFR+460 basis points), 11/12/2029 | 11/12/2020 | 2260146 | 2286172 | 0.59% |
| Castlelake Asset-Based Private Credit III Evergreen A, L.P. | 4/1/2025 | 3900000 | 3820772 | 0.98% |
| Clover Private Credit Opportunities Fund LP | 12/13/2021 | 4046248 | 3182928 | 0.82% |
| Copper Property CTL Pass Through Trust | 10/5/2017 | 528672 | 199280 | 0.05% |
| Cornerstone OnDemand, Inc., 8.013% (1-Month Term SOFR+375 basis points), 10/16/2028 | 12/7/2022 | 70967 | 68808 | 0.02% |
| Delta Commercial Funding LP, 9.119% (1-Month Term SOFR+480 basis points), 12/31/2027 | 12/31/2024 | 3029481 | 3050400 | 0.78% |
| Epic Games, Inc. | 6/25/2020 | 2499525 | 1156302 | 0.30% |
| EQS Legacy Holdings LLC Term Loan, 11.000%, 3/27/2032 | 3/27/2025 | 8575000 | 8575000 | 2.20% |
| FPS Holdco II LLC | 8/9/2024 | 10507864 | 10705317 | 2.74% |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.500% (1-Month Term SOFR+500 basis points), 4/30/2028 | 5/25/2023 | 375813 | 401479 | 0.10% |
| HIG WhiteHorse Direct Lending 2020 LP | 7/30/2021 | 4167244 | 4114355 | 1.05% |
| Hlend Senior Notes, 8.170%, 3/15/2028 | 2/16/2023 | 3500000 | 3500000 | 0.90% |
| JC Penney Corp., Inc., 5.568% (3-Month USD Libor+425 basis points), 6/23/2027 | 2/3/2021 |  | 46 | 0.00% |
| Jett Texas LLC | 12/2/2024 | 6000000 | 6000000 | 1.54% |
| Lealand Finance Company B.V. Senior Exit LC, 3.500%, 6/30/2027 | 11/12/2019 | (802897) | (409125) | -0.10% |
| Lealand Finance Company B.V. Senior Exit LC, 5.250%, 6/30/2027 | 2/28/2020 | (9693) | (429675) | -0.11% |
| Lealand Reficar LC Term Loan, 11.763% (3-Month Term SOFR+750 basis points), 6/30/2027 | 4/5/2024 | 33066 | 29098 | 0.01% |
| McDermott International, Ltd. | 7/1/2020 | 2078929 | 1470210 | 0.38% |
| McDermott LC, 8.572% (3-Month Term SOFR+426.16 basis points), 6/30/2027 | 12/31/2020 | 912668 | 730134 | 0.19% |
| McDermott Technology Americas, Inc., 7.278% (1-Month Term SOFR+300 basis points), 6/30/2027 | 7/1/2020 | 141925 | 120638 | 0.03% |
| McDermott Technology Americas, Inc., 8.278% (1-Month Term SOFR+400 basis points), 12/31/2027 | 7/1/2020 | 1879567 | 1267492 | 0.32% |
| Metro Partners Fund VII LP | 5/13/2021 | 6212327 | 8511391 | 2.18% |
| MSD Private Credit Opportunities Fund II LP | 3/8/2021 | 4152941 | 5824123 | 1.49% |
| MSD Real Estate Credit Opportunities Fund | 6/11/2020 | 782435 | 1403284 | 0.36% |
| Nebari Natural Resources Credit Fund I LP | 8/18/2020 | 3619415 | 2981102 | 0.76% |
| OCREDIT BDC Senior Notes, 7.770%, 3/7/2029 | 2/22/2024 | 552000 | 552000 | 0.14% |
| Pershing Square Tontine Holdings Ltd. | 7/26/2022 |  |  | 0.00% |
| PHI Group, Inc. | 8/19/2019 | 690707 | 2702464 | 0.69% |
| Piney Lake Opportunities Fund LP | 6/30/2021 | 1897369 | 3144352 | 0.81% |
| Plantation Loan, 10.555%, 1/25/2027 | 8/5/2025 | 3476477 | 3500000 | 0.90% |
| Post Road Special Opportunity Fund II LP | 1/26/2021 | 1574848 | 1757223 | 0.45% |
| Prop 2017-1A, 5.300%, 3/15/2042 | 2/9/2017 | 226589 | 210833 | 0.05% |
| Silverview Credit Opportunities Onshore Fund LP | 11/18/2019 | 892432 | 1605464 | 0.41% |
| Silverview Special Situations Lending LP | 9/25/2020 | 4207378 | 4147653 | 1.06% |
| Tioga Partners IV, LP | 1/15/2025 | 7000000 | 6912137 | 1.77% |
| Trevian Capital Debt Fund, LP | 3/13/2025 | 3000000 | 3000000 | 0.77% |
| Uniti Group, Inc. | 11/16/2020 | 124813 | 65370 | 0.02% |
| Uniti Group, Inc. - Series A, 11.000% | 11/16/2020 |  |  | 0.00% |
| Vision Solutions, Inc., 8.570% (3-Month Term SOFR+400 basis points), 4/24/2028 | 12/7/2022 | 64481 | 69067 | 0.02% |
| WH Borrower LLC, Term Loan B, 8.884% (3-Month Term SOFR+475 basis points), 2/20/2032 | 2/12/2025 | 1200940 | 1206227 | 0.31% |
|  |  | $106238442 | $109791452 | 28.15% |

---

**Source Capital**

**SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Security** | **Shares Held as of December 31, 2024** | **Beginning Value December 31, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales Affiliated Investment** | **Accretion of Discount (Amortization of Premium) and Return of Capital** | **Change in Unrealized Appreciation (Depreciation)** | **Transfer In (Out)** | **Ending Value September 30, 2025** | **Shares as of September 30, 2025** | **Income from Affiliated Investments** |
| &nbsp;&nbsp;&nbsp;FPS Holdco II LLC | 7842816 | $7842816 | $2665048 | $&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $197453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $10705317 | 10507864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total** |  | $**7842816** | $**2665048** | $**-** | $**-** | $**-** | $**197453** | $**-** | $**10705317** |  | $**-** |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** SOURCE CAPITAL /DE/

- **b. Investment Company Act file number:** 811-01731

- **c. CIK number of Registrant:** 0000091847

- **d. LEI of Registrant:** 9845005BC0508CFA5B64

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

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 626-385-5777

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

- **a. Name of Series:** Source Capital

- **c. LEI of Series:** 9845005BC0508CFA5B64

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $414102410.04

**Total Liabilities:** $24074669.71

**Net Assets:** $390027740.33

**Assets Attributable to Miscellaneous Securities:** $10612062.63

**Cash Not Reported:** $1885078.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 490.997446853000 | **1-Year:** 280.209082183543 | **5-Year:** 574.777239827368 | **10-Year:** 314.795085562894 | **30-Year:** 82.292762824195

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

- **3-Month:** 41.165857847716 | **1-Year:** 498.836630930835 | **5-Year:** 1559.042995890840 | **10-Year:** 410.070966999575 | **30-Year:** 369.875746073434

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.10%                | 2.47%                | 1.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3352372.11              | $-1780236.05                               |
| Month 2  | $4384795.54              | $3752794.95                                |
| Month 3  | $2054505.31              | $622046.87                                 |

### Schedule of Portfolio Investments

| Name                                           | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| DELIVERY HERO AG                               | Delivery Hero S.E.                                    | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $108060.93    | 0.03%             | 2028-01-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                                    | CUSIP: ZL0636734<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |   1200000 | PA      | $1390627.85   | 0.36%             | 2030-02-21      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Citigroup Inc                                  | Citigroup, Inc.                                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     66508 | NS      | $6750562.00   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Castlelake Asset LP Based Private Credit   /   | Castlelake Asset LP Based Private Credit   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3900000 | OU      | $3820772.00   | 0.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CAPSTONE ACQ HLDGS BANK DEBT 11/12/2029   /    | CAPSTONE ACQ HLDGS BANK DEBT 11/12/2029   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2279540 | PA      | $2291945.33   | 0.59%             | 2029-11-12      | Variable      | 8.76%                 | Yes           | 3                  | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont S.A.                         | CUSIP: 999999999<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     14586 | NS      | $2777587.74   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Charter Communications Inc                     | Charter Communications, Inc. - Class A                | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      5983 | NS      | $1645953.22   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                                   | Comcast Corp. - Class A                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    215600 | NS      | $6774152.00   | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Copper Property CTL Pass Throu                 | Copper Property CTL Pass-Through Trust                | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16058 | NS      | $199279.78    | 0.05%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class C                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19721 | NS      | $4803049.55   | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc                                   | Alphabet, Inc. - Class A                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     31853 | NS      | $7743464.30   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Gulfport Energy Corp                           | Gulfport Energy Corp.                                 | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |      2203 | NS      | $398698.94    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Heineken Holding NV                            | Heineken Holding N.V.                                 | CUSIP: 999999999<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     86811 | NS      | $5946726.76   | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                                      | Holcim A.G.                                           | CUSIP: 999999999<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     23170 | NS      | $1959889.21   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Howmet Aerospace Inc                           | Howmet Aerospace, Inc.                                | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      5819 | NS      | $1141862.37   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| ICON PLC                                       | ICON PLC                                              | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      8224 | NS      | $1439200.00   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| IFF                                            | International Flavors & Fragrances, Inc.              | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     83744 | NS      | $5153605.76   | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| JDE Peet's NV                                  | JDE Peet's N.V.                                       | CUSIP: 999999999<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |    167093 | NS      | $6120335.29   | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Jett Texas LLC SOURCE   /                      | Jett Texas LLC SOURCE   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   6000000 | OU      | $6000000.00   | 1.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JPY SPOT FORWARD CONTRACT   /                  | JPY SPOT FORWARD CONTRACT   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | JP        |  26183973 | OU      | $177056.31    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                              | Kinder Morgan, Inc.                                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     70369 | NS      | $1992146.39   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| CarMax Inc                                     | CarMax, Inc.                                          | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23348 | NS      | $1047624.76   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott International Inc/MD                  | Marriott International, Inc. - Class A                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      8054 | NS      | $2097583.76   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Mcdermott International Ltd                    | Mcdermott International Ltd.                          | CUSIP: G5924V148<br>LEI: 54930004RAXI4B3L4752 | Long             | EC               | CORP              | US        |     84957 | NS      | $1274355.00   | 0.33%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms, Inc. - Class A                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     10387 | NS      | $7628005.06   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| MSILF Treasury Portfolio                       | MSILF Treasury Portfolio - Class Institutional        | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |    448526 | PA      | $448525.73    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| MARIADB PLC                                    | MariaDB PLC                                           | CUSIP: G5920M118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     24015 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Vail Resorts Inc                               | Vail Resorts, Inc.                                    | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     18090 | NS      | $2705721.30   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| NOV Inc                                        | NOV, Inc.                                             | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    142889 | NS      | $1893279.25   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors N.V.                               | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     13587 | NS      | $3094167.51   | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| OCREDIT BDC SENIOR NOTE DDTL   /               | OCREDIT BDC SENIOR NOTE DDTL   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    552000 | PA      | $552000.00    | 0.14%             | 2029-03-07      | Fixed         | 7.77%                 | Yes           | 3                  | On Loan: No      |
| PG&E Corp                                      | PG&E Corp.                                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      9047 | NS      | $136428.76    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| PHI Group Inc/DE                               | PHI Group, Inc.                                       | CUSIP: 69360B104<br>LEI: 5493002853B5XXHLIP12 | Long             | EC               | CORP              | US        |     84452 | NS      | $2702464.00   | 0.69%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Prosus NV                                      | Prosus N.V.                                           | CUSIP: 999999999<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     86481 | NS      | $6085549.59   | 1.56%             |  |  |  | No            | 1                  | On Loan: No      |
| LEALAND REFICAR TERM LOAN   /                  | LEALAND REFICAR TERM LOAN   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32077 | PA      | $28228.01     | 0.01%             | 2027-06-30      | Variable      | 12.06%                | Yes           | 3                  | On Loan: No      |
| Pernod Ricard SA                               | Pernod Ricard S.A.                                    | CUSIP: 999999999<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     22509 | NS      | $2207562.64   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| EPIC GAMES, INC. PRIVATE COMMON STOCK   /      | EPIC GAMES, INC. PRIVATE COMMON STOCK   /             | CUSIP: 966TDKII3<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4347 | NS      | $1156302.00   | 0.30%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS II LLC                  | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2836127 | PA      | $2795947.61   | 0.72%             | 2032-03-01      | Fixed         | 8.24%                 | Yes           | 2                  | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS I Ltd.                  | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216555 | PA      | $212802.35    | 0.05%             | 2030-12-29      | Fixed         | 3.20%                 | Yes           | 2                  | On Loan: No      |
| ABPCI Direct Lending Fund ABS                  | ABPCI Direct Lending Fund ABS I Ltd.                  | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2187820 | PA      | $2150366.79   | 0.55%             | 2030-12-29      | Fixed         | 4.93%                 | Yes           | 2                  | On Loan: No      |
| LG Corp                                        | LG Corp.                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     41039 | NS      | $2105989.10   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| AIR CANADA 2020-1C PTT                         | Air Canada 2020-1 Class C Pass-Through Trust          | CUSIP: 008911BD0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1563704.25   | 0.40%             | 2026-07-15      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| ALTABA, Inc. ESCROW SHS ORD REG   /            | ALTABA, Inc. ESCROW SHS ORD REG   /                   | CUSIP: 021ESC017<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142220 | NS      | $163553.00    | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Samsung C&T Corp                               | Samsung C&T Corp.                                     | CUSIP: 999999999<br>LEI: 988400GFRE4IDFPE9E64 | Long             | EC               | CORP              | KR        |     21370 | NS      | $2811661.74   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| BX Trust                                       | BX Commercial Mortgage Trust 2021-VOLT                | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1270134 | PA      | $1267751.92   | 0.33%             | 2036-09-15      | Floating      | 6.66%                 | Yes           | 2                  | On Loan: No      |
| Barings Middle Market CLO Ltd.                 | Barings Middle Market CLO Ltd. 2021-I                 | CUSIP: 06761EAA3<br>LEI: 549300NSFWDKJE15UK02 | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1041569.36   | 0.27%             | 2033-07-20      | Floating      | 13.24%                | Yes           | 2                  | On Loan: No      |
| Swire Pacific Ltd                              | Swire Pacific Ltd. - A Shares                         | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     60408 | NS      | $511938.78    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Coinstar Funding, LLC                          | Coinstar Funding LLC Series 2017-1                    | CUSIP: 19260MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2811220 | PA      | $2618548.82   | 0.67%             | 2047-04-25      | Fixed         | 5.22%                 | Yes           | 2                  | On Loan: No      |
| Cologix Data Centers Issuer LL                 | Cologix Data Centers U.S. Issuer LLC                  | CUSIP: 19521UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1765000 | PA      | $1741631.05   | 0.45%             | 2051-12-26      | Fixed         | 5.99%                 | Yes           | 2                  | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications, Inc.                     | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   1272000 | PA      | $1290482.16   | 0.33%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Diamond Infrastructure Funding                 | Diamond Infrastructure Funding LLC                    | CUSIP: 25265LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384000 | PA      | $369129.22    | 0.09%             | 2049-04-15      | Fixed         | 3.48%                 | Yes           | 2                  | On Loan: No      |
| Diamond Issuer LLC                             | Diamond Issuer LLC                                    | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $933582.00    | 0.24%             | 2051-11-20      | Fixed         | 3.79%                 | Yes           | 2                  | On Loan: No      |
| ECHOSTAR CORP                                  | EchoStar Corp.                                        | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    846895 | PA      | $2083361.70   | 0.53%             | 2030-11-30      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| Elm Trust                                      | Elm 2020-4 Trust                                      | CUSIP: 28924AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    244827 | PA      | $244400.52    | 0.06%             | 2029-10-20      | Fixed         | 3.87%                 | Yes           | 2                  | On Loan: No      |
| Elm Trust                                      | Elm 2020-3 Trust                                      | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8549 | PA      | $8536.80      | 0.00%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           | 2                  | On Loan: No      |
| Elm Trust                                      | Elm 2020-3 Trust                                      | CUSIP: 289338AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23422 | PA      | $23389.49     | 0.01%             | 2029-08-20      | Fixed         | 4.48%                 | Yes           | 2                  | On Loan: No      |
| FIVE POINT OPERATING CO                        | Five Point Operating Co. LP                           | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101480.00    | 0.03%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           | 2                  | On Loan: No      |
| Fortress Credit Opportunities                  | Fortress Credit Opportunities IX CLO Ltd.             | CUSIP: 34961MAE7<br>LEI: 2549008RD44HDM6DNP14 | Long             | ABS-CBDO         | CORP              | KY        |   5186000 | PA      | $5212697.53   | 1.34%             | 2033-10-15      | Floating      | 12.64%                | Yes           | 2                  | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                  | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    453000 | PA      | $452433.75    | 0.12%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           | 2                  | On Loan: No      |
| Nexon Co Ltd                                   | Nexon Co., Ltd.                                       | CUSIP: 999999999<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |     44007 | NS      | $966228.68    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2020-1 Ltd.        | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    545371 | PA      | $543406.36    | 0.14%             | 2029-01-22      | Fixed         | 4.50%                 | Yes           | 2                  | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-1 Ltd.        | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1059421 | PA      | $1048166.46   | 0.27%             | 2029-04-20      | Fixed         | 3.82%                 | Yes           | 2                  | On Loan: No      |
| Golub Capital Partners Funding                 | Golub Capital Partners ABS Funding 2021-2 Ltd.        | CUSIP: 38178XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2684535 | PA      | $2623515.21   | 0.67%             | 2029-10-19      | Fixed         | 3.99%                 | Yes           | 2                  | On Loan: No      |
| HPS CORPORATE LENDING FU                       | HPS Corporate Lending Fund                            | CUSIP: 40440VAF2<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    520000 | PA      | $541948.42    | 0.14%             | 2029-01-30      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| HRT DNT / HRT DNT FIN                          | Heartland Dental LLC / Heartland Dental Finance Corp. | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381000 | PA      | $401478.75    | 0.10%             | 2028-04-30      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| Hotwire Funding LLC                            | Hotwire Funding LLC                                   | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $736906.50    | 0.19%             | 2051-11-20      | Fixed         | 4.46%                 | Yes           | 2                  | On Loan: No      |
| Shiseido Co Ltd                                | Shiseido Co., Ltd.                                    | CUSIP: 999999999<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     23300 | NS      | $398141.12    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Madison Avenue Trust                           | Eleven Madison Trust 2015-11MD Mortgage Trust         | CUSIP: 556227AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    344000 | PA      | $341885.43    | 0.09%             | 2035-09-10      | Variable      | 3.67%                 | Yes           | 2                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   / | MCDERMOTT INTERNATIO Ltd. QIB/AI CTRACUSIP   /        | CUSIP: 58004K307<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       187 | NS      | $2805.00      | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /  | MCDERMOTT INTERNATIO Ltd. AI CONTRA CUSIP   /         | CUSIP: 58004K406<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     12870 | NS      | $193050.00    | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                       | Midcap Financial Issuer Trust                         | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3466000 | PA      | $3442361.88   | 0.88%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           | 2                  | On Loan: No      |
| Monroe Capital ABS Funding LTD                 | Monroe Capital ABS Funding 2021-1 Ltd.                | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    398588 | PA      | $394799.08    | 0.10%             | 2031-04-22      | Fixed         | 3.91%                 | Yes           | 2                  | On Loan: No      |
| OAKTREE STRATEGIC CREDIT                       | Oaktree Strategic Credit Fund                         | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1753704.28   | 0.45%             | 2028-11-14      | Fixed         | 8.40%                 | No            | 2                  | On Loan: No      |
| Parliament CLO Ltd                             | Parliament Clo II Ltd.                                | CUSIP: 701631AD5<br>LEI: 5493009BTB3REE8RVW84 | Long             | ABS-CBDO         | CORP              | KY        |   1854000 | PA      | $1848360.13   | 0.47%             | 2032-08-20      | Floating      | 8.17%                 | Yes           | 2                  | On Loan: No      |
| Plantation Loan TERM LOAN 01/25/2027   /       | Plantation Loan TERM LOAN 01/25/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.90%             | 2027-01-25      | Variable      | 10.56%                | Yes           | 3                  | On Loan: No      |
| PERSHING SQUARE TONT SHS   /                   | PERSHING SQUARE TONT SHS   /                          | CUSIP: 715ESC018<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14610 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Nintendo Co Ltd                                | Nintendo Co., Ltd.                                    | CUSIP: 999999999<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     14244 | NS      | $1233353.08   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                                  | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |     75000 | PA      | $73593.75     | 0.02%             | 2069-10-31      | Variable      | 5.00%                 | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp.                                  | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    549000 | PA      | $542615.95    | 0.14%             | 2069-06-01      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                           | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26600000 | PA      | $26398289.54  | 6.77%             | 2025-12-11      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                           | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25300000 | PA      | $25282238.06  | 6.48%             | 2025-10-07      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| TREASURY BILL                                  | United States Treasury Bill                           | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25900000 | PA      | $25775252.97  | 6.61%             | 2025-11-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| VT TOPCO INC                                   | VT Topco, Inc.                                        | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    421000 | PA      | $428367.50    | 0.11%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           | 2                  | On Loan: No      |
| VCP RRL ABS I, Ltd                             | VCP RRL ABS I Ltd.                                    | CUSIP: 92243RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    521450 | PA      | $491453.67    | 0.13%             | 2031-10-20      | Fixed         | 2.85%                 | Yes           | 2                  | On Loan: No      |
| VCP RRL ABS I, Ltd                             | VCP RRL ABS I Ltd.                                    | CUSIP: 92243RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1098413 | PA      | $1004925.57   | 0.26%             | 2031-10-20      | Fixed         | 5.42%                 | Yes           | 2                  | On Loan: No      |
| VORNADO REALTY LP                              | Vornado Realty LP                                     | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245562.50    | 0.06%             | 2026-06-01      | Fixed         | 2.15%                 | No            | 2                  | On Loan: No      |
| PROP SERIES 2017 1A 5.30% 3/15/2042   /        | PROP SERIES 2017 1A 5.30% 3/15/2042   /               | CUSIP: 930RAXII5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    226703 | PA      | $210833.67    | 0.05%             | 2042-03-15      | Fixed         | 5.30%                 | Yes           | 3                  | On Loan: No      |
| CLOVER PRIVATE CRED    /                       | CLOVER PRIVATE CRED    /                              | CUSIP: 9353JY901<br>LEI: N/A                  | Long             |  | PF                | US        |     60000 | OU      | $4348730.89   | 1.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LEALAND FINANCE Co. B.V. SUPER SNR EXIT LC   / | LEALAND FINANCE Co. B.V. SUPER SNR EXIT LC   /        | CUSIP: 935IFTII4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4296753 | PA      | $3867077.61   | 0.99%             | 2027-06-30      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /  | LEALAND FINANCE Co. B.V. LETTER OF CREDIT   /         | CUSIP: 935IQZII8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    912667 | PA      | $730133.93    | 0.19%             | 2027-06-30      | Variable      | 8.25%                 | Yes           | 3                  | On Loan: No      |
| HIG WHITEHORSE DIR LEN 2020 LP   /             | HIG WHITEHORSE DIR LEN 2020 LP   /                    | CUSIP: 936JLN906<br>LEI: N/A                  | Long             |  | PF                | US        |     55000 | OU      | $5473643.65   | 1.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /    | LEALAND FINANCE Co. B.V. SENIOR EXIT LC   /           | CUSIP: 589477088<br>LEI: N/A                  | Short            | LON              | CORP              | US        |  -1363749 | PA      | $-409124.72   | -0.10%            | 2027-06-30      | Fixed         | 0.00%                 | Yes           | 3                  | On Loan: No      |
| POST ROAD SPEC OPP FUND II LP   /              | POST ROAD SPEC OPP FUND II LP   /                     | CUSIP: 942FPU906<br>LEI: N/A                  | Long             |  | PF                | US        |     18000 | OU      | $1911756.90   | 0.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BLUE TORCH CRED OPP FUND II LP   /             | BLUE TORCH CRED OPP FUND II LP   /                    | CUSIP: 942JAU904<br>LEI: N/A                  | Long             |  | PF                | US        |     55000 | OU      | $4781198.00   | 1.23%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MSD PRIVATE CREDIT OPP FD 2 LP   /             | MSD PRIVATE CREDIT OPP FD 2 LP   /                    | CUSIP: 942KWF009<br>LEI: N/A                  | Long             |  | PF                | US        |     80000 | OU      | $9671182.32   | 2.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| METRO PARTNERS FUND VII, LP   /                | METRO PARTNERS FUND VII, LP   /                       | CUSIP: 942TKW907<br>LEI: N/A                  | Long             |  | PF                | US        |     80000 | OU      | $8511391.00   | 2.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PINEY LAKE OPPS FUND LP   /                    | PINEY LAKE OPPS FUND LP   /                           | CUSIP: 942XPN903<br>LEI: N/A                  | Long             |  | PF                | US        |     30000 | OU      | $3144352.37   | 0.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                         | CUSIP: 94419LAF8<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |    122000 | PA      | $119560.00    | 0.03%             | 2026-08-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| WAYFAIR INC                                    | Wayfair, Inc.                                         | CUSIP: 94419LAM3<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   3933000 | PA      | $3932999.99   | 1.01%             | 2025-10-01      | Fixed         | 0.62%                 | No            | 2                  | On Loan: No      |
| HLEND SENIOR NOTES DUE 3/15/2028   /           | HLEND SENIOR NOTES DUE 3/15/2028   /                  | CUSIP: 952JRDII2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.90%             | 2028-03-15      | Fixed         | 8.17%                 | Yes           | 3                  | On Loan: No      |
| SILVERVIEW CREDIT OP ONSHORE FUND LP   /       | SILVERVIEW CREDIT OP ONSHORE FUND LP   /              | CUSIP: 966LHXII8<br>LEI: N/A                  | Long             |  | PF                | US        |     35000 | OU      | $1605464.00   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MSD REAL ESTATE CREDIT OPPS FD   /             | MSD REAL ESTATE CREDIT OPPS FD   /                    | CUSIP: 966RVUII5<br>LEI: N/A                  | Long             |  | PF                | US        |     30000 | OU      | $3620849.09   | 0.93%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NEBARI NAT RES CREDIT FD I LP   /              | NEBARI NAT RES CREDIT FD I LP   /                     | CUSIP: 966ZTA002<br>LEI: N/A                  | Long             |  | PF                | US        |     55000 | OU      | $2981101.77   | 0.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SILVERVIEW SPECIAL SIT LD ONSHORE LP   /       | SILVERVIEW SPECIAL SIT LD ONSHORE LP   /              | CUSIP: 967DPC901<br>LEI: N/A                  | Long             |  | PF                | US        |     48500 | OU      | $4147653.48   | 1.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Analog Devices Inc                             | Analog Devices, Inc.                                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     37249 | NS      | $9152079.30   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Amrize Ltd                                     | Amrize Ltd.                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     69135 | NS      | $3333868.42   | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com Inc                                 | Amazon.com, Inc.                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     12523 | NS      | $2749675.11   | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Aon PLC                                        | Aon PLC - Class A                                     | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |     13605 | NS      | $4851270.90   | 1.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Apollo Debt Solution BDC Senior Notes   /      | APOLLO DEBT SOLUTION DELAYED DRAW TERM LO   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2333000 | PA      | $2333000.00   | 0.60%             | 2028-09-28      | Fixed         | 8.62%                 | Yes           | 3                  | On Loan: No      |
| Broadcom Inc                                   | Broadcom, Inc.                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2117 | NS      | $698419.47    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Banner Commercial FUNDING LP 5/27/2028   /     | Banner Commercial FUNDING LP 5/27/2028   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5343750 | PA      | $5250234.38   | 1.35%             | 2028-05-27      | Variable      | 10.63%                | Yes           | 3                  | On Loan: No      |
| BH3 DEBT OPPORTUNITY FUND II-PARALLEL LP   /   | BH3 DEBT OPPORTUNITY FUND II-PARALLEL LP   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   2300000 | OU      | $2308660.00   | 0.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DELIVERY HERO AG                               | Delivery Hero S.E.                                    | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    500000 | PA      | $562880.37    | 0.14%             | 2027-01-23      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| JC PENNEY CORP INC                             | Copper Sub Corp., Inc.                                | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    459337 | PA      | $45.93        | 0.00%             | 2027-06-23      | Floating      | 5.57%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                              | CUSIP: N5200EAB7<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1604421 | PA      | $1267492.36   | 0.32%             | 2027-12-31      | Floating      | 8.28%                 | Yes           | 3                  | On Loan: No      |
| LEALAND FINANCE CO BV                          | Lealand Finance Co. B.V.                              | CUSIP: N5200EAC5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    141927 | PA      | $120637.74    | 0.03%             | 2027-06-30      | Floating      | 7.28%                 | Yes           | 2                  | On Loan: No      |
| CORNERSTONE ONDEMAND INC                       | Cornerstone OnDemand, Inc.                            | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |     71769 | PA      | $68808.38     | 0.02%             | 2028-10-16      | Floating      | 8.01%                 | Yes           | 2                  | On Loan: No      |
| VISION SOLUTIONS INC                           | Vision Solutions, Inc.                                | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     71944 | PA      | $69246.51     | 0.02%             | 2028-04-24      | Floating      | 8.57%                 | Yes           | 2                  | On Loan: No      |
| WH BORROWER LLC                                | WH Borrower LLC                                       | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |   1210000 | PA      | $1209249.80   | 0.31%             | 2032-02-20      | Floating      | 8.88%                 | Yes           | 2                  | On Loan: No      |
| ROSS ACQUISITION CORP II -A                    | Ross Acquisition Corp. II                             | CUSIP: G7641C114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      5878 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Safran SA                                      | Safran S.A.                                           | CUSIP: 999999999<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     15343 | NS      | $5405534.52   | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                            | TE Connectivity PLC                                   | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | IE        |     39535 | NS      | $8679118.55   | 2.23%             |  |  |  | No            | 1                  | On Loan: No      |
| TIOGA PARTNERS IV LP    /                      | TIOGA PARTNERS IV LP    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  14000000 | OU      | $13912136.62  | 3.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TREVIAN CAP DEBT FUND LP   /                   | TREVIAN CAP DEBT FUND LP   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |   3000000 | OU      | $3000000.00   | 0.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies, Inc.                               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8195 | NS      | $802864.15    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Uniti Group Inc                                | Uniti Group, Inc.                                     | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |     10312 | NS      | $63109.44     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITI GROUP, Inc. PFD SERIES A PREF STOCK   /  | UNITI GROUP, Inc. PFD SERIES A PREF STOCK   /         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     65370 | NS      | $65370.00     | 0.02%             |  |  |  | Yes           | 3                  | On Loan: No      |
| UNITI GROUP, Inc. WARRANTS 08/12/2035   /      | UNITI GROUP, Inc. WARRANTS 08/12/2035   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1996 | NC      | $0.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Westinghouse Air Brake Technol                 | Westinghouse Air Brake Technologies Corp.             | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      7391 | NS      | $1481673.77   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Wells Fargo & Co                               | Wells Fargo & Co.                                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     22932 | NS      | $1922160.24   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Delta Commercial FUNDING LP 12/31/27   /       | Delta Commercial FUNDING LP 12/31/27   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3100000.00   | 0.79%             | 2027-12-31      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Delivery Hero SE                               | Delivery Hero S.E.                                    | CUSIP: 999999999<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |      8390 | NS      | $240431.91    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ELECTRIQ POWER HOLDINGS INC                    | Electriq Power Holdings, Inc.                         | CUSIP: 285046116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     31567 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| EQS Legacy Holdings Term Loan 3/27/2032   /    | EQS Legacy Holdings Term Loan 3/27/2032   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8575000 | PA      | $8575000.00   | 2.20%             | 2032-03-27      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Eurofins Scientific SE                         | Eurofins Scientific S.E.                              | CUSIP: 999999999<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     47135 | NS      | $3418643.23   | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortune Brands Innovations Inc                 | Fortune Brands Innovations, Inc.                      | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     50623 | NS      | $2702761.97   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Ferguson Enterprises Inc                       | Ferguson Enterprises, Inc.                            | CUSIP: G3421J106<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     16171 | NS      | $3631683.18   | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| FPS Holdco II LLC SOURCE   /                   | FPS Holdco II LLC SOURCE   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |  10507864 | OU      | $10705317.34  | 2.74%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GREAT BRITAIN POUND  /                         | GREAT BRITAIN POUND  /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | GB        |         2 | OU      | $2.12         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                          | CUSIP: 999999999<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |    802359 | NS      | $3685931.07   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-06

**Name of Applicant:** SOURCE CAPITAL /DE/

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President