# EDGAR Filing Document

**Accession Number:** 0000831655
**File Stem:** 0001410368-26-056262
**Filing Date:** 2026-5
**Character Count:** 509310
**Document Hash:** b97bf2316d4ca50d42b0ee0c422cec5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-056262.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001410368-26-056262

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARINGS PARTICIPATION INVESTORS
- **CENTRAL INDEX KEY:** 0000831655

**ORGANIZATION NAME:**
- **EIN:** 043025730
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05531
- **FILM NUMBER:** 261042150

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BARINGS LLC
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-805-7200

**MAIL ADDRESS:**
- **STREET 1:** C/O BARINGS LLC
- **STREET 2:** 300 SOUTH TRYON STREET, SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON CAPITAL PARTICIPATION INVESTORS
- **DATE OF NAME CHANGE:** 20111230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL PARTICIPATION INVESTORS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL CORPORATE INVESTORS II
- **DATE OF NAME CHANGE:** 19880417

## Nport-Ex

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| |
|:---|
| **Barings** <br>**Participation Investors** |
| Report for the <br>Three Months Ended March 31, 2026 |
| ![image_002.gif](image_002.gif) |

---

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**Adviser** 

Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

**Independent Registered Public Accounting Firm** 

KPMG LLP

New York, NY 10154

**Counsel to the Trust** 

Ropes & Gray LLP

Boston, Massachusetts 02199

**Custodian** 

State Street Bank and Trust Company

Boston, Massachusetts 02110

**Transfer Agent & Registrar** 

SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS")

P.O. Box 219086

Kansas City, Missouri 64121-9086

1-800-647-7374

**Internet Website** 

https://mpv.barings.com

---

| | |
|:---|:---|
| ![image_001.jpg](image_001.jpg) | &nbsp;&nbsp;Barings Participation Investors<br>c/o Barings LLC<br>300 S Tryon St., Suite 2500<br>Charlotte, NC 28202&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; <br>1-866-399-1516 |

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**Investment Objective and Policy** 

Barings Participation Investors (the "Trust") is a closed-end management investment company, first offered to the public in 1988, whose shares are traded on the New York Stock Exchange under the trading symbol "MPV". The Trust's share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.

The Trust's investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such private placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities), marketable common stocks and special situations investments. The Trust's special situations investments generally consist of investments in corporate debt instruments and equity instruments of issuers that are stressed or distressed. Below-investment grade or high yield securities (including securities of stressed or distressed issuers) have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay principal.

The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders four times per year. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.

**Form N-PORT** 

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC's website at http://www.sec.gov; and (ii) at the SEC's Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

**Proxy Voting Policies & Procedures; Proxy Voting Record** 

The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC ("Barings"). A description of Barings' proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust's website at https://mpv.barings.com; and (3) on the SEC's website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust's website at https://mpv.barings.com; and (2) on the SEC's website at http://www.sec.gov.

**Legal Matters** 

The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively "service providers") who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

Under the Trust's Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Trust's registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

![image_0021.jpg](image_0021.jpg)

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Barings Participation Investors

**TO OUR SHAREHOLDERS** 

**April 30, 2026**

We are pleased to present the March 31, 2026 Quarterly Report of Barings Participation Investors (the "Trust").

**PORTFOLIO PERFORMANCE** 

The Board of Trustees declared a quarterly dividend of $0.37 per share, payable on June 12, 2026 to shareholders of record on May 29, 2026. The Trust earned $0.27 per share of net investment income, net of taxes, for the first quarter of 2026, compared to $0.27 per share in the previous quarter. As discussed below, the Trust uses earnings carry forwards and other non-recurring income to support the dividend.

The quarterly total returns at March 31, 2026 and December 31, 2025 were 0.39% and 2.20%, respectively. Longer term, the Trust returned 7.40%, 9.26%, 9.67%, 9.35%, 9.93%, 9.69%, and 11.08% for the one-, two-, three-, five-, ten-, fifteen-, twenty-, and twenty-five-year periods as of March 31, 2026, respectively. The Trust delivers these returns while maintaining a modest level of leverage, 17% at March 31, 2025, well below the leverage levels for many public private credit vehicles.

The Trust's average quarter-end (discount)/premium for the 1, 3, 5 and 10-year periods was 18.40%, 6.66%, (1.47)% and 1.39%, respectively.

U.S. fixed income markets, as approximated by the Bloomberg Barclays U.S. Corporate High Yield Index and the S&P UBS Leveraged Loan Index, returned (0.5)% and (0.5)% for the quarter, respectively.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026**<sup>(1)(2)</sup> | **December 31, 2025**<sup>(1)(2)</sup> | **% Change** |
| Quarterly Dividend per share | 0.37<sup>(3)</sup> | 0.37 | —% |
| Net Investment Income<sup>(4)</sup> | $2912137 | $2866556 | 1.6% |
| Net Assets | $164761934 | $163818383 | 0.6% |
| Net Assets per share<sup>(5)</sup> | $15.29 | $15.23 | 0.4% |
| Share Price | $17.14 | $15.89 | 7.9% |
| Dividend Yield at Share Price | 8.6% | 9.3% | (7.5)% |
| (Discount) / Premium | 12.1% | 4.3% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Past performance is no guarantee of future results

&nbsp;&nbsp;&nbsp;&nbsp;(2) Figures are unaudited

&nbsp;&nbsp;&nbsp;&nbsp;(3) Payable on June 12, 2026

&nbsp;&nbsp;&nbsp;&nbsp;(4) Figures are shown net of excise tax

&nbsp;&nbsp;&nbsp;&nbsp;(5) Based on shares outstanding at theend of the period of 10,773,235 and 10,755,832 as of 3/31/2026 and as of 12/31/2025, respectively.

**PORTFOLIO BENEFITS**

We believe the Trust benefits from being part of the larger Barings North American Private Finance ("NAPF") platform, which as of March 31, 2026, has over 30 years of experience and had commitments of over $33 billion to private credit. The Trust itself has been in existence, delivering superior shareholder returns, since 1988.

The NAPF team's direct deal origination and disciplined credit underwriting provide multiple advantages to the Trust. NAPF maintains strong origination relationships with carefully chosen private equity sponsors. Every private placement investment in the Trust's portfolio was directly originated by NAPF via a sponsor, without a financial intermediary, allowing one hundred percent of the economics to be passed through to the Trust. NAPF has served as the Lead or Co-Lead on over 80% of its originated transactions, which allows it to lead negotiations on terms of the credit agreement. Strong private equity sponsors offer our portfolio companies potential access to additional capital if needed and strategic thinking to compliment the company's management team. With our solid private equity relationships, NAPF receives high quality and timely information about portfolio companies, allowing us to work constructively with sponsors and maximize the long-term health and value of the Trust's portfolio companies.

With disciplined credit underwriting skills honed over multiple credit cycles, NAPF screens hundreds of potential investment opportunities each quarter. We carefully select what we believe are high-quality companies in defensive sectors, intentionally creating a well-diversified portfolio for the Trust with over 207 assets in 24 different industries. Over 70% of those investments are first lien

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senior secured loans that we believe provide strong risk adjusted returns. The Trust continues to invest in senior subordinated debt when we believe the risk adjusted return is appropriate. All assets are carefully monitored by seasoned NAPF investment professionals. Thanks to methodical underwriting and credit monitoring, NAPF has a senior loan loss rate of 0.03% since inception. As of March 31, 2026, the Trust only has three positions on non-accrual status, accounting for less than 1.5% of the Trust's portfolio.

We believe the Trust's strong credit quality and diverse portfolio construction positions it to continue to maximize shareholder value.

**DIVIDENDS**

In determining the quarterly dividend, the Board of Trustees seeks to ensure that the Trust will be able to pay sustainable dividends over the long term. The Trust has consistently generated a stable dividend yield for investors, which to date has been paid exclusively from net investment income and capital gains – with no return of capital.

The Trust's recently announced dividend of $0.37 per share remains consistent with the prior quarter. With more than 65% of the Trust in first lien floating rate loans, the Trust's net investment income has decreased over the past year given lower interest rates. While recurring investment income remains steady, it may not be sufficient to fully fund the current dividend rate in the future. However, the level of recurring investment income expected to be generated by the Trust in 2026, combined with the availability of earnings carry forwards and other non-recurring income, is currently envisioned to be sufficient to maintain the current dividend rate over the next several quarters.

**PORTFOLIO ACTIVITY** 

Consistent with the stated investment objective of the Trust, we continued to search for relative value across the capital structure of potential investments that provide current yield with an opportunity for capital gains. During the three months ended March 31, 2026, the Trust made 7 new investments totaling $4.6 million and 50 add-on investments in existing portfolio companies totaling $5.0 million. During the three months ended March 31, 2026, the Trust realized 7 private investment loans totaling $6.8 million and realized 2 equity investments that generated realized gains of $0.4 million.

**PORTFOLIO LIQUIDITY**

The Trust maintained a liquidity position comprised of a combination of its available cash balance and short-term investments of $6.4 million or 2.8% of total assets plus its available credit facility balance of $37.5 million. Liquidity enables us to support our current portfolio companies as well as invest in new portfolio companies, all while maintaining a low leverage profile of 0.19x as of March 31, 2026.

Thank you for your continued interest in and support of Barings Participation Investors.

Sincerely,

![image_6.jpg](image_6.jpg)

Christina Emery

President

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**Portfolio Composition as of 03/31/26\***![chart-cbef458a01f84bd08c0.jpg](chart-cbef458a01f84bd08c0.jpg)![chart-7e4810cc18304e19a7c.jpg](chart-7e4810cc18304e19a7c.jpg)

\* Based on market value of total investments

Cautionary Notice: Certain statements contained in this report may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

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![chart-7a7239e4fb7947d29e3.jpg](chart-7a7239e4fb7947d29e3.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns March 31, 2026** | **1 Year** | **5 Year** | **10 Year** |
| Barings Participation Investors | 5.24% | 14.69% | 9.96% |
| Bloomberg Barclays U.S. Corporate High Yield Index | 7.01% | 4.23% | 6.12% |

---

Data for Barings Participation Investors (the "Trust") represents returns based on the change in the Trust's market price assuming the reinvestment of all dividends and distributions. Past performance is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on distributions from the Trust or the sale of shares.

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**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

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| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments<br>(See Consolidated Schedule of Investments) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate restricted securities - private placement investments at fair value | $170168110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost - $160,494,178) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate restricted securities - rule 144A securities at fair value | 13635808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost - $14,753,975) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate public securities at fair value | 10577407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost - $11,139,538) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments (Cost - $186,387,691) | 194381325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 7856846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies (Cost - $6,830) | 6188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and interest receivable | 2042458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing fees | 136337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 125337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 25314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 281224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **204855029** |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Note Payable | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Payable (net of deferred financing fees of $160,803) | 22339197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 2001826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee payable | 370714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 164595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 216763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **40463809** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies (See Note 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $**164391220** |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares, par value $0.01 per share | $107732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 145825571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 18828631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $**164761934** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common shares issued and outstanding (14,787,750 authorized)** | **10773235** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** | $**15.29** |

---

See Notes to Consolidated Financial Statements 5

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**CONSOLIDATED STATEMENT OF OPERATIONS** Barings Participation Investors

**For the three months ended March 31, 2026** 

**(Unaudited)**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $4128954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 52093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | **4181047** |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | 621605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 370714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 121967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 81600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 42000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **1268910** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investment income - net** | **2912137** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income tax, including excise tax benefit** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income after taxes** | **2912137** |
| **Net realized and unrealized loss on investments and foreign currency:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments before taxes | (1031141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (18628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments after taxes | (1049769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in unrealized depreciation of investments before taxes | (1276064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in unrealized depreciation of foreign currency translation before taxes | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit (expense) | 43229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in unrealized depreciation of investments and foreign currency transactions after taxes | (1232947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss on investments and foreign currency** | **(2282716)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $**629421** |

---

See Notes to Consolidated Financial Statements 6

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**CONSOLIDATED STATEMENT OF CASH FLOWS** Barings Participation Investors

**For the three months ended March 31, 2026**

**(Unaudited)** 

---

| | |
|:---|:---|
| Net increase in net assets resulting from operations | $629421 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale and maturities of investments | 12339790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in unrealized appreciation on investments before taxes | 1276064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments before taxes | 1031141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (484857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and accretion | (159924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 33427 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividend and interest receivable | 568308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in deferred tax assets | (25314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in other assets | 40133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investment advisory fee payable | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in tax payable | (315000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in interest payable | (4361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in deferred tax liability | (17915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses | 36323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | $(2222410) |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid from net investment income | $(3979658) |
| &nbsp;&nbsp;&nbsp;&nbsp;Receipts for shares issued on reinvestment of dividends | 314130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing fees paid | (35791) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | $(3701319) |
| **Net change in cash & foreign currencies** | (5923729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash & foreign currencies - beginning of year | 13786875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects of foreign currency exchange rate changes on cash | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash & foreign currencies - end of year | $7863034 |
| **Supplemental disclosure of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax paid (including excise tax) | 308314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | 625966 |

---

See Notes to Consolidated Financial Statements 7

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**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** Barings Participation Investors

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| | | |
|:---|:---|:---|
| | For the three months ended<br>03/31/2026<br>(Unaudited) | For the<br>year ended<br>12/31/2025 |
| **Increase / (decrease) in net assets:** |  |  |
| Operations: |  |  |
| &nbsp;&nbsp; Investment income - net | $2912137 | $12956470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments and foreign currency after taxes | (1049769) | (722994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments and foreign currency after taxes | (1232947) | 995500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 629421 | 13228976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase from common shares issued on reinvestment of dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common shares issued | 314130 | 1349161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Number of shares issued: 2026 - 17,403; 2025 - 75,565) |  |  |
| Dividends to shareholders from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (15881180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase / (decrease) in net assets** | **943551** | **1754711** |
| **Net assets, beginning of period/year** | **163818383** | **165121426** |
| (Number of shares outstanding: 12/31/25 - 10,755,832; 12/31/24 - 10,680,267) |  |  |
| **Net assets, end of period/year** | $**164761934** | $**163818383** |
| (Number of shares outstanding: 3/31/26 - 10,773,235; 12/31/25- 10,755,832) |  |  |

---

See Notes to Consolidated Financial Statements 8

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**CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS** Barings Participation Investors

**Selected data for each share of beneficial interest outstanding:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the three months ended<br>03/31/2026<br>(Unaudited) | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
| | For the three months ended<br>03/31/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net asset value: Beginning of period/year | $15.23 | $15.46 | $15.41 | $14.99 | $15.19 | $13.60 |
| Net investment income (a) | 0.27 | 1.20 | 1.55 | 1.50 | 0.97 | 0.86 |
| Net realized and unrealized gain / (loss) on investments | (0.21) | 0.03 | 0.07 | 0.21 | (0.31) | 1.53 |
| Total from investment operations | 0.06 | 1.23 | 1.62 | 1.71 | 0.66 | 2.39 |
| Dividends from net investment income to common shareholders |  | (1.48) | (1.57) | (1.29) | (0.83) | (0.80) |
| Dividends from realized gain on investments to common shareholders |  |  |  |  | (0.03) |  |
| Increase from dividends reinvested |  | 0.02 | 0.00 (b) |  |  |  |
| Total dividends |  | (1.46) | (1.57) | (1.29) | (0.86) | (0.80) |
| Net asset value: End of period/year | $15.29 | $15.23 | $15.46 | $15.41 | $14.99 | $15.19 |
| &nbsp;&nbsp;Per share market value: End of period/year | $17.14 | $15.89 | $17.09 | $15.60 | $12.32 | $14.80 |
| Total investment return |  |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value (c) | 0.39% | 8.30% | 10.76% | 12.46% | 4.42% | 17.84% |
| &nbsp;&nbsp;Market value (c) | 7.87% | 0.65% | 20.83% | 38.51% | (10.57%) | 32.09% |
| &nbsp;&nbsp;Net assets (in millions): End of period/year | $164.76 | $163.82 | $165.12 | $163.37 | $158.92 | $161.08 |
| Ratio of total expenses to average net assets (d) | 3.18% (e) | 2.91% | 2.89% | 2.66% | 2.35% | 2.66% |
| Ratio of operating expenses to average net assets | 1.60% (e) | 1.55% | 1.56% | 1.56% | 1.46% | 1.46% |
| Ratio of interest expense to average net assets | 1.53% (e) | 1.08% | 0.91% | 0.76% | 0.63% | 0.41% |
| Ratio of income tax expense to average net assets | 0.05% (e) | 0.28% | 0.42% | 0.34% | 0.26% | 0.79% |
| Ratio of net investment income to average net assets | 7.18% (e) | 7.76% | 9.86% | 9.69% | 6.39% | 5.99% |
| Portfolio turnover | 6% | 31% | 32% | 12% | 12% | 43% |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Calculated using average shares.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Rounds to less than $0.01 per share.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Net asset value return represents portfolio returns based on change in the Trust's net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust's market value due to the difference distributions which differs from the total investment return based on the Trust's market value due to the difference between the Trust's net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Total expenses include income tax expense.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the three months ended<br>03/31/2026<br>(Unaudited) | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
| Senior borrowings: | For the three months ended<br>03/31/2026<br>(Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total principal amount (in millions) | $37 | $37 | $24 | $22 | $24 | $21 |
| Asset coverage per $1,000 of indebtedness | $5413 | $5388 | $8026 | $8511 | $7763 | $8670 |

---

See Notes to Consolidated Financial Statements 9

------

**Consolidated Schedule of Investments** Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **ABC Legal Services** |  |  |  |  |
| A leading national provider of Service of Process ("SOP") solutions, enabling the formal delivery of legal documents required to initiate litigation. | A leading national provider of Service of Process ("SOP") solutions, enabling the formal delivery of legal documents required to initiate litigation. | A leading national provider of Service of Process ("SOP") solutions, enabling the formal delivery of legal documents required to initiate litigation. | A leading national provider of Service of Process ("SOP") solutions, enabling the formal delivery of legal documents required to initiate litigation. | A leading national provider of Service of Process ("SOP") solutions, enabling the formal delivery of legal documents required to initiate litigation. |
| 7.92% Term Loan due 08/13/2032 (SOFR + 4.250%) (G) | $497613 | 08/13/25 | $311413 | $312008 |
| **Accelevation** |  |  |  |  |
| A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers. | A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers. | A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers. | A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers. | A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers. |
| 8.17% Term Loan due 01/02/2031 (SOFR + 4.500%) (G) | $280644 | 1/2/2025 | 219889 | 223225 |
| **Accredited Labs** |  |  |  |  |
| Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services. | Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services. | Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services. | Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services. | Offers calibration services for manufacturing and other types of equipment, in addition to product sales and rentals, repair services and other services. |
| 8.38%Term Loan due 09/30/2030 (SOFR + 4.750%) (G) | $706883 | 10/20/25 | 91797 | 92219 |
| **Accurus Aerospace** |  |  |  |  |
| A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | A supplier of highly engineered metallic parts, kits and assemblies, and processing services. | A supplier of highly engineered metallic parts, kits and assemblies, and processing services. |
| 8.57% Term Loan due 04/05/2028 (SOFR + 4.750%) (G) | $480560 | 04/05/22 | 459499 | 460233 |
| Common Stock (B) | 611 shs. | 04/05/22 | 611 | 510 |
| Limited Liability Company Unit (B) | 8,752 uts. | 10/14/21 | 8752 | 7304 |
|  |  |  | 468862 | 468047 |
| **Advantage Software** |  |  |  |  |
| A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. | A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies. |
| Limited Liability Company Unit Class A (B) (F) | 766 uts. | 10/01/21 | 24353 | 23447 |
| Limited Liability Company Unit Class A (B) (F) | 197 uts. | 10/01/21 | 6320 | 6048 |
| Limited Liability Company Unit Class B (B) (F) | 766 uts. | 10/01/21 | 784 |  |
| Limited Liability Company Unit Class B (B) (F) | 197 uts. | 10/01/21 | 202 |  |
|  |  |  | 31659 | 29495 |
| **AIT Worldwide Logistics, Inc.** |  |  |  |  |
| A provider of domestic and international third-party logistics services. | A provider of domestic and international third-party logistics services. | A provider of domestic and international third-party logistics services. | A provider of domestic and international third-party logistics services. | A provider of domestic and international third-party logistics services. |
| Limited Liability Company Unit (B) | 56 uts. | 04/06/21 | 55645 | 148240 |
| **American Roller Company** |  |  |  |  |
| A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes | A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes | A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes | A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes | A provider of aftermarket surface treatment services for rollers used in industrial manufacturing processes |
| 8.45% Senior Term Loan due 11/25/2031 (SOFR + 4.750%) (G) | $611632 | 11/25/25 | 390695 | 391075 |
| Common Stock (B) | 15,110 shs. | 11/25/25 | 15110 | 13362 |
|  |  |  | 405805 | 404437 |

---

See Notes to Consolidated Financial Statements 10

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Americo Chemical Products** |  |  |  |  |
| A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. | A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. | A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. | A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. | A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications. |
| 8.67% Incremental Term Loan due 04/30/2029 (SOFR + 5.000%) | $611749 | 11/17/25 | $604921 | $604408 |
| 8.67% Term Loan due 04/30/2029 (SOFR + 5.000%) (G) | $500978 | 04/28/23 | 374523 | 374925 |
| 8.67% Senior Term Loan due 04/30/2029 (SOFR + 5.000%) | $255275 | 12/10/24 | 252588 | 252211 |
| Limited Liability Company Unit (B) (F) | 22,480 uts. | 04/28/23 | 22480 | 26571 |
|  |  |  | 1254512 | 1258115 |
| **Application Bootcamp LLC** |  |  |  |  |
| Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students/ graudates and middle school students. | Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students/ graudates and middle school students. | Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students/ graudates and middle school students. | Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students/ graudates and middle school students. | Offers comprehensive educational counseling services, including personalized college admissions counseling, essay guidance, and standardized test tutoring. The Company primarily targets high school students, but also serves college students/ graudates and middle school students. |
| 8.44% Term Loan due 04/21/2031 (SOFR + 4.750%) (G) | $1211170 | 04/21/25 | 830394 | 845838 |
| 14.00% Senior Subordinated Note due 04/11/2030 | $57092 | 04/21/25 | 57092 | 57834 |
| Limited Liability Company Unit Common (B) (F) | 163,121 uts. | 04/21/25 | 163121 | 205271 |
|  |  |  | 1050607 | 1108943 |
| **Applied Aerospace Structures Corp.** |  |  |  |  |
| A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. | A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. | A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. | A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. | A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets. |
| 8.45% Term Loan due 11/29/2030 (SOFR + 4.750%) (G) | $1198877 | 12/01/22 | 1101702 | 1096680 |
| 8.40% Senior Term Loan due 11/29/2030 (SOFR + 4.750%) (G) | $166366 | 11/03/25 | 164827 | 164703 |
| Limited Liability Company Common Unit (B) | 8 uts. | 12/01/22 | 8000 | 27633 |
|  |  |  | 1274529 | 1289016 |
| **Argus Logistics** |  |  |  |  |
| An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis. | An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis. | An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis. | An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis. | An asset-light provider of managed transportation services, acting as a fully outsourced supply chain management provider to mid-sized shippers on a longer-term, contracted basis. |
| 8.44% Term Loan due 12/19/2031 (SOFR + 4.750%) (G) | $1186479 | 12/01/25 | 539487 | 546049 |
| **ASC Communications, LLC (Becker's Healthcare)** |  |  |  |  |
| An operator of trade shows and controlled circulation publications targeting the healthcare market. | An operator of trade shows and controlled circulation publications targeting the healthcare market. | An operator of trade shows and controlled circulation publications targeting the healthcare market. | An operator of trade shows and controlled circulation publications targeting the healthcare market. | An operator of trade shows and controlled circulation publications targeting the healthcare market. |
| 8.17% Senior Term Loan 07/17/2028 (SOFR + 4.500%) | $1309139 | 08/29/25 | 1301325 | 1301284 |
| 8.17% Term Loan due 07/17/2028 (SOFR + 4.500%) (G) | $227592 | 07/15/22 | 203789 | 203562 |
| Limited Liability Company Unit (B) (F) | 535 uts. | 07/15/22 | 11221 | 19990 |
|  |  |  | 1516335 | 1524836 |
| **Aurora Parts & Accessories LLC (d.b.a Hoosier)** |  |  |  |  |
| A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. | A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America. |
| Preferred Stock (B) | 210 shs. | 08/17/15 | 209390 | 209390 |
| Common Stock (B) | 210 shs. | 08/17/15 | 210 | 82487 |
|  |  |  | 209600 | 291877 |

---

See Notes to Consolidated Financial Statements 11

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Automated Financial Systems** |  |  |  |  |
| A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States. | A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States. | A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States. | A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States. | A provider of loan management software for large and mid-sized banks, as well as other financial customers across the United States. |
| 8.71% Term Loan due 10/24/2031 (SOFR + 5.000%) (G) | $1371849 | 10/24/25 | $393822 | $395047 |
| **BBB Industries LLC** |  |  |  |  |
| A supplier of remanufactured and new parts to the North American automotive aftermarket. | A supplier of remanufactured and new parts to the North American automotive aftermarket. | A supplier of remanufactured and new parts to the North American automotive aftermarket. | A supplier of remanufactured and new parts to the North American automotive aftermarket. | A supplier of remanufactured and new parts to the North American automotive aftermarket. |
| Second Lien Term Loan due 07/25/2030 (SOFR + 9.000%) | $454545 | 07/25/22 | 444734 | 395000 |
| Limited Liability Company Unit (B) | 45 uts. | 07/25/22 | 45000 | 40889 |
|  |  |  | 489734 | 435889 |
| **Becklar** |  |  |  |  |
| A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety. | A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety. | A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety. | A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety. | A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety. |
| 8.54% Senior Term Loan due 12/06/2030 (SOFR + 4.750%) (G) | $999458 | 12/6/2024 | 884705 | 886405 |
| 8.42% Term Loan due 02/23/2031 (SOFR + 4.750%) | $157723 | 03/20/26 | 156146 | 156146 |
|  |  |  | 1040851 | 1042551 |
| **Best Lawyers (Azalea Investment Holdings, LLC)** | **Best Lawyers (Azalea Investment Holdings, LLC)** |  |  |  |
| A global digital media company that provides ranking and marketing services to the legal community. | A global digital media company that provides ranking and marketing services to the legal community. | A global digital media company that provides ranking and marketing services to the legal community. | A global digital media company that provides ranking and marketing services to the legal community. | A global digital media company that provides ranking and marketing services to the legal community. |
| 9.03% Term Loan due 11/30/2027 (SOFR + 5.250%) (G) | $1197498 | 11/30/21 | 1080282 | 1086921 |
| 12.00% HoldCo PIK Note due 05/19/2028 | $483550 | 11/30/21 | 481641 | 483550 |
| Limited Liability Company Unit (B) | 44,231 uts. | 11/30/21 | 44231 | 72910 |
|  |  |  | 1606154 | 1643381 |
| **Bishop Street Underwriters** |  |  |  |  |
| A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others. | A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others. | A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others. | A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others. | A Managing General Agent insurance buy and build platform with specialty insurance lines including surety, rep and warranty, tax, professional indemnity, specialty auto, sports, and aviation, among others. |
| 8.92% Term Loan due 07/31/2031 (SOFR + 5.250%) (G) | 1045305 | 07/31/25 | 602075 | 601319 |
| Common Stock (B) | 23,961 shs. | 07/31/25 | 36420 | 33159 |
|  |  |  | 638495 | 634478 |
| **Bitly** |  |  |  |  |
| A provider of URL shortening and link management solutions for both enterprise and self-serve customers. | A provider of URL shortening and link management solutions for both enterprise and self-serve customers. | A provider of URL shortening and link management solutions for both enterprise and self-serve customers. | A provider of URL shortening and link management solutions for both enterprise and self-serve customers. | A provider of URL shortening and link management solutions for both enterprise and self-serve customers. |
| 8.43% Term Loan due 11/14/2031 (SOFR + 4.750%) (G) | $1725000 | 11/14/25 | 1643742 | 1644898 |
| **BKF Engineers** |  |  |  |  |
| A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast. | A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast. | A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast. | A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast. | A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast. |
| 8.17% Term Loan due 08/23/2030 (SOFR + 4.500%) (G) | $757920 | 08/23/24 | 438443 | 439759 |
| 8.20% Term Loan due 08/23/2030 (SOFR + 4.500%) (G) | $556195 | 03/31/26 | 309710 | 309710 |
| Common Stock (B) | 56,012 shs. | 08/23/24 | 56012 | 65618 |
|  |  |  | 804165 | 815087 |

---

See Notes to Consolidated Financial Statements 12

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Bridger Aerospace** |  |  |  |  |
| A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. | A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems. |
| Series C Convertible Preferred Equity (7.00% PIK) (B) | 183 shs. | 08/12/22 | $225058 | $206827 |
| **BrightSign** |  |  |  |  |
| A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. | A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment. |
| 9.02% Term Loan due 10/14/2027 (SOFR + 5.250%) (G) | $1420806 | \* | 1383436 | 1387255 |
| Limited Liability Company Unit (B) (F) | 111,835 uts. | 10/14/21 | 111835 | 139448 |
| \* 10/14/21 and 04/03/25 |  |  | 1495271 | 1526703 |
| **Brown Machine LLC** |  |  |  |  |
| A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. | A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry. |
| 10.10% Term Loan due 10/04/2026 (SOFR + 6.250%) | $780004 | 10/04/18 | 779801 | 718383 |
| **Buske Logistics Inc** |  |  |  |  |
| A provider of value-added warehousing and logistics services <br>specializing in storage, handling, packaging, inspection, kitting, and component sequencing. | A provider of value-added warehousing and logistics services <br>specializing in storage, handling, packaging, inspection, kitting, and component sequencing. | A provider of value-added warehousing and logistics services <br>specializing in storage, handling, packaging, inspection, kitting, and component sequencing. | A provider of value-added warehousing and logistics services <br>specializing in storage, handling, packaging, inspection, kitting, and component sequencing. | A provider of value-added warehousing and logistics services <br>specializing in storage, handling, packaging, inspection, kitting, and component sequencing. |
| 8.67% Term Loan due 10/31/2031 (SOFR + 5.000%) (G) | $492755 | 10/31/25 | 335689 | 336037 |
| **Cadence, Inc.** |  |  |  |  |
| A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. | A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies. |
| 8.32% First Lien Term Loan due 05/21/2028 (SOFR + 4.500%) | $1357024 | 05/21/18 | 1354620 | 1351325 |
| 8.91% Incremental Term Loan due 05/21/2028 (SOFR + 5.250%) | $358809 | 09/28/23 | 356435 | 358809 |
|  |  |  | 1711055 | 1710134 |
| **CAi Software** |  |  |  |  |
| A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. | A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors. |
| 8.41% Term Loan due 08/09/2032 (SOFR + 4.750%) (G) | $1000000 | 08/07/25 | 646001 | 644071 |
| **Caldwell & Gregory LLC** |  |  |  |  |
| A commercial laundry leasing company for multi-unit housing and universities. | A commercial laundry leasing company for multi-unit housing and universities. | A commercial laundry leasing company for multi-unit housing and universities. | A commercial laundry leasing company for multi-unit housing and universities. | A commercial laundry leasing company for multi-unit housing and universities. |
| 8.70% Term Loan due 09/30/2030 (SOFR + 5.000%) (G) | $1704106 | 09/30/24 | 1469323 | 1475700 |
| **California Custom Fruits & Flavors** |  |  |  |  |
| Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. | Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. | Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. | Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. | Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels. |
| 8.67% Term Loan due 02/26/2030 (SOFR + 5.000%) (G) | $436609 | 02/26/24 | 311928 | 314946 |
| Common Stock (B) | 12 shs. | 02/26/24 | 12000 | 13149 |
|  |  |  | 323928 | 328095 |

---

See Notes to Consolidated Financial Statements 13

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Cascade Services** |  |  |  |  |
| A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. | A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. | A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. | A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. | A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies. |
| 9.65% Term Loan due 10/04/2029 (SOFR + 6.000%) (G) | $1555419 | \* | $1507515 | $1418513 |
| \* 10/04/23 and 07/01/25 |  |  |  |  |
| **Cash Flow Management** |  |  |  |  |
| A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. | A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. |
| 8.42% Term Loan due 12/28/2029 (SOFR + 4.750%) (G) | $1273478 | 12/28/21 | 1168770 | 1168580 |
| Limited Liability Company Unit (B) (F) | 12,008 uts. | 07/22/22 | 12665 | 11409 |
|  |  |  | 1181435 | 1179989 |
| **CEC Entertainment Inc** |  |  |  |  |
| Develops, operates and franchises family dining and entertainment centers. | Develops, operates and franchises family dining and entertainment centers. | Develops, operates and franchises family dining and entertainment centers. | Develops, operates and franchises family dining and entertainment centers. | Develops, operates and franchises family dining and entertainment centers. |
| 9.70% Term Loan due 09/18/2030 (SOFR + 6.000%) | $345652 | 09/26/25 | 341001 | 340986 |
| **Cloudbreak** |  |  |  |  |
| A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. | A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. | A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. | A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. | A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S. |
| 8.70% Incremental Term Loan due 03/15/2030 (SOFR + 5.000%) | $1202495 | 08/19/24 | 1193099 | 1145978 |
| 8.70% Term Loan due 03/15/2030 (SOFR + 5.000%) (G) | $1173596 | 03/15/24 | 1003344 | 965658 |
| Limited Liability Company Unit Class A (B) (F) | 49 uts. | 03/15/24 | 49170 | 57814 |
| Limited Liability Company Unit Class B (B) (F) (I) | 49 uts. | 03/15/24 |  | 657 |
|  |  |  | 2245613 | 2170107 |
| **CloudOne Digital Corp** |  |  |  |  |
| A scaled multi-cloud platform for web developers, SMBs, and enterprises. | A scaled multi-cloud platform for web developers, SMBs, and enterprises. | A scaled multi-cloud platform for web developers, SMBs, and enterprises. | A scaled multi-cloud platform for web developers, SMBs, and enterprises. | A scaled multi-cloud platform for web developers, SMBs, and enterprises. |
| 8.66% Term Loan due 08/05/2031 (SOFR + 5.000%) (G) | $997951 | 06/02/25 | 806350 | 807684 |
| **CloudWave** |  |  |  |  |
| A provider of managed cloud hosting and IT services for hospitals. | A provider of managed cloud hosting and IT services for hospitals. | A provider of managed cloud hosting and IT services for hospitals. | A provider of managed cloud hosting and IT services for hospitals. | A provider of managed cloud hosting and IT services for hospitals. |
| 8.20% Term Loan due 01/04/2027 (SOFR + 4.500%) (G) | $1585887 | 01/29/21 | 1581173 | 1585887 |
| Limited Liability Company Unit (B) (F) | 55,645 uts. | 01/29/21 | 55645 | 163975 |
|  |  |  | 1636818 | 1749862 |
| **Coduet Royalty Holdings, LLC** |  |  |  |  |
| A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences. | A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences. | A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences. | A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences. | A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences. |
| SPV Common Equity (B) (F) | 290,344 uts. | 05/08/24 | 95343 | 110331 |

---

See Notes to Consolidated Financial Statements 14

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Cogency Global** |  |  |  |  |
| A provider of statutory representation and compliance services for corporate and professional services clients. | A provider of statutory representation and compliance services for corporate and professional services clients. | A provider of statutory representation and compliance services for corporate and professional services clients. | A provider of statutory representation and compliance services for corporate and professional services clients. | A provider of statutory representation and compliance services for corporate and professional services clients. |
| 8.17% Term Loan due 02/14/2028 (SOFR + 4.500%) (G) | $755023 | 02/14/22 | $667662 | $668596 |
| 8.17% Incremental Term Loan due 02/14/2028 (SOFR + 4.500%) | $103205 | \* | 741706 | 745926 |
| Preferred Stock (B) | 33 shs. | 02/14/22 | 36108 | 91635 |
| \* 12/30/22 and 09/31/23 |  |  | 1445476 | 1506157 |
| **Cognito Forms** |  |  |  |  |
| An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications. | An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications. | An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications. | An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications. | An online workflow automation and form builder platform allowing users to create, manage, and automate their data collection processes, offering features like drag-and-drop form fields, templates, AI form generation, and integrations into various applications. |
| 9.91% Term Loan due 05/02/2031 (SOFR + 6.250%) (G) | 1595507 | 04/01/25 | 1477336 | 1489818 |
| Common Stock (B) | 1,182 uts. | 05/02/25 | 118200 | 107541 |
|  |  |  | 1595536 | 1597359 |
| **Coherus Biosciences** |  |  |  |  |
| A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars. | A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars. | A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars. | A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars. | A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and its biosimilars. |
| 11.70% Term Loan due 05/08/2029 (SOFR + 8.000%) | $299324 | 05/08/24 | 293756 | 297229 |
| **Coker** |  |  |  |  |
| A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. | A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. | A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. | A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. | A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. |
| 8.20% Senior Term Loan due 03/20/2030 (SOFR + 4.500%) (G) | $1273752 | 3/20/2025 | 1078131 | 1071630 |
| **Command Alkon** |  |  |  |  |
| A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. | A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers. |
| Limited Liability Company Unit Class B (B) (I) | 6,629 uts. | 04/23/20 |  | 31444 |
| **Compass Precision** |  |  |  |  |
| A manufacturer of custom metal precision components. |  |  |  |  |
| 11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025 | $1345773 | 04/01/22 | 1343799 | 1345773 |
| Limited Liability Company Unit (B) (F) | 158,995 uts. | 10/14/21 | 431250 | 1380699 |
|  |  |  | 1775049 | 2726472 |
| **Comply365** |  |  |  |  |
| A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. | A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail. |
| 9.02% Term Loan due 12/21/2029 (SOFR + 5.250%) (G) | $672474 | 04/19/22 | 628417 | 630564 |

---

See Notes to Consolidated Financial Statements 15

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Concept Machine Tool Sales, LLC** |  |  |  |  |
| A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. | A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest. |
| 9.83% (0.25% PIK) Term Loan due 02/01/2027 (SOFR + 5.250%) | $571923 | 01/31/20 | 571918 | 486135 |
| 9.83% (0.25% PIK) Incremental Term Loan due 02/01/2027 (SOFR + 5.250%) | $76054 | 09/14/23 | 75683 | 64646 |
| Limited Liability Company Unit (B) (F) | 1,680 uts. | \* | 67308 |  |
| 01/30/20, 03/05/21 and 09/14/23 |  |  | 714909 | 550781 |
| **CTS Engines** |  |  |  |  |
| A provider of maintenance, repair and overhaul services within the aerospace & defense market. | A provider of maintenance, repair and overhaul services within the aerospace & defense market. | A provider of maintenance, repair and overhaul services within the aerospace & defense market. | A provider of maintenance, repair and overhaul services within the aerospace & defense market. | A provider of maintenance, repair and overhaul services within the aerospace & defense market. |
| 9.05% Term Loan due 12/26/2028 (SOFR + 5.250%) | $1372140 | 12/23/20 | 1368829 | 1358419 |
| 9.05% Incremental Term Loan due 12/26/2028 (SOFR + 5.250%) (G) | $874243 | 03/02/26 | 644732 | 644732 |
|  |  |  | 2013561 | 2003151 |
| **Dane Street LLC** |  |  |  |  |
| A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms. | A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms. | A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms. | A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms. | A national provider of independent medical examinations and peer review services across workers compensation, disability, auto, and group health for third-party administrators, insurance carriers, employer health plans, and law firms. |
| 8.21% Term Loan due 02/28/2033 (SOFR + 4.500%) (G) | $691477 | 02/02/26 | 403728 | 403728 |
| **DataServ** |  |  |  |  |
| A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%). | A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%). | A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%). | A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%). | A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%). |
| Preferred Stock (B) | 17,546 shs. | \* | 19238 | 19815 |
| \* 11/02/22 and 06/10/25 |  |  |  |  |
| **Decks Direct** |  |  |  |  |
| An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. | An eCommerce direct-to-consumer seller of specialty residential decking products in the United States. |
| Common Stock (B) | 2,209 shs. | 12/29/21 | 94091 |  |
| Preferred Stock (B) | 11 shs. | 04/29/24 | 13087 |  |
| Limited Liability Company Unit Class A (B) | 553 uts. | 03/18/25 | 25563 |  |
|  |  |  | 132741 |  |
| **DistroKid (IVP XII DKCo-Invest,LP)** |  |  |  |  |
| A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. | A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music. |
| 7.92% Term Loan due 10/01/2029 (SOFR + 4.250%) | $2043869 | 10/01/21 | 2043869 | 2040395 |
| LP Unit (B) (F) | 73,333 uts. | 10/01/21 | 73404 | 90617 |
|  |  |  | 2117273 | 2131012 |

---

See Notes to Consolidated Financial Statements 16

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Diversified Packaging** |  |  |  |  |
| A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution. | A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution. | A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution. | A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution. | A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution. |
| 11.00% (11.00% PIK) Term Loan due 06/27/2029 | $742365 | 06/27/24 | 733002 | 727518 |
| 12.00% (11.00% PIK) Term Loan due 06/27/2029 | $224609 | 12/01/25 | 220431 | 220116 |
| 11.00% (11.00% PIK) Incremental Term Loan due 06/27/2029 | $78371 | 01/01/25 | 77260 | 76804 |
| Limited Liability Company Unit (B) (F) | 2,769 uts. | 06/27/24 | 276900 | 534386 |
|  |  |  | 1307593 | 1558824 |
| **Door & Window Guard Systems** |  |  |  |  |
| A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings. | A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings. | A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings. | A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings. | A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings. |
| 8.20% Term Loan due 03/28/2031 (SOFR + 4.500%) (G) | $521208 | 03/28/25 | 407781 | 410028 |
| Common Stock (B) | 20 shs. | 03/28/25 | 20320 | 25865 |
|  |  |  | 428101 | 435893 |
| **Dwyer Instruments, Inc.** |  |  |  |  |
| A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. | A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. |
| 8.45% Term Loan due 07/20/2029 (SOFR + 4.750%) | $1666219 | 07/01/22 | 1651707 | 1666219 |
| **Echo Logistics** |  |  |  |  |
| A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. | A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services. |
| Limited Liability Company Unit (B) | 46 uts. | 11/23/21 | 45796 | 78644 |
| **EFC International** |  |  |  |  |
| A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. | A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. | A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. | A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. | A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components. |
| 13.50% (2.5% PIK) Term Loan due 05/01/2028 | $1039563 | 03/01/23 | 1025600 | 1031247 |
| Limited Liability Company Unit (B) (F) | 205 uts. | 03/01/23 | 288462 | 272282 |
|  |  |  | 1314062 | 1303529 |
| **EFI Productivity Software** |  |  |  |  |
| A provider of ERP software solutions purpose-built for the print and packaging industry. | A provider of ERP software solutions purpose-built for the print and packaging industry. | A provider of ERP software solutions purpose-built for the print and packaging industry. | A provider of ERP software solutions purpose-built for the print and packaging industry. | A provider of ERP software solutions purpose-built for the print and packaging industry. |
| 8.17% Incremental Term Loan due 05/23/2030 (SOFR + 4.500%) (G) | $693651 | 05/23/24 | 402579 | 405641 |
| 8.17% Term Loan due 05/23/2030 (SOFR + 4.500%) (G) | $195084 | 12/30/21 | 122524 | 122673 |
|  |  |  | 525103 | 528314 |
| **Electric Equipment and Engineering** |  |  |  |  |
| Engineers and manufactures alternating current and direct current electrical power distribution products. | Engineers and manufactures alternating current and direct current electrical power distribution products. | Engineers and manufactures alternating current and direct current electrical power distribution products. | Engineers and manufactures alternating current and direct current electrical power distribution products. | Engineers and manufactures alternating current and direct current electrical power distribution products. |
| 13.50% (3.00% PIK) Senior Term Loan due 12/02/2030 | $879304 | 12/02/24 | 865929 | 861718 |
| Common Stock (B) | 515,625 shs. | 12/02/24 | 515625 | 1073686 |
|  |  |  | 1381554 | 1935404 |

---

See Notes to Consolidated Financial Statements 17

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Elite Sportswear Holding, LLC** |  |  |  |  |
| A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. | A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally. |
| Limited Liability Company Unit (B) (F) | 1,218,266 uts. | 10/14/16 | $159722 | $— |
| **ENTACT Environmental Services, Inc.** |  |  |  |  |
| A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. | A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs. |
| 9.20% Term Loan due 01/31/2027 (SOFR + 5.500%) | $806533 | 12/15/20 | 805407 | 806533 |
| 9.20% Incremental Term Loan due 01/31/2027 (SOFR + 5.500%) | $139446 | 09/01/23 | 139118 | 139445 |
|  |  |  | 944525 | 945978 |
| **Ethos Risk Services** |  |  |  |  |
| A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators. | A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators. | A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators. | A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators. | A provider of tech-enabled claims investigation and medical management services across a variety of insurance markets for insurance carriers, self-insured employers and third-party administrators. |
| 8.42% Term Loan due 01/30/2031 (SOFR + 4.750%) (G) | $297533 | 01/02/26 | 211276 | 211127 |
| Common Stock (B) | 5,699 shs. | 01/02/26 | 5699 | 5699 |
|  |  |  | 216975 | 216826 |
| **Expert Institute Group** |  |  |  |  |
| A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes. | A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes. | A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes. | A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes. | A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes. |
| 7.95% Senior Term Loan due 03/04/2032 (SOFR + 4.250%) (G) | $390473 | 03/04/25 | 149632 | 152935 |
| **Five Star Holding, LLC** |  |  |  |  |
| A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. | A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. |
| 10.92% Second Lien Term Loan due 05/05/2030 (SOFR + 7.250%) | $476190 | 04/27/22 | 471333 | 476190 |
| Limited Liability Company Common Unit (B) (F) | 34 uts. | 10/14/21 | 33632 | 27263 |
|  |  |  | 504965 | 503453 |
| **Follett School Solutions** |  |  |  |  |
| A provider of software for K-12 school libraries. | A provider of software for K-12 school libraries. | A provider of software for K-12 school libraries. | A provider of software for K-12 school libraries. | A provider of software for K-12 school libraries. |
| 8.17% Term Loan due 08/29/2031 (SOFR + 4.500%) | $1484919 | 04/21/25 | 1484919 | 1484919 |
| LP Interest (B) (F) | 881 uts. | 08/30/21 | 8805 | 11690 |
| LP Units (B) (F) | 200 uts. | 08/30/21 | 2003 | 2659 |
|  |  |  | 1495727 | 1499268 |
| **Forge** |  |  |  |  |
| A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs). | A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs). | A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs). | A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs). | A provider of financial services to personal injury law firms and their clients (i.e., the plaintiffs). |
| 8.20% Term Loan due 01/31/2033 (SOFR + 4.500%) (G) | $931114 | 01/30/26 | 333953 | 333731 |

---

See Notes to Consolidated Financial Statements 18

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **FragilePAK** |  |  |  |  |
| A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. | A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products. |
| 9.60% Term Loan due 05/28/2027 (SOFR + 5.750%) | $1026914 | 05/28/21 | $1021482 | $1026914 |
| Limited Liability Company Unit (B) (F) | 108 uts. | 05/28/21 | 107813 | 77028 |
|  |  |  | 1129295 | 1103942 |
| **Franklin Energy** |  |  |  |  |
| An industry-leading provider of demand-side management ("DSM") services to utilities and municipalities across the United States. | An industry-leading provider of demand-side management ("DSM") services to utilities and municipalities across the United States. | An industry-leading provider of demand-side management ("DSM") services to utilities and municipalities across the United States. | An industry-leading provider of demand-side management ("DSM") services to utilities and municipalities across the United States. | An industry-leading provider of demand-side management ("DSM") services to utilities and municipalities across the United States. |
| 8.91% Senior Term Loan due 08/01/2031 (SOFR + 5.250%) (G) | $769281 | 08/01/25 | 698584 | 664994 |
| **GCDL Holdings LLC** |  |  |  |  |
| A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. | A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. | A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. | A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. | A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. |
| 9.70% Term Loan due 08/21/2030 (SOFR + 6.000%) (G) | $1244797 | 07/01/24 | 1044817 | 1048228 |
| Class A-1 Units | 419,595 uts. | 08/21/24 | 419595 | 586803 |
|  |  |  | 1464412 | 1635031 |
| **GME Supply** |  |  |  |  |
| A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. | A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. | A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. | A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. | A tech-enabled specialty distributor of fall protection, rigging materials, workwear, and industrial gear and tools to technicians and contractors working in the telecom, utility, aerial construction, renewable energy and other industrial markets. |
| 8.95% Term Loan due 09/09/2031 (SOFR + 5.250%) (G) | $1346620 | 09/09/25 | 1051878 | 1053408 |
| **Gojo Industries** |  |  |  |  |
| A manufacturer of hand hygiene and skin health products. |  |  |  |  |
| 11.67% Term Loan due 10/26/2028 (SOFR + 8.000%) (G) | $608653 | 10/26/23 | 599647 | 639085 |
| **Goodyear Chemical** |  |  |  |  |
| A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries. | A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries. | A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries. | A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries. | A producer of synthetic rubber primarily for the tire, consumer, packaging, and industrial products industries. |
| 9.42% Term Loan due 10/31/2031 (SOFR + 5.750%) (B) | $985863 | 10/31/25 | 967514 | 967526 |
| **Guardian Fire Services** |  |  |  |  |
| A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems. | A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems. | A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems. | A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems. | A provider of fire safety services including testing & inspection/monitoring, service & repair, replacement & upgrade, and installation of fire protection equipment such as sprinkler systems, alarms, and suppression systems. |
| 8.17% Senior Term Loan due 12/01/2032 (SOFR + 4.500%) (G) | $744049 | 12/01/25 | 333109 | 333575 |
| Common Stock (B) | 48,527 shs. | 12/01/25 | 48527 | 57694 |
|  |  |  | 381636 | 391269 |
| **Handi Quilter Holding Company (Premier Needle Arts)** |  |  |  |  |
| A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. | A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market. |
| Limited Liability Company Unit Preferred (B) | 372 uts. | \* | 371644 | 90303 |
| Limited Liability Company Unit Common Class A (B) (I) | 3,716 uts. | 12/19/14 |  |  |
| \* 12/19/14 and 04/29/16. |  |  | 371644 | 90303 |

---

See Notes to Consolidated Financial Statements 19

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **HaystackID** |  |  |  |  |
| A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation. | A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation. | A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation. | A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation. | A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation. |
| 8.45% Term Loan due 01/31/2028 (SOFR + 4.750%) (G) | $1013166 | 1/31/2025 | $770698 | $770711 |
| **Heartland Veterinary Partners** |  |  |  |  |
| A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. | A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming. |
| 11.00% Opco PIK Note due 12/10/2028 | $2769975 | 11/17/21 | 2754535 | 2623166 |
| **HemaSource, Inc.** |  |  |  |  |
| A technology-enabled distributor of consumable medical products to plasma collection centers. | A technology-enabled distributor of consumable medical products to plasma collection centers. | A technology-enabled distributor of consumable medical products to plasma collection centers. | A technology-enabled distributor of consumable medical products to plasma collection centers. | A technology-enabled distributor of consumable medical products to plasma collection centers. |
| 8.17% Senior Term Loan due 08/31/2029 (SOFR + 4.500%) (G) | $1673948 | 08/31/23 | 828841 | 848590 |
| Limited Liability Company Unit (B) | 11,337 uts. | 08/31/23 | 11337 | 17012 |
|  |  |  | 840178 | 865602 |
| **Home Care Assistance, LLC** |  |  |  |  |
| A provider of private pay non-medical home care assistance services. | A provider of private pay non-medical home care assistance services. | A provider of private pay non-medical home care assistance services. | A provider of private pay non-medical home care assistance services. | A provider of private pay non-medical home care assistance services. |
| 8.73% Term Loan due 09/30/2027 (SOFR + 5.000%) | $844803 | 03/30/21 | 827683 | 722307 |
| **HTI Technology & Industries Inc.** |  |  |  |  |
| A designer and manufacturer of powered motion solutions to industrial customers. | A designer and manufacturer of powered motion solutions to industrial customers. | A designer and manufacturer of powered motion solutions to industrial customers. | A designer and manufacturer of powered motion solutions to industrial customers. | A designer and manufacturer of powered motion solutions to industrial customers. |
| 12.31% Term Loan due 05/29/2026 (SOFR + 8.500%) (G) | $697717 | 07/27/22 | 554460 | 542674 |
| 12.31% Incremental Term Loan due 05/29/2026 (SOFR + 8.500%) | $244983 | 02/15/23 | 244909 | 240818 |
|  |  |  | 799369 | 783492 |
| **Ice House America** |  |  |  |  |
| A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. | A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. | A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. | A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. | A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States. |
| 9.67% Term Loan due 01/12/2030 (SOFR + 6.000%) (G) | $1168627 | 02/12/24 | 976217 | 941905 |
| Limited Liability Company Unit (B) (F) | 579 uts. | 01/12/24 | 57892 | 33471 |
|  |  |  | 1034109 | 975376 |
| **Illumifin** |  |  |  |  |
| A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers. | A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers. | A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers. | A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers. | A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers. |
| 9.93% Incremental Term Loan due 09/08/2027 (SOFR + 6.000%) | $419399 | 04/05/22 | 417012 | 401365 |
| **Innovia Medical** |  |  |  |  |
| A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments. | A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments. | A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments. | A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments. | A manufacturer of single-use surgical products (e.g., blades & knives, vent and fluid tubes, wipes, etc.) for ear, nose, & throat (ENT), ophthalmic (i.e., eye procedures), and other general surgical applications, as well as sterile processing systems used to store and transport surgical instruments. |
| 8.45% Term Loan due 06/30/2031 (SOFR + 4.750%) (G) | $633942 | 06/30/25 | 452643 | 453400 |
| Limited Liability Company Unit (B) (F) | 39 uts. | 06/30/25 | 5309 | 4737 |
|  |  |  | 457952 | 458137 |

---

See Notes to Consolidated Financial Statements 20

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Kanawha Scales and Systems** |  |  |  |  |
| A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems. | A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems. | A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems. | A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems. | A full-service provider of weighing and automated industrial control solutions, including service & calibration, MRO equipment, integrated engineered solutions, and data collection systems. |
| 7.93% Term Loan due 10/31/2032 (SOFR + 4.250%) (G) | $998941 | 11/12/25 | $448483 | $449233 |
| **LaunchPad Home Group** |  |  |  |  |
| A provider of lake management services, fish stocking and pond aeration sales and services. | A provider of lake management services, fish stocking and pond aeration sales and services. | A provider of lake management services, fish stocking and pond aeration sales and services. | A provider of lake management services, fish stocking and pond aeration sales and services. | A provider of lake management services, fish stocking and pond aeration sales and services. |
| 10.18% Term Loan due 09/30/2031 (SOFR + 6.500%) (G) | $1586138 | 09/02/25 | 731824 | 734409 |
| Preferred Stock (B) | 137 shs. | 09/02/25 | 136620 | 143288 |
| Common Stock (B) | 138,000 shs. | 09/02/25 | 1380 | 21459 |
|  |  |  | 869824 | 899156 |
| **LeadsOnline** |  |  |  |  |
| A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. | A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses. |
| 8.20% Term Loan due 02/07/2028 (SOFR + 4.500%) (G) | $1661388 | 02/07/22 | 1428107 | 1429234 |
| Limited Liability Company Unit (B) (F) | 7,050 uts. | 02/07/22 | 7302 | 16283 |
|  |  |  | 1435409 | 1445517 |
| **Lockmasters Incorporated** |  |  |  |  |
| A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others. | A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others. | A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others. | A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others. | A leading distributor of 3rd party locks and related hardware (e.g., safes, high-security cabinets, and locksmith tools) serving various commercial & industrial end markets including financial services, education, automotive, data centers, and others. |
| 8.70% Term Loan due 09/01/2027 (SOFR + 5.000%) (G) | $708401 | 01/31/24 | 535551 | 534703 |
| **Lynx Franchising** |  |  |  |  |
| A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. | A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services. |
| 9.60% Term Loan due 12/23/2026 (SOFR + 5.750%) | $1634438 | 12/23/20 | 1630501 | 1634437 |
| 9.60% Incremental Term Loan due 12/23/2026 (SOFR + 5.750%) | $748362 | 09/09/21 | 746304 | 748362 |
|  |  |  | 2376805 | 2382799 |
| **Madison IAQ Holdings II LLC** |  |  |  |  |
| A manufacturer and distributor of heating, dehumidification and other air quality solutions. | A manufacturer and distributor of heating, dehumidification and other air quality solutions. | A manufacturer and distributor of heating, dehumidification and other air quality solutions. | A manufacturer and distributor of heating, dehumidification and other air quality solutions. | A manufacturer and distributor of heating, dehumidification and other air quality solutions. |
| Limited Liability Company Unit (B) | 726,845 uts. | 02/20/19 | 2298574 | 15801617 |
| **Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)** | **Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)** | **Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)** | **Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)** | **Magnolia Wash Holdings (Express Wash Acquisition Company, LLC)** |
| An express car wash consolidator primarily in the Southeastern US. | An express car wash consolidator primarily in the Southeastern US. | An express car wash consolidator primarily in the Southeastern US. | An express car wash consolidator primarily in the Southeastern US. | An express car wash consolidator primarily in the Southeastern US. |
| 9.90% Term Loan due 04/10/2031 (SOFR + 6.250%) (G) | $415148 | 04/10/25 | 388492 | 367889 |
| **Media Recovery, Inc.** |  |  |  |  |
| A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. | A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications. |
| 8.20% Senior Term Loan due 09/30/2030 (SOFR + 4.500%) (G) | $1252180 | 09/30/24 | 954027 | 968105 |

---

See Notes to Consolidated Financial Statements 21

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Merchant Industry** |  |  |  |  |
| A merchant acquiror providing payment processing and other value-added services to SMB merchants. | A merchant acquiror providing payment processing and other value-added services to SMB merchants. | A merchant acquiror providing payment processing and other value-added services to SMB merchants. | A merchant acquiror providing payment processing and other value-added services to SMB merchants. | A merchant acquiror providing payment processing and other value-added services to SMB merchants. |
| 8.45% Term Loan due 09/19/2031 (SOFR + 4.750%) (G) | $611269 | 09/19/25 | $410063 | $410732 |
| Common Stock (B) (F) | 12,783 shs. | 09/19/25 | 12783 | 12897 |
|  |  |  | 422846 | 423629 |
| **Milestone Chassis Company** |  |  |  |  |
| A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis. | A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis. | A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis. | A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis. | A full-service transportation equipment leasing and management company, specializing in domestic and marine chassis. |
| 9.18% Second Lien Term Loan due 01/14/2033 (SOFR + 5.500%) | 865801 | 01/14/26 | 849006 | 848485 |
| **Mission Microwave** |  |  |  |  |
| A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. | A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. | A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. | A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. | A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications. |
| 9.20% Senior Term Loan due 03/01/2030 (SOFR + 5.500%) (G) | $715870 | 03/01/24 | 606797 | 598239 |
| Limited Liability Company Unit (B) | 307 uts. | 03/01/24 | 30700 | 25095 |
|  |  |  | 637497 | 623334 |
| **MNS Engineers, Inc.** |  |  |  |  |
| A consulting firm that provides civil engineering, construction management and land surveying services. | A consulting firm that provides civil engineering, construction management and land surveying services. | A consulting firm that provides civil engineering, construction management and land surveying services. | A consulting firm that provides civil engineering, construction management and land surveying services. | A consulting firm that provides civil engineering, construction management and land surveying services. |
| 8.77% Term Loan due 08/13/2027 (SOFR + 5.000%) | $349000 | 07/01/21 | 347430 | 349000 |
| **Mobile Pro Systems** |  |  |  |  |
| A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. | A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment. |
| 11.00% PIK Second Lien Term Loan due 06/23/2027 | $612693 | 06/24/22 | 610731 | 612693 |
| Common Stock (B) (F) | 4,118 shs. | 06/24/22 | 411765 | 631718 |
|  |  |  | 1022496 | 1244411 |
| **Momentum Group** |  |  |  |  |
| A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure). | A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure). | A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure). | A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure). | A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure). |
| 9.20% Term Loan due 03/28/2029 (SOFR + 5.500%) (G) | $649571 | \* | 590613 | 590008 |
| \* 03/28/25 and 10/14/25 |  |  |  |  |
| **MSI Express** |  |  |  |  |
| A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. | A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. | A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. | A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. | A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. |
| 8.42% Term Loan due 03/24/2031 (SOFR + 4.750%) (G) | $715543 | 03/24/25 | 530366 | 530047 |
| **Music Reports, Inc.** |  |  |  |  |
| An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. | An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers. |
| 9.78% Incremental Term Loan due 08/25/2026 (SOFR + 6.000%) | $783584 | 11/05/21 | 782282 | 777315 |
| 9.78% Term Loan due 08/25/2026 (SOFR + 6.000%) | $548682 | 08/25/20 | 547770 | 544293 |
|  |  |  | 1330052 | 1321608 |

---

See Notes to Consolidated Financial Statements 22

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Navia Benefit Solutions, Inc.** |  |  |  |  |
| A third-party administrator of employee-directed healthcare benefits. | A third-party administrator of employee-directed healthcare benefits. | A third-party administrator of employee-directed healthcare benefits. | A third-party administrator of employee-directed healthcare benefits. | A third-party administrator of employee-directed healthcare benefits. |
| 8.20% Term Loan due 12/31/2032 (SOFR + 4.500%) (G) | $1700476 | 12/31/25 | $1169643 | $1170398 |
| **Net at Work** |  |  |  |  |
| An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. | An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. | An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. | An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. | An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services. |
| 8.42% Term Loan due 09/13/2029 (SOFR + 4.750%) (G) | $1672188 | 09/13/23 | 1267877 | 1285550 |
| Limited Liability Company Unit (B) (F) | 32,603 uts. | 09/13/23 | 32603 | 41950 |
|  |  |  | 1300480 | 1327500 |
| **Netrix** |  |  |  |  |
| US-based managed services provider focused on capabilities across security, cloud, and digital workplace. | US-based managed services provider focused on capabilities across security, cloud, and digital workplace. | US-based managed services provider focused on capabilities across security, cloud, and digital workplace. | US-based managed services provider focused on capabilities across security, cloud, and digital workplace. | US-based managed services provider focused on capabilities across security, cloud, and digital workplace. |
| 9.17% Term Loan due 10/31/2031 (SOFR + 5.500%) (G) | $1721322 | 10/31/25 | 1443590 | 1429750 |
| **Newforma** |  |  |  |  |
| A leader in Project Information Management software for the construction industry. | A leader in Project Information Management software for the construction industry. | A leader in Project Information Management software for the construction industry. | A leader in Project Information Management software for the construction industry. | A leader in Project Information Management software for the construction industry. |
| 10.20% Term Loan due 04/02/2029 (SOFR + 6.500%) (G) | $730815 | 03/31/23 | 680084 | 624534 |
| Limited Liability Company Unit (B) | 81,722 uts. | 08/15/23 | 84194 | 10787 |
|  |  |  | 764278 | 635321 |
| **Northstar Recycling** |  |  |  |  |
| A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. | A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. |
| 8.10% Senior Term Loan due 12/23/2030 (SOFR + 4.400%) (G) | $1579785 | \* | 1354393 | 1369022 |
| \* 12/23/24 and 09/02/25 |  |  |  |  |
| **Omega Holdings** |  |  |  |  |
| A distributor of aftermarket automotive air conditioning products. | A distributor of aftermarket automotive air conditioning products. | A distributor of aftermarket automotive air conditioning products. | A distributor of aftermarket automotive air conditioning products. | A distributor of aftermarket automotive air conditioning products. |
| 8.82% Senior Term Loan due 03/30/2029 (SOFR + 5.000%) (G) | $599999 | 03/31/22 | 534540 | 539337 |
| **Onsite Dealer Solutions** |  |  |  |  |
| A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other "make-ready" services. | A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other "make-ready" services. | A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other "make-ready" services. | A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other "make-ready" services. | A regional provider of automotive reconditioning services including detailing, refinishing, paintless dent repair, and other "make-ready" services. |
| 8.16% Term Loan due 10/15/2031 (SOFR + 4.500%) (B) (G) | $1623841 | 11/04/25 | 410523 | 411908 |
| Common Stock (B) | 25 shs. | 11/04/25 | 24509 | 25413 |
|  |  |  | 435032 | 437321 |
| **ORS Nasco** |  |  |  |  |
| A leading industrial maintenance, repair, and operations ("MRO") product wholesale distributor. | A leading industrial maintenance, repair, and operations ("MRO") product wholesale distributor. | A leading industrial maintenance, repair, and operations ("MRO") product wholesale distributor. | A leading industrial maintenance, repair, and operations ("MRO") product wholesale distributor. | A leading industrial maintenance, repair, and operations ("MRO") product wholesale distributor. |
| 8.45% Term Loan due 08/07/2031 (SOFR + 4.750%) (G) | $653575 | 08/07/24 | 578327 | 579612 |
| **PANOS Brands LLC** |  |  |  |  |
| A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories. | A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories. | A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories. | A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories. | A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories. |
| Common Stock Class A (B) | 380,545 shs. | \* | 380545 | 369509 |
| \* 01/29/16 and 02/17/17. |  |  |  |  |

---

See Notes to Consolidated Financial Statements 23

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Parkview Dental Partners** |  |  |  |  |
| A dental service organization focused in the southwest Florida market. | A dental service organization focused in the southwest Florida market. | A dental service organization focused in the southwest Florida market. | A dental service organization focused in the southwest Florida market. | A dental service organization focused in the southwest Florida market. |
| 11.85% Term Loan due 10/20/2029 (SOFR + 8.300%) | $611833 | 10/02/23 | $604610 | $609569 |
| Limited Liability Company Unit (B) (F) | 30,371 shs. | 10/02/23 | 304840 | 270282 |
|  |  |  | 909450 | 879851 |
| **Pearl Holding Group** |  |  |  |  |
| A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. | A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. | A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. | A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. | A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida. |
| 9.93% First Lien Term Loan due 06/21/2026 (SOFR + 6.000%) | $1948459 | 12/22/21 | 1932525 | 1753613 |
| Warrant - Class D, to purchase common stock at $.01 per share (B) | 89 uts. | 12/22/21 |  |  |
| Warrant - Class CC, to purchase common stock at $.01 per share (B) | 32 uts. | 12/22/21 |  |  |
| Warrant - Class B, to purchase common stock at $.01 per share (B) | 312 uts. | 12/22/21 |  |  |
| Warrant - Class A, to purchase common stock at $.01 per share (B) | 924 uts. | 12/22/21 |  |  |
|  |  |  | 1932525 | 1753613 |
| **Pegasus Transtech Corporation** |  |  |  |  |
| A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. | A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles. |
| 10.32% Term Loan due 11/17/2026 (SOFR + 6.000%) | $1415586 | 11/14/17 | 1393295 | 1360839 |
| 10.32% Term Loan due 08/31/2026 (SOFR + 6.000%) | $285908 | 09/29/20 | 281136 | 274981 |
|  |  |  | 1674431 | 1635820 |
| **Polara (VSC Polara LLC)** |  |  |  |  |
| A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units. | A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units. | A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units. | A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units. | A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units. |
| 8.35% Term Loan due 12/03/2027 (SOFR + 4.500%) (G) | $889303 | 12/03/21 | 673884 | 678965 |
| Limited Liability Company Unit (B) (F) | 1,471 uts. | 12/03/21 | 147110 | 378238 |
|  |  |  | 820994 | 1057203 |
| **Polytex Holdings LLC** |  |  |  |  |
| A manufacturer of water based inks and related products serving primarily the wall covering market. | A manufacturer of water based inks and related products serving primarily the wall covering market. | A manufacturer of water based inks and related products serving primarily the wall covering market. | A manufacturer of water based inks and related products serving primarily the wall covering market. | A manufacturer of water based inks and related products serving primarily the wall covering market. |
| 2.0% (2.500% PIK) Senior Subordinated Note due 12/31/2027 (D) | $2391316 | 07/31/14 | 1064183 | 717395 |
| Limited Liability Company Unit (B) | 148,096 uts. | 07/31/14 | 172898 |  |
| Limited Liability Company Unit Class F (B) | 36,976 uts. | \* |  |  |
| \* 09/28/17 and 02/15/18. |  |  | 1237081 | 717395 |
| **Pro Vision** |  |  |  |  |
| A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations. | A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations. | A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations. | A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations. | A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations. |
| 7.92% Term Loan due 09/23/2030 (SOFR + 4.250%) (G) | $902834.00 | 09/02/24 | 700918 | 709010 |
| Limited Liability Company Unit (B) | 218 uts. | 09/30/24 | 21824 | 30186 |
|  |  |  | 722742 | 739196 |

---

See Notes to Consolidated Financial Statements 24

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Proceed (fka Counsel Press)** |  |  |  |  |
| A national provider of tech-enabled litigation support services. | A national provider of tech-enabled litigation support services. | A national provider of tech-enabled litigation support services. | A national provider of tech-enabled litigation support services. | A national provider of tech-enabled litigation support services. |
| 8.20% Term Loan due 10/23/2029 (SOFR + 4.500%) (G) | $1494573 | 03/11/26 | $1019005 | $1019005 |
| Common Stock (B) | 32 shs. | 03/11/26 | 32000 | 32000 |
|  |  |  | 1051005 | 1051005 |
| **Process Insights Acquisition, Inc.** |  |  |  |  |
| A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. | A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. | A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. | A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. | A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids. |
| 9.92% Term Loan due 07/18/2029 (SOFR + 6.250%) | $757208 | 07/18/23 | 746817 | 633026 |
| Limited Liability Company Unit (B) | 32 uts. | 07/18/23 | 32000 | 775 |
|  |  |  | 778817 | 633801 |
| **ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC)** |  |  |  |  |
| Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US. | Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US. | Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US. | Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US. | Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US. |
| 9.10% Term Loan due 03/06/2028 (SOFR + 5.250%) | $668594 | 03/06/19 | 667021 | 668594 |
| **ProfitOptics** |  |  |  |  |
| A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. | A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst. |
| 8.82% Incremental Term Loan due 03/15/2028 (SOFR + 5.000%) | $638823 | 09/02/25 | 634449 | 629241 |
| 8.77% Term Loan due 03/15/2028 (SOFR + 5.000%) (G) | $928919 | 03/01/22 | 630296 | 622195 |
| 8.00% Senior Subordinated Note due 03/15/2029 | $32258 | 03/01/22 | 32258 | 30419 |
| Limited Liability Company Unit (B) | 96,774 uts. | 03/15/22 | 64516 | 177494 |
|  |  |  | 1361519 | 1459349 |
| **Project Halo** |  |  |  |  |
| A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc. | A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc. | A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc. | A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc. | A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc. |
| 8.67% Senior Term Loan due 02/06/2032 (SOFR + 5.000%) (G) | $1000000 | 02/06/25 | 783253 | 785999 |
| **Randy's Worldwide** |  |  |  |  |
| A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. | A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. | A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. | A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. | A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/performance segments. |
| 8.67% First Lien Term Loan due 11/01/2029 (SOFR + 5.000%) (G) | $190441 | 11/01/22 | 168278 | 169470 |
| 8.93% Incremental Lien Term Loan due 11/01/2029 (SOFR + 5.000%) (G) | $446415 | 11/03/25 | 85071 | 85221 |
| Limited Liability Company Unit Class A (B) | 54 shs. | 11/01/22 | 5400 | 6873 |
|  |  |  | 258749 | 261564 |

---

See Notes to Consolidated Financial Statements 25

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **RapidAir** |  |  |  |  |
| An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services. | An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services. | An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services. | An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services. | An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services. |
| 8.38% Senior Term Loan due 10/15/2030 (SOFR + 4.750%) (G) | $545442 | 10/15/24 | $293278 | $295648 |
| Common Stock (B) | 30 shs. | 10/15/24 | 30000 | 25033 |
|  |  |  | 323278 | 320681 |
| **Real Chemistry** |  |  |  |  |
| A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry. | A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry. | A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry. | A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry. | A leading pure-play, tech-enabled analytical marketing agency in the U.S primarily serving the pharmaceutical and healthcare industry. |
| 8.20% Term Loan due 04/12/2032 (SOFR + 4.500%) (G) | $500000 | 04/11/25 | 376506 | 376679 |
| **Recovery Point Systems, Inc.** |  |  |  |  |
| A provider of IT infrastructure, colocation and cloud based resiliency services. | A provider of IT infrastructure, colocation and cloud based resiliency services. | A provider of IT infrastructure, colocation and cloud based resiliency services. | A provider of IT infrastructure, colocation and cloud based resiliency services. | A provider of IT infrastructure, colocation and cloud based resiliency services. |
| 9.79% Term Loan due 02/14/2028 (SOFR + 5.750%) | $1281906 | 08/12/20 | 1278369 | 1281906 |
| Limited Liability Company Unit (B) (F) | 21,532 uts. | 03/05/21 | 21532 | 10723 |
|  |  |  | 1299901 | 1292629 |
| **Renovation Brands (Renovation Parent Holdings, LLC)** | **Renovation Brands (Renovation Parent Holdings, LLC)** | **Renovation Brands (Renovation Parent Holdings, LLC)** | **Renovation Brands (Renovation Parent Holdings, LLC)** | **Renovation Brands (Renovation Parent Holdings, LLC)** |
| A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. | A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel. |
| 8.77% Term Loan due 11/15/2027 (SOFR + 5.000%) | $929612 | 11/15/21 | 923329 | 929612 |
| Limited Liability Company Unit (B) | 40,479 uts. | 09/29/17 | 40479 | 42822 |
|  |  |  | 963808 | 972434 |
| **RKD Group** |  |  |  |  |
| A provider of marketing and fundraising services to non-profit organizations ("NPOs") in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns. | A provider of marketing and fundraising services to non-profit organizations ("NPOs") in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns. | A provider of marketing and fundraising services to non-profit organizations ("NPOs") in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns. | A provider of marketing and fundraising services to non-profit organizations ("NPOs") in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns. | A provider of marketing and fundraising services to non-profit organizations ("NPOs") in the U.S. RKD provides a full suite of services including strategic planning, content creation/design, campaign execution, as well as data analytics to improve donor segmentation and provide strategic insights to inform future campaigns. |
| 8.90% Term Loan due 05/19/2031 (SOFR + 5.250%) (G) | $1714460 | 05/19/25 | 1378704 | 1381381 |
| **RoadOne IntermodaLogistics** |  |  |  |  |
| A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. | A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. | A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. | A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. | A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services. |
| 10.45% Term Loan due 12/29/2028 (SOFR + 6.750%) (G) | $647798 | 12/30/22 | 626950 | 617394 |
| **Rock Labor** |  |  |  |  |
| A provider of live entertainment event labor in the United States. | A provider of live entertainment event labor in the United States. | A provider of live entertainment event labor in the United States. | A provider of live entertainment event labor in the United States. | A provider of live entertainment event labor in the United States. |
| 9.17% Term Loan due 09/14/2029 (SOFR + 5.500%) (G) | $396391 | 09/14/23 | 331682 | 338523 |
| Limited Liability Company Unit (B) (F) | 12,266 uts. | 09/14/23 | 65676 | 68119 |
|  |  |  | 397358 | 406642 |
| **ROI Solutions** |  |  |  |  |
| Call center outsourcing and end user engagement services provider. | Call center outsourcing and end user engagement services provider. | Call center outsourcing and end user engagement services provider. | Call center outsourcing and end user engagement services provider. | Call center outsourcing and end user engagement services provider. |
| 8.67% Term Loan due 10/03/2029 (SOFR + 5.000%) (G) | $1425069 | 10/03/24 | 1025341 | 1015722 |

---

See Notes to Consolidated Financial Statements 26

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **RPX Corp** |  |  |  |  |
| A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. | A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation. |
| 9.18% Term Loan due 08/02/2030 (SOFR + 5.500%) (G) | $2466281 | 08/02/24 | $2187508 | $2191796 |
| **Safety Products Holdings, Inc.** |  |  |  |  |
| A manufacturer of highly engineered safety cutting tools. | A manufacturer of highly engineered safety cutting tools. | A manufacturer of highly engineered safety cutting tools. | A manufacturer of highly engineered safety cutting tools. | A manufacturer of highly engineered safety cutting tools. |
| 8.42% Term Loan due 12/16/2028 (SOFR + 4.750%) | $1952580 | 12/16/20 | 1945566 | 1952580 |
| Common Stock (B) | 30 shs. | 12/16/20 | 29900 | 42493 |
| \* 12/15/20 and 07/24/24. |  |  | 1975466 | 1995073 |
| **Sandvine Corporation** |  |  |  |  |
| A provider of active network intelligence solutions. | A provider of active network intelligence solutions. | A provider of active network intelligence solutions. | A provider of active network intelligence solutions. | A provider of active network intelligence solutions. |
| Class A Units (B) (I) | 688 shs. | 06/28/24 | 0 | 0 |
| Class B Units (B) (I) | 31,364 shs. | 06/28/24 | 0 | 0 |
| **Sara Lee Frozen Foods** |  |  |  |  |
| A provider of frozen bakery products, desserts and sweet baked goods. | A provider of frozen bakery products, desserts and sweet baked goods. | A provider of frozen bakery products, desserts and sweet baked goods. | A provider of frozen bakery products, desserts and sweet baked goods. | A provider of frozen bakery products, desserts and sweet baked goods. |
| 8.82% First Lien Term Loan due 07/30/2027 (SOFR + 5.000%) | $1422125 | 07/30/18 | 1417409 | 1387994 |
| **SBP Holdings** |  |  |  |  |
| A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. | A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. | A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. | A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. | A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments. |
| 8.67% Term Loan due 03/27/2028 (SOFR + 5.000%) (G) | $1234256 | 03/27/23 | 663587 | 671545 |
| **Scaled Agile, Inc.** |  |  |  |  |
| A provider of training and certifications for IT professionals focused on software development. | A provider of training and certifications for IT professionals focused on software development. | A provider of training and certifications for IT professionals focused on software development. | A provider of training and certifications for IT professionals focused on software development. | A provider of training and certifications for IT professionals focused on software development. |
| 6.02% (3.75% PIK) Term Loan due 12/15/2028 (SOFR + 2.250%) | $1506558 | 12/16/21 | 1495264 | 961184 |
| **Screenvision Media** |  |  |  |  |
| One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network. | One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network. | One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network. | One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network. | One of two leading cinema advertising networks in the US, offering advertising solutions to national and local brands across an exclusive in-cinema network. |
| 8.67% First Lien Term Loan due 04/25/2030 (SOFR + 5.000%) (G) | $495065 | 04/25/25 | 434553 | 434531 |
| 12.17% Second Lien Term Loan due 04/25/2030 (SOFR + 8.500%) | $443860 | 04/25/25 | 429429 | 429435 |
|  |  |  | 863982 | 863966 |

---

See Notes to Consolidated Financial Statements 27

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **SEKO Worldwide, LLC** |  |  |  |  |
| A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | A third-party logistics provider of ground, ocean, air and home delivery forwarding services. | A third-party logistics provider of ground, ocean, air and home delivery forwarding services. |
| 10.70% Senior Term Loan due 11/27/2029 (SOFR + 7.000%) | $582816 | 11/27/24 | $580985 | $484847 |
| 14.60% (9.50% PIK) Term Loan due 11/27/2029 (SOFR + 10.500%) (G) | $56710 | 11/10/25 | 36664 | 36664 |
| Common Stock (B) | 184 shs. | 11/27/24 | 808118 |  |
|  |  |  | 1425767 | 521511 |
| **Smartling, Inc.** |  |  |  |  |
| A provider in SaaS-based translation management systems and related translation services. | A provider in SaaS-based translation management systems and related translation services. | A provider in SaaS-based translation management systems and related translation services. | A provider in SaaS-based translation management systems and related translation services. | A provider in SaaS-based translation management systems and related translation services. |
| 8.42% Term Loan due 10/22/2032 (SOFR + 4.750%) (G) | $1725000 | 10/24/25 | 1148877 | 1150641 |
| **smartShift Technologies** |  |  |  |  |
| A provider of technology-enabled services for the SAP ERP ecosystem. | A provider of technology-enabled services for the SAP ERP ecosystem. | A provider of technology-enabled services for the SAP ERP ecosystem. | A provider of technology-enabled services for the SAP ERP ecosystem. | A provider of technology-enabled services for the SAP ERP ecosystem. |
| 8.83% Term Loan due 09/01/2029 (SOFR + 5.000%) (G) | $1468369 | 09/01/23 | 1279452 | 1300356 |
| Common Stock (B) | 29 shs. | 09/01/23 | 29000 | 55973 |
|  |  |  | 1308452 | 1356329 |
| **Sonicwall** |  |  |  |  |
| A provider of network security (i.e. firewall products) primarily focused on the SMB market. | A provider of network security (i.e. firewall products) primarily focused on the SMB market. | A provider of network security (i.e. firewall products) primarily focused on the SMB market. | A provider of network security (i.e. firewall products) primarily focused on the SMB market. | A provider of network security (i.e. firewall products) primarily focused on the SMB market. |
| 9.20% Incremental Term Loan due 05/18/2028 (SOFR + 5.500%) | $959858 | 06/13/25 | 945900 | 282362 |
| **Spatco** |  |  |  |  |
| A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. | A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. | A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. | A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. | A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. |
| 8.67% Term Loan due 07/23/2030 (SOFR + 5.000%) (G) | $1668625 | 07/23/24 | 1302176 | 1311454 |
| Limited Liability Company Unit (B) (F) | 49,308 uts. | 07/23/24 | 49444 | 47483 |
| \*07/23/24, 06/30/25 & 02/13/26 |  |  | 1351620 | 1358937 |
| **SRS Acquiom** |  |  |  |  |
| A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets. | A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets. | A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets. | A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets. | A leading tech-enabled platform providing end-to-end transaction services to clients engaged in the M&A and private credit markets. |
| 8.42% Term Loan due 01/14/2032 (SOFR + 4.750%) (G) | 686656 | 01/14/26 | 573041 | 572800 |
| **Stackline** |  |  |  |  |
| An e-commerce data company that tracks products sold through online retailers. | An e-commerce data company that tracks products sold through online retailers. | An e-commerce data company that tracks products sold through online retailers. | An e-commerce data company that tracks products sold through online retailers. | An e-commerce data company that tracks products sold through online retailers. |
| 11.38% Senior PIK Note due 07/30/2028 (SOFR + 7.750%) | $2816407 | 07/01/21 | 2805214 | 2816406 |
| Common Stock (B) | 1,340 shs. | 07/30/21 | 42078 | 62531 |
|  |  |  | 2847292 | 2878937 |
| **Standard Elevator Systems** |  |  |  |  |
| A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. | A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO. |
| 9.55% Term Loan due 12/02/2027 (SOFR + 5.750%) (G) | $1200506 | 12/02/21 | 1094421 | 797371 |
| 9.64% Incremental Term Loan due 12/02/2027 (SOFR + 5.750%) | $452827 | 04/04/24 | 448706 | 338262 |
|  |  |  | 1543127 | 1135633 |

---

See Notes to Consolidated Financial Statements 28

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Stratus Unlimited** |  |  |  |  |
| A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. | A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair. |
| 9.27% Term Loan due 06/30/2027 (SOFR + 5.500%) (G) | $911139 | 06/30/21 | $904004 | $884337 |
| 9.02% Incremental Term Loan due 06/30/2027 (SOFR + 5.250%) (G) | $715048 | 06/10/24 | 408814 | 391720 |
| Limited Liability Company Unit (B) | 75 uts. | 06/30/21 | 74666 | 58245 |
|  |  |  | 1387484 | 1334302 |
| **SVI International, Inc.** |  |  |  |  |
| A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). | A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). | A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). | A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). | A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.). |
| 10.40% Term Loan due 03/04/2030 (SOFR + 6.750%) (G) | $1070337 | 03/04/24 | 944958 | 958951 |
| Limited Liability Company Unit (B) (F) | 311,881 uts. | 05/22/23 | 311881 | 490620 |
|  |  |  | 1256839 | 1449571 |
| **Swoop** |  |  |  |  |
| Swoop is a provider of marketing data and engagement technology to the biopharma industry. | Swoop is a provider of marketing data and engagement technology to the biopharma industry. | Swoop is a provider of marketing data and engagement technology to the biopharma industry. | Swoop is a provider of marketing data and engagement technology to the biopharma industry. | Swoop is a provider of marketing data and engagement technology to the biopharma industry. |
| 8.17% Term Loan due 04/12/2032 (SOFR + 4.500%) (G) | 500000 | 04/11/25 | 255815 | 257576 |
| **Tank Holding** |  |  |  |  |
| A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. | A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers. |
| 9.52% Term Loan due 03/31/2028 (SOFR + 5.750%) (G) | $482068 | 03/31/22 | 456641 | 416864 |
| 9.77% Incremental Term Loan due 03/31/2028 (SOFR + 6.000%) | $221401 | 05/22/23 | 218668 | 201475 |
|  |  |  | 675309 | 618339 |
| **Tapco** |  |  |  |  |
| A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America. | A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America. | A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America. | A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America. | A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America. |
| 8.70% Term Loan due 11/15/2030 (SOFR + 5.000%) (G) | $2213204 | 11/15/24 | 1479968 | 1480578 |
| Common Stock (B) | 23 shs. | \* | 24529 | 32655 |
| \*11/15/24 & 08/20/25 |  |  | 1504497 | 1513233 |
| **Team Air (Swifty Holdings LLC)** |  |  |  |  |
| A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. | A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. | A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. | A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. | A leading HVAC wholesale distributor headquartered in Nashville, Tennessee. |
| 14.00% Senior Subordinated Note due 05/25/2028 | $1117916 | 05/01/23 | 1109029 | 1038544 |
| 14.00% Senior Subordinated Note due 05/25/2028 | $217372 | 08/01/24 | 215058 | 201939 |
| 14.00% Senior Subordinated Note due 05/25/2028 | $66247 | 12/02/24 | 65479 | 61543 |
| Common Stock (B) | 153,333 shs. | 05/01/23 | 153334 | 184460 |
| Limited Liability Company Unit (B) (F) | 891,204 uts. | 05/01/23 | 901631 | 180914 |
|  |  |  | 2444531 | 1667400 |

---

See Notes to Consolidated Financial Statements 29

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Tencarva Machinery Company** |  |  |  |  |
| A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. | A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets. |
| 8.60% Senior Term Loan due 12/20/2027 (SOFR + 4.750%) (G) | $1930912 | 12/20/21 | $1599714 | $1592485 |
| 8.60% Term Loan due 12/20/2027 (SOFR + 4.750%) (G) | $540918 | 01/02/25 | 266592 | 266536 |
|  |  |  | 1866306 | 1859021 |
| **Terrybear** |  |  |  |  |
| A designer and wholesaler of cremation urns and memorial products for people and pets. | A designer and wholesaler of cremation urns and memorial products for people and pets. | A designer and wholesaler of cremation urns and memorial products for people and pets. | A designer and wholesaler of cremation urns and memorial products for people and pets. | A designer and wholesaler of cremation urns and memorial products for people and pets. |
| 10.00% (4.00% PIK) Term Loan due 04/27/2028 (D) | $1034086 | 04/01/22 | 1024341 | 806587 |
| Limited Liability Company Unit (B) (F) | 84,038 uts. | 10/14/21 | 823577 |  |
|  |  |  | 1847918 | 806587 |
| **The Caprock Group (aka TA/TCG Holdings, LLC)** |  |  |  |  |
| A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. | A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average. |
| 8.17% Senior Term Loan due 12/22/2028 (SOFR + 4.500%) (G) | $1215465 | 05/21/25 | 670868 | 671482 |
| 8.17% Term Loan due 12/22/2028 (SOFR + 4.500%) (G) | $528831 | 12/22/21 | 332316 | 331926 |
|  |  |  | 1003184 | 1003408 |
| **The Hilb Group, LLC** |  |  |  |  |
| An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. | An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard. |
| 8.42% Term Loan due 10/31/2031 (SOFR + 4.750%) (G) | $777661 | 10/31/24 | 629511 | 631591 |
| **The Octave Music Group, Inc. (fka TouchTunes)** |  |  |  |  |
| A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. | A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998. |
| Limited Liability Company Unit (B) | 25,641 uts. | 04/01/22 | 25641 | 74005 |
| **Tipco Technologies** |  |  |  |  |
| A fluid solution supplier for industrial, hydraulic and high-purity applications. | A fluid solution supplier for industrial, hydraulic and high-purity applications. | A fluid solution supplier for industrial, hydraulic and high-purity applications. | A fluid solution supplier for industrial, hydraulic and high-purity applications. | A fluid solution supplier for industrial, hydraulic and high-purity applications. |
| 8.95% Term Loan due 12/03/2029 (SOFR + 5.250%) (G) | $577565 | 09/03/24 | 543079 | 541460 |
| 8.95% Incremental Term Loan due 12/03/2029 (SOFR + 5.250%) (G) | 111247 | 09/02/25 | 54464 | 54149 |
|  |  |  | 597543 | 595609 |
| **Trident Maritime Systems** |  |  |  |  |
| A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. | A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide. |
| 9.20% (2.00% PIK) Term Loan due 02/26/2027 (SOFR + 5.500%) | $1641374 | 02/26/21 | 1637279 | 1419788 |
| **Turnberry Solutions, Inc.** |  |  |  |  |
| A provider of technology consulting services. | A provider of technology consulting services. | A provider of technology consulting services. | A provider of technology consulting services. | A provider of technology consulting services. |
| 9.52% Term Loan due 03/02/2028 (SOFR + 5.750%) | $1571966 | 07/29/21 | 1550338 | 1527674 |

---

See Notes to Consolidated Financial Statements 30

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **UHY LLP** |  |  |  |  |
| A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. | A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. | A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. | A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. | A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. |
| 8.42% Term Loan due 11/21/2031 (SOFR + 4.750%) (G) | $1956071 | 11/22/24 | $1095093 | $1110857 |
| **Unosquare** |  |  |  |  |
| A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries. | A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries. | A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries. | A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries. | A provider of outsourced digital engineering and software development services for the banking, financial services, insurance, life sciences, and high-tech industries. |
| 8.42% Term Loan due 06/02/2031 (SOFR + 4.750%) (G) | $603857 | 06/02/25 | 351990 | 336245 |
| Limited Liability Company Unit (B) | 15,278 uts. | 06/02/25 | 15278 | 10005 |
|  |  |  | 367268 | 346250 |
| **U.S. Legal Support, Inc.** |  |  |  |  |
| A provider of court reporting, record retrieval and other legal supplemental services. | A provider of court reporting, record retrieval and other legal supplemental services. | A provider of court reporting, record retrieval and other legal supplemental services. | A provider of court reporting, record retrieval and other legal supplemental services. | A provider of court reporting, record retrieval and other legal supplemental services. |
| 9.32% Term Loan due 06/01/2026 (SOFR + 5.500%) | $2461861 | \* | 2460361 | 2446105 |
| \* 11/30/18 and 10/10/24 |  |  |  |  |
| **VB Spine** |  |  |  |  |
| A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries. | A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries. | A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries. | A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries. | A top-5 producer of spinal implants and devices used in fusion and non-fusion spinal surgeries. |
| 4.38% Term Loan due 04/01/2030 (SOFR + 4.375%) | $1600686 | 04/01/25 | 1551151 | 1549464 |
| Common Stock (B) | 26,485 shs. | 03/31/25 |  |  |
|  |  |  | 1551151 | 1549464 |
| **Vesta Foodservice** |  |  |  |  |
| A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce. | A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce. | A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce. | A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce. | A specialty foodservice distributor on the West Coast with a focus on fresh produce, dairy, grocery/other and value-added produce. |
| 8.19% Term Loan due 04/01/2033 (SOFR + 4.500%) | $1535243 | 04/01/26 | 1519891 | 1519891 |
| **VitalSource** |  |  |  |  |
| A provider of digital fulfillment software for the higher education sector. | A provider of digital fulfillment software for the higher education sector. | A provider of digital fulfillment software for the higher education sector. | A provider of digital fulfillment software for the higher education sector. | A provider of digital fulfillment software for the higher education sector. |
| 8.17% Term Loan due 06/03/2030 (SOFR + 4.500%) (G) | $1578721 | 06/01/21 | 1532736 | 1537851 |
| 8.17% Incremental Term Loan due 06/03/2030 (SOFR + 4.500%) | $74602 | 04/21/25 | 73994 | 74154 |
| Limited Liability Company Unit (B) | 1,891 uts. | 06/01/21 | 18909 | 57750 |
|  |  |  | 1625639 | 1669755 |
| **Warner Pacific Insurance Services** |  |  |  |  |
| A wholesale insurance broker focused on employee benefits. | A wholesale insurance broker focused on employee benefits. | A wholesale insurance broker focused on employee benefits. | A wholesale insurance broker focused on employee benefits. | A wholesale insurance broker focused on employee benefits. |
| 8.76% Term Loan due 12/27/2027 (SOFR + 5.000%) (G) | $1343302 | 08/01/23 | 911739 | 921561 |
| 8.80% Senior Term Loan due 12/27/2027 (SOFR + 5.000%) | $160419 | 12/27/21 | 159248 | 160419 |
|  |  |  | 1070987 | 1081980 |
| **Westminster Acquisition LLC** |  |  |  |  |
| A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. | A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands. |
| Limited Liability Company Unit (B) (F) | 370,241 uts. | 08/03/15 | 370241 |  |

---

See Notes to Consolidated Financial Statements 31

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Principal Amount,<br>Shares, Units or<br>Ownership Percentage | Acquisition<br>Date | Cost | Fair Value |
| **Private Placement Investments - 103.28%: (C)** |  |  |  |  |
| **Whitcraft Holdings, Inc.** |  |  |  |  |
| A leading supplier of highly engineered components for commercial and military aircraft engines. | A leading supplier of highly engineered components for commercial and military aircraft engines. | A leading supplier of highly engineered components for commercial and military aircraft engines. | A leading supplier of highly engineered components for commercial and military aircraft engines. | A leading supplier of highly engineered components for commercial and military aircraft engines. |
| 8.70% Term Loan due 09/30/2031 (SOFR + 5.000%) (G) | $1350085 | 02/15/23 | $1123614 | $1133850 |
| 8.70% Incremental Term Loan due 09/30/2031 (SOFR + 5.000%) (G) | 372513 | 09/30/25 | 82219 | 82542 |
| Limited Liability Company Unit (B) | 4,206 uts. | 02/15/23 | 42058 | 93931 |
|  |  |  | 1247891 | 1310323 |
| **Wilson Language Training** |  |  |  |  |
| A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3). | A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3). | A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3). | A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3). | A leading provider of supplemental literacy curriculum and professional development products for the K-12 market, with a particular emphasis on early reading (K-3). |
| 8.42% Term Loan due 04/19/2032 (SOFR + 4.750%) (G) | $611150 | 04/17/25 | 480431 | 443023 |
| **Woodland Foods, Inc.** |  |  |  |  |
| A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. | A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets. |
| 9.07% Term Loan due 12/29/2028 (SOFR + 5.250%) (G) | $1215884 | 12/01/21 | 1050044 | 1046375 |
| 9.07% Senior Term Loan due 12/29/2028 (SOFR + 5.250%) | $240845 | 03/05/25 | 238318 | 238533 |
| 9.07% Incremental Term Loan due 12/29/2028 (SOFR + 5.250%) | $89761 | 04/09/24 | 88816 | 88899 |
| Limited Liability Company Unit (B) (F) | 146 uts. | 09/29/17 | 145803 | 156445 |
| Preferred Stock (B) (F) | 32 shs. | 04/05/24 | 47760 | 50700 |
| Common Stock (B) (F) | 10 shs. | 03/05/25 | 16351 | 16278 |
|  |  |  | 1587092 | 1597230 |
| **World 50, Inc.** |  |  |  |  |
| A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. | A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations. |
| 8.17% Term Loan due 03/22/2030 (SOFR + 4.500%) (G) | $1692179 | 03/22/24 | 1585832 | 1608232 |
| **Worldwide Electric Corporation** |  |  |  |  |
| Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. | Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. | Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. | Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. | Develops, produces, and distributes electric motors, gear reducers, motor controls, generators, and frequency converters. |
| 8.70% Term Loan due 10/03/2028 (SOFR + 5.000%) (G) | $971289 | 10/03/22 | 836926 | 840752 |
| **Ziyad** |  |  |  |  |
| An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. | An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods. |
| 8.19% Term Loan due 12/20/2032 (SOFR + 4.500%) (G) | $974485 | 12/19/25 | 553476 | 553960 |
| Common Stock (B) | 34 shs. | 12/19/25 | 34000 | 33879 |
|  |  |  | 587476 | 587839 |
| **Total Private Placement Investments (E)** |  |  | $**160494178** | $**170168110** |

---

See Notes to Consolidated Financial Statements 32

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Corporate Restricted Securities - 111.56%: (A)** | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount | Cost | Market<br>Value |
| **Rule 144A Securities - 8.28%: (H)** |  |  |  |  |  |
| **Corporate Bonds - 8.28%** |  |  |  |  |  |
| Acadia Healthcare Company, Inc (J) | 5.000 | 04/15/2029 | $672000 | $649397 | $654266 |
| Bausch Health Companies Inc. | 10.000 | 04/15/2032 | 500000 | 514673 | 511922 |
| Cable & Wireless Comm Limited | 9.000 | 01/15/2033 | 500000 | 518175 | 505080 |
| Citrix | 6.625 | 08/15/2033 | 2000000 | 1982239 | 1778151 |
| Community Health Systems | 5.250 | 05/15/2030 | 500000 | 471753 | 471241 |
| CSC Holdings LLC | 5.000 | 11/15/2031 | 625000 | 553442 | 225333 |
| Digicel | 8.625 | 08/01/2032 | 322000 | 332465 | 326765 |
| iHeartMedia | 4.750 | 01/15/2028 | 650000 | 604646 | 584645 |
| Inmarsat Finance PLC | 9.000 | 09/15/2029 | 480000 | 479817 | 504259 |
| LBM | 9.500 | 06/15/2031 | 226000 | 224928 | 196721 |
| Liberty Cablevision of Puerto Rico (J) | 6.750 | 10/15/2027 | 750000 | 718205 | 500389 |
| Mauser Packaging | 9.250 | 04/15/2030 | 500000 | 484623 | 464584 |
| Mission Broadcasting Inc | 6.500 | 09/15/2033 | 453000 | 453000 | 456451 |
| Nielsen | 9.290 | 04/15/2029 | 658000 | 649468 | 659828 |
| Novolex Holdings, Inc | 8.750 | 04/15/2030 | 500000 | 495622 | 466537 |
| Radiology Partners, Inc | 9.781 | 02/15/2030 | 865503 | 835020 | 790438 |
| Shift4 Payments | 6.750 | 08/15/2032 | 651000 | 635539 | 640158 |
| Staples | 10.750 | 09/01/2029 | 750000 | 733821 | 693614 |
| Stonebriar Finance Holdings | 8.125 | 12/15/2030 | 500000 | 507121 | 516821 |
| Terrier Media Buyer, Inc. | 8.875 | 12/15/2027 | 428000 | 421784 | 370078 |
| Uniti Group | 8.625 | 06/15/2032 | 750000 | 755374 | 762975 |
| Venture Global | 4.125 | 08/15/2031 | 555000 | 502523 | 514821 |
| Wilsonart | 11.000 | 08/15/2032 | 750000 | 741158 | 543661 |
| Zayo Group | 9.250 | 03/09/2030 | 500000 | 489182 | 497070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Bonds** |  |  |  | **14753975** | **13635808** |
| **Common Stock - 0.00%** |  |  |  |  |  |
| TherOX, Inc. (B) |  |  | 2 shs |  |  |
| Touchstone Health Partnership (B) |  |  | 292 shs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock** |  |  |  | **—** | **—** |
| **Total Rule 144A Securities** |  |  |  | $**14753975** | $**13635808** |
| **Total Corporate Restricted Securities** |  |  |  | $**175248153** | $**183803918** |

---

See Notes to Consolidated Financial Statements 33

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Corporate Public Securities - 6.42%: (A)** | LIBOR<br>Spread | Interest<br>Rate | Maturity<br>Date | Principal<br>Amount | Cost | Market<br>Value |
| **Bank Loans - 4.43%** |  |  |  |  |  |  |
| AL GCX Fund VII | 2.250 | 5.872 | 12/17/2032 | $617284 | $615795 | $616704 |
| Asurion | 4.250 | 7.966 | 9/19/2030 | 498747 | 499341 | 492408 |
| Bausch Health Companies Inc. | 6.250 | 9.918 | 10/8/2030 | 1565900 | 1535399 | 1508916 |
| BMC Software | 5.750 | 9.417 | 7/30/2032 | 1000000 | 990025 | 831880 |
| Cornerstone OnDemand | 3.750 | 7.532 | 10/16/2028 | 927574 | 795395 | 672491 |
| Electronic Arts | 3.500 | 7.440 | 3/24/2033 | 473210 | 466112 | 470253 |
| Fidelis (C) | 5.000 | 8.668 | 10/17/2031 | 987500 | 983579 | 983549 |
| Imperial Dade | 3.500 | 7.173 | 12/29/2032 | 537428 | 531215 | 528362 |
| OneSky Flight, LLC | 2.750 | 6.428 | 2/17/2033 | 576923 | 574078 | 574760 |
| Prince | 5.500 | 9.153 | 4/30/2030 | 562400 | 184472 | 116241 |
| Versant Media Group | 3.500 | 7.365 | 1/30/2031 | 500000 | 500000 | 499065 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans** |  |  |  |  | **7675411** | **7294629** |
| **Bonds - 0.82%** |  |  |  |  |  |  |
| Cedar Fair |  | 6.625 | 05/01/32 | 500000 | 502835 | 498799 |
| Jetblue Airways |  | 9.875 | 09/20/31 | 650000 | 688482 | 614288 |
| Norwegian Cruise Line Holdings |  | 6.250 | 09/15/33 | 500000 | 496366 | 485169 |
| OneMain Finance Corp |  | 6.750 | 09/15/33 | 301000 | 301000 | 288615 |
| Perrigo |  | 6.125 | 09/30/32 | 504000 | 490140 | 459865 |
| Sabre Global |  | 11.125 | 06/15/29 | 1000000 | 985304 | 936042 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bonds** |  |  |  |  | **3464127** | **3282778** |
| **Total Corporate Public Securities** |  |  |  |  | $**11139538** | $**10577407** |
| **Total Investments** |  | **117.98%** |  |  | $**186387691** | $**194381325** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets |  | 6.35 |  |  |  | 10473704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (24.33) |  |  |  | (40093095) |
| **Total Net Assets** |  | **100.00%** |  |  |  | $**164761934** |

---

(A)&nbsp;&nbsp;&nbsp;&nbsp;In each of the convertible note, warrant, convertible preferred and common stock investments, the issuer has agreed to provide certain registration rights.

(B)&nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

(C)&nbsp;&nbsp;&nbsp;&nbsp;Security valued at fair value using methods determined in good faith by or under the direction of the Board of Trustees.

(D)&nbsp;&nbsp;&nbsp;&nbsp;Defaulted security; interest not accrued.

(E)&nbsp;&nbsp;&nbsp;&nbsp;Illiquid securities. As of March 31, 2026, the value of these securities amounted to $170,168,110 or 103.28% of net assets.

(F)&nbsp;&nbsp;&nbsp;&nbsp;Held in PI Subsidiary Trust.

(G)&nbsp;&nbsp;&nbsp;&nbsp;A portion of these securities contain unfunded commitments. As of March 31, 2026, total unfunded commitments amounted to $26,571,422 and had unrealized depreciation of $(11,380) or (0.01)% of net assets. See Note 7.

(H)&nbsp;&nbsp;&nbsp;&nbsp;Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.

(I)&nbsp;&nbsp;&nbsp;&nbsp;Security received at zero cost through a restructuring of previously held debt or equity securities.

(J) Foreign security.

PIK - Payment-in-kind

SOFR - Secured Overnight Financing Rate

See Notes to Consolidated Financial Statements 34

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

Distributions of investments by country of risk. Percentage of assets are expressed by market value excluding cash and foreign currency as of March 31, 2026.

---

| | |
|:---|:---|
| United States of America | 99.4% |
| Individually less than 1% | 0.6% |
|  | 100.0% |

---

See Notes to Consolidated Financial Statements 35

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| **AEROSPACE & DEFENSE - 6.10%** |  |
| Accurus Aerospace | 468047 |
| Applied Aerospace Structures Corp. | 1289016 |
| Bridger Aerospace | 206827 |
| Compass Precision | 2726472 |
| CTS Engines | 2003151 |
| Mission Microwave | 623334 |
| Trident Maritime Systems | 1419788 |
| Whitcraft Holdings, Inc. | 1310323 |
|  | 10046958 |
| **AIRLINES - 0.77%** |  |
| Echo Logistics | 78644 |
| Jetblue Airways | 614288 |
| OneSky Flight, LLC | 574760 |
|  | 1267692 |
| **AUTOMOTIVE - 3.69%** |  |
| Aurora Parts & Accessories LLC (d.b.a Hoosier) | 291877 |
| BBB Industries LLC - DBA (GC EOS Buyer Inc.) | 435889 |
| EFC International | 1303529 |
| Omega Holdings | 539337 |
| Onsite Dealer Solutions | 437321 |
| Randy's Worldwide | 261564 |
| Spatco | 1358937 |
| SVI International, Inc. | 1449571 |
|  | 6078025 |
| **BROKERAGE, ASSET MANAGERS & EXCHANGES - 0.99%** | **BROKERAGE, ASSET MANAGERS & EXCHANGES - 0.99%** |
| The Caprock Group (aka TA/TCG Holdings, LLC) | 1003408 |
| The Hilb Group, LLC | 631591 |
|  | 1634999 |
| **BUILDING MATERIALS - 0.77%** |  |
| LBM | 196721 |
| Lockmasters Incorporated | 534703 |
| Wilsonart | 543661 |
|  | 1275085 |
| **CABLE & SATELLITE - 1.05%** |  |
| CSC Holdings LLC | 225333 |
| Inmarsat Finance PLC | 504259 |
| Liberty Cablevision of Puerto Rico | 500389 |
| Versant Media Group | 499065 |
|  | 1729046 |
| **CAPITAL GOODS - 0.64%** |  |
| GME Supply | 1053408 |

---

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| **CHEMICALS - 1.86%** |  |
| Americo Chemical Products | 1258115 |
| Goodyear Chemical | 967526 |
| Polytex Holdings LLC | 717395 |
| Prince | 116241 |
|  | 3059277 |
| **CONSUMER CYCLICAL SERVICES - 5.86%** | **CONSUMER CYCLICAL SERVICES - 5.86%** |
| CEC Entertainment Inc | 340986 |
| Expert Institute Group | 152935 |
| LYNX Franchising | 2382799 |
| Magnolia Wash Holdings (Express Wash Acquisition Company, LLC) | 367889 |
| Mobile Pro Systems | 1244411 |
| ROI Solutions | 1015722 |
| Staples | 693614 |
| Swoop | 257576 |
| Team Air (Swifty Holdings LLC) | 1667400 |
| Turnberry Solutions, Inc. | 1527674 |
|  | 9651006 |
| **CONSUMER INDUSTRIAL - 0.92%** |  |
| Tapco | 1513233 |
| **CONSUMER PRODUCTS - 2.01%** | **CONSUMER PRODUCTS - 2.01%** |
| Handi Quilter Holding Company (Premier Needle Arts) | 90303 |
| Ice House America | 975376 |
| Perrigo | 459865 |
| Renovation Brands (Renovation Parent Holdings, LLC) | 972434 |
| Terrybear | 806587 |
|  | 3304565 |
| **CORPORATE INDUSTRIAL - 0.57%** |  |
| Sabre Global | 936042 |
| **DIVERSIFIED MANUFACTURING - 3.99%** | **DIVERSIFIED MANUFACTURING - 3.99%** |
| Accelevation | 223225 |
| HTI Technology & Industries Inc. | 783492 |
| MNS Engineers, Inc. | 349000 |
| Process Insights Acquisition, Inc. | 633801 |
| Safety Products Holdings, Inc. | 1995073 |
| Standard Elevator Systems | 1135633 |
| Tank Holding | 618339 |
| Worldwide Electric Corporation | 840752 |
|  | 6579315 |

---

See Notes to Consolidated Financial Statements 36

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| **ELECTRIC - 2.72%** |  |
| Cascade Services | $1418513 |
| Dwyer Instruments, Inc. | 1666219 |
| Franklin Energy | 664994 |
| Pro Vision | 739196 |
|  | 4488922 |
| **ENVIRONMENTAL - 1.41%** |  |
| ENTACT Environmental Services, Inc. | 945978 |
| Northstar Recycling | 1369022 |
|  | 2315000 |
| **FINANCE COMPANIES - 0.69%** |  |
| Forge | 333731 |
| OneMain Finance Corp | 288615 |
| Stonebriar Finance Holdings | 516821 |
|  | 1139167 |
| **FINANCIAL OTHER - 3.37%** |  |
| Bishop Street Underwriters | 634478 |
| Coduet Royalty Holdings, LLC | 110331 |
| Cogency Global | 1506157 |
| Ethos Risk Services | 216826 |
| Fidelis | 983549 |
| Merchant Industry | 423629 |
| SRS Acquiom | 572800 |
| UHY LLP | 1110857 |
|  | 5558627 |
| **FOOD & BEVERAGE - 3.51%** |  |
| California Custom Fruits & Flavors | 328095 |
| PANOS Brands LLC | 369509 |
| Sara Lee Frozen Foods | 1387994 |
| Vesta Foodservice | 1519891 |
| Woodland Foods, Inc. | 1597230 |
| Ziyad | 587839 |
|  | 5790558 |
| **HEALTHCARE - 9.31%** |  |
| Acadia Healthcare Company, Inc | 654266 |
| Cadence, Inc. | 1710134 |
| Cloudbreak | 2170107 |
| Community Health Systems | 471241 |
| Dane Street LLC | 403728 |
| GCDL Holdings LLC | 1635031 |
| Heartland Veterinary Partners | 2623166 |
| HemaSource, Inc. | 865602 |
| Home Care Assistance, LLC | 722307 |
| Illumifin | 401365 |
| Innovia Medical | 458137 |
| Navia Benefit Solutions, Inc. | 1170398 |

---

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| Parkview Dental Partners | $879851 |
| Radiology Partners, Inc | 790438 |
| Real Chemistry | 376679 |
|  | 15332450 |
| **HEALTH INSURANCE - 0.66%** |  |
| Warner Pacific Insurance Services | 1081980 |
| **INDUSTRIAL ENERGY MIDSTREAM - 0.69%** |  |
| AL GCX Fund VII | 616704 |
| Venture Global | 514821 |
|  | 1131525 |
| **INDUSTRIAL OTHER - 24.26%** |  |
| Accredited Labs | 92219 |
| American Roller Company | 404437 |
| Application Bootcamp LLC | 1108943 |
| BKF Engineers | 815087 |
| Caldwell & Gregory LLC | 1475700 |
| Coker | 1071630 |
| Concept Machine Tool Sales, LLC | 550781 |
| Door & Window Guard Systems | 435893 |
| Electric Equipment and Engineering | 1935404 |
| Gojo Industries | 639085 |
| Guardian Fire Services | 391269 |
| Imperial Dade | 528362 |
| Kanawha Scales and Systems | 449233 |
| LaunchPad Home Group | 899156 |
| Madison IAQ Holdings II LLC | 15801617 |
| Media Recovery, Inc. | 968105 |
| Momentum Group | 590008 |
| MSI Express | 530047 |
| ORS Nasco | 579612 |
| Polara (VSC Polara LLC) | 1057203 |
| Proceed (fka Counsel Press) | 1051005 |
| ProcessBarron (Process Equipment, Inc. / PB Holdings, LLC) | 668594 |
| RapidAir | 320681 |
| SBP Holdings | 671545 |
| Stratus Unlimited | 1334302 |
| Tencarva Machinery Company | 1859021 |
| Tipco Technologies | 595609 |
| VB Spine | 1549464 |
| World 50, Inc. | 1608232 |
|  | 39982244 |

---

See Notes to Consolidated Financial Statements 37

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| **LEISURE- 0.60%** |  |
| Cedar Fair | 498799 |
| Norwegian Cruise Line Holdings | 485169 |
|  | 983968 |
| **LOCAL AUTHORITY - 0.88%** |  |
| LeadsOnline | 1445517 |
| **MEDIA & ENTERTAINMENT - 6.75%** | **MEDIA & ENTERTAINMENT - 6.75%** |
| Advantage Software | 29495 |
| ASC Communications, LLC (Becker's Healthcare) | 1524836 |
| BrightSign | 1526703 |
| DistroKid (IVP XII DKCo-Invest,LP) | 2131012 |
| iHeartMedia | 584645 |
| Mission Broadcasting Inc | 456451 |
| Music Reports, Inc. | 1321608 |
| RKD Group | 1381381 |
| Rock Labor | 406642 |
| Screenvision Media | 863966 |
| Terrier Media Buyer, Inc. | 370078 |
| The Octave Music Group, Inc. (fka TouchTunes) | 74005 |
| Wilson Language Training | 443023 |
|  | 11113845 |
| **PACKAGING - 2.46%** |  |
| Brown Machine LLC | 718383 |
| Buske Logistics Inc | 336037 |
| Diversified Packaging | 1558824 |
| Five Star Holding, LLC | 503453 |
| Mauser Packaging | 464584 |
| Novolex Holdings, Inc | 466537 |
|  | 4047818 |
| **PHARMACEUTICALS - 1.23%** |  |
| Bausch Health Companies Inc. | 2020838 |
| **PROPERTY & CASUALTY - 1.36%** |  |
| Asurion | 492408 |
| Pearl Holding Group | 1753613 |
|  | 2246021 |
| **TECHNOLOGY - 24.30%** |  |
| ABC Legal Services | 312008 |
| Automated Financial Systems | 395047 |
| Becklar | 1042551 |
| Best Lawyers (Azalea Investment Holdings, LLC) | 1643381 |
| Bitly | 1644898 |

---

---

| | | |
|:---|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value | Fair Value/<br>Market Value |
| BMC Software | $| 831880 |
| CAi Software | 644071 | 644071 |
| Cash Flow Management | 1179989 | 1179989 |
| Citrix | 1778151 | 1778151 |
| CloudOne Digital Corp | 807684 | 807684 |
| CloudWave | 1749862 | 1749862 |
| Cognito Forms | 1597359 | 1597359 |
| Coherus Biosciences | 297229 | 297229 |
| Command Alkon | 31444 | 31444 |
| Comply365 | 630564 | 630564 |
| Cornerstone OnDemand | 672491 | 672491 |
| DataServ | 19815 | 19815 |
| Electronic Arts | 470253 | 470253 |
| EFI Productivity Software | 528314 | 528314 |
| Follett School Solutions | 1499268 | 1499268 |
| HaystackID | 770711 | 770711 |
| Net at Work | 1327500 | 1327500 |
| Netrix | 1429750 | 1429750 |
| Newforma | 635321 | 635321 |
| Nielsen | 659828 | 659828 |
| ProfitOptics | 1459349 | 1459349 |
| Project Halo | 785999 | 785999 |
| Recovery Point Systems, Inc. | 1292629 | 1292629 |
| RPX Corp | 2191796 | 2191796 |
| Scaled Agile, Inc. | 961184 | 961184 |
| Shift4 Payments | 640158 | 640158 |
| Smartling, Inc. | 1150641 | 1150641 |
| smartShift Technologies | 1356329 | 1356329 |
| Sonicwall | 282362 | 282362 |
| Stackline | 2878937 | 2878937 |
| Unosquare | 346250 | 346250 |
| U.S. Legal Support, Inc. | 2446105 | 2446105 |
| VitalSource | 1669755 | 1669755 |
|  | 40060863 | 40060863 |
| **TELECOM - WIRELINE INTEGRATED & SERVICES - 0.31%** | **TELECOM - WIRELINE INTEGRATED & SERVICES - 0.31%** | **TELECOM - WIRELINE INTEGRATED & SERVICES - 0.31%** |
| Cable & Wireless Comm Limited | 505080 | 505080 |
| **TRANSPORTATION SERVICES - 3.29%** | **TRANSPORTATION SERVICES - 3.29%** | **TRANSPORTATION SERVICES - 3.29%** |
| AIT Worldwide Logistics, Inc. | 148240 | 148240 |
| Argus Logistics | 546049 | 546049 |
| FragilePAK | 1103942 | 1103942 |
| Milestone Chassis Company | 848485 | 848485 |
| Pegasus Transtech Corporation | 1635820 | 1635820 |

---

See Notes to Consolidated Financial Statements 38

------

**Consolidated Schedule of Investments&nbsp;&nbsp;&nbsp;&nbsp;** (Continued) Barings Participation Investors

**March 31, 2026** 

**(Unaudited)** 

---

| | |
|:---|:---|
| **Industry Classification:** | Fair Value/<br>Market Value |
| RoadOne IntermodaLogistics | $617394 |
| SEKO Worldwide, LLC | 521511 |
|  | 5421441 |
| **WIRELESS - 0.20%** |  |
| Digicel | 326765 |
| **WIRELINES-0.76%** |  |
| Uniti Group | 762975 |
| Zayo Group | 497070 |
|  | 1260045 |
| **Total Investments - 117.98%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $186,387,691)** | $**194381325** |

---

See Notes to Consolidated Financial Statements 39

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** Barings Participation Investors

**(Unaudited)** 

**1. History**

Barings Participation Investors (the "Trust") was organized as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts pursuant to a Declaration of Trust dated April 7, 1988.

The Trust is a diversified closed-end management investment company. Barings LLC ("Barings"), a subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), acts as its investment adviser. The Trust's investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust's principal investments are privately placed, below investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such direct placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities) and marketable common stock. Below investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.

In 1998, the Board of Trustees authorized the formation of a wholly-owned subsidiary of the Trust ("PI Subsidiary Trust") for the purpose of holding certain investments. The results of the PI Subsidiary Trust are consolidated in the accompanying financial statements. Footnote 2.D below discusses the Federal tax consequences of the PI Subsidiary Trust. The effects of all internal transactions between the Trust and its wholly-owned subsidiary are eliminated in consolidation.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed consistently by the Trust in the preparation of its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The Trustees have determined that the Trust is an investment company in accordance with Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies*, for the purpose of financial reporting.

**A. Fair Value Measurements:** 

Under U.S. GAAP, fair value represents the price that should be received to sell an asset (exit price) in an orderly transaction between willing market participants at the measurement date.

**Determination of Fair Value** 

The net asset value ("NAV") of the Trust's shares is determined as of the close of business on the last business day of each quarter, as of the date of any distribution, and at such other times as Barings, as the Trust's valuation designee under Rule 2a-5 of the 1940 Act, shall determine the fair value of the Trust's investments, subject to the general oversight of the Board.

Barings has established a Pricing Committee which is responsible for setting the guidelines used in fair valuation and ensuring that those guidelines are being followed. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings, when determining the fair value of a security. Barings reports to the Board each quarter regarding the valuation of each portfolio security in accordance with the procedures and guidelines referred to above, which include the relevant factors referred to below. The consolidated financial statements include private placement restricted securities valued at $170,168,110 (100.30% of net assets) and corporate public securities value at $1,558,310 (0.95% of net assets) as of March 31, 2026, the values of which have been estimated by Barings based on the process described above in the absence of readily ascertainable market values. Due to the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

**Independent Valuation Process** 

The fair value of bank loans and equity investments that are unsyndicated or for which market quotations are not readily available, including middle-market bank loans, will be submitted to an independent provider to perform an independent valuation on those bank loans and equity investments as of the end of each quarter. Such bank loans and equity investments will be held at cost until such time as they are sent to the valuation provider for an initial valuation subject to override by the Adviser should it determine that there have been material changes in interest rates and/or the credit quality of the issuer. The independent valuation provider applies various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the "discount rate") as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

discount rates in the discounted cash flow analysis. A range of value will be provided by the valuation provider and the Adviser will determine the point within that range that it will use in making valuation determinations. The Adviser will use its internal valuation model as a comparison point to validate the price range provided by the valuation provider. If the Advisers' Pricing Committee disagrees with the price range provided, it may make a fair value determination that is outside of the range provided by the independent valuation provider, such determination to be reported to the Trustees in the Adviser's quarterly reporting to the Board. In certain instances, the Trust may determine that it is not cost-effective, and as a result is not in the shareholders' best interests, to request the independent valuation firm to perform the Procedures on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Following is a description of valuation methodologies used for assets recorded at fair value:

**Corporate Public Securities at Fair Value – Bank Loans, Corporate Bonds, Preferred Stocks and Common Stocks** 

The Trust uses external independent third-party pricing services to determine the fair values of its Corporate Public Securities. At March 31, 2026, 100% of the carrying value of these investments was from external pricing services. In the event that the primary pricing service does not provide a price, the Trust utilizes the pricing provided by a secondary pricing service.

Public debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Trust's pricing services use multiple valuation techniques to determine fair value. In instances where significant market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where significant market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal underlying prepayments, collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value.

The Trust's investments in bank loans are normally valued at the bid quotation obtained from dealers in loans by an independent pricing service in accordance with the Trust's valuation policies and procedures approved by the Trustees.

Public equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sales price of that day.

At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in that vendors' pricing process are deemed to be market observable as defined in the standard. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The reviews also include an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy.

**Corporate Restricted Securities at Fair Value – Bank Loans, Corporate Bonds** 

The fair value of certain notes is determined using an internal model that discounts the anticipated cash flows of those notes using a specific discount rate. Changes to that discount rate are driven by changes in general interest rates, probabilities of default and credit adjustments. The discount rate used within the models to discount the future anticipated cash flows is considered a significant unobservable input. Increases/(decreases) in the discount rate would result in a (decrease)/increase to the notes' fair value.

The fair value of certain distressed notes is based on an enterprise waterfall methodology which is discussed in the equity security valuation section below.

**Corporate Restricted Securities at Fair Value – Common Stock, Preferred Stock and Partnerships & LLC's** 

The fair value of equity securities is determined using an enterprise waterfall methodology. Under this methodology, the enterprise value of the company is first estimated and that value is then allocated to the company's outstanding debt and equity securities based on the documented priority of each class of securities in the capital structure. Generally, the waterfall proceeds from senior debt, to senior and junior subordinated debt, to preferred stock, then finally common stock.

To estimate a company's enterprise value, the company's trailing twelve months earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") or the company's trailing twelve month revenue is multiplied by a valuation multiple.

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

The Adjusted EBITDA or revenue valuation multiple is the primary significant unobservable input. Increases/ (decreases) to the company's EBITDA or revenue would result in increases/ (decreases) to the equity value.

**Short-Term Securities** 

Short-term securities with more than sixty days to maturity are valued at fair value, using external independent third-party services. Short-term securities, of sufficient credit quality, having a maturity of sixty days or less are valued at amortized cost, which approximates fair value.

**New Accounting Pronouncements** 

In November 2023, the FASB issued Accounting Standards Update, 2023-07, Segment Reporting (Topic 280) ("ASU 2023-07"), which applies to all entities that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The effective dates for the amendments in ASU 2023-07 are for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Trust adopted the aforementioned guidance and it did not have a material impact on the Trust's consolidated financial statements. See "Segments" below for disclosure.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include income taxes paid disaggregated by jurisdiction. The effective date for the amendments in ASU 2023-09 are for fiscal years beginning after December 15, 2025. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Trust adopted the aforementioned guidance and it did not have a material impact on the Trust's consolidated financial statements.

**Segments**

The Trust makes investments in securities of issuers that operate in various industries. The Trust represents a single reporting segment, where performance is measured against its single investment objective as described in Note 1. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the single segment is the same as those described in "Significant Accounting Policies." The Trust has identified the President and Chief Financial Officer as the chief operating decision makers ("CODM"), who evaluate the performance of the single segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Trust, the dividend policy, and the Trust's investment strategy, which is outlined in Note 1. As the Trust operates as a single reportable segment, the segment assets are presented on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and the net investment income before taxes, significant segment expenses and net increase in net assets resulting from operations are presented on the accompanying Consolidated Statements of Operations.

**Fair Value Hierarchy** 

**The Trust categorizes its investments measured at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are as follows:** 

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

The following table summarizes the levels in the fair value hierarchy into which the Trust's financial instruments are categorized as of March 31, 2026.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

The fair values of the Trust's investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of March 31, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Corporate Restricted Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Private Placement Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 717395 |  |  | 717395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 143352375 |  | 282362 | 143070013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 3660214 |  |  | 3660214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 667418 |  |  | 667418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and LLCs | 21770708 |  |  | 21770708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rule 144A Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 13635808 |  | 13635808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| Corporate Public Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 7294629 |  | 5736319 | 1558310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | 3282778 |  | 3282778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| Total | $194381325 | $— | $22937267 | $171444058 |

---

See information disaggregated by issuer, security type, and industry classification in the Consolidated Schedule of Investments.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

**Quantitative Information about Level 3 Fair Value Measurements** 

The following table represents quantitative information about Level 3 fair value measurements as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | **Valuation Model** | **Level 3 Inputs** | **Range of Inputs** | **Weighted Average\*** | **Impact to Valuation from an Increase in Input** |
| **Corporate Restricted Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Private Placement Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds** | $717395 | Market Approach | Revenue Multiple | 0.2x | 0.2x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans** | 121909712 | Yield Analysis | Market Yield | 7.8% - 23.7% | 10.4% | Decrease |
|  | 5900834 | Market Approach | Adjusted EBITDA Multiple | 5.8x - 11.7x | 7.8x | Increase |
|  |  | Market Approach | Revenue Multiple |  |  | Increase |
|  | 15259467 | Recent Transaction | Transaction Price | 98.0% - 99.5% | 98.8% | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stock** | 110331 | Yield Analysis | Market Yield | 29.0% | 29.0% | Decrease |
|  | 3449653 | Market Approach | Adjusted EBITDA Multiple | 6.0x - 16.8x | 9.2x | Increase |
|  | 62531 | Market Approach | Revenue Multiple | 6.5x | 6.5x | Increase |
|  | 37699 | Recent Transaction | Transaction Price | $1.00 - $1,000.00 | 848.98 | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock** | 206826 | Yield Analysis | Market Yield | 12.1% | 12.1% | Decrease |
|  | 460592 | Market Approach | Adjusted EBITDA Multiple | 10.8x - 13.5x | 12.0x | Increase |
|  |  | Market Approach | Revenue Multiple |  |  | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Partnerships and LLCs** | 21770708 | Market Approach | Adjusted EBITDA Multiple | 0.3x - 22.5x | 13.5x | Increase |
|  |  | Market Approach | &nbsp;&nbsp;Revenue Multiple | 0.2x | 0.2x | Increase |
| **Corporate Public Securities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans** | 983550 | &nbsp;&nbsp;Yield Analysis | &nbsp;&nbsp;Market Yield | 9.3% | 9.3% | Decrease |

---

Certain of the Trust's Level 3 equity securities investments may be valued using unadjusted inputs that have not been internally developed by the Trust. As a result, fair value of assets of $574,760 have been excluded from the preceding table.

\* The weighted averages disclosed in the table above were weighted by relative fair value

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets:** | **Beginning balance at<br>12/31/2025** | **Included in<br>earnings** | **Purchases** | **Sales** | **Prepayments** | **Transfers<br>into<br>Level 3\*** | **Transfers<br>out of<br>Level 3\*** | **Ending<br>balance at<br>03/31/2026** |
| Corporate Restricted Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Private Placement Investments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $750873 | $(33478) | $— | $— | $— | $— | $— | $717395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 141884124 | (1537962) | 9989893 | (1064059) | (6201983) |  |  | 143070013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 3741678 | (108521) | 191032 | (163975) |  |  |  | 3660214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 819328 | 58419 |  | (210329) |  |  |  | 667418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnerships and LLCs | 21229869 | 824648 | 927 | (284736) |  |  |  | 21770708 |
| Corporate Public Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | 1725831 | 830 | 574038 |  | (742389) |  |  | 1558310 |
|  | $**170151703** | $**(796064)** | $**10755890** | $**(1723099)** | $**(6944372)** | $**—** | $**—** | $**171444058** |

---

\* For the three months ended March 31, 2026, there were no transfers into or out of Level 3.

OID Amortization, Gains and Losses on Level 3 assets included in Net Increase in Net Assets resulting from Operations for the period are presented in the following accounts on the Statement of Operations:

---

| | | |
|:---|:---|:---|
| | **Net Increase / (Decrease) in Net Assets Resulting from Operations** | **Change in Unrealized Appreciation / (Depreciation) in Net Assets from assets still held** |
| OID Amortization | $114725 | - |
| Net realized loss on investments before taxes | (529469) | - |
| Net change in unrealized appreciation (depreciation) of investments before taxes | (381320) | (574713) |

---

**B. Accounting for Investments:** 

**Investment Income** 

Investment transactions are accounted for on the trade date. Interest income, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on non-accrual status and will cease recognizing interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Trust writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2026, the fair value of the Trust's non-accrual assets was $2,659,615, or 1.4% of the total fair value of the Trust's portfolio, and the cost of the Trust's non-accrual assets was $3,631,651, or 1.9% of the total cost of the Trust's portfolio.

**Payment-in-Kind Interest** 

The Trust currently holds, and expects to hold in the future, some investments in its portfolio that contain Payment-in-Kind ("PIK") interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the investment, rather than being paid to the Trust in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Trust's taxable income and therefore affects the amount the Trust is required to distribute to its stockholders to maintain its qualification as a "regulated investment company" for federal income tax purposes, even though the Trust

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

has not yet collected the cash. Generally, when current cash interest and/or principal payments on an investment become past due, or if the Trust otherwise does not expect the borrower to be able to service its debt and other obligations, the Trust will place the investment on PIK non-accrual status and will cease recognizing PIK interest income on that investment for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Trust writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of March 31, 2026, the Trust held no PIK non-accrual assets.

**Fee and Other Income**

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements ("Loan Origination Fees") are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Trust receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

**Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments** 

Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and Federal income tax purposes on the identified cost method.

**C. Use of Estimates:** 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

**D. Federal Income Taxes:** 

The Trust has elected to be taxed as a "regulated investment company" under the Internal Revenue Code, and intends to maintain this qualification and to distribute substantially all of its net taxable income to its shareholders. In any year when net long-term capital gains are realized by the Trust, management, after evaluating the prevailing economic conditions, will recommend that the Trustees either designate the net realized long-term gains as undistributed and pay the Federal capital gains taxes thereon or distribute all or a portion of such net gains.

The Trust is taxed as a regulated investment company and is therefore limited as to the amount of non-qualified income that it may receive as the result of operating a trade or business, e.g. the Trust's pro rata share of income allocable to the Trust by a partnership operating company. The Trust's violation of this limitation could result in the loss of its status as a regulated investment company, thereby subjecting all of its net income and capital gains to corporate taxes prior to distribution to its shareholders. The Trust, from time-to-time, identifies investment opportunities in the securities of entities that could cause such trade or business income to be allocable to the Trust. The PI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust's status as a regulated investment company.

The PI Subsidiary Trust is not taxed as a regulated investment company. Accordingly, prior to the Trust receiving any distributions from the PI Subsidiary Trust, all of the PI Subsidiary Trust's taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates. As of March 31, 2026, the PI Subsidiary Trust has incurred income tax expense of $18,628.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities and their respective tax basis. As of March 31, 2026, the PI Subsidiary Trust has a deferred tax liability of $25,314.

**E. Distributions to Shareholders:** 

The Trust records distributions to shareholders from net investment income and net realized gains, if any, on the ex-dividend date. The Trust's net investment income dividend is declared four times per year. The Trust's net realized capital gain distribution, if any, is declared in December.

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

**3. Investment Services Contract** 

**A. Services:** 

Under an Investment Services Contract (the "Contract") with the Trust, Barings agrees to use its best efforts to present to the Trust a continuing and suitable investment program consistent with the investment objectives and policies of the Trust. Barings represents the Trust in any negotiations with issuers, investment banking firms, securities brokers or dealers and other institutions or investors relating to the Trust's investments. Under the Contract, Barings also provides administration of the day-to-day operations of the Trust and provides the Trust with office space and office equipment, accounting and bookkeeping services, and necessary executive, clerical and secretarial personnel for the performance of the foregoing services.

**B. Fee:** 

For its services under the Contract, Barings is paid a quarterly investment advisory fee equal to 0.225% of the value of the Trust's net assets as of the last business day of each fiscal quarter, an amount approximately equivalent to 0.90% on an annual basis. A majority of the Trustees, including a majority of the Trustees who are not interested persons of the Trust or of Barings, approve the valuation of the Trust's net assets as of such day.

**4. Borrowings** 

The Trust had the following borrowings outstanding as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrowings | Issuance Date | Maturity Date | Interest rate as of March 31, 2026 | December 31, 2025 |
| Senior Fixed Rate Convertible Note | December 13, 2023 | December 13, 2033 | 5.950% | $15000000 |
| Floating Rate Loan | November 25, 2025 | November 25, 2030 | 5.879% | 22500000 |
| Credit Facility | December 13, 2023 | December 13, 2028 | —% | $— |
|  |  |  |  | $37546022 |

---

**Senior Secured Indebtedness** 

MassMutual holds the Trust's $15,000,000 Senior Floating Rate Convertible Note (the "Note") issued by the Trust on December 13, 2023. The Note is due December 13, 2033, and accrues interest at the rate of SOFR plus 2.20% per annum. MassMutual, at its option, can convert the principal amount of the Note into common shares. The dollar amount of principal would be converted into an equivalent dollar amount of common shares based upon the average price of the common shares for ten business days prior to the notice of conversion. For the three months ended March 31, 2026 the Trust incurred total interest expense on the Note of $255,000.

The Trust may redeem the Note, in whole or in part, at the principal amount proposed to be redeemed together with the accrued and unpaid interest thereon through the redemption date plus a Make Whole Premium. The Make Whole Premium equals the excess of (1) the present value of the scheduled payments of principal and interest which the Trust would have paid but for the proposed redemption, discounted at a rate which is equal to the lesser of (i) the interest rate applicable interest on the premium calculation date, and (ii) 0.50% plus the Treasury Constant Yield at such time, over (2) the principal of the Note proposed to be redeemed. If the amount designated in clause (1) above is equal to or less than the amount specified in clause (2) above, then the Make Whole Premium shall be 3.00%.

**Floating Rate Loan**

On November 25, 2025 (the "Effective Date"), MassMutual provided to the Trust, a five-year $22,500,000 floating rate loan (The "Loan"). The Loan is due on November 25, 2030 and bears interest at the rate of SOFR plus 2.00%. Deferred financing fees in the amount of $160,803 have been netted against the loan balance as presented on the Consolidated Statement of Assets & Liabilities at carrying value.

The average principal balance and interest rate for the period during which the Loan was utilized three months ended March 31, 2026,

were approximately $22, 5000,000 and 5.80%, respectively. For the three months ended March 31, 2026, the Trust incurred total

interest expense on the Loan of $326,123.

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

**Credit Facility** 

On July 22, 2021 (the "Effective Date"), MassMutual provided to the Trust, a five-year $15,000,000 committed revolving credit facility. Borrowings under the revolving credit facility bear interest, at the rate of LIBOR plus 2.25%. The Trust will also be responsible for paying a commitment fee of 0.50% on the unused amount. On December 13, 2023, the Trust amended the credit agreement with MassMutual to increase the aggregate commitment amount by $7,500,000 to a total aggregate commitment amount of $22,500,000, extend the maturity date to December 13, 2028, and set the interest accrual to a rate of SOFR plus 2.20% on the outstanding borrowings. Deferred financing fees in the amount of $131,976 are presented on the Consolidated Statement of Assets & Liabilities.

For the three months ended March 31, 2026, the Trust had no outstanding balances on the credit facility.

The aggregate average principal balance and interest rate of the Trust's borrowings (inclusive of the Note, Loan and credit facility)

three months ended March 31, 2026, was approximately $37,500,000 and 5.85%, respectively. As of March 31, 2026, the aggregate

principal balance of the Trust's borrowings was $37,500,000 at an average interest rate of 5.75%. For the three months ended March

31, 2026, the Trust incurred total interest expense of $548,623.

**5. Purchases and Sales of Investments** 

---

| | | |
|:---|:---|:---|
|  | **For the three months ended 03/31/2026**  | **For the three months ended 03/31/2026**  |
|  | Cost of Investments Acquired | Proceeds from Sales or Maturities |
| Corporate restricted securities | $14719150 | $11088358 |
| Corporate public securities | 2295840 | 1082520 |

---

**6. Risks** 

**Investment Risks**

In the normal course of its business, the Trust trades various financial instruments and enters into certain investment activities with investment risks. These risks include:

**Below Investment Grade (high yield/junk bond) Instruments Risk** 

Below investment grade securities, commonly known as "junk" or "high yield" bonds, have speculative characteristics and involve greater volatility of price and yield, greater risk of loss of principal and interest, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations. Below investment grade debt instruments are considered to be predominantly speculative investments. In some cases, these obligations may be highly speculative and have poor prospects for reaching investment grade standing. Below investment grade debt instruments are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the financial markets generally and less secondary market liquidity. The prices of below investment grade debt instruments may be affected by legislative and regulatory developments. Because below investment grade debt instruments are difficult to value and are more likely to be fair valued, particularly during erratic markets, the values realized on their sale may differ from the values at which they are carried on the books of the Trust.

**Borrowing and Leverage Risk**

The Trust may borrow, subject to certain limitations, to fund redemptions, post collateral for hedges or to purchase loans, bonds and structured products prior to settlement of pending sale transactions. Any such borrowings, as well as transactions such as when-issued, delayed-delivery, forward commitment purchases and loans of portfolio securities, can result in leverage. The use of leverage involves special risks, and makes the net asset value of the Trust and the yield to shareholders more volatile. There can be no assurance that the Trust's leveraging strategies would be successful. In addition, the counterparties to the Trust's leveraging transactions will have priority of payment over the Trust's shareholders.

**Credit Risk** 

Credit risk is the risk that one or more debt obligations in the Trust's portfolio will decline in price, or fail to pay dividends, interest or principal when due because the issuer of the obligation experiences an actual or perceived decline in its financial status. Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated instruments. They do not, however, evaluate the market value risk of below investment grade debt instruments and, therefore, may not fully reflect the true

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the conditions of the issuer that affect the market value of the instruments. Consequently, credit ratings are used only as a preliminary indicator of investment quality. Investments in below investment grade and comparable unrated obligations will be more dependent on Barings's credit analysis than would be the case with investments in investment grade instruments. Barings employ their own credit research and analysis, which includes a study of existing debt, capital structure, ability to service debt and to pay dividends, sensitivity to economic conditions, operating history and current earnings trends.

One or more debt obligations in the Trust's portfolio may decline in price, or fail to pay dividends, interest or principal when due because the issuer of the obligation experiences an actual or perceived decline in its financial status or due to changes in the specific or general market, economic, industry, political, regulatory, public health or other conditions.

**Cybersecurity Risk**

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of the information resources of us, Barings or our portfolio investments. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our or Barings' information systems or those of our portfolio investments for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Barings' employees may be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. The Trust's business operations rely upon secure information technology systems for data processing, storage, and reporting. The Trust depends on the effectiveness of the information and cybersecurity policies, procedures, and capabilities maintained by its affiliates and their respective third-party service providers to protect their computer and telecommunications systems and the data that reside on or are transmitted through them.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. As the Trust's and our portfolio investments' reliance on technology has increased, so have the risks posed to the Trust's information systems, both internal and those provided by Barings and third-party service providers, and the information systems of the Trust's portfolio investments. Barings has implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as the Trust's increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that the Trust's financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, cybersecurity continues to be a key priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals or the general investing public of data security breaches involving certain types of personal data, including the SEC, which, on July 26, 2023, adopted amendments requiring the prompt public disclosure of certain cybersecurity breaches. If the Trust fails to comply with the relevant laws and regulations, the Trust could suffer financial losses, a disruption of the Trust's business, liability to investors, regulatory intervention or reputational damage.

**Defaults by Portfolio Investments**

A portfolio investment's failure to satisfy financial or operating covenants imposed by the Trust or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio investment's ability to meet its obligations under the debt or equity securities that the Trust holds. The Trust may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio investment.

**Duration Risk** 

The Trust may invest in investments of any duration or maturity. Although stated in years, duration is not simply a measure of time. Duration measures the time-weighted expected cash flows of a security, which can determine the security's sensitivity to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, and a security's coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Trust's duration. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

**Inflation Risk**

Certain of the Trust's portfolio investments are in industries that could be impacted by inflation. If such portfolio investments are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on the Trust's loans, particularly if interest rates rise in response to inflation. In

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

addition, any projected future decreases in the Trust's portfolio investments' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of the Trust's portfolio investments could result in future realized or unrealized losses and therefore reduce the Trust's net assets resulting from operations.

**Liquidity Risk** 

The Trust may, subject to certain limitations, invest in illiquid securities (i.e., securities that cannot be disposed of in current market conditions in seven calendar days or less without the disposition significantly changing the market value of the security). Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Some securities may be subject to restrictions on resale. Illiquid securities may be difficult to value. Also, the Trust may not be able to dispose of illiquid securities at a favorable time or price when desired, and the Trust may suffer a loss if forced to sell such securities for cash needs. Below investment grade loans and other debt securities tend to be less liquid than higher-rated securities.

**Loan Risk** 

The loans in which the Trust may invest are subject to a number of risks. Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Trust, a reduction in the value of the investment and a potential decrease in the net asset value of the Trust. There can be no assurance that the liquidation of any collateral securing a loan would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Trust could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan. Loan participations and assignments involve credit risk, interest rate risk, liquidity risk, and the risks of being a lender. Loans are not as easily purchased or sold as publicly traded securities and there can be no assurance that future levels of supply and demand in loan trading will provide the degree of liquidity which currently exists in the market. In addition, the terms of the loans may restrict their transferability without borrower consent.

These factors may have an adverse effect on the market price of the loan and the Trust's ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the Trust to obtain precise valuations of the high yield loans in its portfolio. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for some loan transactions may be significantly longer than the settlement period for other investments, and in some cases longer than seven days. It is possible that sale proceeds from loan transactions will not be available to meet redemption obligations, in which case the Trust may be required to utilize cash balances or, if necessary, sell its more liquid investments or investments with shorter settlement periods. Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as the Trust, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Management Risk** 

The Trust is subject to management risk because it is an actively managed portfolio. Barings apply investment techniques and risk analyses in making investment decisions for the Trust, but there can be no guarantee that such techniques and analyses will produce the desired results.

**Market Risk** 

The value of the Trust's portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health and other conditions, as well as investor perceptions of these conditions. Such conditions may include, but are not limited to, war, terrorism, natural and environmental disasters and epidemics or pandemics (including the recent coronavirus pandemic), which may be highly disruptive to economies and markets. Such conditions may also adversely affect the liquidity of the Trust's securities. The Trust is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.

**Prepayment and Extension Risk** 

Prepayment and extension risk is the risk that a loan, bond or other investment might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with mortgage-backed and other asset-backed securities and floating rate loans. If the investment is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the Trust may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Trust. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases and the maturity of the investment may extend. The Trust may be unable to capitalize on securities with higher interest rates or wider spreads because the Trust's investments are locked in at a lower rate for a longer period of time.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

**Valuation Risk**

Under the 1940 Act, the Trust is required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in good faith by the Board of Trustees. The Board has designated Barings as valuation designee to perform the Trust's fair value determinations relating to the value of our assets for which market quotations are not readily available.

Typically there is not a public market for the securities in which we have invested and will generally continue to invest. Barings conducts the valuation of such investments, upon which the Trust's net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of investments on a recurring basis in accordance with the 1940 Act and ASC Topic 820. The Trust's current valuation policy and processes were established by Barings and have been approved by the Board. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Trust. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings' pricing committee.

The determination of fair value and consequently, the amount of unrealized appreciation and depreciation in the Trust's portfolio, is to a certain degree subjective and dependent on the judgment of Barings. Certain factors that may be considered in determining the fair value of the Trust's investments include the nature and realizable value of any collateral, the portfolio investment's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio investment does business, comparison to comparable publicly-traded companies, discounted cash flows and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, Barings' determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, Barings' fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that the Trust may ultimately realize upon the sale or disposition of one or more of its investments. As a result, investors purchasing the Trust's securities based on an overstated net asset value would pay a higher price than the value of the Trust's investments might warrant. Conversely, investors selling shares during a period in which the net asset value understates the value of our investments will receive a lower price for their shares than the value of the Trust's investments might warrant.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

**7. Commitments and Contingencies** 

During the normal course of business, the Trust may enter into contracts and agreements that contain a variety of representations and warranties. The exposure, if any, to the Trust under these arrangements is unknown as this would involve future claims that may or may not be made against the Trust and which have not yet occurred. The Trust has no history of prior claims related to such contracts and agreements.

At March 31, 2026, the Trust had the following unfunded commitments:

---

| | | |
|:---|:---|:---|
| **Delayed Draw Term Loans** | Unfunded Amount | Unfunded Value |
| ABC Legal Services Inc | $95023 | $95137 |
| Accelevation | 22222 | 22487 |
| Accredited Labs | 608656 | 609020 |
| American Roller Company LLC | 124735 | 124812 |
| Argus Logistics | 567655 | 570794 |
| Automated Financial Systems | 782386 | 783084 |
| Bishop Street Underwriter | 433533 | 433459 |
| BKF Engineers | 239533 | 239533 |
| BUSKE LOGISTICS INC | 93370 | 93436 |
| Caldwell & Gregory LLC | 43125 | 43286 |
| California Custom | 63907 | 64349 |
| Cash Flow Management | 19974 | 19990 |
| Coker | 121055 | 120437 |
| CTS Engines LLC | 220768 | 220768 |
| Dane Street LLC | 183262 | 183262 |
| EFI Productivity Software | 282807 | 284056 |
| Ethos risk services | 58945 | 58915 |
| Expert Institute | 154480 | 155787 |
| Global Point Technology Group | 102273 | 100542 |
| GME Supply | 169436 | 169629 |
| Guardian Fire Services | 256439 | 256600 |
| HaystackID | 152277 | 152279 |
| HemaSource, Inc. | 630573 | 636158 |
| Ice House America | 163225 | 158458 |
| Kanawha Scales & Systems | 406780 | 407086 |
| LaunchPad Home Group | 618240 | 619247 |
| Lockmasters Incorporated | 118575 | 118583 |
| Merchant Industry | 138241 | 138392 |
| MSI Express | 135409 | 135493 |
| Navia Benefit Solutions Inc | 348836 | 348991 |
| Net at Work | 249602 | 252238 |
| New CAi | 172387 | 172055 |
| Onsite Dealer Solutions | 1060194 | 1061101 |
| Proceed | 413580 | 413580 |
| Project Halo | 122967 | 123305 |
| Randy's Worldwide | 358655 | 358783 |
| Rapidair Compressed Air Products | 163983 | 164696 |
| Real Chemistry | 42762 | 42709 |
| RKD GROUP | 189174 | 189469 |
| ROI Solutions | 201719 | 200359 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Delayed Draw Term Loans** | Unfunded Amount | Unfunded Value |
| SBP Holdings | $395272 | $395869 |
| SEKO Worldwide, LLC | 20047 | 20047 |
| Smartling, Inc. | 343374 | 343725 |
| SPATCO | 137500 | 138265 |
| Stratus Unlimited | 305705 | 298404 |
| Swoop | 181818 | 182209 |
| TAPCO | 506691 | 506691 |
| Tencarva Machinery Company | 269622 | 269594 |
| The Caprock Group | 535353 | 535623 |
| The Forge Companies | 490060 | 489943 |
| The Hilb Group, LLC | 78626 | 78836 |
| Tipco Technologies | 64783 | 64599 |
| UHY LLP | 732927 | 738834 |
| Unosquare | 164365 | 160079 |
| VitalSource | 31398 | 31465 |
| Warner Pacific Insurance Services | 421741 | 424969 |
| Whitcraft LLC | 312356 | 312658 |
| &nbsp;&nbsp;Wilson Language Training | 34224 | 32129 |
| &nbsp;&nbsp;Ziyad | 298956 | 299104 |
|  | $15655583 | $15665413 |

---

---

| | | |
|:---|:---|:---|
| **Revolvers** | Unfunded Amount | Unfunded Value |
| ABC Legal Services Inc | $86650 | $86754 |
| Accelevation | 35197 | 35615 |
| Accurus Aerospace International UK Buyer | 53359 | 53413 |
| American Roller Company LLC | 90440 | 90496 |
| Americo Chemical Products | 120041 | 120138 |
| Applied Aerospace & Defense | 65919 | 65959 |
| Argus Logistics | 68030 | 68407 |
| ASC Communications, LLC | 22664 | 22642 |
| Automated Financial Systems | 179738 | 179898 |
| Becklar | 103058 | 103233 |
| Best Lawyers | 110577 | 111190 |
| Bitly Inc | 65094 | 65138 |
| BKF Engineers | 308687 | 309041 |
| BrightSign | 33551 | 33637 |
| BUSKE LOGISTICS INC | 59110 | 59152 |
| Caldwell & Gregory LLC | 172500 | 173146 |
| California Custom | 55093 | 55473 |
| Cascade Services | 26471 | 24977 |
| Cash Flow Management / Kinective | 75372 | 75381 |
| Cloudbreak | 152778 | 147857 |
| CloudOne | 180488 | 180729 |
| Cogency Global | 82652 | 82754 |
| Cognito Forms | 94521 | 95260 |
| Coker (d/b/a Acuvance) | 59413 | 59110 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Revolvers** | Unfunded Amount | Unfunded Value |
| Comply365 | $38682 | $38872 |
| Dane Street LLC | 97572 | 97572 |
| DAWGS Door and Window Guard Systems Inc | 109095 | 109566 |
| EFI Productivity Software | 70948 | 71139 |
| Ethos risk services | 22999 | 22987 |
| Expert Institute | 83058 | 83760 |
| Franklin Energy | 60437 | 57798 |
| Global Point Technology Group | 40909 | 40217 |
| GME Supply | 110041 | 110166 |
| GCDL Holdings LLC | 186486 | 186997 |
| Guardian Fire Services | 147412 | 147505 |
| HaystackID | 83998 | 83999 |
| HemaSource, Inc. | 194784 | 197555 |
| Ice House America | 14414 | 13991 |
| Innovia Medical | 36193 | 36248 |
| Kanawha Scales & Systems | 134237 | 134338 |
| LaunchPad Home Group | 207000 | 207337 |
| LeadsOnline - Weatherby Parent Holdings LLC | 224512 | 224692 |
| Lockmasters Incorporated | 50872 | 50799 |
| Magnolia Wash Holdings | 23180 | 22030 |
| Media Recovery, Inc. | 284076 | 287269 |
| Merchant Industry | 56000 | 56061 |
| Mission Microwave | 99734 | 98542 |
| Momentum Group | 54042 | 53986 |
| MSI Express | 42145 | 42111 |
| Navia Benefit Solutions Inc | 165597 | 165670 |
| Net at Work | 130682 | 132063 |
| Netrix | 253703 | 251663 |
| New Cai | 172542 | 172209 |
| Newforma | 39776 | 36753 |
| Northstar Recycling | 208264 | 210282 |
| Omega Holdings | 60662 | 61066 |
| Onsite Dealer Solutions | 134202 | 134316 |
| ORS NASCO | 67428 | 67428 |
| Proceed | 47043 | 47043 |
| ProfitOptics | 292790 | 290091 |
| Project Halo | 83333 | 83562 |
| Pro-Vision | 192019 | 193784 |
| Randy's Worldwide | 17716 | 17827 |
| Rapidair Compressed Air Products | 81992 | 82348 |
| Real Chemistry | 78859 | 78930 |
| RKD GROUP | 130533 | 130736 |
| RoadOne IntermodaLogistics | 10970 | 10808 |
| Rock Labor | 57867 | 58866 |
| ROI Solutions | 180553 | 179334 |
| RPX Corp | 252041 | 252479 |
| SBP Holdings | 162503 | 163169 |

---

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (Continued) Barings Participation Investors

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Revolvers** | Unfunded Amount | Unfunded Value |
| Screenvision | $52464 | $52462 |
| Smartling, Inc. | 212528 | 212745 |
| smartShift Technologies | 168014 | 170405 |
| SPATCO | 204986 | 206126 |
| SRS Acquiom | 106990 | 106953 |
| Standard Elevator Systems | 99407 | 74810 |
| SVI International, Inc. | 111386 | 112842 |
| Swoop | 60606 | 60867 |
| Synapse ITS | 210338 | 211616 |
| Tank Holding Corp | 21818 | 20018 |
| TAPCO | 201121 | 201193 |
| Tencarva Machinery Company | 321435 | 320305 |
| The Caprock Group | 193150 | 193044 |
| The Forge Companies | 98012 | 97989 |
| The Hilb Group, LLC | 63323 | 63492 |
| Tipco Technologies | 20155 | 20098 |
| Top Tier Admissions | 367021 | 370112 |
| UHY LLP | 112287 | 113192 |
| Unosquare | 79696 | 77618 |
| Whitcraft LLC | 205028 | 206453 |
| Wilson Language Training | 89899 | 84397 |
| World 50, Inc. | 83947 | 85058 |
| Worldwide Electric Corporation | 124224 | 124713 |
| Ziyad | 112701 | 112757 |
|  | $10915838 | $10894629 |
| Total Unfunded Commitments | $26571422 | $26560042 |

---

As of March 31, 2026, unfunded commitments had unrealized depreciation of $(11,380) or (0.01)% of net assets.

**8. Subsequent Events** 

The Trust has evaluated the possibility of subsequent events after the balance sheet date of March 31, 2026, through the date that the financial statements are issued. The Trust has determined that there are no material events that would require recognition or disclosure in this report through this date, except as provided below.

On April 15, 2026, Madison Air Solutions Corporation completed an initial public offering and began trading on the NYSE (ticker MAIR). In connection with the initial public offering, the Trust exchanged its units of Madison IAQ Holdings II LLC for unregistered common shares of Madison Air Solutions Corporation. The shares are subject to a six-month lock-up period through October 15, 2026.

**9. Quarterly Results of Investment Operations (unaudited)** 

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Amount** | **Per Share** |
| Investment income | $4181047 |  |
| Net investment income (net of taxes) | 2912137 | $0.27 |
| Net realized and unrealized loss on investments (net of taxes) | (2282716) | (0.21) |

---

------

---

| | |
|:---|:---|
| **Members of the Board of <br>Trustees**<br>Clifford M. Noreen<br>Chairman<br>Michael H. Brown\*<br>Barbara M. Ginader\*<br>Edward P. Grace III\*<br>David M. Mihalick<br>Susan B. Sweeney\*<br>Maleyne M. Syracuse\*<br>\*Member of the Audit Committee<br>**Officers**<br>Christina Emery<br>President<br>Christopher D. Hanscom<br>Chief Financial Officer<br>Treasurer<br>Ashlee Steinnerd<br>Chief Legal Officer<br>Itzbell Branca<br>Chief Compliance Officer<br>Andrea Nitzan<br>Principal Accounting Officer<br>Alexandra Pacini<br>Secretary<br>Sean Feeley<br>Vice President<br>Joseph Evanchick<br>Vice President <br>Matthew Curtis<br>Tax Officer  | **DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN** <br>Barings Participation Investors (the "Trust") offers a Dividend Reinvestment and Cash Purchase Plan (the "Plan"). The Plan provides a simple and automatic way for shareholders to add to their holdings in the Trust through the receipt of dividend shares issued by the Trust or through the reinvestment of cash dividends in Trust shares purchased in the open market. The dividends of each shareholder will be automatically reinvested in the Trust by SS&C GIDS, the Transfer Agent, in accordance with the Plan, unless such shareholder elects not to participate by providing written notice to the Transfer Agent. A shareholder may terminate his or her participation by notifying the Transfer Agent in writing. <br>Participating shareholders may also make additional contributions to the Plan from their own funds. Such contributions may be made by personal check or other means in an amount not less than $100 nor more than $5,000 per quarter. Cash contributions must be received by the Transfer Agent at least five days (but no more then 30 days) before the payment date of a dividend or distribution. <br>Whenever the Trust declares a dividend payable in cash or shares, the Transfer Agent, acting on behalf of each participating shareholder, will take the dividend in shares only if the net asset value is lower than the market price plus an estimated brokerage commission as of the close of business on the valuation day. Pursuant to the Trust's Policy on the Determination of Fair Value, the net asset value of the Trust's shares is determined by Barings, as the Trust's valuation designee under Rule 2a-5 of the 1940 Act. Barings considers all relevant factors that are reasonably available, through either public information or information directly available to Barings on the valuation date. The valuation day is the last day preceding the day of dividend payment. <br>When the dividend is to be taken in shares, the number of shares to be received is determined by dividing the cash dividend by the net asset value as of the close of business on the valuation date or, if greater than net asset value, 95% of the closing share price. If the net asset value of the shares is higher than the market value plus an estimated commission, the Transfer Agent, consistent with obtaining the best price and execution, will buy shares on the open market at current prices promptly after the dividend payment date. <br>The reinvestment of dividends does not, in any way, relieve participating shareholders of any federal, state or local tax. For federal income tax purposes, the amount reportable in respect of a dividend received in newly-issued shares of the Trust will be the fair market value of the shares received, which will be reportable as ordinary income and/or capital gains. <br>As compensation for its services, the Transfer Agent receives a fee of 5% of any dividend and cash contribution (in no event in excess of $2.50 per distribution per shareholder.) <br>Any questions regarding the Plan should be addressed to SS&C GIDS, Transfer Agent for Barings Participation Investors' Dividend Reinvestment and Cash Purchase Plan, P.O. Box 219086, Kansas City, MO 64121-9086.  |

---

------

---

| | |
|:---|:---|
| ![image_003.gif](image_003.gif) | &nbsp;&nbsp; **Barings**<br> **Participation Investors** |
| &nbsp;&nbsp;&nbsp;&nbsp;CI6216 | |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BARINGS PARTICIPATION INVESTORS

- **b. Investment Company Act file number:** 811-05531

- **c. CIK number of Registrant:** 0000831655

- **d. LEI of Registrant:** 549300BL6L2WBLZ3L146

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

  - **Street Address 1:** 300 South Tryon Street

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28202

  - **Telephone number:** 704-805-7200

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

- **a. Name of Series:** BARINGS PARTICIPATION INVESTORS

- **c. LEI of Series:** 549300BL6L2WBLZ3L146

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $204855029.00

**Total Liabilities:** $40093095.00

**Net Assets:** $164761934.00

**Delayed Delivery Securities:** $2001826.01

**Cash Not Reported:** $7863676.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4813.63000000 | **1-Year:** 756.97000000 | **5-Year:** 19773.07000000 | **10-Year:** 14465.43000000 | **30-Year:** 0.00000000

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

- **3-Month:** 157.21000000 | **1-Year:** 0.00000000 | **5-Year:** 4287.92000000 | **10-Year:** 3973.97000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.59%                | -0.20%               | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $34733.69                | $-212202.84                                |
| Month 2  | $-1385656.63             | $234450.01                                 |
| Month 3  | $319782.32               | $-1298422.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AL GCX HOLDINGS LLC                      | AL GCX Holdings LLC 2025 Term Loan B                                            | CUSIP: 00162DAE5<br>LEI: 2549009G4C2J89LNWS21 | Long             | LON              | CORP              | US        |    617284 | PA      | $616703.70    | 0.37%             | 2032-12-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    672000 | PA      | $654265.92    | 0.40%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| Asurion LLC                              | Asurion LLC 2025 Term Loan B13                                                  | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    498747 | PA      | $492407.80    | 0.30%             | 2030-09-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BCPE EMPIRE HOLDINGS INC                 | BCPE EMPIRE HOLDINGS INC 2026 10TH AMENDMENT TERM LOAN                          | CUSIP: 05550HAT2<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |    537428 | PA      | $528361.62    | 0.32%             | 2032-12-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BOXER PARENT COMPANY INC                 | Boxer Parent Company Inc 2024 2nd Lien Term Loan                                | CUSIP: 05988HAN7<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |   1000000 | PA      | $831880.00    | 0.50%             | 2032-07-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BRIGHTSIGN                               | BRIGHTSIGN REVOLVER                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134202 | PA      | $134202.48    | 0.08%             | 2027-10-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BRIGHTSIGN                               | BrightSign Term Loan                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1238693 | PA      | $1238693.23   | 0.75%             | 2027-10-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BBB INDUSTRIES LLC                       | BBB INDUSTRIES LLC 2022 2ND LIEN TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    454545 | PA      | $395000.00    | 0.24%             | 2030-07-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CCF HLDGS LLC                            | CCF HLDGS LLC                                                                   | CUSIP: 12509J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        12 | NS      | $13149.35     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    500000 | PA      | $471241.17    | 0.29%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    625000 | PA      | $225333.49    | 0.14%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| C&W SENIOR FINANCE LTD                   | C&W Senior Finance Ltd                                                          | CUSIP: 12665MAA0<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $505080.00    | 0.31%             | 2033-01-15      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group Inc                                                        | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1778149.40   | 1.08%             | 2033-08-15      | Fixed         | 6.63%                 | No            |                  3 | On Loan: No      |
| CLYDESDALE ACQUISITION                   | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $466536.95    | 0.28%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  3 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                 | Connect Finco SARL / Connect US Finco LLC                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    480000 | PA      | $504259.20    | 0.31%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                 | Digicel International Finance Ltd / Difl US LLC                                 | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    322000 | PA      | $326764.83    | 0.20%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  3 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                 | iHeartCommunications Inc                                                        | CUSIP: 45174HBG1<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    650000 | PA      | $584644.98    | 0.35%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  3 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                  | JetBlue Airways Corp / JetBlue Loyalty LP                                       | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    650000 | PA      | $614287.92    | 0.37%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  3 | On Loan: No      |
| MICRO HOLDINGS LLC                       | Micro Holdings LLC Delayed Draw Term Loan                                       | CUSIP: 48368PAB5<br>LEI: 549300814ONV5W5KXU81 | Long             | LON              | CORP              | US        |    406780 | PA      | $403240.68    | 0.24%             | 2032-11-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MICRO HOLDINGS LLC                       | Micro Holdings LLC Revolver                                                     | CUSIP: 48368PAC3<br>LEI: 549300814ONV5W5KXU81 | Long             | LON              | CORP              | US        |    169492 | PA      | $168016.95    | 0.10%             | 2032-11-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MICRO HOLDINGS LLC                       | Micro Holdings LLC Term Loan                                                    | CUSIP: 48368PAD1<br>LEI: 549300814ONV5W5KXU81 | Long             | LON              | CORP              | US        |    422669 | PA      | $418992.27    | 0.25%             | 2032-11-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LCPR SR SECURED FIN DAC                  | LCPR Senior Secured Financing DAC                                               | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    750000 | PA      | $500389.24    | 0.30%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  3 | On Loan: No      |
| LBM ACQUISITION LLC                      | LBM Acquisition LLC                                                             | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    226000 | PA      | $196720.93    | 0.12%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| MC GROUP VENTURES CORP                   | MC Group Ventures Corporation 2021 Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    558063 | PA      | $543553.00    | 0.33%             | 2027-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MC GROUP VENTURES CORP                   | MC Group Ventures Corporation 2021 Delayed Draw Term Loan                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    353077 | PA      | $343896.69    | 0.21%             | 2027-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MC GROUP VENTURES CORPORATION            | MC GROUP VENTURES CORPORATION 2024 INCREMENTAL DDTL                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    349145 | PA      | $339019.46    | 0.21%             | 2027-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MC GROUP VENTURES CORPORATION            | MC GROUP VENTURES CORPORATION 2024 INCREMENTAL TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    365904 | PA      | $355292.41    | 0.22%             | 2027-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MAUSER PACKAGING SOLUT                   | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    500000 | PA      | $464583.90    | 0.28%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| MOMENTUM TEXTILES LLC                    | MOMENTUM TEXTILES LLC REVOLVER                                                  | CUSIP: 60878JAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     54042 | PA      | $53582.71     | 0.03%             | 2029-03-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MOMENTUM TEXTILES LLC                    | MOMENTUM TEXTILES LLC TERM LOAN                                                 | CUSIP: 60878JAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    424938 | PA      | $421326.37    | 0.26%             | 2029-03-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MOMENTUM TEXTILES LLC                    | MOMENTUM TEXTILES LLC 1st AMENDMENT TERM LOAN                                   | CUSIP: 60878JAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170591 | PA      | $169140.81    | 0.10%             | 2029-03-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCL CORPORATION LTD                      | NCL Corp Ltd                                                                    | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $485169.20    | 0.29%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| NEPTUNE BIDCO US INC                     | Neptune Bidco US Inc                                                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    658000 | PA      | $659827.92    | 0.40%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  3 | On Loan: No      |
| NEXSTAR MEDIA INC                        | Nexstar Media Inc                                                               | CUSIP: 65346UAB5<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    453000 | PA      | $456451.41    | 0.28%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  3 | On Loan: No      |
| Omega Holdings                           | Omega Holdings Revolver                                                         | CUSIP: 67115EAB6<br>LEI: 5493000HGCNZHUF0D269 | Long             | LON              | CORP              | US        |    176932 | PA      | $176931.75    | 0.11%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Omega Holdings                           | Omega Holdings Senior Term Loan                                                 | CUSIP: 67115EAC4<br>LEI: 5493000HGCNZHUF0D269 | Long             | LON              | CORP              | US        |    423067 | PA      | $423067.34    | 0.26%             | 2029-03-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ELECTRONIC ARTS INC                      | ELECTRONIC ARTS INC USD TERM LOAN B                                             | CUSIP: 67123SAB5<br>LEI: 6488ICS9P20290MA1H31 | Long             | LON              | CORP              | US        |    473210 | PA      | $470252.82    | 0.29%             | 2033-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                            | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    301000 | PA      | $288614.63    | 0.18%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  3 | On Loan: No      |
| OneSky Flight, LLC                       | OneSky Flight LLC 2026 Term Loan B                                              | CUSIP: 68279FAB3<br>LEI: 549300PM6NEPXGG5B882 | Long             | LON              | CORP              | US        |    576923 | PA      | $574759.62    | 0.35%             | 2033-02-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| 1261229 BC LTD                           | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    500000 | PA      | $511922.00    | 0.31%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| PEGASUS TRANSTECH HLDG                   | PEGASUS TRANSTECH HLDG UNI TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1395732 | PA      | $1360838.83   | 0.83%             | 2026-11-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                 | Perrigo Finance Unlimited Co                                                    | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    504000 | PA      | $459865.15    | 0.28%             | 2032-09-30      | Fixed         | 6.13%                 | No            |                  3 | On Loan: No      |
| PROCESS INSIGHTS                         | PROCESS INSIGHTS REVOLVER                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114821 | PA      | $95990.67     | 0.06%             | 2029-07-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROCESS INSIGHTS                         | PROCESS INSIGHTS TERM LOAN                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    589851 | PA      | $493115.79    | 0.30%             | 2029-07-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROCESS INSIGHTS                         | PROCESS INSIGHTS DELAYED DRAW TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52535 | PA      | $43919.54     | 0.03%             | 2029-07-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RADIOLOGY PARTNERS INC                   | Radiology Partners Inc                                                          | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    865503 | PA      | $790437.77    | 0.48%             | 2030-02-15      | Fixed         | 9.78%                 | No            |                  3 | On Loan: No      |
| Real Chemistry Intermediate III,Inc      | Real Chemistry Intermediate IIIInc Term Loan                                    | CUSIP: 75584UAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    291559 | PA      | $290567.84    | 0.18%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Real Chemistry Intermediate III,Inc      | Real Chemistry Intermediate IIIInc Revolver                                     | CUSIP: 75584UAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78859 | PA      | $78590.90     | 0.05%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Real Chemistry Intermediate III,Inc      | Real Chemistry Intermediate IIIInc Delayed Draw Term Loan                       | CUSIP: 75584UAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129582 | PA      | $129141.26    | 0.08%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SWOOP                                    | Swoop Term Loan                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    257576 | PA      | $257575.76    | 0.16%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SWOOP                                    | Swoop Revolver                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60606 | PA      | $60606.06     | 0.04%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SWOOP                                    | Swoop Delayed Draw Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    181818 | PA      | $181818.18    | 0.11%             | 2032-04-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SABRE GLBL INC                           | Sabre GLBL Inc                                                                  | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424380.00    | 0.26%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  3 | On Loan: No      |
| SABRE FINANCIAL BORROWER                 | Sabre Financial Borrower LLC                                                    | CUSIP: 78573XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $511661.50    | 0.31%             | 2029-06-15      | Fixed         | 11.13%                | No            |                  3 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    651000 | PA      | $640157.62    | 0.39%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  3 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                   | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $498799.05    | 0.30%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  3 | On Loan: No      |
| SONICWALL US HOLDINGS INC                | SONICWALL US HOLDINGS INC 2025 INCREMENTAL TERM LOAN                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    959858 | PA      | $282361.57    | 0.17%             | 2028-05-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| STAPLES INC                              | Staples Inc                                                                     | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    750000 | PA      | $693614.48    | 0.42%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  3 | On Loan: No      |
| STONEBRIAR ABF LLC                       | Stonebriar ABF Issuer LLC                                                       | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $516821.00    | 0.31%             | 2030-12-15      | Fixed         | 8.13%                 | No            |                  3 | On Loan: No      |
| Cornerstone OnDemand Inc                 | Cornerstone OnDemand Inc 2021 Term Loan                                         | CUSIP: 86803YAB9<br>LEI: 549300Z402F16H5EGH48 | Long             | LON              | CORP              | US        |    927574 | PA      | $672491.14    | 0.41%             | 2028-10-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Tank Holding Corp                        | Tank Holding Corp 2022 Revolver                                                 | CUSIP: 87583FAM0<br>LEI: 549300WQKU58ILVYFJ26 | Long             | LON              | CORP              | US        |     21818 | PA      | $19854.54     | 0.01%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Tank Holding Corp                        | Tank Holding Corp 2022 Term Loan                                                | CUSIP: 87583FAN8<br>LEI: 549300WQKU58ILVYFJ26 | Long             | LON              | CORP              | US        |    460250 | PA      | $418827.56    | 0.25%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Tank Holding Corp                        | Tank Holding Corp 2023 Incremental Delayed Draw Term Loan                       | CUSIP: 87583FAP3<br>LEI: 549300WQKU58ILVYFJ26 | Long             | LON              | CORP              | US        |     66953 | PA      | $60927.61     | 0.04%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Tank Holding Corp                        | Tank Holding Corp 2023 Incremental Term Loan                                    | CUSIP: 87583FAQ1<br>LEI: 549300WQKU58ILVYFJ26 | Long             | LON              | CORP              | US        |    154448 | PA      | $140547.73    | 0.09%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TOUCHSTONE HEALTH PRTNRSHP               | TOUCHSTONE HEALTH PRTNRSHP COMMON STOCK                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       292 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CMG MEDIA CORPORATION                    | CMG Media Corp                                                                  | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    428000 | PA      | $370077.90    | 0.22%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  3 | On Loan: No      |
| MADISON IAQ LLC                          | MADISON IAQ LLC MADISON IAQ LLC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    726845 | NS      | $15801617.47  | 9.59%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                  | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $762975.00    | 0.46%             | 2032-06-15      | Fixed         | 8.63%                 | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                 | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    555000 | PA      | $514821.05    | 0.31%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  3 | On Loan: No      |
| HQ ACQUISITION HOLDINGS, LLC             | HQ ACQUISITION HOLDINGS, LLC LLC UNIT PREFERRED                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       372 | NS      | $90303.00     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Versant Media Group Inc                  | Versant Media Group Inc Term Loan B                                             | CUSIP: 92528PAB0<br>LEI: 254900D2Q5F5F229PU30 | Long             | LON              | CORP              | US        |    500000 | PA      | $499065.00    | 0.30%             | 2031-01-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PMHC II INC                              | PMHC II Inc 2026 3rd Out Term Loan C2                                           | CUSIP: 92559QAG9<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    520220 | PA      | $91038.50     | 0.06%             | 2030-04-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PMHC II INC                              | PMHC II Inc 2026 2nd Out Term Loan B2                                           | CUSIP: 92559QAH7<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |     42180 | PA      | $25202.55     | 0.02%             | 2030-04-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DIVERSIFIED PACKAGING                    | DIVERSIFIED PACKAGING                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2769 | NS      | $534386.26    | 0.32%             |  |  |  | No            |                  3 | On Loan: No      |
| THEROX COMMON STOCK                      | THEROX COMMON STOCK COMMON STOCK                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PANOS HOLDINGS INC                       | PANOS HOLDINGS INC COMMON STOCK                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    380545 | NS      | $369509.20    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| POLYTEX HOLDINGS LLC                     | POLYTEX HOLDINGS LLC CLASS F   PST                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36976 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ELITE SPORTSWEAR HOLDING LLC             | ELITE SPORTSWEAR HOLDING LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1218266 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CADENCE INC                              | Cadence Inc 2018 1st Lien Term Loan                                             | CUSIP: 000000000<br>LEI: 5493008IA5XO3XXLH839 | Long             | LON              | CORP              | US        |   1357024 | PA      | $1351324.89   | 0.82%             | 2028-05-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS, INC.           | SAFETY PRODUCTS HOLDINGS, INC. COMMON STOCK USD                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        30 | NS      | $42493.17     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| V SKY CO INVEST AGGREGATOR LP            | V SKY CO INVEST AGGREGATOR LP EQUITY UNITS                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        75 | NS      | $58244.73     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| VITALSOURCE                              | VITALSOURCE                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1891 | NS      | $57750.36     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| PROFITOPTICS                             | PROFITOPTICS EQUITY                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96774 | NS      | $177493.56    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| AIT WORLDWIDE LOGISTICS, INC.            | AIT WORLDWIDE LOGISTICS, INC. CASH EQUITY                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        56 | NS      | $148239.83    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| CW INTERMEDIATE HOLDINGS, LLC            | CW INTERMEDIATE HOLDINGS, LLC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55645 | NS      | $163975.16    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| RPS GROUP HOLDINGS, LLC                  | RPS GROUP HOLDINGS, LLC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21532 | NS      | $10722.94     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TheKey LLC                               | TheKey LLC Term Loan                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    583168 | PA      | $498608.43    | 0.30%             | 2027-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TheKey LLC                               | TheKey LLC Delayed Draw Term Loan                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    261635 | PA      | $223698.14    | 0.14%             | 2027-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| APPLIED AEROSPACE STRUCTURES C           | APPLIED AEROSPACE STRUCTURES C COMMON EQUITY                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         8 | NS      | $27632.84     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| RWA HOLDING COMPANY                      | RWA HOLDING COMPANY COMMON STOCK                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        54 | NS      | $6873.21      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DATASERV                                 | DATASERV PREFERRED UNITS                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17546 | NS      | $19814.60     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| WHITCRAFT LLC                            | WHITCRAFT LLC PARTNERSHIP EQUITY                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4206 | NS      | $93931.08     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| STACKLINE (TA SL CAYMAN AGGREG           | STACKLINE (TA SL CAYMAN AGGREG COMMON STOCK                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1340 | NS      | $62530.56     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| BEST LAWYER AZALEA INVESTMENT            | BEST LAWYER AZALEA INVESTMENT CASH COMMON EQUITY                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44231 | NS      | $72910.00     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| RENOVATION BRANDS (RENOVATION            | RENOVATION BRANDS (RENOVATION EQUITY CO INVEST                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40479 | NS      | $42822.46     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| FOLLETT SCHOOL SOLUTIONS (FSS            | FOLLETT SCHOOL SOLUTIONS (FSS                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2658.83      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WOODLAND FOODS, INC.                     | WOODLAND FOODS, INC.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146 | NS      | $156444.67    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| POLARA                                   | POLARA                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1471 | NS      | $378237.76    | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| COGENCY GLOBAL                           | COGENCY GLOBAL PREFERRED                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        33 | NS      | $91635.20     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| SANDVINE CORPORATION                     | SANDVINE CORPORATION                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31364 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FOLLETT SCHOOL SOLUTIONS (FSS            | FOLLETT SCHOOL SOLUTIONS (FSS                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       880 | NS      | $11690.31     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| CASH FLOW MANAGEMENT (OSP HAMI           | CASH FLOW MANAGEMENT (OSP HAMI                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12008 | NS      | $11408.80     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TERRYBEAR                                | TERRYBEAR                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84038 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CLOUDBREAK                               | CLOUDBREAK                                                                      | CUSIP: 000000000<br>LEI: 213800ZLZVEPOS7YID88 | Long             | EC               | CORP              | US        |        49 | NS      | $656.74       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WOODLAND FOODS, INC.                     | WOODLAND FOODS, INC.                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        32 | NS      | $50700.04     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| BRIGHTSIGN                               | BRIGHTSIGN                                                                      | CUSIP: 000000000<br>LEI: 2549004RR065I5X22312 | Long             | EC               | CORP              | US        |    111835 | NS      | $139447.56    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| THE OCTAVE MUSIC GROUP, INC.             | THE OCTAVE MUSIC GROUP, INC. EQUITY                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25641 | NS      | $74005.14     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| CW MERGER SUB LLC                        | CW MERGER SUB LLC INITIAL TERM LOAN                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1585887 | PA      | $1585887.04   | 0.96%             | 2027-01-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Trident Maritime Systems Inc             | Trident Maritime Systems Inc 2021 Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1641374 | PA      | $1419788.34   | 0.86%             | 2027-02-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFC INTERNATIONAL                        | EFC INTERNATIONAL                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       205 | NS      | $272282.04    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| BBB INDUSTRIES LLC   DBA (GC E           | BBB INDUSTRIES LLC   DBA (GC E EQUITY                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        45 | NS      | $40888.88     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| FRAGILEPAK                               | FRAGILEPAK TERM LOAN                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1026914 | PA      | $1026914.11   | 0.62%             | 2027-05-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VITALSOURCE                              | VITALSOURCE TERM LOAN                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1547323 | PA      | $1538038.98   | 0.93%             | 2030-06-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LEADSONLINE WEATHERBY PARENT             | LEADSONLINE WEATHERBY PARENT                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7050 | NS      | $16283.39     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TEAM AIR                                 | TEAM AIR                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    891204 | NS      | $180914.48    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| HEMASOURCE, INC.                         | HEMASOURCE, INC. COMMON EQUITY                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11337 | NS      | $17012.30     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| MISSION MICROWAVE                        | MISSION MICROWAVE CASH EQUITY                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        31 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MISSION MICROWAVE                        | MISSION MICROWAVE PREFERRED EQUITY                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       276 | NS      | $25094.83     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ASC COMMUNICATIONS, LLC (BECKE           | ASC COMMUNICATIONS, LLC (BECKE                                                  | CUSIP: 000000000<br>LEI: 549300VI4OZ3ZR0S8B05 | Long             | EC               | CORP              | US        |       535 | NS      | $19990.11     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERICO CHEMICAL PRODUCTS                | AMERICO CHEMICAL PRODUCTS                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22480 | NS      | $26571.36     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| FRAGILEPAK                               | FRAGILEPAK                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       108 | NS      | $77027.59     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| MOBILE PRO SYSTEMS                       | MOBILE PRO SYSTEMS                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4118 | NS      | $631717.51    | 0.38%             |  |  |  | No            |                  3 | On Loan: No      |
| DISTROKID                                | DISTROKID                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73333 | NS      | $90617.43     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE                       | ADVANTAGE SOFTWARE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       766 | NS      | $23447.11     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE                       | ADVANTAGE SOFTWARE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       197 | NS      | $6047.53      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE                       | ADVANTAGE SOFTWARE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       766 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ADVANTAGE SOFTWARE                       | ADVANTAGE SOFTWARE                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       197 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DECKS DIRECT LLC                         | DECKS DIRECT LLC COMMON STOCK CASH  EQUITY                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        11 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ACCURUS AEROSPACE CORPORATION            | ACCURUS AEROSPACE CORPORATION COMMON EQUITY                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8752 | NS      | $7303.94      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FIVE STAR HOLDING LLC                    | FIVE STAR HOLDING LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        34 | NS      | $27262.51     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| COMPASS PRECISION                        | COMPASS PRECISION                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158995 | NS      | $1380699.46   | 0.84%             |  |  |  | No            |                  3 | On Loan: No      |
| CODUET ROYALTY HOLDINGS LLC              | CODUET ROYALTY HOLDINGS LLC                                                     | CUSIP: 938HJG906<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290344 | NS      | $110330.78    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| SISU AcquisitionCo Inc                   | SISU AcquisitionCo Inc Term Loan                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1329245 | PA      | $1315952.51   | 0.80%             | 2026-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Recovery Point Systems Inc               | Recovery Point Systems Inc Term Loan                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1281906 | PA      | $1281905.68   | 0.78%             | 2028-02-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MUSIC REPORTS INC                        | MUSIC REPORTS INC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    548682 | PA      | $544292.53    | 0.33%             | 2026-08-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS LLC             | SAFETY PRODUCTS HOLDINGS LLC DELAYED DRAW TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    508573 | PA      | $508573.35    | 0.31%             | 2026-12-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SAFETY PRODUCTS HOLDINGS LLC             | Safety Products Holdings LLC Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1444007 | PA      | $1444007.05   | 0.88%             | 2026-12-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROCK LABOR                               | ROCK LABOR                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12266 | NS      | $68119.23     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| NET AT WORK                              | NET AT WORK                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32603 | NS      | $41950.28     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| CLOUDBREAK                               | CLOUDBREAK                                                                      | CUSIP: 000000000<br>LEI: 213800ZLZVEPOS7YID88 | Long             | EC               | CORP              | US        |        49 | NS      | $57813.66     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| PARKVIEW DENTAL PARTNERS                 | PARKVIEW DENTAL PARTNERS                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29166 | NS      | $232695.10    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| PROCESS INSIGHTS                         | PROCESS INSIGHTS COMMON EQUITY                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        32 | NS      | $774.53       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ECHO LOGISTICS                           | ECHO LOGISTICS EQUITY                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |        46 | NS      | $78644.24     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| CONCEPT MACHINE CMT OPCO HOLD            | CONCEPT MACHINE CMT OPCO HOLD                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       443 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ICE HOUSE AMERICA                        | ICE HOUSE AMERICA                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       579 | NS      | $33471.07     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| DECKS DIRECT, LLC                        | DECKS DIRECT, LLC CLASS A UNITS                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       553 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NEWFORMA                                 | NEWFORMA EQUITY                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81722 | NS      | $10787.30     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| SVI INTERNATIONAL, INC.                  | SVI INTERNATIONAL, INC.                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    311881 | NS      | $490620.00    | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| SMARTSHIFT TECHNOLOGIES                  | SMARTSHIFT TECHNOLOGIES COMMON STOCK USD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        29 | NS      | $55972.88     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| HEARTLAND VETER  PARTNERS LLC            | HEARTLAND VETER  PARTNERS LLC 2021 PIK DDTL                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    379639 | PA      | $359518.14    | 0.22%             | 2028-12-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LEADSONLINE                              | LeadsOnline LLC Revolver                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224512 | PA      | $223479.18    | 0.14%             | 2028-02-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LEADSONLINE                              | LEADSONLINE TERM LOAN                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1436876 | PA      | $1430266.66   | 0.87%             | 2028-02-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THE CAPROCK GROUP                        | THE CAPROCK GROUP TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    103980 | PA      | $103241.55    | 0.06%             | 2028-12-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THE CAPROCK GROUP                        | THE CAPROCK GROUP DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    231701 | PA      | $230055.77    | 0.14%             | 2028-12-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THE CAPROCK GROUP                        | THE CAPROCK GROUP REVOLVER                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193150 | PA      | $191779.05    | 0.12%             | 2028-12-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OSP HAMILTON PURCHASER, LLC              | OSP HAMILTON PURCHASER, LLC REVOLVER                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120595 | PA      | $119690.53    | 0.07%             | 2029-12-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OSP HAMILTON PURCHASER, LLC              | OSP HAMILTON PURCHASER, LLC TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    876205 | PA      | $869633.86    | 0.53%             | 2029-12-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY               | TENCARVA MACHINERY COMPANY DELAYED DRAW TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224768 | PA      | $222790.42    | 0.14%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY               | TENCARVA MACHINERY COMPANY SENIOR TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1384709 | PA      | $1372523.33   | 0.83%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MACHINERY COMPANY               | TENCARVA MACHINERY COMPANY SENIOR REVOLVER                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    321435 | PA      | $318606.41    | 0.19%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCALED AGILE INC                         | SCALED AGILE INC 2021 REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    240419 | PA      | $153387.56    | 0.09%             | 2028-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCALED AGILE INC                         | SCALED AGILE INC 2021 DELAYED DRAW TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     59188 | PA      | $37761.69     | 0.02%             | 2028-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCALED AGILE INC                         | SCALED AGILE INC 2021 UNITRANCHE TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1206951 | PA      | $770034.76    | 0.47%             | 2028-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC              | POLICY SERVICES COMPANY LLC 1ST LIEN PIK TOGGLE TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1438768 | PA      | $1294891.10   | 0.79%             | 2026-06-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Kid Distro Holdings LLC                  | Kid Distro Holdings LLC Term Loan                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2043869 | PA      | $2040394.40   | 1.24%             | 2029-10-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EMPOWER BRANDS FRANCHISING LLC           | EMPOWER BRANDS FRANCHISING LLC 2021 09 INCREMENTAL TERM LOANS                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    748362 | PA      | $748361.92    | 0.45%             | 2026-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EMPOWER BRANDS FRANCHISING LLC           | EMPOWER BRANDS FRANCHISING LLC 2020 TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1634438 | PA      | $1634437.50   | 0.99%             | 2026-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ENTACT ENVRNMNTL SRVCES INC              | ENTACT ENVRNMNTL SRVCES INC TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    806533 | PA      | $806532.64    | 0.49%             | 2027-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Dwyer Instruments Inc                    | Dwyer Instruments Inc Term Loan                                                 | CUSIP: 26745LAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1396770 | PA      | $1396770.17   | 0.85%             | 2029-07-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Dwyer Instruments Inc                    | Dwyer Instruments Inc Delayed Draw Term Loan                                    | CUSIP: 26745LAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    126974 | PA      | $126973.70    | 0.08%             | 2029-07-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MNS ENGINEERS INC                        | MNS ENGINEERS INC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    349000 | PA      | $349000.01    | 0.21%             | 2027-08-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Turnberry Solutions Inc                  | Turnberry Solutions Inc Term Loan                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1555676 | PA      | $1527674.30   | 0.93%             | 2028-03-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| STACKLINE                                | STACKLINE HOLDCO NOTES                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2816407 | PA      | $2816406.92   | 1.71%             | 2028-07-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RENOVATION BRANDS                        | RENOVATION BRANDS TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    929612 | PA      | $929611.73    | 0.56%             | 2027-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AZALEA BUYER, LLC                        | AZALEA BUYER, LLC REVOLVER                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110577 | PA      | $110576.92    | 0.07%             | 2027-11-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AZALEA BUYER, LLC                        | AZALEA BUYER, LLC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1014305 | PA      | $1014305.48   | 0.62%             | 2027-11-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AZALEA BUYER, LLC                        | AZALEA BUYER, LLC HOLCO PIK NOTE                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    483550 | PA      | $483550.09    | 0.29%             | 2028-05-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AZALEA BUYER, LLC                        | AZALEA BUYER, LLC DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72616 | PA      | $72615.87     | 0.04%             | 2027-11-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY LLC              | POLICY SERVICES COMPANY LLC 1ST LIEN PIK TOGGLE DDTL                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    509691 | PA      | $458721.72    | 0.28%             | 2026-06-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROFITOPTICS                             | PROFITOPTICS TERM LOAN                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    636129 | PA      | $626587.15    | 0.38%             | 2028-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROFITOPTICS                             | PROFITOPTICS REVOLVER                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    292790 | PA      | $288397.98    | 0.18%             | 2028-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROFITOPTICS                             | PROFITOPTICS SENIOR SUB DEBT                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     32258 | PA      | $30419.36     | 0.02%             | 2029-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COMPASS PRECISION                        | COMPASS PRECISION PIK SENIOR SUB DEBT                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1345773 | PA      | $1345772.62   | 0.82%             | 2028-04-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Comply365, LLC                           | Comply365 LLC Term Loan                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    619726 | PA      | $616751.28    | 0.37%             | 2029-12-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Comply365, LLC                           | Comply365 LLC Revolver                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52748 | PA      | $52495.05     | 0.03%             | 2029-12-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FIVE STAR INTRMDT HOLDING LLC            | FIVE STAR INTRMDT HOLDING LLC 2ND LIEN TERM LOAN                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    476190 | PA      | $476190.48    | 0.29%             | 2030-04-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MOBILE PRO SYSTEMS                       | MOBILE PRO SYSTEMS PIK FIXED 2ND LIEN TERM LOAN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    612693 | PA      | $612693.32    | 0.37%             | 2027-06-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Dwyer Instruments Inc                    | Dwyer Instruments Inc 1st Amendment Delayed Draw Term Loan                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142475 | PA      | $142475.37    | 0.09%             | 2029-07-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2022 REVOLVER                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     40909 | PA      | $40213.64     | 0.02%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2022 DDTLB                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    102273 | PA      | $100534.09    | 0.06%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2022 DDTLA                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98064 | PA      | $96397.04     | 0.06%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2022 TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    456471 | PA      | $448711.10    | 0.27%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MUSIC REPORTS INC                        | MUSIC REPORTS INC 2021 INCREMENTAL TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    783584 | PA      | $777315.33    | 0.47%             | 2026-08-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEARTLAND VETERINARY PTR LLC             | HEARTLAND VETERINARY PTR LLC 2021 OPCO PIK NOTES                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2390336 | PA      | $2263648.08   | 1.37%             | 2028-12-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYPERION SOLUTIONS, LLC                  | HYPERION SOLUTIONS, LLC REVOLVER                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146186 | PA      | $109201.27    | 0.07%             | 2027-12-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | Woodland Foods Inc Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    966258 | PA      | $956981.95    | 0.58%             | 2027-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | WOODLAND FOODS INC LINE OF CREDIT                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210448 | PA      | $208427.76    | 0.13%             | 2027-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYPERION SOLUTIONS, LLC                  | Hyperion Solutions LLC Term Loan                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    796476 | PA      | $594967.77    | 0.36%             | 2027-12-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYPERION SOLUTIONS, LLC                  | HYPERION SOLUTIONS, LLC DELAYED DRAW TERM LOAN                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    257843 | PA      | $192608.65    | 0.12%             | 2027-12-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLARA                                   | POLARA TERM LOAN                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    638154 | PA      | $638153.60    | 0.39%             | 2027-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLARA                                   | POLARA REVOLVER                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    251149 | PA      | $251149.27    | 0.15%             | 2027-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE                | EFI PRODUCTIVITY SOFTWARE TERM LOAN                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124136 | PA      | $123205.02    | 0.07%             | 2030-05-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE                | EFI PRODUCTIVITY SOFTWARE REVOLVER                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     70948 | PA      | $70415.51     | 0.04%             | 2030-05-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CGI PARENT, LLC                          | CGI Parent LLC Term Loan                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    672371 | PA      | $669009.53    | 0.41%             | 2028-02-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CGI PARENT, LLC                          | CGI PARENT, LLC REVOLVER                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     82652 | PA      | $82238.65     | 0.05%             | 2028-02-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ILLUMIFIN                                | ILLUMIFIN 2022 INCREMENTAL TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    419399 | PA      | $401364.94    | 0.24%             | 2028-02-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Accurus Aerospace Corporation            | Accurus Aerospace Corporation 2022 Revolver                                     | CUSIP: 000000000<br>LEI: 549300OC7SCOG2WM0D70 | Long             | LON              | CORP              | US        |     60981 | PA      | $60737.40     | 0.04%             | 2028-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Accurus Aerospace Corporation            | Accurus Aerospace Corporation 2022 A-1 Term Loan                                | CUSIP: 000000000<br>LEI: 549300OC7SCOG2WM0D70 | Long             | LON              | CORP              | US        |    454673 | PA      | $452854.22    | 0.27%             | 2028-04-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TERRYBEAR                                | TERRYBEAR MEZZANINE LOAN                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1034086 | PA      | $806587.05    | 0.49%             | 2028-04-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ASC Communications LLC                   | ASC Communications LLC 2022 Term Loan                                           | CUSIP: 000000000<br>LEI: 549300VI4OZ3ZR0S8B05 | Long             | LON              | CORP              | US        |    204928 | PA      | $203698.00    | 0.12%             | 2028-07-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ASC Communications LLC                   | ASC Communications LLC 2022 Revolver                                            | CUSIP: 000000000<br>LEI: 549300VI4OZ3ZR0S8B05 | Long             | LON              | CORP              | US        |     22664 | PA      | $22528.18     | 0.01%             | 2028-07-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WWEC HOLDINGS II CORP                    | WWEC HOLDINGS II CORP DELAYED DRAW TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    151786 | PA      | $150799.09    | 0.09%             | 2028-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WWEC HOLDINGS II CORP                    | WWEC HOLDINGS II CORP REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124224 | PA      | $123416.16    | 0.07%             | 2028-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WWEC HOLDINGS II CORP                    | WWEC HOLDINGS II CORP TERM LOAN                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    695280 | PA      | $690760.21    | 0.42%             | 2028-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Randys Holdings, Inc.                    | Randys Holdings Inc Revolver                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     18648 | PA      | $18478.32     | 0.01%             | 2029-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Randys Holdings, Inc.                    | Randys Holdings Inc Delayed Draw Term Loan                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     43722 | PA      | $43323.70     | 0.03%             | 2029-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Randys Holdings, Inc.                    | Randys Holdings Inc First Lien Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    128072 | PA      | $126906.10    | 0.08%             | 2029-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| APPLIED AEROSPACE STRCTRES CRP           | APPLIED AEROSPACE STRCTRES CRP REVOLVER                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    104435 | PA      | $103390.43    | 0.06%             | 2030-11-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AA&D Midco Inc                           | AA+D MIDCO INC TERM LOAN                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142232 | PA      | $140809.34    | 0.09%             | 2030-11-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CGI PARENT, LLC                          | CGI PARENT, LLC INCREMENTAL TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    103205 | PA      | $102688.71    | 0.06%             | 2028-02-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RoadOne IntermodaLogistics               | RoadOne IntermodaLogistics Revolver                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    103653 | PA      | $100543.09    | 0.06%             | 2028-12-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RoadOne IntermodaLogistics               | RoadOne IntermodaLogistics Term Loan                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    498454 | PA      | $483500.36    | 0.29%             | 2028-12-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RoadOne IntermodaLogistics               | RoadOne IntermodaLogistics Delayed Draw Term Loan                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     45691 | PA      | $44320.44     | 0.03%             | 2028-12-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SBP HOLDING LP                           | SBP Holding LP Term Loan                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    591376 | PA      | $589010.99    | 0.36%             | 2028-03-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SBP HOLDING LP                           | SBP Holding LP Revolver                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    162503 | PA      | $161852.92    | 0.10%             | 2028-03-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SBP HOLDING LP                           | SBP Holding LP Delayed Draw Term Loan                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85105 | PA      | $84764.62     | 0.05%             | 2028-03-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2023 INCREMENTAL TERM LOAN                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     94249 | PA      | $92646.30     | 0.06%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HTI TECHNOLOGY + INDUSTRIES              | HTI TECHNOLOGY + INDUSTRIES 2023 DELAYED DRAW TERM LOAN C                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150734 | PA      | $148171.66    | 0.09%             | 2026-02-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER, INC                      | PPW AERO BUYER, INC 2023 TERM LOAN                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1095917 | PA      | $1086821.35   | 0.66%             | 2029-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER, INC                      | PPW AERO BUYER, INC 2023 REVOLVER                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    254167 | PA      | $252057.88    | 0.15%             | 2029-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFC INTERNATIONAL                        | EFC INTERNATIONAL MEZZANINE DEBT                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1039563 | PA      | $1031246.53   | 0.63%             | 2028-05-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NF HOLDCO, LLC                           | NF HOLDCO, LLC TERM LOAN                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    620325 | PA      | $563874.99    | 0.34%             | 2029-04-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NF HOLDCO, LLC                           | NF HOLDCO, LLC REVOLVER                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    110490 | PA      | $100435.63    | 0.06%             | 2029-04-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICO CHEMICAL PRODUCTS                | AMERICO CHEMICAL PRODUCTS TERM LOAN                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    380937 | PA      | $376365.56    | 0.23%             | 2029-04-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICO CHEMICAL PRODUCTS                | AMERICO CHEMICAL PRODUCTS REVOLVER                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120041 | PA      | $118600.52    | 0.07%             | 2029-04-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEAM AIR DISTRIBUTING, LLC               | TEAM AIR DISTRIBUTING, LLC SUBORDINATED DEBT TL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1117916 | PA      | $1038543.83   | 0.63%             | 2028-05-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HEMASOURCE INC 2023 REVOLVER                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    202373 | PA      | $202373.39    | 0.12%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HEMASOURCE INC 2023 SENIOR TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    714887 | PA      | $714886.77    | 0.43%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CASCADE RESIDENTIAL SERVICES             | CASCADE RESIDENTIAL SERVICES TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    524688 | PA      | $487434.71    | 0.30%             | 2029-10-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CASCADE RESIDENTIAL SERVICES             | CASCADE RESIDENTIAL SERVICES DELAYED DRAW TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    392238 | PA      | $364388.96    | 0.22%             | 2029-10-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CASCADE RESIDENTIAL SERVICES             | CASCADE RESIDENTIAL SERVICES REVOLVER                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66176 | PA      | $61477.94     | 0.04%             | 2029-10-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CGI PARENT, LLC                          | CGI PARENT, LLC 2023 INCREMENTAL TERM LOAN 2                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    646470 | PA      | $643237.21    | 0.39%             | 2028-02-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CADENCE INC                              | CADENCE INC 2023 INCREMENTAL TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    358809 | PA      | $358809.23    | 0.22%             | 2026-05-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WEST NR ACQUISITIONCO, LLC               | WEST NR ACQUISITIONCO, LLC  SENIOR TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    160419 | PA      | $160418.69    | 0.10%             | 2027-12-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WEST NR ACQUISITIONCO, LLC               | WEST NR ACQUISITIONCO, LLC DELAYED DRAW TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    323694 | PA      | $323693.54    | 0.20%             | 2027-12-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WEST NR ACQUISITIONCO, LLC               | WEST NR ACQUISITIONCO, LLC FUNDED DELAYED DRAW TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    410913 | PA      | $410912.92    | 0.25%             | 2027-12-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PARKVIEW DENTAL PARTNERS                 | PARKVIEW DENTAL PARTNERS LAST OUT TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    583333 | PA      | $581175.00    | 0.35%             | 2029-10-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PARKVIEW DENTAL PARTNERS                 | PARKVIEW DENTAL PARTNERS DELAYED DRAW TERM LOAN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     28500 | PA      | $28394.55     | 0.02%             | 2029-10-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTSHIFT TECHNOLOGIES                  | SMARTSHIFT TECHNOLOGIES TERM LOAN                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    955578 | PA      | $955577.63    | 0.58%             | 2029-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTSHIFT TECHNOLOGIES                  | SMARTSHIFT TECHNOLOGIES REVOLVER                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    168014 | PA      | $168013.65    | 0.10%             | 2029-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTSHIFT TECHNOLOGIES                  | SMARTSHIFT TECHNOLOGIES DELAYED DRAW TERM LOAN                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    344778 | PA      | $344778.02    | 0.21%             | 2029-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ENTACT ENVIRONMENTAL SERV INC            | ENTACT ENVIRONMENTAL SERV INC 2023 INCREMENTAL TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    139446 | PA      | $139446.42    | 0.08%             | 2027-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOJO INDUSTRIES INC                      | GOJO Industries Inc Term Loan                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    608653 | PA      | $639085.41    | 0.39%             | 2028-10-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROCK LABOR,LLC                           | ROCK LABOR,LLC TERM LOAN                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    338523 | PA      | $338523.38    | 0.21%             | 2029-09-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROCK LABOR, LLC                          | ROCK LABOR, LLC REVOLVER                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     57867 | PA      | $57867.25     | 0.04%             | 2029-09-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NAW BUYER, LLC                           | NAW BUYER, LLC REVOLVER                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130682 | PA      | $130185.23    | 0.08%             | 2029-09-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NAW BUYER, LLC                           | NAW BUYER, LLC TERM LOAN                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1019318 | PA      | $1015444.75   | 0.62%             | 2029-09-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NAW BUYER, LLC                           | NAW BUYER, LLC DELAYED DRAW TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    522188 | PA      | $520203.87    | 0.32%             | 2029-09-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CONCEPT MACHINE TOOL SALES LLC           | CONCEPT MACHINE TOOL SALES LLC 2023 INCREMENTAL TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     76054 | PA      | $64645.82     | 0.04%             | 2027-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SISU AcquisitionCo Inc                   | SISU AcquisitionCo Inc 2023 Delayed Draw Term Loan                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42895 | PA      | $42466.51     | 0.03%             | 2026-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SPATCO                                   | SPATCO                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49308 | NS      | $47483.31     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| BKF ENGINEERS                            | BKF ENGINEERS                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56012 | NS      | $65618.06     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| PRO VISION                               | PRO VISION EQUITY                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       218 | NS      | $30186.43     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| SANDVINE CORPORATION                     | SANDVINE CORPORATION CLASS A SHARES                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       688 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RAPIDAIR COMPRESSED AIR PROD             | RAPIDAIR COMPRESSED AIR PROD EQUITY                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        30 | NS      | $25032.95     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDEN CERAMIC DENTAL LAB                | GOLDEN CERAMIC DENTAL LAB                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    419595 | NS      | $586803.03    | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| TRAFFIC AND PARKING CONTROL              | TRAFFIC AND PARKING CONTROL                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        23 | NS      | $32654.56     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ELECTRIC EQUIPMENT AND ENG CO            | ELECTRIC EQUIPMENT AND ENG CO EQUITY                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    515625 | NS      | $1073685.94   | 0.65%             |  |  |  | No            |                  3 | On Loan: No      |
| PARKVIEW DENTAL PARTNERS                 | PARKVIEW DENTAL PARTNERS                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1204 | NS      | $37586.54     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| UNOSQUARE LLC                            | UNOSQUARE LLC                                                                   | CUSIP: 000000000<br>LEI: 2549001C4BT0N8JB8692 | Long             | EC               | CORP              | US        |     15278 | NS      | $10005.28     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| INNOVIA MEDICAL                          | INNOVIA MEDICAL                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        39 | NS      | $4737.38      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | WOODLAND FOODS INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        10 | NS      | $16277.65     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| DECKS DIRECT LLC                         | DECKS DIRECT LLC EQUITY/PRIVATE                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2209 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SEKO GLOBAL LOGISTICS NETWORK            | SEKO GLOBAL LOGISTICS NETWORK COMMON STOCK                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       184 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DAWGS DOOR AND WINDOW GUARD              | DAWGS DOOR AND WINDOW GUARD EQUITY/PRIVATE                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        20 | NS      | $25864.55     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| VB SPINE                                 | VB SPINE EQUITY                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26485 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TOP TIER ADMISSIONS                      | TOP TIER ADMISSIONS                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163121 | NS      | $205270.93    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| ACCURUS AEROSPACE INTL UK                | ACCURUS AEROSPACE INTL UK EQUITY/PRIVATE                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       611 | NS      | $509.70       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COGNITO FORMS                            | COGNITO FORMS EQUITY/PRIVATE                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1182 | NS      | $107541.32    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| SARA LEE FROZEN BAKERY                   | SARA LEE FROZEN BAKERY 2018 1st LIEN TERM LOAN                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1422125 | PA      | $1387993.60   | 0.84%             | 2027-07-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BROWN MACHINE GROUP HOLDINGS             | BROWN MACHINE GROUP HOLDINGS TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    780004 | PA      | $718383.44    | 0.44%             | 2026-10-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| U.S. Legal Support, Inc.                 | US Legal Support Inc Delayed Draw Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    378350 | PA      | $375928.49    | 0.23%             | 2026-06-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| U.S. Legal Support, Inc.                 | US Legal Support Inc Term Loan                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1614409 | PA      | $1604076.50   | 0.97%             | 2026-06-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PB HOLDINGS LLC                          | PB HOLDINGS LLC TERM LOAN                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    628636 | PA      | $628635.72    | 0.38%             | 2026-09-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PB HOLDINGS LLC                          | PB HOLDINGS LLC DELAYED DRAW TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39958 | PA      | $39958.13     | 0.02%             | 2026-09-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CONCEPT MACHINE                          | CONCEPT MACHINE TERM LOAN                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    571923 | PA      | $486134.78    | 0.30%             | 2027-02-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CONCEPT MACHINE                          | CONCEPT MACHINE                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1237 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PROJECT POTTER PARENT L.P                | PROJECT POTTER PARENT L.P CLASS B UNITS 4 20                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6629 | NS      | $31443.52     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| PEGASUS TRANSTECH CORPORATION            | PEGASUS TRANSTECH CORPORATION 2020 MICRODEA TL                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    282032 | PA      | $274980.90    | 0.17%             | 2026-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bridger Aerospace Group Holdings Inc     | Bridger Aerospace Group Holdings Inc                                            | CUSIP: 96812F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       183 | NS      | $206826.60    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| WILSONART LLC                            | Wilsonart LLC                                                                   | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |    750000 | PA      | $543661.43    | 0.33%             | 2032-08-15      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| WESTMINSTER FOODS II LLC                 | WESTMINSTER FOODS II LLC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    370241 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                  | Zayo Group Holdings Inc                                                         | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497070.00    | 0.30%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  3 | On Loan: No      |
| BISHOP STREET UNDERWRITERS               | BISHOP STREET UNDERWRITERS                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23961 | NS      | $33158.98     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| MERCHANT INDUSTRY LLC                    | MERCHANT INDUSTRY LLC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12783 | NS      | $12897.04     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| LAUNCHPAD HOME GROUP EQUITY              | LAUNCHPAD HOME GROUP EQUITY                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    138000 | NS      | $21459.00     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| LAUNCHPAD HOME GROUP EQUITY              | LAUNCHPAD HOME GROUP EQUITY                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       137 | NS      | $143288.26    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| ONSITE DEALER SERVICES                   | ONSITE DEALER SERVICES                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        25 | NS      | $25413.20     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERICAN ROLLER COMPANY LLC              | AMERICAN ROLLER COMPANY LLC                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15110 | NS      | $13361.77     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| GUARDIAN FIRE SERVICES                   | GUARDIAN FIRE SERVICES                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48527 | NS      | $57693.75     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| ZIYAD INC                                | ZIYAD INC                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        34 | NS      | $33878.86     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ETHOS RISK SERVICES                      | ETHOS RISK SERVICES                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5699 | NS      | $5699.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TEAM AIR (SWIFTY HOLDINGS LLC)           | TEAM AIR (SWIFTY HOLDINGS LLC)                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153333 | NS      | $184460.00    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| IMS LEGAL STRATEGIES                     | IMS LEGAL STRATEGIES                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        32 | NS      | $32000.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| POLYTEX ENVIRONMENTAL INKS               | POLYTEX ENVIRONMENTAL INKS SENIOR SUBNOTE 13  1/31/2020                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2391316 | PA      | $717394.71    | 0.44%             | 2027-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLYTEX HOLDINGS LLC                     | POLYTEX HOLDINGS LLC COMMON STOCK UNIT                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    148096 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HQ ACQUISITION HOLDINGS, LLC             | HQ ACQUISITION HOLDINGS, LLC LLC UNIT COMMON CLASS A                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3716 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HOOSIER HD HOLDINGS, INC                 | HOOSIER HD HOLDINGS, INC PREFERRED STOCK                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       210 | NS      | $209390.40    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| HOOSIER HD HOLDINGS, INC                 | HOOSIER HD HOLDINGS, INC COMMON STOCK                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       210 | NS      | $82487.05     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY, LLC             | POLICY SERVICES COMPANY, LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        89 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY, LLC             | POLICY SERVICES COMPANY, LLC                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        32 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY, LLC             | POLICY SERVICES COMPANY, LLC                                                    | CUSIP: 000000000<br>LEI: 549300HMRA4OTWJTYW16 | N/A              | DE               | CORP              | US        |       312 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| POLICY SERVICES COMPANY, LLC             | POLICY SERVICES COMPANY, LLC                                                    | CUSIP: 000000000<br>LEI: 549300HMRA4OTWJTYW16 | N/A              | DE               | CORP              | US        |       924 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ICE HOUSE AMERICA                        | ICE HOUSE AMERICA REVOLVER                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90090 | PA      | $86306.31     | 0.05%             | 2030-01-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ICE HOUSE AMERICA                        | ICE HOUSE AMERICA DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    180180 | PA      | $172612.61    | 0.10%             | 2030-01-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ICE HOUSE AMERICA                        | ICE HOUSE AMERICA TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    675676 | PA      | $647297.30    | 0.39%             | 2030-01-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| W50 Holdings LLC                         | W50 Holdings LLC 2024 Term Loan                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1608232 | PA      | $1608231.85   | 0.98%             | 2030-03-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| W50 Holdings LLC                         | W50 Holdings LLC 2024 Revolver                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83947 | PA      | $83947.11     | 0.05%             | 2030-03-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MISSION MICROWAVE                        | MISSION MICROWAVE REVOVER                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99734 | PA      | $97240.69     | 0.06%             | 2030-03-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MISSION MICROWAVE                        | MISSION MICROWAVE SENIOR TERM LOAN                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    616136 | PA      | $600732.54    | 0.36%             | 2030-03-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WEST NR ACQUISITIONCO LLC                | West-NR Acquisitionco LLC 2023 Term Loan A                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84794 | PA      | $84793.53     | 0.05%             | 2027-12-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SPATCO ENERGY SOLUTIONS, LLC             | SPATCO ENERGY SOLUTIONS, LLC 2024 REVOLVER                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    204986 | PA      | $203182.52    | 0.12%             | 2030-07-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SPATCO ENERGY SOLUTIONS, LLC             | SPATCO ENERGY SOLUTIONS, LLC 2024 DELAYED DRAW TERM LOAN                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    160331 | PA      | $158920.03    | 0.10%             | 2030-07-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SPATCO ENERGY SOLUTIONS, LLC             | SPATCO ENERGY SOLUTIONS, LLC 2024 TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1002068 | PA      | $993250.12    | 0.60%             | 2030-07-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA CUST FRUIT  FLAVORS           | CALIFORNIA CUST FRUIT  FLAVORS DELAYED DRAW TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    182540 | PA      | $181426.71    | 0.11%             | 2030-02-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA CUST FRUIT  FLAVORS           | CALIFORNIA CUST FRUIT  FLAVORS REVOLVER                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55093 | PA      | $54756.56     | 0.03%             | 2030-02-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALIFORNIA CUST FRUIT  FLAVORS           | CALIFORNIA CUST FRUIT  FLAVORS TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    198976 | PA      | $197762.39    | 0.12%             | 2030-02-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LOCKMASTERS SECURITY INTER INC           | LOCKMASTERS SECURITY INTER INC REVOLVER                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50872 | PA      | $50567.08     | 0.03%             | 2027-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LOCKMASTERS SECURITY INTER INC           | LOCKMASTERS SECURITY INTER INC DELAYED DRAW TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    118575 | PA      | $117863.98    | 0.07%             | 2027-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LOCKMASTERS SECURITY INTER INC           | LOCKMASTERS SECURITY INTER INC AMENDMENT NO 3 TERM LOAN                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    538954 | PA      | $535719.83    | 0.33%             | 2027-09-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FOREST BUYER, LLC                        | FOREST BUYER, LLC DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    243529 | PA      | $232082.68    | 0.14%             | 2030-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FOREST BUYER, LLC                        | FOREST BUYER, LLC REVOLVER                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152778 | PA      | $145597.69    | 0.09%             | 2030-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FOREST BUYER, LLC                        | FOREST BUYER, LLC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    777289 | PA      | $740756.27    | 0.45%             | 2030-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SVI INTERNATIONAL INC                    | SVI INTERNATIONAL INC DELAYED DRAW TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84756 | PA      | $84755.57     | 0.05%             | 2030-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SVI INTERNATIONAL INC                    | SVI INTERNATIONAL INC REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    111386 | PA      | $111386.14    | 0.07%             | 2030-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SVI INTERNATIONAL INC                    | SVI INTERNATIONAL INC TERM LOAN                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    874196 | PA      | $874195.52    | 0.53%             | 2030-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | WOODLAND FOODS INC 2024 INCREMENTAL TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89761 | PA      | $88898.96     | 0.05%             | 2027-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYPERION SOLUTIONS, LLC                  | HYPERION SOLUTIONS, LLC 2ND AMENDMENT INCREMENTAL TL                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    452827 | PA      | $338262.02    | 0.21%             | 2027-12-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SPATCO ENERGY SOLUTIONS, LLC             | SPATCO ENERGY SOLUTIONS, LLC 2024 TRANCHE B DDTL                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    301239 | PA      | $298588.20    | 0.18%             | 2030-07-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE                | EFI PRODUCTIVITY SOFTWARE 2024 INCREMENTAL TERM LOAN                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    341600 | PA      | $339037.66    | 0.21%             | 2030-05-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| EFI PRODUCTIVITY SOFTWARE                | EFI Productivity Software 2024 Incremental Delayed Draw Term Loan               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    352051 | PA      | $349410.75    | 0.21%             | 2030-05-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COHERUS BIOSCIENCES INC                  | COHERUS BIOSCIENCES INC TERM LOAN                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    299324 | PA      | $297228.62    | 0.18%             | 2029-05-08      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DIVERSIFIED PACKAGING                    | DIVERSIFIED PACKAGING 2ND LIEN TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    742365 | PA      | $727517.70    | 0.44%             | 2029-06-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER, INC                      | PPW AERO BUYER, INC 2024 DELAYED DRAW TERM LOAN 1                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25477 | PA      | $25265.50     | 0.02%             | 2029-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FOREST BUYER, LLC                        | FOREST BUYER, LLC INCREMENTAL TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1202495 | PA      | $1145977.77   | 0.70%             | 2030-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BKF ENGINEERS                            | BKF ENGINEERS TERM LOAN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    449233 | PA      | $443617.68    | 0.27%             | 2030-08-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BKF ENGINEERS                            | BKF ENGINEERS REVOLVER                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    308687 | PA      | $304828.26    | 0.19%             | 2030-08-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RPX CORPORATION                          | RPX CORPORATION 2024 TERM LOAN                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2214239 | PA      | $2194089.74   | 1.33%             | 2030-08-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RPX CORPORATION                          | RPX CORPORATION 2024 REVOLVER                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    252041 | PA      | $249747.70    | 0.15%             | 2030-08-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOLDEN CERAMIC DENTAL LAB                | GOLDEN CERAMIC DENTAL LAB TERM LOAN                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    871824 | PA      | $864762.55    | 0.52%             | 2030-08-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOLDEN CERAMIC DENTAL LAB                | GOLDEN CERAMIC DENTAL LAB DELAYED DRAW TERM LOAN                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    186486 | PA      | $184975.95    | 0.11%             | 2030-08-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOLDEN CERAMIC DENTAL LAB                | GOLDEN CERAMIC DENTAL LAB REVOLVER                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    186486 | PA      | $184975.95    | 0.11%             | 2030-08-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SBP HOLDING LP                           | SBP HOLDING LP 2024 INCRMNTL DELAYED DRAW TL                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    395272 | PA      | $393690.66    | 0.24%             | 2028-03-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SHELF BIDCO LTD                          | Shelf Bidco Ltd 2024 Second Out Term Loan                                       | CUSIP: 000000000<br>LEI: 2549001GKYO96D7T5467 | Long             | LON              | CORP              | BM        |    987500 | PA      | $983550.00    | 0.60%             | 2031-10-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AA&D Midco Inc                           | AA&D Midco Inc 2024 Delayed Draw Term Loan                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23067 | PA      | $22836.41     | 0.01%             | 2030-11-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEAM AIR DISTRIBUTING, LLC               | TEAM AIR DISTRIBUTING, LLC DEBT TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    217372 | PA      | $201939.04    | 0.12%             | 2028-05-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER INC                       | PPW AERO BUYER INC FUNDED DDTL 1                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    673845 | PA      | $668252.09    | 0.41%             | 2029-02-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYDRATECH HOLDINGS, INC.                 | HYDRATECH HOLDINGS, INC. DELAYED DRAW TERM LOAN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    273470 | PA      | $270188.78    | 0.16%             | 2029-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYDRATECH HOLDINGS, INC.                 | HYDRATECH HOLDINGS, INC. TERM LOAN                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    236911 | PA      | $234068.54    | 0.14%             | 2029-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HYDRATECH HOLDINGS, INC.                 | HYDRATECH HOLDINGS, INC. REVOLVER                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     67183 | PA      | $66376.60     | 0.04%             | 2029-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WC ORS BUYER INC                         | WC ORS Buyer Inc Term Loan                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    300481 | PA      | $297476.18    | 0.18%             | 2031-08-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WC ORS BUYER INC                         | WC ORS Buyer Inc Delayed Draw Term Loan                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    122209 | PA      | $120987.03    | 0.07%             | 2031-08-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROI SOLUTIONS                            | ROI SOLUTIONS 2024 TERM LOAN                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1042798 | PA      | $1022984.78   | 0.62%             | 2029-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROI SOLUTIONS                            | ROI SOLUTIONS 2024 REVOLVER                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    180553 | PA      | $177122.18    | 0.11%             | 2029-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MEDIA RECOVERY INC                       | MEDIA RECOVERY INC 2024 USD SENIOR REVOLVER                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    284076 | PA      | $284075.51    | 0.17%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MEDIA RECOVERY INC                       | MEDIA RECOVERY INC 2024 USD SENIOR TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    968105 | PA      | $968104.83    | 0.59%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PRO VISION                               | PRO VISION REVOLVER                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    192019 | PA      | $191634.48    | 0.12%             | 2030-09-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PRO VISION                               | PRO VISION TERM LOAN                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    710816 | PA      | $709393.92    | 0.43%             | 2030-09-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ROI SOLUTIONS                            | ROI SOLUTIONS 2024 DELAYED DRAW TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    201719 | PA      | $197886.13    | 0.12%             | 2029-10-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALDWELL + GREGORY LLC                   | Caldwell & Gregory LLC 2024 Term Loan                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1274344 | PA      | $1264786.14   | 0.77%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALDWELL + GREGORY LLC                   | Caldwell & Gregory LLC 2024 Revolver                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    172500 | PA      | $171206.25    | 0.10%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CALDWELL + GREGORY LLC                   | Caldwell & Gregory LLC 2024 Delayed Draw Term Loan                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    257262 | PA      | $255332.88    | 0.15%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UHY ADVISORS INC                         | UHY Advisors Inc Term Loan                                                      | CUSIP: 000000000<br>LEI: 5493000O8L0JH76XKM32 | Long             | LON              | CORP              | US        |    858995 | PA      | $858994.82    | 0.52%             | 2031-11-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UHY ADVISORS INC                         | UHY Advisors Inc Revolver                                                       | CUSIP: 000000000<br>LEI: 5493000O8L0JH76XKM32 | Long             | LON              | CORP              | US        |    229678 | PA      | $229677.76    | 0.14%             | 2031-11-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UHY ADVISORS INC                         | UHY Advisors Inc Delayed Draw Term Loan                                         | CUSIP: 000000000<br>LEI: 5493000O8L0JH76XKM32 | Long             | LON              | CORP              | US        |    867398 | PA      | $867398.48    | 0.53%             | 2031-11-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ELECTRIC EQUIPMENT AND ENG CO            | ELECTRIC EQUIPMENT AND ENG CO TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    879304 | PA      | $861718.14    | 0.52%             | 2030-12-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RAPID BUYER LLC                          | RAPID BUYER LLC SENIOR REVOLVER                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     81992 | PA      | $81417.77     | 0.05%             | 2030-10-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RAPID BUYER LLC                          | RAPID BUYER LLC SENIOR TERM LOAN                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    299467 | PA      | $297370.26    | 0.18%             | 2030-10-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RAPID BUYER LLC                          | RAPID BUYER LLC DELAYED DRAW TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    163983 | PA      | $162835.54    | 0.10%             | 2030-10-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| U.S. LEGAL SUPPORT, INC.                 | U.S. LEGAL SUPPORT, INC. 2024 TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    469102 | PA      | $466099.96    | 0.28%             | 2026-06-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THG ACQUISITION LLC                      | THG Acquisition LLC 2024 Term Loan                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    566437 | PA      | $563434.60    | 0.34%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THG ACQUISITION LLC                      | THG Acquisition LLC 2024 Delayed Draw Term Loan                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    127274 | PA      | $126599.38    | 0.08%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THG ACQUISITION LLC                      | THG Acquisition LLC 2024 Revolver                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83951 | PA      | $83505.71     | 0.05%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TAPCO BUYER LLC                          | TAPCO BUYER LLC UNITRANCHE TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    905045 | PA      | $894908.34    | 0.54%             | 2030-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TAPCO BUYER LLC                          | TAPCO BUYER LLC DELAYED DRAW TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    600346 | PA      | $593622.53    | 0.36%             | 2030-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TAPCO BUYER LLC                          | TAPCO BUYER LLC REVOLVER                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    201121 | PA      | $198868.52    | 0.12%             | 2030-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ICE HOUSE AMERICA                        | ICE HOUSE AMERICA 2024 DELAYED DRAW TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    222681 | PA      | $213328.27    | 0.13%             | 2030-01-12      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BECKLAR LLC                              | Becklar LLC 2024 Delayed Draw Term Loan                                         | CUSIP: 000000000<br>LEI: 5493002XT8BP3IRNWU79 | Long             | LON              | CORP              | US        |    118821 | PA      | $117632.40    | 0.07%             | 2030-12-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BECKLAR LLC                              | Becklar LLC 2024 Senior Term Loan                                               | CUSIP: 000000000<br>LEI: 5493002XT8BP3IRNWU79 | Long             | LON              | CORP              | US        |    777579 | PA      | $769803.40    | 0.47%             | 2030-12-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICO CHEMICAL PRODUCTS                | AMERICO CHEMICAL PRODUCTS 2024 SENIOR TERM LOAN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    255275 | PA      | $252211.38    | 0.15%             | 2029-04-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BECKLAR LLC                              | Becklar LLC 2024 Revolver                                                       | CUSIP: 000000000<br>LEI: 5493002XT8BP3IRNWU79 | Long             | LON              | CORP              | US        |    103058 | PA      | $102027.14    | 0.06%             | 2030-12-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| 0EST NR ACQUISITIONCO, LLC               | 0EST NR ACQUISITIONCO, LLC 2024 DELAYED DRAW TERM LOAN                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    523902 | PA      | $523901.97    | 0.32%             | 2027-12-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MCHNRY CMPNY LLC                | TENCARVA MCHNRY CMPNY LLC 2024 TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    172145 | PA      | $170630.38    | 0.10%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MCHNRY CMPNY LLC                | TENCARVA MCHNRY CMPNY LLC 2024 DELAYED DRAW TERM LOAN                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    183989 | PA      | $182369.75    | 0.11%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SEKO Global Logistics Network, LLC       | SEKO Global Logistics Network LLC 2024 Priority Term Loan                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    158707 | PA      | $158707.00    | 0.10%             | 2029-11-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NORTHSTAR RECYCLING                      | Northstar Recycling 2024 Senior Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1004058 | PA      | $1004057.93   | 0.61%             | 2030-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NORTHSTAR RECYCLING                      | Northstar Recycling 2024 Senior Revolver                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    208264 | PA      | $208264.37    | 0.13%             | 2030-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SEKO Global Logistics Network, LLC       | SEKO Global Logistics Network LLC 2024 Takeback Term Loan                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    424109 | PA      | $326140.11    | 0.20%             | 2030-05-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TENCARVA MACHINERY COM LLC               | TENCARVA MACHINERY COM LLC 2024 1ST LIEN DELAYED DRAW TL                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    184784 | PA      | $183157.67    | 0.11%             | 2027-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NORTHSTAR RECYCLING                      | Northstar Recycling 2024 Delayed Draw Term Loan                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    252916 | PA      | $252916.10    | 0.15%             | 2030-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEAM AIR DISTRIBUTING, LLC               | TEAM AIR DISTRIBUTING, LLC SENIOR SUBORDIN DEBT TERM LOAN                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66247 | PA      | $61543.33     | 0.04%             | 2028-05-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THE CAPROCK GROUP                        | THE CAPROCK GROUP 2024 SENIOR TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    680112 | PA      | $675283.18    | 0.41%             | 2028-12-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| THE CAPROCK GROUP                        | THE CAPROCK GROUP 2024 DELAYED DRAW TERM LOAN 2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    535353 | PA      | $531551.63    | 0.32%             | 2028-12-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MILL CITY BUYER LLC                      | MILL CITY BUYER LLC 2ND LIEN INCREMENTAL TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78371 | PA      | $76803.72     | 0.05%             | 2029-06-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Accelevation LLC                         | Accelevation LLC Senior Revolver                                                | CUSIP: 000000000<br>LEI: 254900LJ2P4E5G1HE703 | Long             | LON              | CORP              | US        |     52796 | PA      | $52795.54     | 0.03%             | 2031-01-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Accelevation LLC                         | Accelevation LLC Delayed Draw Term Loan                                         | CUSIP: 000000000<br>LEI: 254900LJ2P4E5G1HE703 | Long             | LON              | CORP              | US        |     62221 | PA      | $62221.39     | 0.04%             | 2031-01-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Accelevation LLC                         | Accelevation LLC Unitranche Term Loan                                           | CUSIP: 000000000<br>LEI: 254900LJ2P4E5G1HE703 | Long             | LON              | CORP              | US        |    165627 | PA      | $165627.41    | 0.10%             | 2031-01-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HSID ACQUISITION LLC                     | HSID ACQUISITION LLC 2025 4TH AMENDMENT TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    584399 | PA      | $580833.94    | 0.35%             | 2028-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HSID ACQUISITION LLC                     | HSID ACQUISITION LLC 2025 4TH AMENDM INCRE REVOLVER                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83998 | PA      | $83485.47     | 0.05%             | 2028-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HSID ACQUISITION LLC                     | HSID ACQUISITION LLC 2025 4TH AMENDMENT DDTL                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    344770 | PA      | $342666.57    | 0.21%             | 2028-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DISCOVERY BUYER LP                       | Discovery Buyer LP Senior Term Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    581301 | PA      | $576824.79    | 0.35%             | 2032-02-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DISCOVERY BUYER LP                       | Discovery Buyer LP Delayed Draw Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    335366 | PA      | $332783.54    | 0.20%             | 2032-02-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DISCOVERY BUYER LP                       | Discovery Buyer LP Senior Revolver                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83333 | PA      | $82691.66     | 0.05%             | 2032-02-06      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | Woodland Foods Inc 2025 Senior Term Loan                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    240845 | PA      | $238532.73    | 0.14%             | 2027-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WOODLAND FOODS INC                       | Woodland Foods Inc 2025 3rd Amendment Delayed Draw Term Loan                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39178 | PA      | $38802.29     | 0.02%             | 2027-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEIG HOLDINGS, INC.                      | TEIG HOLDINGS, INC. SENIOR TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152935 | PA      | $152935.08    | 0.09%             | 2032-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEIG HOLDINGS, INC.                      | TEIG HOLDINGS, INC. DELAYED DRAW TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    154480 | PA      | $154479.88    | 0.09%             | 2032-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TEIG HOLDINGS, INC.                      | TEIG HOLDINGS, INC. SENIOR REVOLVER                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83058 | PA      | $83057.66     | 0.05%             | 2032-03-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HS ADVISORY BUYER LLC                    | HS ADVISORY BUYER LLC REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    111400 | PA      | $109506.28    | 0.07%             | 2030-03-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HS ADVISORY BUYER LLC                    | HS ADVISORY BUYER LLC SENIOR TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249982 | PA      | $245732.07    | 0.15%             | 2030-03-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HS ADVISORY BUYER LLC                    | HS ADVISORY BUYER LLC DELAYED DRAW TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    666002 | PA      | $654679.62    | 0.40%             | 2030-03-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP MSI BUYER INC                        | NCP-MSI Buyer Inc Term Loan                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    323910 | PA      | $320314.87    | 0.19%             | 2031-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP MSI BUYER INC                        | NCP MSI BUYER INC DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83710 | PA      | $82780.58     | 0.05%             | 2031-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP MSI BUYER INC                        | NCP-MSI Buyer Inc Revolver Tranche 1                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     65108 | PA      | $64384.91     | 0.04%             | 2031-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HS ADVISORY BUYER LLC                    | HS ADVISORY BUYER LLC SPECIFIED DELAYED DRAW TL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    122536 | PA      | $120453.25    | 0.07%             | 2030-03-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HS ADVISORY BUYER LLC                    | HS ADVISORY BUYER LLC SPECIFIED DDTL 1                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    123832 | PA      | $121727.18    | 0.07%             | 2030-03-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP MSI BUYER INC                        | NCP-MSI Buyer Inc Revolver Tranche 2                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     83710 | PA      | $82780.57     | 0.05%             | 2031-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROJECT HOMER                            | PROJECT HOMER TERM LOAN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1600686 | PA      | $1549464.15   | 0.94%             | 2030-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BRIGHTSIGN                               | BRIGHTSIGN 2025 TERM LOAN                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     47910 | PA      | $47910.49     | 0.03%             | 2027-10-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| APPLICATION BOOT CAMP LLC                | APPLICATION BOOT CAMP LLC TERM LOAN                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    844149 | PA      | $845837.24    | 0.51%             | 2031-04-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| APPLICATION BOOT CAMP LLC                | APPLICATION BOOT CAMP LLC SENIOR SUBORDINATED DEBT                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     57092 | PA      | $57834.40     | 0.04%             | 2031-10-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| APPLICATION BOOT CAMP LLC                | APPLICATION BOOT CAMP LLC REVOLVER                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    367021 | PA      | $367021.27    | 0.22%             | 2031-04-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DAWGS INTERMEDIATE HOLDING CO.           | DAWGS INTERMEDIATE HOLDING CO. REVOLVER                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    125686 | PA      | $125182.86    | 0.08%             | 2031-03-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DAWGS INTERMEDIATE HOLDING CO.           | DAWGS INTERMEDIATE HOLDING CO. TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    395523 | PA      | $393940.62    | 0.24%             | 2031-03-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OWL ACQUISITION LLC                      | OWL Acquisition LLC 2025 Term Loan                                              | CUSIP: 000000000<br>LEI: 549300JR7PF3VZBHA604 | Long             | LON              | CORP              | US        |    457977 | PA      | $425002.67    | 0.26%             | 2032-04-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OWL ACQUISITION LLC                      | OWL Acquisition LLC 2025 Delayed Draw Term Loan                                 | CUSIP: 000000000<br>LEI: 549300JR7PF3VZBHA604 | Long             | LON              | CORP              | US        |     41869 | PA      | $38854.03     | 0.02%             | 2032-04-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OWL ACQUISITION LLC                      | OWL Acquisition LLC 2025 Revolver                                               | CUSIP: 000000000<br>LEI: 549300JR7PF3VZBHA604 | Long             | LON              | CORP              | US        |    111304 | PA      | $103290.06    | 0.06%             | 2032-04-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Express Wash Acquisition Company, LLC    | Express Wash Acquisition Company LLC 2025 Term Loan                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    391968 | PA      | $369233.44    | 0.22%             | 2031-04-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Express Wash Acquisition Company, LLC    | Express Wash Acquisition Company LLC 2025 Revolver                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23180 | PA      | $21835.72     | 0.01%             | 2031-04-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VITALSOURCE                              | VITALSOURCE 2025 INCREMENTAL TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74602 | PA      | $74154.11     | 0.05%             | 2030-06-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VITALSOURCE                              | VITALSOURCE 2025 DELAYED DRAW TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     31398 | PA      | $31209.64     | 0.02%             | 2030-06-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FSS BUYER LLC                            | FSS Buyer LLC 2025 Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1484919 | PA      | $1484919.18   | 0.90%             | 2031-08-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCREENVISION LLC                         | SCREENVISION LLC FIRST OUT TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    442601 | PA      | $435386.22    | 0.26%             | 2030-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCREENVISION LLC                         | SCREENVISION LLC SECOND OUT TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    443860 | PA      | $429434.51    | 0.26%             | 2030-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCREENVISION LLC                         | SCREENVISION LLC REVOLVER                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     52464 | PA      | $51608.97     | 0.03%             | 2030-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COGNITO FORMS                            | COGNITO FORMS TERM LOAN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1500986 | PA      | $1490479.41   | 0.90%             | 2031-05-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COGNITO FORMS                            | COGNITO FORMS REVOVLER                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     94521 | PA      | $93858.91     | 0.06%             | 2031-05-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WC ORS BUYER INC                         | WC ORS Buyer Inc 2025 1st Amendment Term Loan                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    127150 | PA      | $125878.15    | 0.08%             | 2031-08-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RKD GROUP LLC                            | RKD Group LLC 2025 Delayed Draw Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    189174 | PA      | $187698.54    | 0.11%             | 2031-05-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RKD GROUP LLC                            | RKD Group LLC 2025 Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1394754 | PA      | $1383874.54   | 0.84%             | 2031-05-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RKD GROUP LLC                            | RKD Group LLC 2025 Revolver                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130533 | PA      | $129514.44    | 0.08%             | 2031-05-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UNOSQUARE LLC                            | UNOSQUARE LLC TERM LOAN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    359795 | PA      | $345763.29    | 0.21%             | 2031-06-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UNOSQUARE LLC                            | UNOSQUARE LLC REVOLVER                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79696 | PA      | $76588.21     | 0.05%             | 2031-06-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| UNOSQUARE LLC                            | UNOSQUARE LLC DELAYED DRAW TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    164365 | PA      | $157954.91    | 0.10%             | 2031-06-02      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OSP HAMILTON PURCHASER LLC               | OSP Hamilton Purchaser LLC 2025 Delayed Draw Term Loan                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    276677 | PA      | $274602.33    | 0.17%             | 2029-12-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CLOUD ONE                                | CLOUD ONE REVOLVER                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    180488 | PA      | $178719.02    | 0.11%             | 2031-08-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BISHOP STREET UNDERWRITERS               | BISHOP STREET UNDERWRITERS DELAYED DRAW TERM LOAN                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    245303 | PA      | $242849.93    | 0.15%             | 2031-07-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BISHOP STREET UNDERWRITERS               | BISHOP STREET UNDERWRITERS TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    366469 | PA      | $362804.37    | 0.22%             | 2031-07-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CASCADE RESIDENTIAL SERVICES             | CASCADE RESIDENTIAL SERVICES 2025 TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    572317 | PA      | $531682.31    | 0.32%             | 2029-10-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCP MEDICAL PRODUCTS LLC                 | SCP MEDICAL PRODUCTS LLC REVOLVER                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42580 | PA      | $42179.56     | 0.03%             | 2031-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCP MEDICAL PRODUCTS LLC                 | SCP MEDICAL PRODUCTS LLC TERM LOAN                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    451659 | PA      | $447413.20    | 0.27%             | 2031-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SRS ACQUIOM HOLDINGS LLC                 | SRS ACQUIOM HOLDINGS LLC REVOLVER                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    123450 | PA      | $122215.72    | 0.07%             | 2032-01-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SRS ACQUIOM HOLDINGS LLC                 | SRS ACQUIOM HOLDINGS LLC TERM LOAN                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    563206 | PA      | $557574.11    | 0.34%             | 2032-01-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DURARE BIDCO LLC                         | Durare Bidco LLC Term Loan                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    655071 | PA      | $647865.34    | 0.39%             | 2032-08-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DURARE BIDCO LLC                         | Durare Bidco LLC Revolver                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    172542 | PA      | $170643.78    | 0.10%             | 2032-08-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DURARE BIDCO LLC                         | Durare Bidco LLC Delayed Draw Term Loan                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    172387 | PA      | $170490.88    | 0.10%             | 2032-08-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ABC Legal Services Inc                   | ABC Legal Services Inc Term Loan                                                | CUSIP: 000000000<br>LEI: 254900N1PSXOTMQTUK22 | Long             | LON              | CORP              | US        |    315939 | PA      | $313443.57    | 0.19%             | 2032-08-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ABC Legal Services Inc                   | ABC Legal Services Inc Delayed Draw Term Loan                                   | CUSIP: 000000000<br>LEI: 254900N1PSXOTMQTUK22 | Long             | LON              | CORP              | US        |     95023 | PA      | $94272.28     | 0.06%             | 2032-08-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ABC Legal Services Inc                   | ABC Legal Services Inc Revolver                                                 | CUSIP: 000000000<br>LEI: 254900N1PSXOTMQTUK22 | Long             | LON              | CORP              | US        |     86650 | PA      | $85965.55     | 0.05%             | 2032-08-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| KAMC HOLDINGS INC                        | KAMC Holdings Inc 2025 Senior Revolver                                          | CUSIP: 000000000<br>LEI: 549300XJEBQG5WGJBZ22 | Long             | LON              | CORP              | US        |     81358 | PA      | $76720.48     | 0.05%             | 2031-08-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| KAMC HOLDINGS INC                        | KAMC Holdings Inc 2025 Senior Term Loan                                         | CUSIP: 000000000<br>LEI: 549300XJEBQG5WGJBZ22 | Long             | LON              | CORP              | US        |    687923 | PA      | $648711.25    | 0.39%             | 2031-08-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CLOUDONE DIGITAL CORP                    | CLOUDONE DIGITAL CORP TERM LOAN                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    817463 | PA      | $809452.28    | 0.49%             | 2031-08-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER INC                       | PPW Aero Buyer Inc 2025 Incremental Delayed Draw Term Loan                      | CUSIP: 000000000<br>LEI: 254900FYEOXTTEFZTA95 | Long             | LON              | CORP              | US        |    286879 | PA      | $284498.06    | 0.17%             | 2031-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MERCHANT INDUSTRY LLC                    | MERCHANT INDUSTRY LLC DELAYED DRAW TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210431 | PA      | $208263.39    | 0.13%             | 2031-09-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MERCHANT INDUSTRY LLC                    | MERCHANT INDUSTRY LLC REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     62222 | PA      | $61580.89     | 0.04%             | 2031-09-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| MERCHANT INDUSTRY LLC                    | MERCHANT INDUSTRY LLC TERM LOAN                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    338616 | PA      | $335128.50    | 0.20%             | 2031-09-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ASC COMMUNICATIONS LLC                   | ASC COMMUNICATIONS LLC 2025 SENIOR TERM LOAN                                    | CUSIP: 000000000<br>LEI: 549300VI4OZ3ZR0S8B05 | Long             | LON              | CORP              | US        |   1309139 | PA      | $1301284.47   | 0.79%             | 2028-07-17      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMES LLC                                 | Gmes LLC 2025 Revolver                                                          | CUSIP: 000000000<br>LEI: 549300F530LPY4PBBF12 | Long             | LON              | CORP              | US        |    137551 | PA      | $136148.14    | 0.08%             | 2031-09-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMES LLC                                 | Gmes LLC 2025 Delayed Draw Term Loan                                            | CUSIP: 000000000<br>LEI: 549300F530LPY4PBBF12 | Long             | LON              | CORP              | US        |    169436 | PA      | $167708.04    | 0.10%             | 2031-09-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Gmes LLC                                 | Gmes LLC 2025 Term Loan                                                         | CUSIP: 000000000<br>LEI: 549300F530LPY4PBBF12 | Long             | LON              | CORP              | US        |   1039633 | PA      | $1029028.62   | 0.62%             | 2031-09-09      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AUTOMATED FINANCIAL SYSTEMS              | AUTOMATED FINANCIAL SYSTEMS TERM LOAN                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    409726 | PA      | $405341.63    | 0.25%             | 2031-10-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AUTOMATED FINANCIAL SYSTEMS              | AUTOMATED FINANCIAL SYSTEMS DELAYED DRAW TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    782386 | PA      | $774014.32    | 0.47%             | 2031-10-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AUTOMATED FINANCIAL SYSTEMS              | AUTOMATED FINANCIAL SYSTEMS REVOLVER                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    179738 | PA      | $177814.68    | 0.11%             | 2031-10-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LAUNCHPAD HOME GROUP                     | LAUNCHPAD HOME GROUP DELAYED DRAW TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1035000 | PA      | $1017715.50   | 0.62%             | 2031-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LAUNCHPAD HOME GROUP                     | LAUNCHPAD HOME GROUP REVOLVER                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    207000 | PA      | $203543.10    | 0.12%             | 2031-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| LAUNCHPAD HOME GROUP                     | LAUNCHPAD HOME GROUP TERM LOAN                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    344138 | PA      | $338390.40    | 0.21%             | 2031-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ALDINGER COMPANY                         | ALDINGER COMPANY 2025 DELAYED DRAW TERM LOAN 1                                  | CUSIP: 000000000<br>LEI: 391200MWRXRDTGZAKC82 | Long             | LON              | CORP              | US        |    307150 | PA      | $304539.37    | 0.18%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NORTHSTAR RECYCLING                      | Northstar Recycling 2025 1st Lien Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    114547 | PA      | $114546.92    | 0.07%             | 2030-12-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TIPCO TECHNOLOGIES                       | TIPCO TECHNOLOGIES INCREMENTAL TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55484 | PA      | $54818.51     | 0.03%             | 2029-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TIPCO TECHNOLOGIES                       | TIPCO TECHNOLOGIES INCREMENTAL DELAYED DRAW Term Loan                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     55763 | PA      | $55093.98     | 0.03%             | 2029-12-03      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| G-3 Chickadee Purchaser, LLC             | G-3 Chickadee Purchaser LLC Term Loan                                           | CUSIP: 000000000<br>LEI: 254900K390CRDFMWC969 | Long             | LON              | CORP              | US        |    985863 | PA      | $967526.04    | 0.59%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OSP Lakeside Intermediate Holdings 2 LLC | OSP Lakeside Intermediate Holdings 2 LLC Revolver                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    253703 | PA      | $248121.35    | 0.15%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OSP Lakeside Intermediate Holdings 2 LLC | OSP Lakeside Intermediate Holdings 2 LLC Term Loan                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1467619 | PA      | $1435331.33   | 0.87%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ALDINGER COMPANY                         | ALDINGER COMPANY 2025 DELAYED DRAW TERM LOAN B                                  | CUSIP: 000000000<br>LEI: 391200MWRXRDTGZAKC82 | Long             | LON              | CORP              | US        |    399733 | PA      | $396335.53    | 0.24%             | 2030-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PPW AERO BUYER INC                       | PPW Aero Buyer Inc 2025 1st Lien Incremental Term Loan                          | CUSIP: 000000000<br>LEI: 254900FYEOXTTEFZTA95 | Long             | LON              | CORP              | US        |     85633 | PA      | $84922.67     | 0.05%             | 2031-09-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTLING INC                            | SMARTLING INC 2025 TERM LOAN                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1115966 | PA      | $1104025.30   | 0.67%             | 2032-10-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTLING INC                            | SMARTLING INC 2025 REVOLVER                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    265660 | PA      | $262817.11    | 0.16%             | 2032-10-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SMARTLING INC                            | SMARTLING INC 2025 DELAYED DRAW TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    343374 | PA      | $339700.09    | 0.21%             | 2032-10-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CEC ENTERTAINMENT INC                    | CEC Entertainment Inc 2025 Term Loan                                            | CUSIP: 000000000<br>LEI: 549300MWTY75LB8TRO50 | Long             | LON              | CORP              | US        |    345652 | PA      | $340985.88    | 0.21%             | 2030-09-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BLI BUYER INC                            | BLI BUYER INC TERM LOAN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    320571 | PA      | $317814.22    | 0.19%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BLI BUYER INC                            | BLI BUYER INC DELAYED DRAW TERM LOAN                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     93370 | PA      | $92567.25     | 0.06%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BLI BUYER INC                            | BLI BUYER INC REVOLVER                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78813 | PA      | $78135.52     | 0.05%             | 2031-10-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROFITOPTICS                             | PROFITOPTICS 2025 INCREMENTAL TERM LOAN                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    638823 | PA      | $629240.70    | 0.38%             | 2028-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RECON BUYER LLC                          | RECON BUYER LLC DDS DELAYED DRAW TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    429446 | PA      | $424807.54    | 0.26%             | 2031-10-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RECON BUYER LLC                          | RECON BUYER LLC SPECIFIED DELAYED DRAW Term Loan                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    469706 | PA      | $464633.24    | 0.28%             | 2031-11-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RECON BUYER LLC                          | RECON BUYER LLC GENERAL DELAYED DRAW TERM LOAN                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    590488 | PA      | $584110.37    | 0.35%             | 2031-11-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RECON BUYER LLC                          | RECON BUYER LLC REVOLVER                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134202 | PA      | $132752.36    | 0.08%             | 2031-11-04      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Incremental Delayed Draw Term Loan                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Tranche A Delayed Draw Term Loan 2                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Tranche A Delayed Draw Term Loan 3                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Tranche A Delayed Draw Term Loan 4                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Tranche A Delayed Draw Term Loan 5                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HEMASOURCE INC                           | HemaSource Inc 2025 Tranche A Delayed Draw Term Loan 6                          | CUSIP: 000000000<br>LEI: 5493006C3T6VT5XCGM62 | Long             | LON              | CORP              | US        |    126115 | PA      | $126114.63    | 0.08%             | 2029-08-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICAN ROLLER COMPANY LLC              | AMERICAN ROLLER COMPANY LLC SENIOR TERM LOAN                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    374790 | PA      | $371491.58    | 0.23%             | 2031-11-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICAN ROLLER COMPANY LLC              | AMERICAN ROLLER COMPANY LLC DELAYED DRAW TERM LOAN                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146402 | PA      | $145113.90    | 0.09%             | 2031-11-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICAN ROLLER COMPANY LLC              | AMERICAN ROLLER COMPANY LLC SENIOR REVOLVER                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     90440 | PA      | $89643.69     | 0.05%             | 2031-11-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMERICO CHEMICAL PRODUCTS                | AMERICO CHEMICAL PRODUCTS 2025 INCREMENTAL TERM LOAN                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    611749 | PA      | $604407.61    | 0.37%             | 2029-04-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BITLY INC                                | BITLY INC 2025 SENIOR TERM LOAN                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1659906 | PA      | $1645464.48   | 1.00%             | 2031-11-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BITLY INC                                | BITLY INC 2025 SENIOR REVOLVER                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     65094 | PA      | $64528.02     | 0.04%             | 2031-11-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SEKO Global Logistics Network, LLC       | SEKO Global Logistics Network LLC 2025 5th Amendment Incremental Term Loan      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     36664 | PA      | $36663.57     | 0.02%             | 2029-11-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SEKO Global Logistics Network, LLC       | SEKO Global Logistics Network LLC 2025 5th Amendment Delayed Draw Term Loan     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20047 | PA      | $20046.64     | 0.01%             | 2029-11-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BROADWAY BUYER LLC                       | Broadway Buyer LLC Delayed Draw Term Loan                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    291321 | PA      | $288728.29    | 0.18%             | 2032-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BROADWAY BUYER LLC                       | Broadway Buyer LLC Senior Term Loan                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    302307 | PA      | $299616.62    | 0.18%             | 2032-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BROADWAY BUYER LLC                       | Broadway Buyer LLC Senior Revolver                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150421 | PA      | $149082.03    | 0.09%             | 2032-12-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AA&D Midco Inc                           | AA&D Midco Inc 2025 Senior Term Loan                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    166366 | PA      | $164702.65    | 0.10%             | 2030-11-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AA&D Midco Inc                           | AA&D Midco Inc 2025 Incremental Delayed Draw Term Loan                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    229822 | PA      | $227523.31    | 0.14%             | 2030-11-29      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RWA HOLDING COMPANY INC                  | RWA HOLDING COMPANY INC INCREMENTAL TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     89283 | PA      | $88470.57     | 0.05%             | 2029-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| RWA HOLDING COMPANY INC                  | RWA HOLDING COMPANY INC INCREMENTAL DELAYED DRAW Term Loan                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    357132 | PA      | $353882.30    | 0.21%             | 2030-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| NCP-MSI Buyer, Inc                       | NCP-MSI Buyer Inc 1st Lien Delayed Draw Term Loan                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    159105 | PA      | $157339.35    | 0.10%             | 2031-03-24      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMF Parent Inc.                          | GMF Parent Inc 2025 1st Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    558575 | PA      | $553491.92    | 0.34%             | 2032-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMF Parent Inc.                          | GMF Parent Inc 2025 Delayed Draw Term Loan A                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    157345 | PA      | $155913.22    | 0.09%             | 2032-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMF Parent Inc.                          | GMF Parent Inc 2025 Delayed Draw Term Loan B                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    141611 | PA      | $140321.89    | 0.09%             | 2032-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GMF Parent Inc.                          | GMF Parent Inc 2025 1st Lien Revolver                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    116954 | PA      | $115889.74    | 0.07%             | 2032-12-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ARGUS LOGISTICS LLC                      | ARGUS LOGISTICS LLC DELAYED DRAW TERM LOAN                                      | CUSIP: 000000000<br>LEI: 254900LH5GUQJKH7BP04 | Long             | LON              | CORP              | US        |    567655 | PA      | $565383.97    | 0.34%             | 2031-12-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ARGUS LOGISTICS LLC                      | ARGUS LOGISTICS LLC TERM LOAN                                                   | CUSIP: 000000000<br>LEI: 254900LH5GUQJKH7BP04 | Long             | LON              | CORP              | US        |    473045 | PA      | $471153.31    | 0.29%             | 2031-12-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ARGUS LOGISTICS LLC                      | ARGUS LOGISTICS LLC REVOLVER                                                    | CUSIP: 000000000<br>LEI: 254900LH5GUQJKH7BP04 | Long             | LON              | CORP              | US        |    145779 | PA      | $145196.20    | 0.09%             | 2031-12-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCP CDH BUYER INC                        | SCP CDH BUYER INC REVOLVER                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    165597 | PA      | $164073.19    | 0.10%             | 2032-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCP CDH BUYER INC                        | SCP CDH BUYER INC TERM LOAN                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1186043 | PA      | $1175131.18   | 0.71%             | 2032-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCP CDH BUYER INC                        | SCP CDH BUYER INC DELAYED DRAW TERM LOAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348836 | PA      | $345626.82    | 0.21%             | 2032-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DIVERSIFIED PACKAGING HOLDINGS           | DIVERSIFIED PACKAGING HOLDINGS 2025 2nd LIEN INC TERM LOAN                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    224609 | PA      | $220116.36    | 0.13%             | 2029-06-27      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PAS CHASSIS HOLDCO LLC                   | PAS CHASSIS HOLDCO LLC 2nd LIEN TERM LOAN                                       | CUSIP: 000000000<br>LEI: 2549002DPBEKLP4T6U98 | Long             | LON              | CORP              | US        |    865801 | PA      | $848484.85    | 0.51%             | 2033-01-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FORGE BORROWER LLC                       | Forge Borrower LLC Term Loan                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    343042 | PA      | $339611.57    | 0.21%             | 2033-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FORGE BORROWER LLC                       | Forge Borrower LLC Revolver                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98012 | PA      | $97031.88     | 0.06%             | 2033-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| FORGE BORROWER LLC                       | FORGE BORROWER LLC DELAYED DRAW TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    490060 | PA      | $485159.38    | 0.29%             | 2033-01-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ETHOS RISK SERVICES                      | ETHOS RISK SERVICES TERM LOAN                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    215590 | PA      | $212355.72    | 0.13%             | 2031-01-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ETHOS RISK SERVICES                      | ETHOS RISK SERVICES DELAYED DRAW TERM LOAN                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58945 | PA      | $58060.34     | 0.04%             | 2031-01-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ETHOS RISK SERVICES                      | ETHOS RISK SERVICES REVOLVER                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22999 | PA      | $22653.88     | 0.01%             | 2031-01-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BKF ENGINEERS                            | BKF ENGINEERS 2026 TERM LOAN                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    316662 | PA      | $312704.21    | 0.19%             | 2030-08-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BKF ENGINEERS                            | BKF ENGINEERS 2026 DELAYED DRAW TERM LOAN                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    239533 | PA      | $236538.74    | 0.14%             | 2030-08-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BISHOP STREET UNDERWRITERS               | BISHOP STREET UNDERWRITERS 2026 DELAYED DRAW TERM LOAN 2                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    433533 | PA      | $429197.95    | 0.26%             | 2031-07-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VESTA FINANCE MERGER SUB LLC             | VESTA FINANCE MERGER SUB LLC TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1085428 | PA      | $1074574.02   | 0.65%             | 2033-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VESTA FINANCE MERGER SUB LLC             | VESTA FINANCE MERGER SUB LLC DELAYED DRAW TERM LOAN                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    271357 | PA      | $268643.49    | 0.16%             | 2033-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| VESTA FINANCE MERGER SUB LLC             | VESTA FINANCE MERGER SUB LLC REVOLVER                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    178458 | PA      | $176673.54    | 0.11%             | 2033-04-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BECKLAR LLC                              | BECKLAR LLC 2026 TERM LOAN                                                      | CUSIP: 000000000<br>LEI: 5493002XT8BP3IRNWU79 | Long             | LON              | CORP              | US        |    157723 | PA      | $156146.10    | 0.09%             | 2031-02-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TAPCO BUYER LLC                          | TAPCO BUYER LLC 2026 DELAYED DRAW TERM LOAN                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    506691 | PA      | $500991.19    | 0.30%             | 2030-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DANE STREET LLC                          | DANE STREET LLC DELAYED DRAW TERM LOAN                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    183262 | PA      | $181429.52    | 0.11%             | 2033-02-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DANE STREET LLC                          | DANE STREET LLC TERM LOAN                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    410643 | PA      | $406536.51    | 0.25%             | 2033-02-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DANE STREET LLC                          | DANE STREET LLC REVOLVER                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     97572 | PA      | $96595.99     | 0.06%             | 2033-02-28      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ORS NASCO INC                            | ORS NASCO INC 2026 REVOLVER                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    103736 | PA      | $102698.36    | 0.06%             | 2031-08-07      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Counsel Press Holdings Inc.              | Counsel Press Holdings Inc. 2026 12th Amendment Term Loan A                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1033950 | PA      | $1023610.75   | 0.62%             | 2029-10-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SISU ACQUISITIONCO INC                   | SISU ACQUISITIONCO INC 5TH AMENDMENT INCREMENTAL Term Loan                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    653475 | PA      | $646939.77    | 0.39%             | 2028-12-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SISU ACQUISITIONCO INC                   | SISU ACQUISITIONCO INC 5TH AMENDMENT DELAYED DRAW Term Loan                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    220768 | PA      | $218560.74    | 0.13%             | 2028-12-26      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COUNSEL PRESS INC                        | COUNSEL PRESS INC 2026 DELAYED DRAW TERM LOAN                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    413580 | PA      | $409444.30    | 0.25%             | 2031-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| COUNSEL PRESS INC                        | COUNSEL PRESS INC 2026 REVOLVER                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     47043 | PA      | $46572.10     | 0.03%             | 2031-03-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bausch Health Companies Inc              | Bausch Health Companies Inc 2025 Term Loan B                                    | CUSIP: 000000000<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | LON              | CORP              | CA        |   1565900 | PA      | $1508916.61   | 0.92%             | 2030-10-08      | None          | 0.00%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** BARINGS PARTICIPATION INVESTORS

**Signature:** Christopher Hanscom

**Name of Signer:** Christopher Hanscom

**Title:** Chief Financial Officer for the Trusts