UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-01700

_______________________________________________________________________

ANTARES STRATEGIC CREDIT FUND

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

Delaware	93-3416650
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
320 South Canal Street, Suite 4200 Chicago, IL	60606
(Address of principal executive offices)	(Zip Code)

312-638-4117

Registrant’s telephone number, including area code

_______________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ NO ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of May 14, 2025 was 66,537,877.

1

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	8
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	9
	Notes to Consolidated Financial Statements (Unaudited)	74
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	96
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	108
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	110
Item 4.	Mine Safety Disclosures	110
Item 5.	Other Information	110
Item 6.	Exhibits	111
	Signatures	112

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Antares Strategic Credit Fund (the “Company,” “we,” “us,” or “our”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•we have a limited operating history;

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

•changes in the general economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;

•our contractual arrangements and relationships with third parties;

•the state of the general economy;

•the impact of supply chain constraints on our portfolio companies and the global economy;

•uncertainty surrounding global financial stability, including the liquidity of certain banks;

•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•our ability to raise capital in the private and public debt and equity markets;

•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies’ supply chain and operations;

•the outcome and impact of any litigation or regulatory proceeding;

•the adequacy of our cash resources and working capital;

•the timing, form and amount of any dividend distributions;

•the timing of cash flows, if any, from the operations of our portfolio companies; and

•the ability of our adviser to locate suitable investments for us and to monitor and administer our investments.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” on Form 10 registration statement, Annual Report on Form 10-K and this Quarterly Report.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statement on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

3

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)

	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost — $2,590,218 and $2,132,063 as of March 31, 2025 and December 31, 2024, respectively)	$	2,586,320		$	2,131,829
Cash and cash equivalents		86,504			79,193
Foreign currencies (cost — $3,354 and $2,623 as of March 31, 2025 and December 31, 2024, respectively)		3,346			2,567
Interest receivable from non-controlled/non-affiliated investments		11,386			10,481
Deferred offering costs		38			91
Receivable for investments sold / repaid		—			6,776
Prepaid expenses and other assets		306			16
Total assets	$	2,687,900		$	2,230,953
LIABILITIES
Debt outstanding	$	1,133,547		$	918,277
Less: Deferred financing costs		(9,875	)		(10,538	)
Total debt, net of deferred financing costs		1,123,672			907,739
Payable for investments purchased		51,161			33,781
Interest payable		4,745			3,754
Distributions payable		34,398			32,223
Administrative service fee payable		296			377
Accrued expenses and other liabilities		2,585			1,920
Management fees payable		4,121			1,769
Income based incentive fee payable		4,632			2,155
Excise tax payable		—			266
Capital gains incentive fee payable		—			165
Due to affiliates		509			143
Total liabilities		1,226,119			984,292
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (57,501,883 and 48,823,039 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)		58			49
Paid-in capital in excess of par value		1,455,867			1,234,192
Accumulated net distributable earnings (losses)		5,856			12,420
Total net assets		1,461,781			1,246,661
Total liabilities and net assets	$	2,687,900		$	2,230,953
Net asset value per share	$	25.42		$	25.53

See accompanying notes to the consolidated financial statements.

4

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except share and per share amounts)

	Three Months Ended March 31,
	2025			2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	54,413		$	10,798
Payment-in-kind interest income		465			51
Dividend income		10			—
Other income		2,266			83
Total investment income		57,154			10,932
Expenses:
Interest and debt expenses		14,966			2,951
Management fees (Note 3) (1)		4,121			—
Income based incentive fee (Note 3)		4,632			918
Capital gains incentive fee (Note 3)		(330	)		67
Administrative service fee		155			108
Board of Trustees’ fee		77			60
Other general and administrative expenses		804			419
Organization and offering costs		83			51
Total expenses		24,508			4,574
Management fees waiver (Note 3) (1)		—			—
Incentive fees waiver (Note 3)		165			(985	)
Net expenses, net of fee waivers		24,673			3,589
Net investment income (loss)		32,481			7,343
Net realized and change in unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		(743	)		(6	)
Foreign currency transactions		(18	)		—
Net realized gain (loss)		(761	)		(6	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(3,664	)		542
Translation of assets and liabilities in foreign currencies		(222	)		—
Net change in unrealized appreciation (depreciation)		(3,886	)		542
Total net realized and change in unrealized gain (loss)		(4,647	)		536
Net increase (decrease) in net assets resulting from operations	$	27,834		$	7,879
Per share information
Net investment income (loss) per share (basic and diluted)	$	0.57		$	0.61
Earnings per share (basic and diluted)	$	0.49		$	0.66
Distributions declared per share	$	0.60		$	0.53
Weighted average shares outstanding (basic and diluted)		57,187,741			12,001,000

(1)Value for the three months ended March 31, 2024 less than $1.

See accompanying notes to the consolidated financial statements.

5

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(in thousands, except shares)

Three Months Ended March 31, 2025

							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings			Total
	Shares		Par Value		Excess of Par Value		(Losses)			Net Assets
Net assets at beginning of period		48,823,039	$	49	$	1,234,192	$	12,420		$	1,246,661
Operations:
Net investment income		—		—		—		32,481			32,481
Net realized gain (loss)		—		—		—		(761	)		(761	)
Net change in unrealized appreciation (depreciation)		—		—		—		(3,886	)		(3,886	)
Net increase (decrease) in net assets resulting from operations		—		—		—		27,834			27,834
Capital Transactions:
Issuance of shares		8,015,241		8		204,621		—			204,629
Common Shares issued from reinvestment of distributions		663,603		1		17,054		—			17,055
Distributions to shareholders		—		—		—		(34,398	)		(34,398	)
Net increase (decrease) in net assets resulting from capital transactions		8,678,844		9		221,675		(34,398	)		187,286
Total net increase (decrease)		8,678,844		9		221,675		(6,564	)		215,120
Net assets at end of period		57,501,883	$	58	$	1,455,867	$	5,856		$	1,461,781

6

Three Months Ended March 31, 2024

							Accumulated Net
	Common Shares				Paid-in-Capital in		Distributable Earnings			Total
	Shares		Par Value		Excess of Par Value		(Losses)			Net Assets
Net assets at beginning of period		1,000	$	—	$	25	$	—		$	25
Operations:
Net investment income		—		—		—		7,343			7,343
Net realized gain (loss)		—		—		—		(6	)		(6	)
Net change in unrealized appreciation (depreciation)		—		—		—		542			542
Net increase (decrease) in net assets resulting from operations		—		—		—		7,879			7,879
Capital Transactions:
Issuance of shares		12,000,000		12		299,988		—			300,000
Common Shares issued from reinvestment of distributions		—		—		—		—			—
Distributions to shareholders		—		—		—		(6,361	)		(6,361	)
Net increase (decrease) in net assets resulting from capital transactions		12,000,000		12		299,988		(6,361	)		293,639
Total net increase (decrease)		12,000,000		12		299,988		1,518			301,518
Net assets at end of period		12,001,000	$	12	$	300,013	$	1,518		$	301,543

See accompanying notes to the consolidated financial statements.

7

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

	For the Three Months Ended March 31,
	2025			2024
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	27,834		$	7,879
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(465	)		(46	)
Net accretion of discount and amortization of premium		(1,223	)		(438	)
Proceeds from sale of investments and principal repayments		66,989			17,709
Purchases of investments		(524,141	)		(196,543	)
Net realized (gains) losses on investments		743			6
Net change in unrealized (appreciation) depreciation on investments		3,664			(542	)
Amortization of deferred financing costs		605			144
Amortization of deferred offering costs		83			—
(Increase) decrease in operating assets:
Interest receivable from non-controlled/non-affiliated investments		(905	)		(3,054	)
Receivable for investments sold / repaid		6,776			(2,676	)
Prepaid expenses and other assets		(290	)		(260	)
Increase (decrease) in operating liabilities:
Due to affiliates		366			1,779
Payable for investments purchased		17,380			133
Management fees payable		2,352			—
Income based incentive fee payable		2,477			—
Capital gains incentive fee payable		(165	)		—
Interest payable		991			2,807
Administrative service fee		(81	)		108
Excise tax payable		(266	)		—
Accrued expenses and other liabilities		665			454
Net cash provided by (used in) operating activities		(396,611	)		(172,540	)
Cash flow from financing activities
Proceeds from issuance of shares, net of subscription receivable		204,629			25
Debt borrowings		415,270			197,000
Debt repayments		(200,000	)		—
Distributions paid		(15,168	)		—
Deferred offering costs paid		(30	)		(161	)
Deferred financing costs paid		—			(3,609	)
Net cash provided by (used in) financing activities		404,701			193,255
Net increase (decrease) in cash and cash equivalents		8,090			20,715
Cash, cash equivalents and foreign currencies at the beginning of period		81,760			—
Cash, cash equivalents and foreign currencies at the end of period	$	89,850		$	20,715
Supplemental disclosure of cash flow information and non-cash financing activities
Cash paid for interest	$	13,370		$	—
Equity issued in kind (Note 8)	$	—		$	300,000
Investments purchased in kind (Note 8)	$	—		$	300,000
Distributions payable	$	34,398		$	6,361

See accompanying notes to the consolidated financial statements.

8

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)		Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
Secured Debt
Aerospace and Defense
Bleriot US Bidco Inc.	(5)(15)(18)	First Lien Term Loan	S + 2.75%	7.04%	10/31/2030	$	4,141	$	4,140	$	4,115			0.28	%
Peraton Corp.	(5)(15)(17)	First Lien Term Loan	S + 3.75%	8.17%	2/1/2028		4,947		4,952		4,414			0.30
TransDigm Inc.	(5)(6)(15)(19)	First Lien Term Loan	S + 2.75%	7.04%	3/22/2030		3,697		3,712		3,695			0.25
									12,804		12,224			0.83
Air Freight and Logistics
American Trailer Rental Group, LLC	(13)(15)(17)	First Lien Term Loan	S + 5.50%	9.94%	6/1/2027		41		40		36			—
American Trailer Rental Group, LLC	(13)(15)(19)	First Lien Term Loan	S + 5.69%	10.23%	6/1/2027		130		130		117			0.01
American Trailer Rental Group, LLC	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.69%	6/1/2027		35		34		31			—
American Trailer Rental Group, LLC	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.69%	10.13%	6/1/2027		33		33		30			—
American Trailer Rental Group, LLC	(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.75%	10.19%	6/1/2027		9		9		8			—
Kenco PPC Buyer LLC	(13)(15)(17)	First Lien Term Loan	S + 4.75%	8.94%	11/15/2029		12,560		12,499		12,499			0.86
Kenco PPC Buyer LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	8.94%	11/15/2029		837		121		122			0.01
Lightbeam Bidco Inc.	(8)(17)	First Lien Term Loan	S + 5.00%	9.29%	5/4/2030		3,889		3,889		3,889			0.27
Lightbeam Bidco Inc.	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	5/4/2030		589		589		589			0.04
Lightbeam Bidco Inc.	(7)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	5/4/2029		476		127		127			0.01
									17,471		17,448			1.20
Automobile Components
Enthusiast Auto Holdings, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.07%	12/21/2026		1,481		1,471		1,481			0.10
Enthusiast Auto Holdings, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.07%	12/19/2026		1,481		1,479		1,481			0.10
First Brands Group, LLC	(5)(16)	First Lien Term Loan	S + 5.00%	9.55%	3/30/2027		3,960		3,960		3,689			0.25
JHCC Holdings LLC	(8)(16)	First Lien Term Loan	S + 5.25%	9.54%	9/9/2027		3,118		3,114		3,106			0.21
JHCC Holdings LLC	(8)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/9/2027		11,222		11,206		11,177			0.76
JHCC Holdings LLC	(7)(15)(16)	First Lien Revolver	P + 4.25%	11.75%	9/9/2027		249		99		99			0.01
Majco LLC	(8)(16)	First Lien Term Loan	S + 4.50%	8.94%	12/4/2028		247		243		242			0.02
OAC Holdings I Corp.	(8)(17)	First Lien Term Loan	S + 5.00%	9.44%	3/30/2029		2,779		2,690		2,779			0.19
Quality Automotive Services, LLC	(8)(16)	First Lien Term Loan	S + 5.00%	9.29%	7/16/2027		2,374		2,367		2,363			0.16
Quality Automotive Services, LLC	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.29%	7/16/2027		6,208		6,184		6,179			0.42
Quality Automotive Services, LLC	(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	7/16/2027		467		465		465			0.03
Quality Automotive Services, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	1/29/2027		3,615		31		22			—
Quality Automotive Services, LLC	(7)(15)(16)	First Lien Revolver	S + 6.00%	10.29%	7/16/2027		130		—		(1	)		—
									33,309		33,082			2.25
Broadline Retail
Peer Holding III B.V.	(5)(6)(15)(16)	First Lien Term Loan	S + 2.50%	6.79%	7/1/2031		4,739		4,743		4,737			0.32
									4,743		4,737			0.32

9

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Building Products
80/20, LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.44%	3/1/2027	$	247	$	245		$	247			0.02	%
MDC Interior Acquisition Inc	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	4/26/2030		14,589		14,400			14,553			1.00
MDC Interior Acquisition Inc	(7)(13)(15)(16)	First Lien Revolver	S + 5.25%	9.54%	4/26/2030		2,084		(31	)		(5	)		—
SureWerx Purchaser III Inc.	(6)(8)(19)	First Lien Term Loan	S + 5.25%	9.54%	12/28/2029		247		247			247			0.02
SureWerx Purchaser III Inc.	(6)(8)(13)(19)	First Lien Term Loan	C + 5.25%	8.00%	12/28/2029		CAD 17,032		12,441			11,585			0.79
SureWerx Purchaser III Inc.	(6)(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	12/28/2028		1,706		1,259			1,263			0.09
SureWerx Purchaser III Inc.	(6)(13)(15)(19)	First Lien Revolver	C + 4.75%	7.50%	12/28/2028		CAD 34		24			24			—
WST USA Holdco, Inc.	(6)(8)(16)	First Lien Term Loan	S + 5.25%	9.64%	3/31/2027		2,469		2,469			2,469			0.17
WST USA Holdco, Inc.	(6)(7)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.25%	9.64%	3/31/2027		2,490		896			907			0.06
									31,950			31,290			2.15
Capital Markets
Allworth Financial Group, L.P.	(8)(16)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2027		2,525		2,525			2,518			0.17
Allworth Financial Group, L.P.	(8)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	12/23/2027		2,411		2,411			2,405			0.16
Arax MidCo, LLC	(6)(13)(15)(17)	First Lien Term Loan	S + 5.00%	9.29%	4/11/2029		11,912		11,832			11,782			0.81
Arax MidCo, LLC	(6)(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	10.07%	4/11/2029		1,647		(20	)		(18	)		—
Arax MidCo, LLC	(6)(7)(13)(15)(19)	First Lien Revolver	S + 5.75%	10.07%	4/11/2029		1,293		(16	)		(14	)		—
AQ Sage Buyer, LLC	(8)(16)	First Lien Term Loan	S + 6.00%	10.44%	1/25/2027		184		180			175			0.01
AQ Sage Buyer, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 6.00%	10.44%	1/25/2027		63		61			59			—
Cub Financing Intermediate, LLC	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	6/28/2030		10,756		10,710			10,706			0.73
Cub Financing Intermediate, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	6/28/2030		4,967		(11	)		(23	)		—
Edgeco Buyer, Inc.	(8)(13)(19)	First Lien Term Loan	S + 4.50%	8.79%	6/1/2028		2,197		2,192			2,186			0.15
Edgeco Buyer, Inc.	(8)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		344		343			342			0.02
Edgeco Buyer, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	6/1/2028		3,384		360			351			0.02
Edgeco Buyer, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.50%	8.79%	6/1/2028		338		(2	)		(2	)		—
Lido Advisors, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/15/2029		3,452		3,452			3,452			0.24
R&T Acquisitions, LLC	(8)(16)	First Lien Term Loan	S + 5.75%	10.04%	8/31/2030		2,031		2,015			2,031			0.14
R&T Acquisitions, LLC	(7)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.75%	10.04%	8/31/2030		771		(6	)		—			—
									36,026			35,950			2.45

10

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Chemicals
Americhem, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.07%	3/1/2032	$	24,501	$	24,379		$	24,381			1.67	%
Americhem, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	3/1/2032		6,278		(16	)		(31	)		—
Americhem, Inc.	(7)(13)(15)(18)	First Lien Revolver	S + 4.75%	9.07%	3/1/2032		4,447		(22	)		(22	)		—
Aurora Plastics, LLC	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.17%	8/12/2030		23,458		23,350			23,348			1.60
Aurora Plastics, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.17%	8/10/2030		50		48			50			—
DCG Acquisition Corp.	(8)(13)(19)	First Lien Term Loan	S + 4.50%	8.82%	6/13/2031		26,360		26,312			26,360			1.80
DCG Acquisition Corp.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	6/13/2031		4,408		(5	)		—			—
DCG Acquisition Corp.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	6/13/2031		4,408		(11	)		—			—
Formulations Parent Corp.	(8)(19)	First Lien Term Loan	S + 5.75%	10.04%	11/15/2030		248		245			250			0.02
LTI Holdings, Inc.	(5)(15)(19)	First Lien Term Loan	S + 4.25%	8.57%	7/29/2029		3,327		3,288			3,322			0.23
Lubricant Engineers	(8)(16)	First Lien Term Loan	S + 5.25%	9.54%	9/1/2029		247		240			246			0.02
Lubricant Engineers	(8)(13)(19)	First Lien Term Loan	S + 5.25%	9.54%	9/1/2029		13,938		13,869			13,868			0.95
Lubricant Engineers	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/1/2029		8,850		(22	)		(44	)		—
Lubricant Engineers	(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	9/3/2029		2,212		(11	)		(11	)		—
Lummus Technology Holdings V LLC	(5)(19)	First Lien Term Loan	S + 3.00%	7.32%	12/31/2029		4,950		4,978			4,944			0.34
Tangent Technologies Acquisition, LLC	(8)(16)	First Lien Term Loan	S + 4.75%	9.19%	11/30/2027		247		245			246			0.02
									96,867			96,907			6.65
Commercial Services and Supplies
Acuren Delaware Holdco, Inc.	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.07%	7/31/2031		2,743		2,743			2,727			0.19
Anticimex Global AB	(5)(6)(15)(18)	First Lien Term Loan	S + 3.40%	7.69%	11/16/2028		1,612		1,612			1,611			0.11
Ares Holdings, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.29%	11/18/2027		987		976			983			0.07
Ares Holdings, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.28% (Incl. 3.25% PIK)	11/18/2027		3,852		3,818			3,834			0.26
Ares Holdings, LLC	(8)(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.32%	11/18/2027		7,345		7,317			7,311			0.50
Ares Holdings, LLC	(7)(15)(19)	First Lien Revolver	S + 5.50%	9.82%	11/18/2027		747		(3	)		(3	)		—
AWP Group Holdings, Inc.	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.07%	12/23/2030		6,018		6,004			6,018			0.41
AWP Group Holdings, Inc.	(7)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	12/22/2030		12,949		4,638			4,688			0.32
AWP Group Holdings, Inc.	(7)(15)(17)	First Lien Revolver	S + 4.75%	9.07%	12/23/2030		47		9			9			—
BCPE Empire Holdings, Inc.	(5)(19)	First Lien Term Loan	S + 3.25%	7.57%	12/11/2030		4,963		4,977			4,901			0.34
CoolSys, Inc.	(8)(16)	First Lien Term Loan	S + 4.75%	9.20%	8/11/2028		247		234			225			0.02
Discovery Purchaser Corporation	(5)(15)(18)	First Lien Term Loan	S + 3.75%	8.04%	10/4/2029		3,492		3,499			3,464			0.24
EXT Acquisitions, Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.44%	6/26/2026		231		230			231			0.02
EXT Acquisitions, Inc.	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	6/26/2026		16		15			16			—
FL Hawk Intermediate Holdings, Inc.	(8)(13)(19)	First Lien Term Loan	S + 4.50%	8.79%	2/22/2030		6,074		6,049			6,074			0.42
FL Hawk Intermediate Holdings, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 4.50%	8.79%	2/22/2030		1,190		—			—			—

11

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies (continued)
Fresh Holdco, Inc.	(8)(17)	First Lien Term Loan	S + 5.25%	9.79%	1/24/2026	$	247	$	246		$	247			0.02	%
HeartLand PPC Buyer, LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.54%	12/12/2029		2,970		2,939			2,970			0.20
Hercules Borrower LLC	(8)(16)	First Lien Term Loan	S + 5.50%	9.79%	12/14/2026		2,333		2,333			2,333			0.16
Hercules Borrower LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.89%	12/14/2026		303		303			303			0.02
Hercules Borrower LLC	(7)(15)(19)	First Lien Revolver	S + 6.25%	10.54%	12/14/2026		329		—			—			—
High Bar Brands Operating, LLC	(6)(8)(19)	First Lien Term Loan	S + 5.25%	9.54%	12/19/2029		247		244			247			0.02
HP RSS Buyer, Inc.	(8)(17)	First Lien Term Loan	S + 5.00%	9.29%	12/11/2029		4,950		4,900			4,938			0.34
Monarch Landscape Holdings, LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.29%	10/2/2028		1,791		1,788			1,791			0.12
Monarch Landscape Holdings, LLC	(8)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/2/2028		1,175		1,165			1,175			0.08
Onyx-Fire Protection Services Inc.	(6)(13)(15)(19)	First Lien Term Loan	C + 4.50%	7.25%	7/31/2031		CAD 17,939		12,909			12,376			0.85
Onyx-Fire Protection Services Inc.	(6)(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	C + 4.50%	7.25%	7/31/2031		CAD 2,403		(4	)		(13	)		—
Onyx-Fire Protection Services Inc.	(6)(7)(13)(15)(19)	First Lien Revolver	C + 4.50%	7.25%	7/31/2031		CAD 4,378		(14	)		(23	)		—
Palmetto Acquisitionco Inc.	(8)(19)	First Lien Term Loan	S + 5.75%	10.04%	9/18/2029		247		244			243			0.02
Project Boost Purchaser, LLC	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.29%	7/16/2031		4,980		4,988			4,957			0.34
The Hiller Companies, LLC	(13)(15)(16)	First Lien Term Loan	S + 5.00%	9.29%	6/20/2030		15,620		15,556			15,541			1.06
The Hiller Companies, LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/20/2030		4,317		1,071			1,063			0.07
The Hiller Companies, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	6/20/2030		2,730		(14	)		(14	)		—
Thermostat Purchaser III, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.25%	8.54%	8/31/2028		5,210		5,207			5,221			0.36
Soliant Lower Intermediate, LLC	(5)(15)(19)	First Lien Term Loan	S + 3.75%	7.94%	7/18/2031		2,814		2,788			2,772			0.19
Valet Waste Holdings, Inc.	(13)(15)(17)	First Lien Term Loan	S + 5.75%	10.07%	5/1/2029		31,482		31,411			31,482			2.15
Valet Waste Holdings, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.75%	10.07%	5/1/2029		1,429		683			687			0.05
WRE Holding Corp.	(13)(15)(17)	First Lien Term Loan	S + 5.00%	9.19%	7/2/2031		8,264		8,227			8,202			0.56
WRE Holding Corp.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	7/2/2031		2,122		699			690			0.05
WRE Holding Corp.	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.19%	7/2/2030		1,133		(5	)		(8	)		—
YLG Holdings, Inc.	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.04%	12/23/2030		27,023		26,967			26,888			1.83
YLG Holdings, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/26/2030		5,515		2,691			2,676			0.18
YLG Holdings, Inc.	(7)(15)(17)	First Lien Revolver	S + 5.00%	9.32%	12/23/2030		3,270		(6	)		(16	)		—
Zinc Buyer Corporation	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.07%	7/24/2031		16,388		16,359			16,265			1.11
Zinc Buyer Corporation	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	7/24/2031		4,143		(11	)		(31	)		—
Zinc Buyer Corporation	(7)(13)(15)(17)	First Lien Revolver	S + 4.75%	9.07%	7/24/2031		2,028		(5	)		(15	)		—
Zone Climate Services, Inc.	(8)(16)	First Lien Term Loan	S + 5.50%	9.94%	3/9/2028		2,962		2,918			2,903			0.20
									188,695			187,939			12.88

12

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Construction & Engineering
Hydraulic Technologies USA LLC	(8)(13)(19)	First Lien Term Loan	S + 5.50%	9.79%	6/3/2031	$	17,416	$	17,097		$	17,242			1.18		%
Hydraulic Technologies USA LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.50%	9.79%	6/3/2030		2,384		286			310			0.02
Kleinfelder Intermediate LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.29%	9/18/2030		247		247			247			0.02
MEI Buyer LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.32%	6/29/2029		4,265		4,242			4,265			0.29
MEI Buyer LLC	(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/29/2029		677		664			677			0.05
Trilon Group, LLC	(13)(15)(17)	First Lien Term Loan	S + 5.00%	9.32%	5/27/2029		3,009		2,987			2,979			0.20
Trilon Group, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.50%	9.79%	5/25/2029		3,018		2,993			2,988			0.20
Trilon Group, LLC	(8)(13)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	5/29/2029		114		113			112			0.01
Trilon Group, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	5/27/2029		3,009		—			(30	)		—
Trilon Group, LLC	(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.80%	5/25/2029		4,280		4,223			4,237			0.29
Trilon Group, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.50%	9.79%	5/25/2029		1,218		(12	)		(12	)		—
									32,840			33,015			2.26
Construction Materials											.
Arrow Tru-Line Holding, LLC	(8)(19)	First Lien Term Loan	S + 5.63%	10.03%	9/20/2027		244		240			243			0.02
Pearlman Enterprises Inc.	(8)(16)	First Lien Term Loan	S + 4.50%	8.92%	5/5/2027		2,969		2,955			2,954			0.20
Profile Products LLC	(8)(16)	First Lien Term Loan	S + 5.75%	10.04%	11/12/2027		247		244			244			0.02
Red Fox CD Acquisition Corporation	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	3/4/2030		21,188		19,458			19,428			1.33
									22,897			22,869			1.57
Containers and Packaging
Berlin Packaging L.L.C.	(5)(17)	First Lien Term Loan	S + 3.50%	7.82%	6/7/2031		4,975		4,971			4,964			0.34
CFs Brands, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.32%	10/2/2030		247		245			247			0.02
Charter Next Generation, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	12/2/2030		3,103		3,103			3,102			0.21
Cold Chain Technologies, LLC	(13)(15)(19)	First Lien Term Loan	S + 5.75%	10.04%	7/2/2026		3,446		3,439			3,446			0.24
Cold Chain Technologies, LLC	(8)(13)(17)	First Lien Term Loan	S + 5.75%	10.00% (Incl. 3.13% PIK)	7/2/2026		14,737		14,717			14,737			1.01
Cold Chain Technologies, LLC	(7)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	7/2/2026		197		—			—			—
Clydesdale Acquisition Holdings, Inc.	(5)(15)(16)	First Lien Term Loan	S + 3.25%	7.54%	3/26/2032		2,948		2,926			2,936			0.20
Clydesdale Acquisition Holdings, Inc.	(5)(7)(15)(16)	First Lien Delayed Draw Term Loan	S + 3.25%	7.54%	3/26/2032		52		—			—			—
Packaging Coordinators Midco, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	1/21/2032		24,512		24,488			24,335			1.66
Packaging Coordinators Midco, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	1/22/2032		13,019		—			(94	)		(0.01	)
Packaging Coordinators Midco, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	1/22/2032		2,469		(3	)		(18	)		—
Rohrer Corp.	(8)(17)	First Lien Term Loan	S + 5.00%	9.44%	3/15/2027		247		245			247			0.02
St Athena Global LLC	(6)(13)(15)(17)	First Lien Term Loan	S + 5.25%	9.54%	6/26/2030		2,831		2,813			2,795			0.19
St Athena Global LLC	(6)(8)(13)(19)	First Lien Term Loan	SON + 5.25%	9.80%	6/26/2030		GBP 1,281		1,607			1,634			0.11
St Athena Global LLC	(6)(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	6/26/2030		119		(1	)		(1	)		—
St Athena Global LLC	(6)(7)(13)(15)(17)	First Lien Revolver	S + 5.25%	9.54%	6/26/2029		390		127			125			0.01
Tank Holding Corp.	(8)(16)	First Lien Term Loan	S + 5.75%	10.17%	3/31/2028		247		239			234			0.02
Trident TPI Holdings, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.75%	7.94%	9/15/2028		3,641		3,643			3,525			0.24
Verde Purchaser, LLC	(5)(15)(18)	First Lien Term Loan	S + 4.00%	8.29%	11/30/2030		4,000		4,012			3,984			0.27
									66,571			66,198			4.53

13

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Distributors
Aurora Parts & Accessories LLC	(8)(19)	First Lien Term Loan	S + 5.50%	9.94%	1/13/2029	$	247	$	247		$	247			0.02	%
BC Group Holdings, Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.29%	12/21/2026		238		238			237			0.02
BC Group Holdings, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	12/21/2026		2,418		2,414			2,400			0.16
BC Group Holdings, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/21/2026		8,029		1,562			1,514			0.10
Blackbird Purchaser, Inc.	(8)(17)	First Lien Term Loan	S + 5.50%	9.79%	12/19/2030		4,644		4,605			4,644			0.32
Blackbird Purchaser, Inc.	(7)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	12/19/2030		924		506			514			0.04
Blackbird Purchaser, Inc.	(7)(15)(17)	First Lien Revolver	S + 5.50%	9.79%	12/19/2029		619		212			217			0.01
Blackhawk Industrial Distribution, Inc.	(8)(15)(19)	First Lien Term Loan	S + 5.25%	9.69%	9/17/2026		7,059		7,059			7,011			0.48
Blackhawk Industrial Distribution, Inc.	(13)(15)(19)	First Lien Term Loan	S + 5.25%	9.69%	9/17/2026		2,873		2,864			2,853			0.20
Blackhawk Industrial Distribution, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.25%	9.69%	9/17/2026		236		236			234			0.02
Blackhawk Industrial Distribution, Inc.	(7)(15)(16)	First Lien Revolver	S + 5.25%	9.69%	9/17/2026		3,503		1,474			1,464			0.10
BradyPlus Holdings, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	10/31/2029		247		245			247			0.02
Dealer Tire Financial, LLC	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.32%	7/2/2031		4,536		4,530			4,519			0.31
Johnstone Supply, LLC	(5)(15)(19)	First Lien Term Loan	S + 2.50%	6.82%	6/9/2031		4,928		4,930			4,894			0.33
Motion & Control Enterprises LLC	(8)(13)(17)	First Lien Term Loan	S + 6.00%	10.29%	6/1/2028		3,231		3,213			3,183			0.22
Motion & Control Enterprises LLC	(7)(8)(15)(17)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	6/1/2028		2,069		608			586			0.04
Vessco Midco Holdings, LLC	(8)(13)(18)	First Lien Term Loan	S + 4.75%	9.07%	7/24/2031		24,519		24,406			24,397			1.67
Vessco Midco Holdings, LLC	(7)(13)(15)(18)	First Lien Delayed Draw Term Loan	S + 5.25%	9.44%	7/24/2031		8,173		2,124			2,111			0.14
Vessco Midco Holdings, LLC	(7)(13)(15)(18)	First Lien Revolver	S + 4.25%	8.57%	7/24/2031		2,724		(12	)		(14	)		—
									61,461			61,258			4.20
Diversified Consumer Services
AAH Topco., LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	3/31/2031		5,941		(15	)		(30	)		—
American Residential Services, LLC	(7)(13)(15)(17)	First Lien Revolver	S + 3.25%	7.54%	1/31/2030		1,739		546			542			0.04
Apex Service Partners, LLC	(8)(16)	First Lien Term Loan	S + 5.00%	11.59% (Incl. 2.00% PIK)	10/24/2030		4,780		4,720			4,758			0.33
Apex Service Partners, LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/24/2030		15,115		9,968			9,982			0.68
Apex Service Partners, LLC	(3)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	10/24/2030		—		—			—			—
Apex Service Partners, LLC	(7)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	10/24/2029		378		320			318			0.02
AVE Holdings III, Corp.	(8)(15)(19)	First Lien Term Loan	S + 5.25%	9.69%	2/25/2028		247		245			243			0.02
Ascend Learning, LLC	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.32%	12/11/2028		2,000		1,973			1,979			0.14
AVG Intermediate Holdings LLC	(8)(17)	First Lien Term Loan	S + 6.00%	10.39%	3/16/2027		827		827			811			0.06
AVG Intermediate Holdings LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 6.00%	10.39%	3/16/2027		3,048		3,048			2,987			0.20
AVG Intermediate Holdings LLC	(7)(15)(17)	First Lien Revolver	S + 6.00%	10.39%	3/16/2027		166		—			(3	)		—
COP Hometown Acquisitions, Inc.	(8)(16)	First Lien Term Loan	S + 5.25%	9.57%	7/16/2027		4,949		4,873			4,925			0.34
COP Hometown Acquisistions, Inc.	(13)(15)(17)	First Lien Term Loan	S + 5.25%	9.57%	7/16/2027		1,283		1,277			1,277			0.09
CVP Holdco, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.07%	6/30/2031		22,159		22,119			22,108			1.51
CVP Holdco, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	6/28/2031		5,883		144			137			0.01
CVP Holdco, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.32%	6/28/2030		2,353		(6	)		(5	)		—

14

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services (continued)
EOS Fitness Opco Holdings, LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.54%	1/5/2028	$	1,806	$	1,784		$	1,801			0.12	%
EOS Fitness Opco Holdings, LLC	(8)(13)(17)	First Lien Term Loan	S + 5.25%	9.54%	1/5/2028		149		147			148			0.01
EOS Fitness Opco Holdings, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.25%	9.54%	1/5/2028		769		769			767			0.05
EOS Fitness Opco Holdings, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	1/5/2028		1,815		220			227			0.02
EOS Fitness Opco Holdings, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	1/5/2028		169		167			169			0.01
EOS Fitness Opco Holdings, LLC	(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.25%	9.51%	1/5/2028		2,042		2,042			2,037			0.14
Essential Services Holding Corporation	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.29%	6/17/2031		10,617		10,596			10,593			0.72
Essential Services Holding Corporation	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/17/2031		2,082		(2	)		(5	)		—
Essential Services Holding Corporation	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.29%	6/17/2030		1,301		205			205			0.01
Flint Opco, LLC	(8)(17)	First Lien Term Loan	S + 4.75%	9.04%	8/15/2030		247		245			247			0.02
Flint Opco, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/15/2030		4,062		1,638			1,651			0.11
FSHS I, LLC	(8)(17)	First Lien Term Loan	S + 5.50%	9.82%	11/18/2028		3,976		3,976			3,936			0.27
GS Seer Group Borrower LLC	(8)(16)	First Lien Term Loan	S + 6.75%	11.04%	4/29/2030		4,937		4,853			4,789			0.33
GSV Holding, LLC	(13)(15)(17)	First Lien Term Loan	S + 2.63%	10.06% (Incl. 3.13% PIK)	10/18/2030		37,117		36,950			36,931			2.53
GSV Holding, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.25%	8.54%	10/18/2030		1,651		(8	)		(8	)		—
Health Buyer LLC	(8)(16)	First Lien Term Loan	S + 5.50%	9.79%	4/29/2029		2,985		2,961			2,955			0.20
Health Buyer LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	4/27/2029		12,559		2,464			2,451			0.17
Home Service TopCo IV, Inc.	(8)(17)	First Lien Term Loan	S + 4.50%	8.89%	12/31/2027		4,937		4,937			4,913			0.34
Innovetive Petcare, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.44%	6/30/2028		193		188			191			0.01
Innovetive Petcare, LLC	(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	6/30/2028		46		45			46			—
Innovetive Petcare, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	6/30/2028		18,817		13,144			12,947			0.89
Learning Care Group (US) No. 2 Inc.	(5)(15)(19)	First Lien Term Loan	S + 4.00%	8.29%	8/11/2028		2,992		2,993			2,975			0.20
PPV Intermediate Holdings, LLC	(8)(17)	First Lien Term Loan	S + 5.75%	10.04%	8/31/2029		242		240			242			0.02
PPV Intermediate Holdings, LLC	(3)(8)(19)	First Lien Delayed Draw Term Loan	N/A	13.75% PIK	8/31/2030		—		—			—			—
PPV Intermediate Holdings, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	8/31/2029		15,038		5,870			5,929			0.41
Seahawk Bidco, LLC	(8)(13)(17)	First Lien Term Loan	S + 4.75%	9.04%	12/19/2031		13,576		13,531			13,542			0.93
Seahawk Bidco, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	12/19/2031		4,242		732			732			0.05
Seahawk Bidco, LLC	(7)(13)(15)(17)	First Lien Revolver	S + 4.75%	9.04%	12/19/2030		1,273		(5	)		(3	)		—
Southern Veterinary Partners, LLC	(5)(15)(19)	First Lien Term Loan	S + 3.25%	7.57%	12/4/2031		4,000		3,983			3,994			0.27
Taymax Group Acquisition, LLC	(8)(19)	First Lien Term Loan	S + 6.00%	10.42%	7/31/2026		1,481		1,481			1,481			0.10
US Fitness Holdings, LLC	(13)(15)(19)	First Lien Term Loan	S + 5.50%	9.79%	9/4/2031		27,500		27,372			27,363			1.87
US Fitness Holdings, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	9/4/2031		6,892		(29	)		(34	)		—
US Fitness Holdings, LLC	(7)(13)(15)(18)	First Lien Revolver	S + 5.50%	9.82%	9/4/2030		2,651		(13	)		(13	)		—
Vertex Service Partners, LLC	(8)(19)	First Lien Term Loan	S + 6.00%	10.29%	11/8/2030		247		244			248			0.02
Vertex Service Partners, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	11/8/2030		1,501		291			287			0.02
VPP Intermediate Holdings, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.17%	12/1/2027		1,813		1,814			1,809			0.12
VPP Intermediate Holdings, LLC	(15)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	10.17%	12/1/2027		2,212		2,203			2,207			0.15
VPP Intermediate Holdings, LLC	(8)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.75%	10.17%	12/1/2027		2,186		2,186			2,180			0.15
VPP Intermediate Holdings, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.67%	12/1/2027		12,957		1,623			1,588			0.11
VPP Intermediate Holdings, LLC	(7)(15)(16)	First Lien Revolver	S + 5.25%	9.57%	12/1/2027		223		—			(1	)		—
									201,876			201,546			13.81

15

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Telecommunication Services
Guardian US Holdco LLC	(5)(15)(16)	First Lien Term Loan	S + 3.50%	7.79%	1/31/2030	$	4,952	$	4,960		$	4,886			0.33	%
Virgin Media Bristol LLC	(5)(6)(16)	First Lien Term Loan	S + 3.18%	7.47%	3/31/2031		2,877		2,845			2,774			0.19
Zacapa S.a r.l.	(5)(6)(15)(18)	First Lien Term Loan	S + 3.75%	8.04%	3/22/2029		4,875		4,884			4,876			0.33
									12,689			12,536			0.85
Electrical Equipment
Infinite Bidco LLC	(8)(19)	First Lien Term Loan	S + 6.25%	10.54%	3/2/2028		247		244			247			0.02
Power Grid Holdings, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	12/2/2030		6,185		6,136			6,185			0.42
Power Grid Holdings, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.03% (Incl. 1.00% PIK)	12/2/2030		4,589		4,589			4,589			0.31
TPC Engineering Holdings, Inc.	(8)(15)(19)	First Lien Term Loan	S + 5.50%	9.92%	2/16/2027		1,599		1,598			1,583			0.11
TPC Engineering Holdings, Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.92%	2/16/2027		64		64			64			—
TPC Engineering Holdings, Inc.	(7)(15)(16)	First Lien Revolver	S + 5.50%	9.92%	2/16/2027		1,565		1,243			1,228			0.08
									13,874			13,896			0.94
Electronic Equipment, Instruments and Components
AdvancedPCB Intermediate Holdings, Inc.(f/k/a AEP Passion Intermediate Holdings, Inc.)	(13)(15)(19)	First Lien Term Loan	S + 4.60%	9.04%	10/5/2027		249		249			235			0.02
Dwyer Instruments, LLC	(8)(17)	First Lien Term Loan	S + 4.75%	9.04%	7/20/2029		231		229			230			0.02
Dwyer Instruments, LLC	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	7/23/2029		21,723		21,528			21,615			1.48
Dwyer Instruments, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	7/20/2029		16		16			16			—
Dwyer Instruments, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	7/23/2029		2,828		(13	)		(14	)		—
Dwyer Instruments, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	7/23/2029		3,394		164			179			0.01
Excelitas Technologies Corp.	(8)(17)	First Lien Term Loan	S + 5.25%	9.57%	8/12/2029		193		191			193			0.01
Excelitas Technologies Corp.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	8/12/2029		5,044		(10	)		—			—
Phoenix 1 Buyer Corp.	(8)(19)	First Lien Term Loan	S + 4.75%	9.04%	11/20/2030		248		245			248			0.02
Wildcat Topco, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	11/17/2031		18,115		18,037			18,070			1.24
Wildcat Topco, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	11/17/2031		3,243		—			(8	)		—
Wildcat Topco, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 4.00%	8.29%	11/17/2031		3,243		(46	)		(8	)		—
									40,590			40,756			2.80
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.32%	8/27/2031		18,132		18,054			18,041			1.23
CRCI Longhorn Holdings, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	8/27/2031		4,544		(10	)		(23	)		—
CRCI Longhorn Holdings, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	8/27/2031		3,030		1,561			1,560			0.11
DMC Holdco, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.07%	7/13/2029		247		245			243			0.02
Integrated Power Services Holdings, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.50%	8.93%	11/22/2028		23,156		23,092			23,112			1.58
Integrated Power Services Holdings, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	11/22/2028		10,186		(23	)		(21	)		—
Integrated Power Services Holdings, Inc.	(7)(15)(16)	First Lien Revolver	P + 3.50%	11.00%	11/22/2027		544		24			30			—
Phillips & Temro Industries Inc.	(8)(16)	First Lien Term Loan	S + 5.00%	9.44%	3/12/2027		238		238			238			0.02
									43,181			43,180			2.96

16

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Financial Services
Aretec Group, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.50%	7.82%	8/9/2030	$	4,988	$	4,988		$	4,953			0.34	%
Ascensus Group Holdings, Inc.	(5)(15)(18)	First Lien Term Loan	S + 3.00%	7.32%	8/2/2028		3,840		3,848			3,822			0.26
Cerity Partners Equity Holding LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.54%	7/28/2029		5,628		5,608			5,628			0.39
Cerity Partners Equity Holding LLC	(7)(8)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	7/30/2029		27,257		19,490			19,545			1.34
Cerity Partners Equity Holding LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	7/28/2029		5,000		(24	)		—			—
Cerity Partners Equity Holding LLC	(7)(15)(17)	First Lien Revolver	S + 5.25%	9.54%	7/28/2028		3,266		1,880			1,888			0.13
CFGI Holdings, LLC	(8)(17)	First Lien Term Loan	S + 4.50%	8.82%	11/2/2027		4,742		4,684			4,709			0.32
CFGI Holdings, LLC	(7)(15)(17)	First Lien Revolver	S + 4.50%	8.82%	11/2/2027		191		(2	)		(1	)		—
Cherry Bekaert Advisory LLC	(8)(19)	First Lien Term Loan	S + 5.25%	9.57%	6/30/2028		1,940		1,895			1,940			0.13
Cherry Bekaert Advisory LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	6/30/2028		799		781			799			0.05
Cherry Bekaert Advisory LLC	(7)(15)(16)	First Lien Revolver	S + 5.50%	9.82%	6/30/2028		226		(5	)		—			—
Citrin Cooperman Advisors, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.19%	10/1/2027		828		828			828			0.06
Citrin Cooperman Advisors, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	10/1/2027		2,132		2,132			2,132			0.15
Contractual Buyer, LLC	(8)(19)	First Lien Term Loan	S + 6.00%	10.28% (Incl. 6.75% PIK)	10/10/2030		248		243			248			0.02
Focus Financial Partners, LLC	(5)(15)(17)	First Lien Term Loan	S + 2.75%	7.07%	9/15/2031		4,994		4,984			4,951			0.34
Foreside Financial Group, LLC	(8)(16)	First Lien Term Loan	S + 5.25%	9.69%	9/30/2027		5,714		5,648			5,714			0.39
Foreside Financial Group, LLC	(7)(15)(16)	First Lien Revolver	S + 5.25%	9.69%	9/30/2027		712		177			185			0.01
GTCR Everest Borrower, LLC	(5)(19)	First Lien Term Loan	S + 2.75%	7.04%	9/5/2031		4,988		4,978			4,959			0.34
Heights Buyer, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.14%	8/25/2028		3,789		3,789			3,789			0.26
Heights Buyer, LLC	(7)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	10.14%	8/25/2028		620		—			—			—
Heights Buyer, LLC	(7)(15)(16)	First Lien Revolver	S + 5.75%	10.14%	8/25/2028		543		101			101			0.01
Kriv Acquisition Inc.	(8)(16)	First Lien Term Loan	S + 5.75%	10.04%	7/6/2029		2,254		2,241			2,254			0.15
Kriv Acquisition Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 6.50%	10.82%	7/6/2029		8,343		(19	)		—			—
Kriv Acquisition Inc.	(15)(16)	First Lien Delayed Draw Term Loan	S + 5.75%	9.94%	7/6/2029		338		334			338			0.02
Kriv Acquisition Inc.	(7)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	7/6/2029		377		(2	)		—			—
Minotaur Acquisition, Inc.	(8)(13)(17)	First Lien Term Loan	S + 5.00%	9.32%	6/3/2030		24,302		24,091			24,081			1.65
Minotaur Acquisition, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	6/3/2030		8,101		3,976			3,957			0.27
Minotaur Acquisition, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.32%	6/3/2030		2,442		(24	)		(22	)		—
Neon Maple Purchaser Inc.	(5)(6)(15)(16)	First Lien Term Loan	S + 3.00%	7.32%	11/15/2031		5,000		4,990			4,974			0.34
Pathstone Family Office LLC	(8)(15)(17)	First Lien Term Loan	S + 5.00%	9.42%	5/15/2029		3,122		3,092			3,098			0.21
Pathstone Family Office LLC	(8)(13)(17)	First Lien Term Loan	S + 5.00%	9.42%	5/15/2029		23,486		23,383			23,310			1.59
Pathstone Family Office LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.42%	5/15/2029		5,318		259			243			0.02
Pathstone Family Office LLC	(7)(15)(19)	First Lien Revolver	S + 5.00%	9.42%	5/15/2028		2,502		(13	)		(19	)		—
The Chartis Group, LLC	(8)(13)(18)	First Lien Term Loan	S + 4.50%	8.79%	9/17/2031		12,628		12,576			12,565			0.86
The Chartis Group, LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	9/17/2031		3,875		(9	)		(19	)		—
The Chartis Group, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.50%	8.79%	9/17/2031		1,938		(9	)		(10	)		—
Wealth Enhancement Group, LLC	(7)(8)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/2/2028		31,898		2,762			2,866			0.20
Wealth Enhancement Group, LLC	(7)(15)(17)	First Lien Revolver	S + 5.00%	9.29%	10/2/2028		1,073		(2	)		—			—
									143,649			143,806			9.85

17

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Food Products
Fiesta Purchaser, Inc.	(5)(15)(16)	First Lien Term Loan	S + 3.25%	7.57%	2/12/2031	$	3,236	$	3,247		$	3,217			0.22	%
Primary Products Finance LLC	(5)(15)(17)	First Lien Term Loan	S + 3.25%	7.54%	4/1/2029		4,032		4,045			4,012			0.27
RB Holdings Interco, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.44%	5/4/2028		247		245			247			0.02
Sigma Holdco B.V.	(5)(6)(15)(16)	First Lien Term Loan	S + 3.75%	8.17%	1/3/2028		4,990		4,970			4,971			0.34
Sugar PPC Buyer LLC	(8)(19)	First Lien Term Loan	S + 5.25%	9.44%	10/2/2030		248		244			247			0.02
Sugar PPC Buyer LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	10/2/2030		6,800		(15	)		—			—
WPP Bullet Buyer, LLC	(8)(16)	First Lien Term Loan	S + 5.25%	9.54%	12/7/2030		7,418		10,209			10,221			0.70
									22,945			22,915			1.57
Ground Transportation
AMS Parent, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.43%	10/25/2028		247		243			239			0.02
									243			239			0.02
Health Care Technology
Acentra Holdings, LLC	(8)(19)	First Lien Term Loan	S + 5.50%	9.79%	12/17/2029		1,882		1,882			1,882			0.13
Acentra Holdings, LLC	(7)(15)(16)	First Lien Revolver	S + 5.50%	9.79%	12/17/2029		94		25			25			—
ATHENAHEALTH GROUP INC.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	2/15/2029		4,841		4,816			4,793			0.33
Caerus US 1 Inc.	(6)(8)(17)	First Lien Term Loan	S + 5.00%	9.29%	5/25/2029		2,586		2,586			2,586			0.18
Cotiviti, Inc.	(5)(15)(16)	First Lien Term Loan	S + 2.75%	7.07%	5/1/2031		2,719		2,724			2,664			0.18
Cotiviti, Inc.	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.07%	3/28/2032		2,210		2,188			2,163			0.15
DeLorean Purchaser, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	12/16/2031		30,494		30,281			30,265			2.07
DeLorean Purchaser, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 4.75%	9.04%	12/16/2031		4,574		(34	)		(34	)		—
F&M Buyer LLC	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.04%	3/18/2032		11,940		11,881			11,881			0.81
F&M Buyer LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	3/18/2032		3,980		(10	)		(20	)		—
F&M Buyer LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.04%	3/18/2032		1,741		(9	)		(9	)		—
Gainwell Acquisition Corp.	(5)(19)	First Lien Term Loan	S + 4.00%	8.39%	10/1/2027		1,979		1,909			1,862			0.13
Goldeneye Parent, LLC	(13)(15)(16)	First Lien Term Loan	S + 5.00%	9.29%	3/31/2032		32,130		32,049			32,049			2.19
Goldeneye Parent, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 5.00%	9.29%	3/31/2032		4,652		(12	)		(12	)		—
HT Intermediary III, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.07%	11/12/2030		14,663		14,600			14,517			0.99
HT Intermediary III, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	11/12/2030		1,336		127			120			0.01
HT Intermediary III, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	11/12/2030		3,564		(8	)		(36	)		—
IMO Investor Holdings, Inc.	(13)(15)(16)	First Lien Term Loan	S + 5.00%	9.19%	5/11/2029		12,311		12,309			12,311			0.84
IMO Investor Holdings, Inc.	(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	5/11/2029		1,573		1,573			1,573			0.11
IMO Investor Holdings, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 5.00%	9.19%	5/11/2028		1,479		—			—			—
Net Health Acquisition Corp.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.07%	7/5/2031		30,529		30,397			30,529			2.09
Net Health Acquisition Corp.	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.07%	7/3/2031		3,924		375			392			0.03
PointClickCare Technologies Inc.	(5)(6)(15)(19)	First Lien Term Loan	S + 3.25%	7.54%	11/3/2031		3,379		3,372			3,374			0.23
Unlimited Technology Holdings, LLC	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	3/12/2032		16,799		16,757			16,757			1.15
Unlimited Technology Holdings, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	3/12/2032		2,240		(6	)		(6	)		—
									169,772			169,626			11.62

18

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Equipment and Supplies
Agiliti Health, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.29%	5/1/2030	$	3,960	$	3,945		$	3,758			0.26	%
Alcor Scientific LLC	(8)(16)	First Lien Term Loan	S + 4.50%	8.92%	1/31/2028		215		213			215			0.01
Aspen Medical Products, LLC	(8)(17)	First Lien Term Loan	S + 4.75%	9.07%	6/10/2028		3,907		3,905			3,897			0.27
Belmont Instrument, LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.54%	8/19/2028		2,962		2,933			2,932			0.20
Blades Buyer, Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.39%	3/28/2028		3,073		3,073			3,065			0.21
Blades Buyer, Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.39%	3/28/2028		1,722		1,722			1,718			0.12
Blades Buyer, Inc.	(7)(15)(18)	First Lien Revolver	S + 4.75%	9.17%	3/28/2028		155		62			61			—
CDL Parent, Inc.	(8)(16)	First Lien Term Loan	S + 5.00%	9.44%	12/7/2027		248		245			246			0.02
CDL Parent, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	12/7/2027		15,133		15,038			15,019			1.03
CDL Parent, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 5.00%	9.29%	12/7/2027		867		202			202			0.01
CPC/Cirtec Holdings, Inc	(8)(15)(19)	First Lien Term Loan	S + 4.75%	9.07%	1/30/2029		6,933		6,925			6,933			0.47
CPC/Cirtec Holdings, Inc	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	10/31/2028		670		(3	)		—			—
CVET Midco 2, L.P.	(5)(17)	First Lien Term Loan	S + 5.00%	9.29%	10/15/2029		3,022		3,028			2,914			0.20
									41,288			40,960			2.80
Healthcare Providers and Services
AB Centers Acquisition Corporation	(8)(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.32%	7/2/2031		11,499		11,438			11,418			0.78
AB Centers Acquisition Corporation	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	7/2/2031		1,501		452			447			0.03
AB Centers Acquisition Corporation	(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.57%	7/2/2031		751		(5	)		(5	)		—
ACI Group Holdings, Inc.	(8)(18)	First Lien Term Loan	S + 2.75%	10.42% (Incl. 3.25% PIK)	8/2/2028		3,449		3,449			3,350			0.23
ACI Group Holdings, Inc.	(8)(15)(19)	First Lien Delayed Draw Term Loan	S + 3.25%	10.42% (Incl. 3.25% PIK)	8/2/2028		1,253		1,247			1,217			0.08
ACI Group Holdings, Inc.	(7)(15)(16)	First Lien Revolver	S + 5.50%	9.92%	8/2/2027		298		36			30			—
Arrow Management Acquisition, LLC	(8)(17)	First Lien Term Loan	S + 4.75%	9.04%	10/14/2027		458		451			453			0.03
Arrow Management Acquisition, LLC	(7)(8)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	10/14/2027		2,517		2,472			2,488			0.17
Azalea TopCo, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.25%	7.57%	4/30/2031		4,529		4,510			4,509			0.31
Cardiology Management Holdings, LLC	(8)(17)	First Lien Term Loan	S + 6.25%	10.54%	1/31/2029		103		103			103			0.01
Cardiology Management Holdings, LLC	(7)(8)(15)(19)	First Lien Delayed Draw Term Loan	S + 6.25%	10.54%	1/31/2029		144		75			75			0.01
Charlotte Buyer, Inc.	(5)(15)(18)	First Lien Term Loan	S + 4.25%	8.57%	2/11/2028		4,427		4,438			4,407			0.30
Community Medical Acquisition Corp.	(8)(16)	First Lien Term Loan	S + 4.75%	9.19%	12/15/2028		247		239			247			0.02
DCA Investment Holding LLC	(8)(19)	First Lien Term Loan	S + 6.41%	10.69%	4/3/2028		2,635		2,559			2,589			0.18
DCA Investment Holding LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 6.41%	10.69%	4/3/2028		325		316			319			0.01
DOCS, MSO, LLC	(8)(16)	First Lien Term Loan	S + 5.75%	10.17%	6/1/2028		247		241			245			0.02
ENT MSO, LLC	(8)(17)	First Lien Term Loan	S + 6.50%	10.89%	12/31/2025		136		136			136			0.01
ENT MSO, LLC	(8)(15)(19)	First Lien Delayed Draw Term Loan	S + 7.00%	11.39%	12/31/2025		84		84			84			0.01
ENT MSO, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 6.50%	10.89%	12/31/2025		27		27			27			—
Golden State Buyer, Inc.	(8)(19)	First Lien Term Loan	S + 4.75%	9.17%	6/22/2026		242		241			242			0.02
ImageFirst Holdings, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 3.25%	7.57%	3/12/2030		5,000		—			7			—
IvyRehab Intermediate II, LLC	(8)(18)	First Lien Term Loan	S + 5.00%	9.39%	4/23/2029		200		198			200			0.01
IvyRehab Intermediate II, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.39%	4/21/2029		12		12			12			—

19

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services (continued)
JKC Parent, Inc.	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.29%	2/13/2032	$	5,293	$	5,270		$	5,267			0.36	%
JKC Parent, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	2/13/2032		1,832		(4	)		(9	)		—
JKC Parent, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.29%	2/13/2032		1,221		(6	)		(6	)		—
NJEye LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.19%	6/13/2025		936		936			936			0.06
NJEye LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.19%	6/14/2025		693		693			693			0.05
NJEye LLC	(7)(15)(17)	First Lien Revolver	S + 5.25%	9.54%	6/14/2025		184		—			—			—
OB Hospitalist Group, Inc.	(8)(16)	First Lien Term Loan	S + 5.25%	9.67%	9/27/2027		229		228			229			0.02
OIS Management Services, LLC	(8)(18)	First Lien Term Loan	S + 4.75%	9.04%	11/16/2028		1,719		1,719			1,689			0.11
OIS Management Services, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/16/2028		1,243		1,243			1,222			0.08
ONS MSO, LLC	(8)(16)	First Lien Term Loan	S + 6.25%	10.64%	7/8/2026		247		247			247			0.02
Orsini Pharmaceutical Services, LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.67%	5/2/2029		4,644		4,598			4,644			0.32
Orsini Pharmaceutical Services, LLC	(7)(15)(19)	First Lien Revolver	S + 4.25%	8.57%	5/2/2028		297		(3	)		—			—
Phantom Purchaser, Inc.	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.29%	9/19/2031		20,694		20,655			20,694			1.42
Phantom Purchaser, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	9/19/2031		2,654		(6	)		—			—
Phynet Dermatology LLC	(8)(19)	First Lien Term Loan	S + 6.50%	10.79%	10/20/2029		247		244			246			0.02
Raven Acquisition Holdings, LLC	(5)(15)(16)	First Lien Term Loan	S + 3.25%	7.57%	11/19/2031		4,667		4,646			4,616			0.32
Raven Acquisition Holdings, LLC	(5)(7)(15)(19)	First Lien Term Loan	S + 3.25%	7.57%	11/19/2031		333		(2	)		(4	)		—
RxSense Holdings LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.39%	3/13/2026		2,961		2,958			2,961			0.20
SCP Eye Care Holdco, LLC	(15)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.92%	10/7/2029		247		246			245			0.02
Select Medical Corporation	(5)(6)(15)(16)	First Lien Term Loan	S + 2.00%	6.32%	12/3/2031		199		199			199			0.01
SM Wellness Holdings, Inc.	(8)(19)	First Lien Term Loan	S + 4.50%	9.05%	4/17/2028		221		221			221			0.02
Smile Doctors LLC	(8)(17)	First Lien Term Loan	S + 5.90%	10.29%	12/23/2028		2,465		2,465			2,452			0.17
Smile Doctors LLC	(7)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.90%	10.29%	12/23/2028		222		157			157			0.01
Smile Doctors LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.90%	10.29%	12/23/2028		277		278			276			0.02
Soleo Holdings, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	2/2/2032		14,882		14,851			14,847			1.02
Soleo Holdings, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	2/2/2032		2,111		(2	)		(8	)		—
Soleo Holdings, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	2/2/2032		2,111		(5	)		(5	)		—
Specialized Dental Holdings II, LLC	(7)(13)(15)(18)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	11/1/2027		8,995		3,116			3,160			0.22
SpecialtyCare, Inc.	(8)(16)	First Lien Term Loan	S + 5.75%	10.04%	6/18/2028		2,949		2,736			2,920			0.20
SpecialtyCare, Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	10.30%	6/19/2028		20		19			20			—

20

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services (continued)
STCH Acquisition Inc.	(8)(19)	First Lien Term Loan	S + 5.25%	9.54%	10/30/2026	$	2,441	$	2,441		$	2,435			0.16	%
STCH Acquisition Inc.	(8)(13)(17)	First Lien Term Loan	S + 5.25%	9.64%	10/30/2026		15,178		15,159			15,140			1.04
STCH Acquisition Inc.	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	10/30/2026		272		272			272			0.02
STCH Acquisition Inc.	(7)(15)(17)	First Lien Revolver	S + 6.25%	10.54%	10/30/2026		1,547		(5	)		(4	)		—
Summit Behavioral Healthcare, LLC	(5)(16)	First Lien Term Loan	S + 4.25%	8.54%	11/24/2028		3,026		3,026			2,527			0.17
TST Intermediate Holdings, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.50%	9.89%	12/31/2028		123		122			123			0.01
Turningpoint Healthcare Solutions, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.17%	7/14/2027		1,721		1,721			1,721			0.12
Turningpoint Healthcare Solutions, LLC	(7)(15)(17)	First Lien Revolver	S + 4.75%	9.07%	7/14/2027		257		—			—			—
U.S. Endodontics Partners Holdings, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	11/1/2027		2,970		2,933			2,970			0.20
United Digestive MSO Parent, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.04%	3/30/2029		247		247			247			0.02
Urology Management Holdings, Inc.	(8)(16)	First Lien Term Loan	S + 5.50%	9.94%	6/15/2027		142		140			141			0.01
Urology Management Holdings, Inc.	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.79%	6/15/2027		104		103			104			0.01
USHV Management, LLC	(8)(18)	First Lien Term Loan	S + 6.50%	10.89%	12/23/2027		1,971		1,961			1,941			0.12
USHV Management, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 6.38%	10.76%	12/23/2027		975		970			960			0.07
Vital Care Buyer, LLC	(13)(15)(16)	First Lien Term Loan	S + 4.50%	8.79%	7/30/2031		21,190		21,093			21,090			1.44
Vital Care Buyer, LLC	(7)(13)(15)(18)	First Lien Revolver	S + 4.75%	9.04%	7/30/2031		2,789		(13	)		(13	)		—
WCG Intermediate Corp.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	2/25/2032		2,044		2,034			2,028			0.14
									152,620			152,191			10.43
Hotels, Restaurants and Leisure
Dave & Buster's, Inc.	(5)(6)(15)(16)	First Lien Term Loan	S + 3.25%	7.54%	6/29/2029		3,858		3,869			3,465			0.24
Movati Athletic (Group) Inc.	(6)(8)(13)(17)	First Lien Term Loan	C + 4.75%	7.82%	5/29/2030		CAD 28,658		20,612			19,770			1.35
Movati Athletic (Group) Inc.	(6)(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	C + 5.25%	8.00%	5/29/2030		CAD 3,500		(33	)		(18	)		—
Movati Athletic (Group) Inc.	(6)(7)(13)(15)(19)	First Lien Revolver	C + 5.25%	8.00%	5/29/2030		CAD 2,625		(29	)		(14	)		—
Southpaw AP Buyer, LLC	(13)(15)(17)	First Lien Term Loan	S + 5.25%	9.69%	3/2/2028		23,142		23,002			23,142			1.58
Southpaw AP Buyer, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	3/2/2028		4,208		3,228			3,246			0.22
Southpaw AP Buyer, LLC	(7)(15)(17)	First Lien Revolver	S + 5.25%	9.57%	3/2/2028		2,178		(17	)		—			—
									50,632			49,591			3.39
Household Products
TPC US Parent, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.19%	11/24/2025		179		179			179			0.01
TPC US Parent, LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.75%	10.19%	11/24/2025		68		68			68			—
									247			247			0.01
Industrial Conglomerates
FCG Acquisitions, Inc.	(5)(15)(18)	First Lien Term Loan	S + 3.25%	7.54%	3/31/2028		6,943		6,940			6,902			0.47
Harvey Tool Company, LLC	(8)(17)	First Lien Term Loan	S + 5.25%	9.57%	10/26/2027		3,616		3,510			3,608			0.25
Harvey Tool Company, LLC	(8)(13)(16)	First Lien Term Loan	S + 5.25%	9.57%	10/26/2027		16,578		16,517			16,545			1.13
Harvey Tool Company, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	10/26/2027		7,472		905			929			0.06
Harvey Tool Company, LLC	(7)(15)(19)	First Lien Revolver	S + 5.50%	9.82%	10/26/2027		2,372		(21	)		(5	)		—
Indicor, LLC	(5)(15)(16)	First Lien Term Loan	S + 2.75%	7.04%	11/22/2029		3,990		4,004			3,975			0.27
Madison Safety & Flow LLC	(5)(15)(17)	First Lien Term Loan	S + 2.75%	7.07%	9/26/2031		4,735		4,737			4,732			0.32
									36,592			36,686			2.50

21

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Independent Power and Renewable Electricity Producers
Alpha Generation, LLC	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.07%	9/30/2031	$	1,995	$	1,995		$	1,998			0.14	%
									1,995			1,998			0.14
Insurance
Accession Risk Management, Inc.	(8)(15)(17)	First Lien Term Loan	S + 4.75%	9.04%	11/1/2029		2,502		2,501			2,502			0.16
Accession Risk Management, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/1/2029		3,981		165			173			0.01
Accession Risk Management, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.50%	9.82%	11/1/2029		694		(2	)		—			—
Acrisure, LLC	(5)(16)	First Lien Term Loan	S + 3.00%	7.32%	11/6/2030		4,162		4,165			4,143			0.28
Alera Group, Inc.	(8)(16)	First Lien Term Loan	S + 5.25%	9.57%	10/2/2028		2,306		2,288			2,306			0.16
Alera Group, Inc.	(8)(18)	First Lien Delayed Draw Term Loan	S + 5.25%	9.57%	10/2/2028		655		650			655			0.04
AMBA Buyer, Inc.	(8)(19)	First Lien Term Loan	S + 5.25%	9.64%	7/30/2027		3,593		3,570			3,571			0.24
AMBA Buyer, Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.25%	9.64%	7/30/2027		1,070		1,063			1,064			0.07
AMBA Buyer, Inc.	(7)(15)(19)	First Lien Revolver	S + 5.50%	9.79%	7/30/2027		276		(2	)		(2	)		—
Amerilife Holdings LLC	(8)(18)	First Lien Term Loan	S + 5.00%	9.19%	8/31/2029		15,806		15,736			15,768			1.08
Amerilife Holdings LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	8/31/2029		14,763		7,122			7,115			0.49
Amerlife Holdings LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	8/31/2029		3,333		(4	)		(8	)		—
Amerilife Holdings LLC	(7)(15)(17)	First Lien Revolver	S + 5.75%	10.07%	8/31/2028		2,261		(9	)		(5	)		—
Ardonagh Midco 3 Limited	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.04%	2/17/2031		5,000		4,977			4,944			0.34
AssuredPartners, Inc	(5)(15)(18)	First Lien Term Loan	S + 3.50%	7.82%	2/14/2031		4,878		4,880			4,889			0.33
Asurion, LLC	(5)(15)(17)	First Lien Term Loan	S + 3.25%	7.68%	12/23/2026		3,963		3,921			3,960			0.27
Baldwin Insurance Group Holdings, LLC, The	(5)(6)(19)	First Lien Term Loan	S + 3.00%	7.32%	5/26/2031		1,674		1,675			1,671			0.11
Beyond Risk Parent Holdings, Inc.	(15)(17)	First Lien Term Loan	S + 4.50%	8.89%	10/8/2027		82		81			82			0.01
Beyond Risk Parent Holdings, Inc.	(15)(19)	First Lien Delayed Draw Term Loan	S + 4.50%	8.89%	10/8/2027		166		165			166			0.01
Broadstreet Partners, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	6/13/2031		3,862		3,859			3,833			0.26
Foundation Risk Partners, Corp.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.00%	8.32%	10/29/2030		10,736		(27	)		(53	)		—
Galway Borrower LLC	(8)(19)	First Lien Term Loan	S + 4.50%	8.79%	9/29/2028		2,639		2,557			2,617			0.18
HIG Finance 2 Limited	(5)(19)	First Lien Term Loan	S + 3.00%	7.32%	2/15/2031		466		468			464			0.03
Imagine 360 LLC	(8)(13)(19)	First Lien Term Loan	S + 4.75%	9.04%	9/30/2028		20,388		20,313			20,286			1.39
Imagine 360 LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	9/30/2028		10,122		(22	)		(51	)		—
Imagine 360 LLC	(7)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	9/30/2028		4,326		(22	)		(22	)		—
Integrity Marketing Acquisition, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	8/25/2028		4,607		4,584			4,560			0.30
Integrity Marketing Acquisition, LLC	(7)(15)(16)	First Lien Revolver	S + 5.00%	9.32%	8/25/2028		122		(1	)		(1	)		—
KWOR Acquisition, Inc.	(7)(13)(15)(19)	First Lien Term Loan	S + 5.25%	9.54%	2/28/2030		462		27			27			—
KWOR Acquisition, Inc.	(13)(15)(19)	First Lien Term Loan	S + 1.00%	12.28% (Incl. 8.00% PIK)	2/28/2030		1,955		1,955			1,955			0.13
KWOR Acquisition, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	2/28/2030		326		—			—			—
McLarens Midco Inc.	(8)(16)	First Lien Term Loan	S + 5.75%	10.19%	12/19/2025		2,720		2,710			2,720			0.19
McLarens Midco Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	10.19%	12/19/2025		2,216		2,208			2,216			0.15
Oakbridge Insurance Agency, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.07%	11/1/2029		248		245			248			0.02

22

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Insurance (continued)
OneDigital Borrower LLC	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.32%	7/2/2031	$	3,260	$	3,247		$	3,243			0.22	%
Pareto Health Intermediate Holdings, Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.19%	5/31/2030		8,324		8,295			8,283			0.56
Pareto Health Intermediate Holdings, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.00%	8.19%	6/1/2030		1,668		(4	)		(8	)		—
Pareto Health Intermediate Holdings, Inc.	(7)(15)(19)	First Lien Revolver	S + 4.00%	8.19%	6/1/2029		163		—			(1	)		—
Patriot Growth Insurance Services, LLC	(8)(16)	First Lien Term Loan	S + 5.00%	9.44%	10/16/2028		193		187			193			0.01
Patriot Growth Insurance Services, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	10/16/2028		54		52			54			—
Riser Interco LLC	(8)(19)	First Lien Term Loan	S + 6.00%	10.29%	10/31/2029		2,962		2,939			2,963			0.20
Riser Interco LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/31/2029		31,505		26,579			26,757			1.83
Simplicity Financial Marketing Group Holdings, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.19%	12/31/2031		27,076		26,943			26,949			1.84
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.19%	12/31/2031		7,220		1,132			1,121			0.08
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.19%	12/31/2031		3,610		(18	)		(17	)		—
THG Acquisition, LLC	(8)(13)(16)	First Lien Term Loan	S + 4.75%	9.07%	10/31/2031		14,806		14,742			14,732			1.01
THG Acquisition, LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07% (Incl. 1.90% PIK)	10/31/2031		3,301		51			42			—
THG Acquisition, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.07%	10/31/2031		1,650		68			67			—
Unison Risk Advisors Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.07%	10/17/2031		19,263		19,183			19,166			1.31
Unison Risk Advisors Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	10/17/2031		7,880		(18	)		(39	)		—
Unison Risk Advisors Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 3.75%	8.07%	10/17/2030		2,857		501			500			0.03
World Insurance Associates, LLC	(13)(15)(18)	First Lien Term Loan	S + 5.00%	9.29%	4/3/2030		9,866		9,866			9,842			0.67
World Insurance Associates, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	4/3/2030		6,690		(8	)		(16	)		—
World Insurance Associates, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	4/3/2030		700		(1	)		(2	)		—
									205,532			205,622			14.01
IT Services
AVSC Holding Corp.	(8)(13)(18)	First Lien Term Loan	S + 5.00%	9.32%	12/5/2031		27,811		27,550			27,602			1.89
AVSC Holding Corp.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	12/5/2029		2,959		207			214			0.01
Cardinal Parent, Inc.	(8)(19)	First Lien Term Loan	S + 4.50%	8.94%	11/12/2027		247		232			241			0.02
DT1 Midco Corp	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.32%	12/30/2031		14,336		14,272			14,265			0.98
DT1 Midco Corp	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	12/30/2031		5,014		(12	)		(25	)		—
DT1 Midco Corp	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	12/30/2030		2,005		(10	)		(10	)		—
Marco Technologies, LLC	(8)(16)	First Lien Term Loan	S + 5.25%	9.57%	11/24/2026		250		248			250			0.02
NTI Connect, LLC	(8)(17)	First Lien Term Loan	S + 5.00%	9.44%	7/31/2027		144		143			144			0.01
NTI Connect, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.44%	7/31/2027		27		27			27			—
OEConnection LLC	(13)(15)(17)	First Lien Term Loan	S + 5.00%	9.32%	4/22/2031		25,546		25,502			25,482			1.74
OEConnection LLC	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	4/22/2031		4,457		4,422			4,446			0.30
OEConnection LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	4/22/2031		4,526		—			(11	)		—
OEConnection LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.00%	8.32%	4/22/2031		2,793		(7	)		(7	)		—
Ridge Trail US Bidco, Inc.	(7)(13)(15)(19)	First Lien Term Loan	S + 4.50%	8.79%	9/30/2031		6,893		(16	)		(52	)		—
Ridge Trail US Bidco, Inc.	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	9/30/2031		19,939		19,802			19,789			1.35
Ridge Trail US Bidco, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.50%	8.79%	3/31/2031		2,298		595			603			0.04

23

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
IT Services (continued)
Safety Borrower Holdings LLC	(8)(19)	First Lien Term Loan	S + 5.25%	9.68%	9/1/2027	$	247	$	245		$	246			0.02	%
Saturn Borrower Inc	(13)(15)(17)	First Lien Term Loan	S + 6.00%	10.29%	11/10/2028		7,820		7,769			7,765			0.53
Saturn Borrower Inc	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 6.00%	10.29%	11/10/2028		2,844		(10	)		(20	)		—
Saturn Borrower Inc	(7)(13)(15)(17)	First Lien Revolver	S + 6.00%	10.29%	11/10/2028		1,280		(10	)		(9	)		—
Spirit RR Holdings, Inc.	(8)(16)	First Lien Term Loan	S + 4.75%	9.14%	9/13/2028		5,927		5,927			5,883			0.40
Spirit RR Holdings, Inc.	(7)(15)(19)	First Lien Revolver	S + 4.75%	9.04%	9/13/2028		497		—			(4	)		—
Trunk Acquisition, Inc.	(8)(17)	First Lien Term Loan	S + 6.00%	10.44%	2/19/2030		231		231			231			0.02
Trunk Acquisition, Inc.	(8)(13)(19)	First Lien Term Loan	S + 6.00%	10.44%	2/19/2030		3,619		3,608			3,619			0.25
Trunk Acquisition, Inc.	(8)(16)	First Lien Delayed Draw Term Loan	S + 6.00%	10.44%	2/19/2030		16		16			16			—
Trunk Acquisition, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 6.00%	10.44%	2/19/2030		3,688		1,033			1,046			0.07
									111,764			111,731			7.65
Life Sciences Tools & Services
Emmes Blocker, Inc.	(8)(19)	First Lien Term Loan	S + 5.75%	9.94%	7/7/2028		148		148			147			0.01
Emmes Blocker, Inc.	(15)(19)	First Lien Delayed Draw Term Loan	S + 5.75%	9.94%	7/7/2028		99		99			99			0.01
KWOL Acquisition, Inc.	(8)(19)	First Lien Term Loan	S + 4.75%	8.94%	12/12/2029		248		244			247			0.02
LSCS Holdings, Inc.	(5)(15)(17)	First Lien Term Loan	S + 4.50%	8.79%	3/4/2032		1,500		1,493			1,500			0.10
Parexel International, Inc.	(5)(15)(19)	First Lien Term Loan	S + 2.50%	6.82%	11/15/2028		4,842		4,856			4,837			0.33
Sotera Health Holdings, LLC	(5)(6)(15)(19)	First Lien Term Loan	S + 3.25%	7.57%	5/30/2031		4,153		4,143			4,150			0.28
									10,983			10,980			0.75
Machinery
Arch Cutting Tools Corp.	(8)(19)	First Lien Term Loan	S + 4.75%	9.14%	4/1/2026		247		244			243			0.02
CD&R Hydra Buyer, Inc.	(5)(15)(19)	First Lien Term Loan	S + 4.00%	8.42%	3/25/2031		4,975		4,995			4,787			0.33
Clyde Industries US Holdco, Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.44%	12/18/2026		204		204			204			0.01
Dynatect Group Holdings, Inc.	(8)(17)	First Lien Term Loan	S + 3.50%	7.79%	9/30/2026		1,740		1,740			1,740			0.12
Dynatect Group Holdings, Inc.	(7)(15)(17)	First Lien Revolver	S + 4.50%	8.79%	6/30/2026		1,236		—			—			—
Flow Control Solutions, Inc.	(8)(17)	First Lien Term Loan	S + 5.00%	9.29%	3/30/2029		180		179			180			0.01
Flow Control Solutions, Inc.	(8)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/31/2029		67		67			67			—
Flow Control Solutions, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/30/2029		7,900		144			168			0.01
Flow Control Solutions, Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 5.00%	9.29%	3/31/2029		1,411		151			161			0.01
Madison IAQ LLC	(5)(15)(16)	First Lien Term Loan	S + 3.25%	7.57%	3/29/2032		1,801		1,783			1,787			0.12
Merlin Buyer, Inc.	(8)(17)	First Lien Term Loan	S + 4.75%	9.04%	12/14/2028		2,372		2,311			2,372			0.16
Merlin Buyer, Inc.	(7)(15)(19)	First Lien Revolver	S + 4.75%	9.04%	12/14/2026		598		(5	)		(4	)		—
Process Insights Acquisition, Inc.	(8)(19)	First Lien Term Loan	S + 6.25%	10.54%	7/18/2029		247		245			236			0.02
SPX Flow, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	4/5/2029		4,628		4,638			4,625			0.32
WCI-Cedar Purchaser, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.30%	12/31/2027		247		247			245			0.02
									16,943			16,811			1.15

24

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Media
Arches Buyer Inc.	(5)(15)(19)	First Lien Term Loan	S + 3.25%	7.67%	12/6/2027	$	2,969	$	2,908		$	2,911			0.20		%
Creative Artists Agency, LLC	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.07%	10/1/2031		3,496		3,492			3,491			0.24
Klick, Inc.	(6)(8)(15)(17)	First Lien Term Loan	S + 4.50%	8.82%	3/31/2028		2,357		2,357			2,357			0.16
Klick, Inc.	(6)(7)(15)(16)	First Lien Revolver	S + 4.50%	8.82%	3/31/2028		813		—			—			—
MH SUB I, LLC	(5)(15)(19)	First Lien Term Loan	S + 4.25%	8.57%	5/3/2028		2,955		2,951			4,815			0.33
MH SUB I, LLC	(5)(15)(16)	First Lien Term Loan	S + 4.25%	8.57%	12/31/2031		2,000		1,969			(158	)		(0.01	)
Planet US Buyer LLC	(5)(15)(18)	First Lien Term Loan	S + 3.00%	7.29%	2/7/2031		3,980		3,987			3,975			0.27
Real Chemistry Intermediate 111, Inc.	(8)(13)(19)	First Lien Term Loan	S + 4.75%	8.94%	6/12/2028		3,638		3,631			3,638			0.25
Red Ventures, LLC (New Imagitas, Inc.)	(5)(17)	First Lien Term Loan	S + 2.75%	7.07%	3/3/2030		1,926		1,928			1,894			0.13
Renaissance Holding Corp	(5)(15)(19)	First Lien Term Loan	S + 4.00%	8.32%	4/5/2030		4,975		4,965			4,891			0.33
W2O Holdings, Inc.	(8)(16)	First Lien Term Loan	S + 4.75%	8.94%	6/12/2028		4,935		4,923			4,935			0.34
W2O Holdings, INC.	(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	6/12/2028		17,817		17,698			17,817			1.22
									50,809			50,566			3.46
Oil, Gas and Consumable Fuels
Brazos Delaware II, LLC	(5)(19)	First Lien Term Loan	S + 3.00%	7.32%	2/11/2030		1,985		1,988			1,989			0.14
EDPO, LLC	(13)(15)(18)	First Lien Term Loan	S + 4.50%	8.82%	12/8/2027		4,808		4,808			4,808			0.33
EDPO, LLC	(7)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	12/8/2027		72		—			—			—
EDPO, LLC	(7)(15)(17)	First Lien Revolver	S + 4.50%	8.82%	12/8/2026		57		16			16			—
Epic Crude Services, LP	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.29%	10/15/2031		829		826			830			0.06
Valicor PPC Intermediate II LLC	(8)(15)(17)	First Lien Term Loan	S + 5.00%	9.32%	7/24/2028		5,893		5,890			5,880			0.40
Valicor PPC Intermediate II LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	7/24/2028		42		42			42			—
Valicor PPC Intermediate II LLC	(7)(13)(15)(17)	First Lien Revolver	S + 4.00%	8.32%	1/24/2028		1,128		672			673			0.05
									14,242			14,238			0.98
Pharmaceuticals
Bridges Consumer Healthcare Intermediate LLC	(13)(15)(16)	First Lien Term Loan	S + 5.25%	9.54%	12/20/2031		14,088		14,026			14,018			0.96
Bridges Consumer Healthcare Intermediate LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	12/20/2031		6,704		5,348			5,330			0.36
Bridges Consumer Healthcare Intermediate LLC	(7)(13)(15)(18)	First Lien Delayed Draw Term Loan	S + 5.25%	9.53%	12/20/2031		5,000		(12	)		(25	)		—
Bridges Consumer Healthcare Intermediate LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	12/20/2031		2,682		(13	)		(13	)		—
Exactcare Parent Inc.	(8)(16)	First Lien Term Loan	S + 5.50%	9.79%	11/5/2029		248		244			248			0.02
Creek Parent, Inc.	(6)(13)(15)(16)	First Lien Term Loan	S + 5.25%	9.57%	12/18/2031		875		869			868			0.06
Creek Parent, Inc.	(6)(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.32%	12/18/2031		125		(1	)		(1	)		—
Puma Buyer, LLC	(8)(13)(17)	First Lien Term Loan	S + 4.50%	8.69%	3/29/2032		18,991		18,920			18,921			1.29
Puma Buyer, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.50%	8.69%	3/29/2032		3,063		(11	)		(11	)		—
									39,370			39,335			2.69

25

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Professional Services
Analytic Partners, LP	(8)(17)	First Lien Term Loan	S + 4.75%	9.04%	4/4/2030	$	247	$	244		$	246			0.02	%
Analytic Partners, LP	(8)(13)(19)	First Lien Term Loan	S + 4.75%	9.04%	4/4/2030		7,395		7,382			7,376			0.50
Analytic Partners, LP	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.29%	4/4/2030		1,002		(4	)		(3	)		—
Applied Technical Services, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.19%	12/29/2026		115		114			114			0.01
Applied Technical Services, LLC	(8)(16)	First Lien Term Loan	S + 6.00%	10.44%	12/29/2026		24		24			24			—
Applied Technical Services, LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.75%	10.19%	12/29/2026		108		106			107			0.01
Aprio Advisory Group, LLC	(8)(13)(16)	First Lien Term Loan	S + 4.75%	9.04%	8/1/2031		18,438		18,392			18,396			1.26
Aprio Advisory Group, LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/1/2031		8,027		7,288			7,293			0.50
Aprio Advisory Group, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.04%	8/1/2031		4,018		2,482			2,482			0.17
Carr, Riggs & Ingram Capital, L.L.C.	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.04%	11/18/2031		17,250		17,167			17,078			1.17
Carr, Riggs & Ingram Capital, L.L.C.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	11/18/2031		8,750		1,405			1,338			0.09
Carr, Riggs & Ingram Capital, L.L.C.	(7)(13)(15)(17)	First Lien Revolver	S + 4.75%	9.04%	11/18/2031		4,000		980			960			0.07
Clinical Education Alliance, LLC	(8)(17)	First Lien Term Loan	S + 5.50%	9.94%	12/21/2026		45		44			45			—
Clinical Education Alliance, LLC	(8)(16)	First Lien Term Loan	S + 5.00%	9.44%	12/21/2026		202		198			201			0.01
DISA Holdings Corp.	(8)(19)	First Lien Term Loan	S + 5.00%	9.29%	9/9/2028		195		195			193			0.01
DISA Holdings Corp.	(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	9/9/2028		52		52			52			—
Foreigner Bidco Inc.	(8)(17)	First Lien Term Loan	S + 5.50%	9.92%	4/19/2028		225		225			225			0.02
Foreigner Bidco Inc.	(8)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.92%	4/19/2028		25		25			25			—
Garda World Security Corp	(5)(6)(15)(17)	First Lien Term Loan	S + 3.00%	7.32%	2/1/2029		2,985		2,992			2,978			0.20
Grant Thornton Advisors LLC	(5)(6)(15)(16)	First Lien Term Loan	S + 2.75%	7.07%	6/2/2031		4,528		4,426			4,511			0.31
HSI Halo Acquisition, Inc.	(13)(15)(16)	First Lien Term Loan	S + 5.00%	9.29%	6/30/2031		8,196		8,178			8,176			0.56
HSI Halo Acquisition, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	6/28/2031		1,467		252			250			0.02
HSI Halo Acquisition, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	6/28/2030		978		(2	)		(2	)		—
IG Investments Holdings, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	9/22/2028		10,407		10,362			10,355			0.71
IG Investments Holdings, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.00%	8.29%	9/22/2028		1,172		(10	)		(6	)		—
Iris Buyer LLC	(8)(19)	First Lien Term Loan	S + 5.25%	9.54%	10/2/2030		247		243			246			0.02
Marina Acquisition, Inc.	(13)(15)(16)	First Lien Term Loan	S + 5.00%	9.29%	7/1/2030		9,991		9,902			9,891			0.68
Marina Acquisition, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.00%	8.29%	7/1/2030		1,434		188			186			0.01
MHE Intermediate Holdings, LLC	(8)(19)	First Lien Term Loan	S + 6.00%	10.44%	7/21/2027		407		404			407			0.03
MHE Intermediate Holdings, LLC	(8)(17)	First Lien Term Loan	S + 6.25%	10.69%	7/21/2027		33		32			33			—
MHE Intermediate Holdings, LLC	(8)(17)	First Lien Term Loan	S + 6.50%	10.94%	7/21/2027		29		29			29			—
MHE Intermediate Holdings, LLC	(8)(19)	First Lien Delayed Draw Term Loan	S + 6.00%	10.44%	7/21/2027		172		171			172			0.01
MHE Intermediate Holdings, LLC	(7)(15)(18)	First Lien Revolver	S + 6.00%	10.44%	7/21/2027		60		23			24			—
OMNIA Partners, LLC	(5)(15)(19)	First Lien Term Loan	S + 2.75%	7.04%	7/25/2030		4,478		4,498			4,452			0.30
Propio LS, LLC	(13)(15)(17)	First Lien Term Loan	S + 4.50%	8.69%	7/17/2030		14,291		14,224			14,220			0.96
Propio LS, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	7/17/2030		11,074		(24	)		(55	)		—
Propio LS, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 6.00%	10.32%	7/17/2029		5,537		(24	)		(28	)		—

26

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Professional Services
Ruppert Landscape, LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.29%	12/1/2028	$	573	$	563		$	566			0.04	%
Ruppert Landscape, LLC	(8)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/1/2028		2,389		2,347			2,359			0.16
Ruppert Landscape, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	12/1/2028		11,894		1,901			1,808			0.12
Ruppert Landscape, LLC	(7)(13)(15)(17)	First Lien Revolver	S + 5.75%	10.04%	12/1/2028		793		(8	)		(10	)		—
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	(5)(15)(19)	First Lien Term Loan	S + 3.00%	7.29%	7/31/2031		4,989		4,980			4,978			0.34
Skopima Consilio Parent LLC	(5)(15)(19)	First Lien Term Loan	S + 3.75%	8.07%	5/12/2028		4,962		4,956			4,932			0.33
Tempo Buyer Corp.	(8)(19)	First Lien Term Loan	S + 4.75%	9.04%	8/26/2028		247		246			247			0.02
TRC Companies LLC	(5)(17)	First Lien Term Loan	S + 3.00%	7.32%	12/8/2028		4,625		4,626			4,587			0.31
USRP Holdings, Inc.	(8)(18)	First Lien Term Loan	S + 5.00%	9.32%	12/31/2029		4,337		4,337			4,337			0.30
USRP Holdings, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	12/31/2029		17,871		293			330			0.02
USRP Holdings, Inc.	(7)(15)(19)	First Lien Revolver	S + 5.50%	9.82%	12/31/2029		2,290		(9	)		—			—
Vensure Employer Services, Inc.	(13)(15)(19)	First Lien Term Loan	S + 5.00%	9.29%	9/27/2031		9,380		9,342			9,336			0.64
Vensure Employer Services, Inc.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	9/27/2031		1,846		(7	)		(8	)		—
VT Topco, Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.29%	8/9/2030		1,500		1,498			1,501			0.10
YA Intermediate Holdings II, LLC	(13)(15)(17)	First Lien Term Loan	S + 5.00%	9.29%	10/1/2031		10,810		10,762			10,783			0.73
YA Intermediate Holdings II, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	10/1/2031		4,514		469			468			0.03
YA Intermediate Holdings II, LLC	(7)(13)(15)(17)	First Lien Revolver	S + 7.50%	11.79%	10/1/2031		2,168		98			103			0.01
									158,577			158,308			10.80
Real Estate Management and Development
Sako and Partners Lower Holdings LLC	(13)(15)(19)	First Lien Term Loan	S + 4.50%	8.79%	9/15/2028		5,832		5,824			5,818			0.40
Sako and Partners Lower Holdings LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	9/15/2028		892		892			889			0.06
Sako and Partners Lower Holdings LLC	(7)(15)(16)	First Lien Revolver	S + 6.00%	10.29%	9/15/2028		746		(2	)		(2	)		—
									6,714			6,705			0.46
Software
365 Retail Markets, LLC	(8)(16)	First Lien Term Loan	S + 4.50%	8.79%	12/22/2028		137		137			137			0.01
365 Retail Markets, LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	12/22/2028		47		47			47			—
365 Retail Markets, LLC	(8)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	12/22/2028		62		62			62			—
Adelaide Borrower, LLC	(8)(13)(19)	First Lien Term Loan	S + 6.25%	10.57%	5/8/2030		7,389		7,260			7,334			0.50
Adelaide Borrower, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 6.25%	10.57%	5/8/2030		1,670		(14	)		(13	)		—
Adelaide Borrower, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 3.38%	7.70%	5/8/2030		1,040		(19	)		(8	)		—
Ahead DB Holdings, LLC	(5)(15)(18)	First Lien Term Loan	S + 3.00%	7.29%	2/3/2031		1,050		1,045			1,050			0.07
Artifact Bidco, Inc.	(8)(13)(19)	First Lien Term Loan	S + 4.50%	8.79%	7/25/2031		6,709		6,649			6,659			0.46
Artifact Bidco, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.50%	8.79%	7/25/2031		1,642		(7	)		(12	)		—
Artifact Bidco, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.50%	8.79%	7/26/2030		1,173		(10	)		(9	)		—
Banker's Toolbox, Inc.	(13)(15)(18)	First Lien Term Loan	S + 4.50%	8.79%	7/27/2027		16,181		16,059			16,181			1.11
Banker's Toolbox, Inc.	(7)(15)(19)	First Lien Revolver	S + 5.50%	9.82%	7/27/2027		637		(4	)		—			—

27

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Bluecat Networks (USA) Inc.	(6)(8)(19)	First Lien Term Loan	S + 5.00%	10.28% (Incl. 1.00% PIK)	8/8/2028	$	183	$	183		$	182			0.01		%
Bluecat Networks (USA) Inc.	(6)(8)(13)(18)	First Lien Term Loan	S + 5.00%	9.29%	8/8/2028		5,166		5,132			5,140			0.35
Bluecat Networks (USA) Inc.	(6)(15)(16)	First Lien Delayed Draw Term Loan	S + 6.00%	10.28% (Incl. 1.00% PIK)	8/8/2028		24		24			24			—
Bluecat Networks (USA) Inc.	(6)(8)(16)	First Lien Delayed Draw Term Loan	S + 6.00%	10.28% (Incl. 1.00% PIK)	8/8/2028		34		34			34			—
Boxer Parent Company Inc.	(5)(15)(17)	First Lien Term Loan	S + 3.00%	7.29%	7/30/2031		5,000		4,989			4,920			0.34
Camelot U.S. Acquisition LLC	(5)(6)(15)(19)	First Lien Term Loan	S + 2.75%	7.07%	1/31/2031		4,260		4,271			4,208			0.29
Central Parent LLC	(5)(15)(17)	First Lien Term Loan	S + 3.25%	7.54%	7/6/2029		4,975		4,966			4,285			0.29
Concord Global Acquisition, LLC	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	12/29/2031		10,522		10,474			10,469			0.72
Concord Global Acquisition, LLC,	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	12/29/2031		4,575		(11	)		(23	)		—
Concord Global Acquisition, LLC,	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.04%	12/29/2031		1,830		(9	)		(9	)		—
ConnectWise, LLC	(5)(15)(18)	First Lien Term Loan	S + 3.50%	8.05%	9/29/2028		4,962		4,952			4,964			0.34
DT Intermediate Holdco, Inc.	(8)(19)	First Lien Term Loan	S + 2.75%	10.28% (Incl. 3.25% PIK)	2/24/2028		3,930		3,922			3,910			0.27
DT Intermediate Holdco, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	2/24/2028		14,790		(31	)		(74	)		(0.01	)
e-Discovery AcquireCo, LLC	(8)(19)	First Lien Term Loan	S + 5.75%	10.04%	8/29/2029		250		249			250			0.02
e-Discovery AcquireCo, LLC	(8)(13)(16)	First Lien Term Loan	S + 5.25%	9.54%	8/29/2029		1,533		1,529			1,494			0.10
Eclipse Buyer, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.07%	9/8/2031		15,724		15,659			15,646			1.07
Eclipse Buyer, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	9/5/2031		2,665		(6	)		(13	)		—
Eclipse Buyer, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	9/5/2031		1,352		(6	)		(7	)		—
Empyrean Solutions, LLC	(8)(13)(17)	First Lien Term Loan	S + 4.75%	9.07%	11/26/2031		2,765		2,752			2,751			0.19
Empyrean Solutions, LLC	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	11/26/2031		1,106		(3	)		(6	)		—
Empyrean Solutions, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	11/26/2031		415		(2	)		(2	)		—
Enverus Holdings, Inc.	(13)(15)(16)	First Lien Term Loan	S + 5.50%	9.82%	12/24/2029		2,364		2,336			2,364			0.16
Enverus Holdings, Inc.	(7)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.50%	9.82%	12/22/2029		44		(1	)		—			—
Enverus Holdings, Inc.	(7)(15)(17)	First Lien Revolver	S + 5.50%	9.82%	12/22/2029		174		(2	)		—			—
ESG Investments, Inc.	(8)(19)	First Lien Term Loan	S + 4.50%	8.94%	3/11/2028		139		138			139			0.01
ESG Investments, Inc.	(15)(17)	First Lien Delayed Draw Term Loan	S + 4.50%	8.94%	3/11/2028		17		17			17			—
Fourth Enterprises, LLC	(13)(15)(18)	First Lien Term Loan	S + 4.50%	8.82%	3/21/2031		25,137		25,011			25,011			1.70
Fourth Enterprises, LLC	(7)(13)(15)(18)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	3/21/2031		4,851		(24	)		(24	)		—
Fourth Enterprises, LLC	(7)(13)(15)(17)	First Lien Revolver	S + 4.50%	8.82%	3/21/2031		2,238		(11	)		(11	)		—
Genesys Cloud Services Holdings I, LLC	(5)(15)(19)	First Lien Term Loan	S + 2.50%	6.82%	1/30/2032		1,638		1,635			1,623			0.11
Higher Logic, LLC	(8)(13)(19)	First Lien Term Loan	S + 5.25%	9.54%	1/10/2029		9,112		9,071			9,069			0.62
Higher Logic, LLC	(7)(13)(15)(19)	First Lien Revolver	S + 5.25%	9.54%	1/10/2029		759		(4	)		(4	)		—
Inhabitiq Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.50%	8.82%	1/12/2032		17,574		17,539			17,532			1.20
Inhabitiq Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.50%	8.82%	1/9/2032		4,882		(6	)		(12	)		—
Inhabitiq Inc.	(7)(13)(15)(16)	First Lien Revolver	S + 4.50%	8.82%	1/9/2032		3,051		(8	)		(7	)		—
Javelin Buyer, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 6.00%	10.32%	12/6/2029		1,304		—			(5	)		—
Kaseya Inc.	(13)(15)(19)	First Lien Term Loan	S + 3.25%	7.54%	3/20/2032		2,941		2,926			2,926			0.20
Kaseya Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 3.25%	7.57%	3/20/2030		1,522		(8	)		(8	)		—
Kipu Buyer, LLC	(8)(17)	First Lien Term Loan	S + 4.25%	8.54%	1/27/2027		2,246		2,222			2,246			0.15
Kipu Buyer, LLC	(7)(15)(17)	First Lien Revolver	S + 4.75%	9.04%	1/27/2026		365		(3	)		—			—

28

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
KPA Parent Holdings, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.07%	3/12/2032	$	16,595	$	16,512		$	16,512			1.13		%
KPA Parent Holdings, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	3/12/2032		2,371		(6	)		(12	)		—
KPA Parent Holdings, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 4.75%	9.07%	3/12/2032		1,659		(8	)		(8	)		—
Litera Bidco LLC	(8)(19)	First Lien Term Loan	S + 5.00%	9.32%	5/1/2028		5,188		5,183			5,162			0.35
Litera Bidco LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.07%	5/1/2028		2,840		1,872			1,863			0.13
Litera Bidco LLC	(7)(15)(17)	First Lien Revolver	S + 4.75%	9.07%	5/1/2028		434		—			(2	)		—
McAfee Corp.	(5)(16)	First Lien Term Loan	S + 3.00%	7.32%	3/1/2029		4,749		4,752			4,545			0.31
Montana Buyer Inc.	(8)(19)	First Lien Term Loan	S + 5.00%	9.32%	7/22/2029		25,297		25,297			25,297			1.73
Montana Buyer Inc.	(7)(13)(15)(17)	First Lien Revolver	P + 4.00%	11.50%	7/21/2028		2,352		402			403			0.03
MRI Software LLC	(8)(15)(16)	First Lien Term Loan	S + 4.75%	9.04%	2/10/2027		669		666			664			0.05
MRI Software LLC	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	2/10/2027		1,300		396			390			0.03
Nasuni Corporation	(13)(15)(19)	First Lien Term Loan	S + 5.75%	10.04%	9/10/2030		6,250		6,209			6,206			0.42
Nasuni Corporation	(7)(13)(15)(16)	First Lien Revolver	S + 5.75%	10.04%	9/10/2030		1,302		(9	)		(9	)		—
Navex TopCo, Inc.	(8)(19)	First Lien Term Loan	S + 5.50%	9.82%	11/8/2030		7,425		7,352			7,425			0.51
North Star Acquisitionco, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.04%	5/3/2029		4,064		4,064			4,064			0.28
North Star Acquisitionco, LLC	(8)(13)(17)	First Lien Term Loan	S + 4.75%	9.04%	5/3/2029		2,367		2,357			2,367			0.16
North Star Acquisitionco, LLC	(8)(13)(18)	First Lien Term Loan	C + 4.75%	7.50%	5/3/2029		CAD 9,064		6,550			6,300			0.43
North Star Acquisitionco, LLC	(7)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	5/3/2029		2,084		2,011			2,014			0.14
North Star Acquisitionco, LLC	(7)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	5/3/2029		2,275		678			686			0.05
Onit, Inc.	(13)(15)(17)	First Lien Term Loan	S + 4.75%	9.07%	1/27/2032		18,947		18,860			18,856			1.29
Onit, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 3.75%	8.07%	1/27/2032		8,359		(20	)		(40	)		(0.01	)
Onit, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 3.75%	8.07%	1/27/2032		2,786		(14	)		(13	)		—
Pegasus Transtech Holding, LLC	(8)(16)	First Lien Term Loan	S + 6.00%	10.32%	11/17/2026		246		245			246			0.02
Pegasus Transtech Holding, LLC	(13)(15)(16)	First Lien Term Loan	S + 6.00%	10.32%	11/17/2026		10		10			10			—
Perforce Software, Inc.	(8)(17)	First Lien Term Loan	S + 4.75%	9.07%	6/29/2029		2,970		2,910			2,839			0.18
Prism Parent Co. Inc.	(8)(17)	First Lien Term Loan	S + 5.00%	9.32%	9/19/2028		3,941		3,941			3,892			0.27
Prism Parent Co. Inc.	(7)(15)(19)	First Lien Delayed Draw Term Loan	S + 5.00%	9.32%	9/19/2028		403		160			157			0.01
Proofpoint, Inc.	(5)(6)(15)(16)	First Lien Term Loan	S + 3.00%	7.32%	8/31/2028		2,052		2,051			2,048			0.14
QBS Parent, Inc.	(8)(13)(19)	First Lien Term Loan	S + 4.75%	9.04%	11/7/2031		4,260		4,250			4,263			0.29
QBS Parent, Inc.	(13)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	3/1/2032		490		488			490			0.03
QBS Parent, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 4.75%	9.04%	11/7/2031		450		(4	)		—			—
Rally Buyer, Inc.	(13)(15)(16)	First Lien Term Loan	S + 4.25%	8.54%	7/19/2028		178		178			159			0.01
Rally Buyer, Inc.	(15)(16)	First Lien Delayed Draw Term Loan	S + 4.25%	8.54%	7/19/2028		15		15			14			—
Routeware, Inc.	(8)(13)(18)	First Lien Term Loan	S + 5.25%	9.54%	9/18/2031		6,364		6,337			6,348			0.43
Routeware, Inc.	(7)(13)(15)(17)	First Lien Delayed Draw Term Loan	S + 5.25%	9.54%	9/18/2031		2,955		175			174			0.01
Routeware, Inc.	(7)(13)(15)(19)	First Lien Revolver	S + 8.00%	12.29%	9/18/2031		682		(3	)		(2	)		—
Spartan Bidco PTY LTD	(6)(8)(17)	First Lien Term Loan	S + 6.50%	11.21% (Incl. 6.00% PIK)	1/24/2028		270		263			269			0.02
Spartan Bidco PTY LTD	(6)(13)(15)(19)	First Lien Term Loan	S + 6.50%	11.21% (Incl. 6.00% PIK)	1/24/2028		9,280		9,230			9,224			0.63
Spartan Bidco PTY LTD	(6)(7)(13)(15)(17)	First Lien Revolver	S + 6.50%	10.79%	1/24/2028		769		(7	)		(5	)		—

29

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Thunder Purchaser, Inc.	(8)(16)	First Lien Term Loan	S + 5.25%	9.69%	6/30/2028	$	247	$	246		$	247			0.02	%
Thunder Purchaser, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.25%	9.69%	6/30/2028		4,160		4,142			4,160			0.28
Thunder Purchaser, Inc.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.25%	9.69%	6/30/2028		9,910		7,406			7,428			0.51
Trimech Acquisition Corp.	(8)(13)(16)	First Lien Term Loan	S + 4.75%	9.04%	3/10/2028		2,162		2,152			2,151			0.15
Trimech Acquisition Corp.	(8)(15)(19)	First Lien Term Loan	S + 4.75%	9.04%	3/10/2028		5,893		5,894			5,864			0.40
Trimech Acquisition Corp.	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	3/10/2028		10,952		10,906			10,897			0.75
Trimech Acquisition Corp.	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	SON + 5.00%	9.55%	3/10/2028		GBP 2,351		(6	)		(15	)		—
Trimech Acquisition Corp.	(7)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	3/10/2028		7,004		1,092			1,086			0.07
Vamos Bidco, Inc	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.04%	1/30/2032		8,842		8,800			8,800			0.60
Vamos Bidco, Inc	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	1/30/2032		3,684		(9	)		(18	)		—
Vamos Bidco, Inc	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	1/30/2032		1,105		(6	)		(5	)		—
WatchGuard Technologies, Inc.	(8)(19)	First Lien Term Loan	S + 5.25%	9.57%	7/2/2029		247		239			245			0.02
									325,300			324,063			22.15
Specialty Retail
LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC)	(5)(15)(16)	First Lien Term Loan	S + 2.50%	6.79%	4/23/2031		4,141		4,146			4,117			0.28
Mavis Tire Express Services Topco, Corp.	(5)(15)(16)	First Lien Term Loan	S + 3.00%	7.29%	5/4/2028		3,479		3,483			3,461			0.24
Monahan Products, LLC	(8)(16)	First Lien Term Loan	S + 5.50%	9.79%	8/27/2027		247		244			244			0.02
PetSmart LLC	(5)(19)	First Lien Term Loan	S + 3.75%	8.17%	2/11/2028		3,220		3,207			3,176			0.22
SCW Holdings III Corp.	(8)(13)(19)	First Lien Term Loan	S + 5.00%	9.29%	3/17/2032		10,378		10,339			10,339			0.71
SCW Holdings III Corp.	(7)(13)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.00%	9.29%	3/17/2032		4,070		(8	)		(15	)		—
SCW Holdings III Corp.	(7)(13)(15)(19)	First Lien Revolver	S + 5.00%	9.29%	3/17/2031		2,035		(8	)		(8	)		—
Shock Doctor Intermediate, LLC	(8)(17)	First Lien Term Loan	S + 5.50%	9.79%	11/20/2029		247		245			247			0.02
									21,648			21,561			1.49
Technology Hardware, Storage and Peripherals
TA TT Buyer, LLC	(8)(19)	First Lien Term Loan	S + 4.75%	9.04%	4/2/2029		2,970		2,960			2,912			0.20
UBEO, LLC	(8)(19)	First Lien Term Loan	S + 5.25%	9.69%	7/3/2028		810		809			810			0.06
Victors Purchaser, LLC	(13)(15)(16)	First Lien Term Loan	S + 4.75%	9.04%	8/15/2031		9,194		9,174			9,171			0.63
Victors Purchaser, LLC	(7)(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 4.75%	9.04%	8/15/2031		2,193		471			470			0.03
Victors Purchaser, LLC	(7)(13)(15)(16)	First Lien Revolver	S + 4.75%	9.04%	8/15/2031		1,254		(3	)		(3	)		—
									13,411			13,360			0.92
Textiles, Apparel and Luxury Goods
Gloves Buyer, Inc.	(5)(15)(19)	First Lien Term Loan	S + 4.00%	0.00%	1/17/2032		6,000		5,970			5,785			0.40
Varsity Brands, Inc.	(5)(15)(19)	First Lien Term Loan	S + 3.50%	7.79%	8/26/2031		4,468		4,448			4,388			0.30
									10,418			10,173			0.70
Trading Companies and Distributors
Graffiti Buyer, Inc.	(8)(13)(19)	First Lien Term Loan	S + 5.50%	9.89%	8/10/2027		5,836		5,787			5,591			0.37
Graffiti Buyer, Inc.	(7)(8)(15)(16)	First Lien Delayed Draw Term Loan	S + 5.50%	9.89%	8/10/2027		3,779		2,031			1,897			0.13
Kele Holdco, Inc.	(8)(16)	First Lien Term Loan	S + 4.50%	8.82%	2/21/2028		2,629		2,629			2,616			0.18
Kele Holdco, Inc.	(7)(15)(16)	First Lien Revolver	S + 4.50%	8.92%	2/21/2028		342		34			32			—
									10,481			10,136			0.68

30

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Wireless Telecommunication Services
Alert Media, Inc.	(8)(18)	First Lien Term Loan	S + 5.75%	10.04%	4/12/2027	$	133	$	133		$	132			0.01	%
Alert Media, Inc.	(8)(19)	First Lien Term Loan	S + 5.75%	10.04%	4/12/2027		131		131			129			0.01
Alert Media, Inc.	(8)(13)(18)	First Lien Term Loan	S + 6.50%	10.78% (Incl. 6.5% PIK)	4/12/2027		438		437			436			0.03
Alert Media, Inc.	(7)(13)(15)(17)	First Lien Revolver	S + 5.00%	9.32%	4/12/2027		211		(1	)		(4	)		—
CCI Buyer, Inc.	(5)(15)(16)	First Lien Term Loan	S + 4.00%	8.29%	12/17/2027		4,595		4,592			4,603			0.31
DAS Purchaser 2 Corp.	(13)(15)(19)	First Lien Term Loan	S + 6.25%	10.64%	4/30/2027		85		84			76			0.01
DAS Purchaser 2 Corp.	(13)(15)(19)	First Lien Delayed Draw Term Loan	S + 6.25%	10.64%	4/30/2027		168		167			152			0.01
									5,543			5,524			0.38
Total Secured Debt Investments									2,539,562			2,532,203			173.25
Unsecured Debt Investments
Diversified Consumer Services
AVG Intermediate Holdings LLC	(15)(17)	Subordinated Unsecured Term Loan	N/A	13.75% PIK	3/16/2028		778		778			734			0.05
AVG Intermediate Holdings LLC	(15)(17)	Subordinated Unsecured Delayed Draw Term Loan	N/A	13.75% PIK	3/16/2028		298		298			280			0.02
VetCor Group Holdings LLC	(15)(19)	Subordinated Unsecured Term Loan	N/A	13.75% PIK	8/31/2030		6		6			5			—
VetCor Group Holdings LLC	(15)(17)	Subordinated Unsecured Term Loan	N/A	14.75% PIK	8/31/2030		2		2			2			—
VetCor Group Holdings LLC	(3)(15)(17)	Subordinated Unsecured Delayed Draw Term Loan	N/A	13.75% PIK	8/31/2030		—		—			—			—
									1,084			1,021			0.07
Health Care Technology
Employee Health Co.	(15)(17)	Unsecured Term Loan	N/A	13.75% PIK	11/10/2031		275		270			272			0.02
									270			272			0.02
Insurance
KWOR Acquisition, Inc.	(13)(15)(16)	Subordinated Unsecured HoldCo Debt	S + 3.25%	7.54%	2/28/2030		652		652			652			0.04
									652			652			0.04
Healthcare Providers and Services
OB Hospitalist Group, Inc.	(15)(17)	Subordinated Unsecured Term Loan	S + 9.75%	14.18% (Incl. 9.75% PIK)	9/27/2028		22		22			22			—
									22			22			—
Total Unsecured Debt Investments									2,028			1,967			0.13

31

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Equity Investments
Auto Components
EAH Holdco, LLC	(3)(11)(15)(19)	Common				$	-	$	136	$	174		0.01	%
QAS Parent, LLC	(11)(15)(17)	Common					237		366		520		0.04
									502		694		0.05
Building Products
MDC Interior Acquisition Inc	(11)(15)(19)	Common					1		894		1,117		0.08
									894		1,117		0.08
Capital Markets
Arax MidCo, LLC	(6)(7)(12)(13)(15)(19)	Common					1,154		731		653		0.04
									731		653		0.04
Chemicals
Americhem, Inc.	(12)(13)(15)(17)	Common					6		571		571		0.04
									571		571		0.04
Commercial Services and Supplies
Hercules Blocker LLC	(9)(11)(15)(16)	Common					140		251		250		0.02
KAWP Holdings, L.P.	(3)(11)(15)(16)	Common					—		309		307		0.02
Zinc Buyer Corporation	(12)(13)(15)(19)	LP Units					242		242		259		0.02
									802		816		0.06
Construction & Engineering
Hydraulic Technologies USA LLC	(12)(13)(15)(19)	Common					8		8		5		—
Hydraulic Technologies USA LLC	(12)(13)(15)(19)	Preferred					743		743		494		0.03
MEI Co-Investor Aggregator LLC	(11)(15)(17)	Common					1		796		1,203		0.08
									1,547		1,702		0.11
Diversified Consumer Services
American Veterinary Group Holdings, LLC	(11)(15)(16)	Common					243		387		144		0.01
Four Seasons Blocker Aggregator, LP	(3)(11)(15)(17)	Common					—		203		188		0.01
GS Seer Group Holdings, LLC	(3)(11)(15)(16)	Common					—		110		100		0.01
Health Aggregator LLC	(3)(11)(15)(16)	Common					—		159		150		0.01
Home Service HoldCo, Inc.	(11)(15)(16)	Common					2		264		283		0.02
Seahawk Bidco, LLC	(12)(13)(15)(16)	LP Units					3		3,035		3,037		0.21
US Fitness Holdings, LLC	(12)(13)(15)(16)	Common					3		3,182		3,789		0.26
VPP Group Holdings, L.P.	(3)(11)(15)(16)	Common					—		265		268		0.02
									7,605		7,959		0.55
Electronic Equipment, Instruments and Components
Wildcat Topco, Inc.	(12)(13)(15)(17)	LP Units					628		628		703		0.05
									628		703		0.05

32

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(12)(13)(15)(17)	LP Units				$	1	$	1,154	$	1,269		0.09	%
Tiger Parent Holdco L.P.	(3)(11)(15)(16)	Common					—		895		1,194		0.08
									2,049		2,463		0.17
Financial Services
Cerity Partners Equity Holding LLC	(7)(12)(13)(15)(17)	Preferred					2,325		1,408		1,408		0.10
GC Mountaintop Intermediate II Inc	(11)(15)(19)	Preferred					659		782		885		0.06
GC Mountaintop Holdings, LLC	(11)(15)(19)	Common					507		648		774		0.05
									2,838		3,067		0.21
Healthcare Providers and Services
AB Centers Acquisition Corporation	(10)(11)(15)(16)	Preferred					136		322		549		0.04
Oral Surgery Holdings, LLC	(11)(15)(17)	Preferred					42		554		1,023		0.07
REP Coinvest III AGP Blocker, L.P.	(11)(15)(19)	Common					155		409		628		0.04
REP Coinvest III AGP, L.P.	(11)(15)(19)	Common					66		175		269		0.02
RxSense Group LLC	(11)(15)(17)	Common					14		284		714		0.05
US Heart And Vascular Holdings LLC	(11)(15)(18)	Common					100		106		63		—
									1,850		3,246		0.22
Health Care Technology
DeLorean Purchaser, Inc.	(12)(13)(15)(19)	Common					3,043		3,043		3,044		0.21
F&M Buyer LLC	(12)(13)(15)(17)	Common					1,217		1,217		1,217		0.08
Goldeneye Parent, LLC	(12)(13)(15)(16)	Preferred					1		1,111		1,111		0.08
Unlimited Technology Holdings, LLC	(12)(13)(15)(19)	Common					1,655		1,655		1,655		0.11
									7,026		7,027		0.48
Insurance
Accelerate Topco Holdings LLC	(11)(15)(17)	Common					6		222		413		0.03
IMG Blocker Buyer Parent, LLC	(11)(15)(16)	Preferred					48		571		646		0.04
IMG Blocker Buyer Parent, LLC	(3)(11)(15)(19)	Common					—		6		6		—
Integrity Marketing Group, LLC	(11)(15)(18)	Preferred					147		181		196		0.01
KWOR Acquisition, Inc.	(3)(12)(13)(15)(19)	Common					—		330		330		0.02
KWOR Acquisition, Inc.	(12)(13)(15)(17)	Preferred					435		435		435		0.03
LEP McLarens Co-Invest, L.P.	(11)(15)(16)	LP Units					40		132		114		0.01
OHCP V GA COI, L.P.	(11)(15)(17)	Preferred					11		13		15		—
OHCP V GA COI, L.P.	(11)(15)(17)	Common					98		119		138		0.01
Unison Risk Advisors Inc.	(12)(13)(15)(17)	Common					1,820		2,857		2,942		0.20
									4,866		5,235		0.35
IT Services
DT1 Midco Corp	(12)(13)(15)(16)	Common					2,896		2,896		3,136		0.21
OEConnection LLC	(3)(11)(15)(19)	Common					—		321		381		0.03
Ridge Trail US Bidco, Inc.	(12)(13)(15)(19)	Preferred					1,418		1,418		1,496		0.10
Ridge Trail US Bidco, Inc.	(12)(13)(15)(19)	Common					34		34		—		—
Winterfell Co-Invest SCSp	(11)(15)(16)	Common					445		673		810		0.07
									5,342		5,823		0.41

33

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March 31, 2025

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate	Maturity Date	Par Amount / Shares (3)		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Pharmaceuticals
Creek Parent, Inc.	(6)(12)(13)(15)(19)	Common				$	150	$	150	$	150		0.01	%
									150		150		0.01
Professional Services
Elevator Holdco, Inc. Common Stock	(3)(11)(15)(19)	Common					—		453		388		0.03
Marina Acquisition, Inc.	(3)(12)(13)(15)(16)	Common					—		231		218		0.01
TVG-KUSRP Holdings, LP	(11)(15)(17)	Preferred					232		285		274		0.02
									969		880		0.06
Software
Concord Global Acquisition, LLC,	(12)(13)(15)(19)	Common					3		2,667		2,667		0.18
Eclipse Buyer, Inc.	(12)(13)(15)(17)	Preferred					1		5,020		4,970		0.34
North Star Acquisition Aggregator, L.P.	(11)(15)(16)	Common					336		362		503		0.03
									8,049		8,140		0.55
Specialty Retail
SCW Holdings III Corp.	(12)(13)(15)(17)	LLC Units					1		1,167		1,167		0.08
									1,167		1,167		0.08
Technology Hardware, Storage and Peripherals
Victors Purchaser, LLC	(12)(13)(15)(19)	LP Units					333		333		303		0.02
									333		303		0.02
Trading Companies and Distributors
Graffiti Parent, LP	(11)(15)(19)	Common					2		522		206		0.01
Kele Holdings, Inc.	(3)(11)(15)(16)	Common					—		187		228		0.02
									709		434		0.03
Total Equity Investments									48,628		52,150		3.57
Total Investments - non-controlled/non-affiliated									2,590,218		2,586,320		176.95	%
Cash Equivalents
BlackRock Liquidity T-Fund - Institutional Shares	(14)								69,928		69,928		4.77
Total Cash Equivalents									69,928		69,928		4.77
Total Investments and Cash Equivalents									2,660,146		2,656,248		181.72	%

34

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March 31, 2025

(in thousands)

1.Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

2.The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate (“Prime” or “P”), Canadian Dollar Offered Rate ("CDOR" or "C"), Sterling Overnight Index Average ("SONIA" or "SON") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on March 31, 2025. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

3.Investments with par value / shares less than 500 shown as zero.

4.The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

5.These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

6.The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 5.24% of total assets as calculated in accordance with regulatory requirements.

7.Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See the following page for more information on the Company’s unfunded commitments.

8.Position or portion thereof is pledged as collateral under the SG Facility (as defined below).

9.The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC in the form of shareholder notes and common units.

10.The Company invests in this portfolio company through underlying blocker entities Holocene Topco LP and Holocene Topco II LP.

11.Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $15,121 or 1.03% of the Company’s net assets. The acquisition date of these restricted securities was January 19, 2024.

12.Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $37,029 or 2.53% of the Company’s net assets. The acquisition date of Arax MidCo, LLC and Cerity Partners Equity Holding LLC was May 30, 2024. The acquisition date of Hydraulic Technologies USA LLC was June 3, 2024. The acquisition date of Marina Acquisition, Inc. was July 1, 2024. The acquisition date of Zinc Buyer Corporation was July 29, 2024. The acquisition date of CRCI Longhorn Holdings, Inc. was August 27, 2024. The acquisition date of Victors Purchaser, LLC was August 15, 2024. The acquisition date of Eclipse, Inc. was September 6, 2024. The acquisition date of US Fitness Holdings, LLC was September 4, 2024. The acquisition date of Ridge Trail US Bidco, Inc. was September 30, 2024. The acquisition date of Concord Global Acquisition, LLC was December 27,2024. The acquisition date of Creek Parent, Inc. was December 18, 2024. The acquisition date of DeLorean Purchaser, Inc. was December 16, 2024. The acquisition date of DT1 Midco Corp was December 30, 2024. The acquisition date of Seahawk Bidco, LLC was December 19, 2024. The acquisition date of Unison Risk Advisors Inc. was October 30, 2024. The acquisition date of Wildcat Topco, Inc. was December 23, 2024. The acquisition date of KWOR Acquisition, INC. and Americhem, Inc. was February 28, 2025. The acquisition date of Unlimited Technology Holdings, LLC was March 12, 2025. The acquisition date of SCW Holdings III Corp was March 17, 2025. The acquisition date of F&M Buyer LLC was March 18, 2025. The acquisition date of Goldeneye Parent, LLC was March 31, 2025.

13.These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).

14.Cash equivalents amounting to $69,928 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of March 31, 2025.

15.Position or portion thereof is or can be pledged as collateral under the Revolving Credit Facility (as defined below).

16.Loan includes interest floor of 1.00%.

17.Loan includes interest floor of 0.75%.

18.Loan includes interest floor of 0.50%.

19.Loan includes interest floor of 0.00%.

See accompanying notes to the consolidated financial statements

35

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March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
AAH Topco., LLC	Delayed Draw Term Loan	4/1/2027	$	5,941	$	(43	)
AB Centers Acquisition Corporation	Revolver	7/2/2031		751		(5	)
AB Centers Acquisition Corporation	Delayed Draw Term Loan	7/2/2026		1,044		(8	)
Accession Risk Management, Inc.	Revolver	11/1/2029		694		1
Accession Risk Management, Inc.	Delayed Draw Term Loan	8/16/2026		3,808		5
Acentra Holdings, LLC	Revolver	12/17/2029		69		—
ACI Group Holdings, Inc.	Revolver	8/2/2027		263		(6	)
Adelaide Borrower, LLC	Revolver	5/8/2030		1,040		(10	)
Adelaide Borrower, LLC	Delayed Draw Term Loan	5/8/2026		1,670		(17	)
Alert Media, Inc.	Revolver	4/12/2027		211		—
AMBA Buyer, Inc.	Revolver	7/30/2027		276		(2	)
American Residential Services, LLC	Revolver	1/31/2030		1,193		—
Americhem, Inc.	Delayed Draw Term Loan	2/28/2027		6,278		—
Americhem, Inc.	Revolver	3/1/2032		4,447		—
Amerilife Holdings LLC	Revolver	8/31/2028		2,261		—
Amerlife Holdings LLC	Delayed Draw Term Loan	3/1/2027		3,333		—
Amerilife Holdings LLC	Delayed Draw Term Loan	6/18/2026		7,613		—
Analytic Partners, LP	Revolver	4/4/2030		1,002		(4	)
Apex Service Partners, LLC	Delayed Draw Term Loan	9/24/2026		5,064		(24	)
Apex Service Partners, LLC	Revolver	10/24/2029		58		—
Aprio Advisory Group, LLC	Delayed Draw Term Loan	8/2/2026		716		(2	)
Aprio Advisory Group, LLC	Revolver	8/1/2031		1,527		(4	)
Arax MidCo, LLC	Equity	4/11/2029		432		(7	)
Arax MidCo, LLC	Revolver	4/11/2029		1,293		(15	)
Arax MidCo, LLC	Delayed Draw Term Loan	10/14/2025		1,647		(20	)
Ares Holdings, LLC	Revolver	11/18/2027		747		(3	)
Arrow Management Acquisition, LLC	Delayed Draw Term Loan	11/28/2025		1		—
Artifact Bidco, Inc.	Delayed Draw Term Loan	7/27/2027		1,642		(12	)
Artifact Bidco, Inc.	Revolver	7/26/2030		1,173		(9	)
AVSC Holding Corp.	Revolver	12/5/2029		2,722		(20	)
AVG Intermediate Holdings LLC	Revolver	3/16/2027		166		(4	)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/23/2026		8,262		(21	)
AWP Group Holdings, Inc.	Revolver	12/23/2030		38		—
Banker's Toolbox, Inc.	Revolver	7/27/2027		637		—
BC Group Holdings, Inc.	Delayed Draw Term Loan	12/21/2026		6,455		(48	)
Blackbird Purchaser, Inc.	Delayed Draw Term Loan	12/19/2025		410		—
Blackbird Purchaser, Inc.	Revolver	12/19/2029		402		—
Blackhawk Industrial Distribution, Inc.	Revolver	9/17/2026		2,014		(8	)

36

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Blades Buyer, Inc.	Revolver	3/28/2028	$	93	$	(1	)
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	3/31/2027		5,000		(25	)
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	12/21/2026		1,341		(7	)
Bridges Consumer Healthcare Intermediate LLC	Revolver	12/22/2031		2,682		(13	)
Cardiology Management Holdings, LLC	Delayed Draw Term Loan	1/31/2029		69		—
Carr, Riggs & Ingram Capital, L.L.C.	Revolver	11/18/2031		3,000		(15	)
Carr, Riggs & Ingram Capital, L.L.C.	Delayed Draw Term Loan	11/18/2026		7,325		(36	)
CDL Parent, Inc.	Revolver	12/7/2027		659		(5	)
Cerity Partners Equity Holding LLC	Equity	7/28/2029		917		(18	)
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	1/21/2027		5,000		—
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	7/28/2029		7,712		—
Cerity Partners Equity Holding LLC	Revolver	7/28/2028		1,378		—
CFGI Holdings, LLC	Revolver	11/2/2027		191		(1	)
Cherry Bekaert Advisory LLC	Revolver	6/30/2028		226		—
Clydesdale Acquisition Holdings, Inc.	Term Loan	3/26/2032		52		—
Cold Chain Technologies, LLC	Revolver	7/2/2026		197		—
Concord Global Acquisition, LLC,	Delayed Draw Term Loan	12/28/2026		4,575		(11	)
Concord Global Acquisition, LLC,	Revolver	12/26/2031		1,830		(2	)
CPC/Cirtec Holdings, Inc	Revolver	10/31/2028		670		(2	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		4,544		(5	)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031		1,454		(2	)
Creek Parent, Inc.	Revolver	12/18/2031		125		(1	)
Cub Financing Intermediate, LLC	Delayed Draw Term Loan	6/28/2026		4,967		(23	)
CVP Holdco, Inc.	Revolver	6/28/2030		2,353		(6	)
CVP Holdco, Inc.	Delayed Draw Term Loan	6/29/2026		5,732		(14	)
DCG Acquisition Corp.	Revolver	6/13/2031		4,408		—
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026		4,408		—
DeLorean Purchaser, Inc.	Revolver	12/16/2031		4,574		(34	)
DT Intermediate Holdco, Inc.	Delayed Draw Term Loan	9/14/2026		14,790		(111	)
DT1 Midco Corp	Delayed Draw Term Loan	12/30/2026		5,014		(38	)
DT1 Midco Corp	Revolver	12/30/2030		2,005		(15	)
Dwyer Instruments, LLC	Revolver	7/20/2029		3,198		(31	)
Dwyer Instruments, LLC	Delayed Draw Term Loan	11/21/2026		2,828		(27	)
Dynatect Group Holdings, Inc.	Revolver	6/30/2026		1,236		—
Eclipse Buyer, Inc.	Revolver	9/6/2031		1,352		(7	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/7/2026		2,665		(13	)
Edgeco Buyer, Inc.	Delayed Draw Term Loan	12/20/2026		3,016		(15	)
Edgeco Buyer, Inc.	Revolver	6/1/2028		338		(2	)
EDPO, LLC	Delayed Draw Term Loan	5/2/2025		72		—
EDPO, LLC	Revolver	12/8/2026		42		—

37

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Empyrean Solutions, LLC	Delayed Draw Term Loan	11/25/2026	$	1,106	$	—
Empyrean Solutions, LLC	Revolver	11/26/2031		415		—
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2025		44		—
Enverus Holdings, Inc.	Revolver	12/24/2029		174		—
EOS Fitness Opco Holdings, LLC	Delayed Draw Term Loan	9/25/2026		1,583		(4	)
Essential Services Holding Corporation	Revolver	6/17/2030		1,093		(3	)
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026		2,082		(5	)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2026		5,044		(13	)
Flint Opco, LLC	Delayed Draw Term Loan	6/1/2026		2,411		—
Flow Control Solutions, Inc.	Revolver	3/31/2029		1,250		(9	)
Flow Control Solutions, Inc.	Delayed Draw Term Loan	6/28/2026		7,732		(53	)
FL Hawk Intermediate Holdings, Inc.	Revolver	2/22/2029		1,190		(8	)
F&M Buyer LLC	Delayed Draw Term Loan	3/19/2027		3,980		—
F&M Buyer LLC	Revolver	3/18/2032		1,741		(51	)
Foreside Financial Group, LLC	Revolver	9/30/2027		527		—
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	2/26/2027		10,736		(315	)
Fourth Enterprises, LLC	Delayed Draw Term Loan	3/21/2027		4,851		(142	)
Fourth Enterprises, LLC	Revolver	3/21/2031		2,238		(11	)
Graffiti Buyer, Inc.	Delayed Draw Term Loan	4/29/2026		1,724		(51	)
Goldeneye Parent, LLC	Revolver	3/31/2032		4,652		(22	)
GSV Holding, LLC	Revolver	10/18/2030		1,651		(8	)
Harvey Tool Company, LLC	Revolver	10/26/2027		2,372		(5	)
Harvey Tool Company, LLC	Delayed Draw Term Loan	6/28/2026		6,527		(14	)
Health Buyer LLC	Delayed Draw Term Loan	5/15/2026		10,052		(45	)
Heights Buyer, LLC	Delayed Draw Term Loan	8/26/2025		620		—
Heights Buyer, LLC	Revolver	8/25/2028		442		—
Hercules Borrower LLC	Revolver	12/15/2026		329		—
Higher Logic, LLC	Revolver	1/10/2029		759		—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	6/28/2026		1,213		(3	)
HSI Halo Acquisition, Inc.	Revolver	6/28/2030		978		(2	)
HT Intermediary III, Inc.	Revolver	11/12/2030		1,203		(6	)
HT Intermediary III, Inc.	Delayed Draw Term Loan	11/13/2026		3,564		(17	)
Hydraulic Technologies USA LLC	Revolver	6/3/2030		2,050		(26	)
IG Investments Holdings, LLC	Revolver	9/22/2028		1,172		(6	)
Imagine 360 LLC	Revolver	9/30/2028		4,326		(22	)
Imagine 360 LLC	Delayed Draw Term Loan	9/20/2026		10,122		(51	)
IMO Investor Holdings, Inc.	Revolver	5/11/2028		1,479		—

38

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Inhabitiq Inc.	Delayed Draw Term Loan	1/11/2027	$	4,882	$	(61	)
Inhabitiq Inc.	Revolver	1/12/2032		3,051		—
ImageFirst Holdings, LLC	Revolver	3/12/2030		5,000		(62	)
Innovetive Petcare, LLC	Delayed Draw Term Loan	11/19/2026		5,634		(70	)
Integrated Power Services Holdings, Inc.	Revolver	11/22/2027		513		—
Integrated Power Services Holdings, Inc.	Delayed Draw Term Loan	5/7/2026		10,186		(20	)
Integrity Marketing Acquisition, LLC	Revolver	8/25/2028		122		(1	)
Javelin Buyer, Inc.	Revolver	12/6/2029		1,304		12
JHCC Holdings LLC	Revolver	9/9/2027		149		(1	)
JKC Parent, Inc.	Delayed Draw Term Loan	2/16/2027		1,832		—
JKC Parent, Inc.	Revolver	2/13/2032		1,221		—
Kaseya Inc.	Revolver	3/20/2030		1,522		—
Kele Holdco, Inc.	Revolver	2/20/2028		308		—
Kenco PPC Buyer LLC	Revolver	11/15/2029		712		—
Kipu Buyer, LLC	Revolver	1/27/2026		365		(1	)
Klick, Inc.	Revolver	3/31/2028		813		(8	)
KPA Parent Holdings, Inc.	Delayed Draw Term Loan	3/15/2027		2,371		(12	)
KPA Parent Holdings, Inc.	Revolver	3/12/2032		1,659		(8	)
Kriv Acquisition Inc.	Revolver	7/6/2029		377		(2	)
Kriv Acquisition Inc.	Delayed Draw Term Loan	9/26/2026		8,343		(42	)
KWOR Acquisition, Inc.	Term Loan	2/28/2030		434		—
KWOR Acquisition, Inc.	Revolver	2/28/2030		326		(2	)
Lightbeam Bidco Inc.	Revolver	5/4/2029		349		—
Litera Bidco LLC	Revolver	5/1/2028		434		(2	)
Litera Bidco LLC	Delayed Draw Term Loan	5/17/2027		963		(5	)
Lubricant Engineers	Delayed Draw Term Loan	3/31/2027		8,850		(44	)
Lubricant Engineers	Revolver	9/1/2029		2,212		(11	)
Marina Acquisition, Inc.	Revolver	7/1/2030		1,234		(12	)
MDC Interior Acquisition Inc	Revolver	4/26/2030		2,084		(10	)
Merlin Buyer, Inc.	Revolver	12/14/2026		598		(6	)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027		36		—
Minotaur Acquisition, Inc.	Revolver	6/3/2030		2,442		(17	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan	6/4/2025		4,071		(28	)
Montana Buyer Inc.	Revolver	7/22/2028		1,949		—
Motion & Control Enterprises LLC	Delayed Draw Term Loan	10/1/2026		1,453		(27	)
Movati Athletic (Group) Inc.	Delayed Draw Term Loan	5/30/2026		2,433		(18	)
Movati Athletic (Group) Inc.	Revolver	5/29/2029		1,825		(14	)
MRI Software LLC	Delayed Draw Term Loan	8/27/2026		900		2
Nasuni Corporation	Revolver	9/10/2030		1,302		(9	)

39

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Net Health Acquisition Corp.	Revolver	7/3/2031	$	3,531	$	—
NJEye LLC	Revolver	6/14/2025		184		—
North Star Acquisitionco, LLC	Delayed Draw Term Loan	5/4/2025		70		—
North Star Acquisitionco, LLC	Revolver	5/3/2029		1,589		—
OEConnection LLC	Delayed Draw Term Loan	12/30/2026		4,526		(9	)
OEConnection LLC	Revolver	4/22/2031		2,793		(5	)
Onit, Inc.	Delayed Draw Term Loan	1/28/2027		8,359		(16	)
Onit, Inc.	Revolver	1/27/2032		2,786		(5	)
Onyx-Fire Protection Services Inc.	Revolver	7/31/2031		3,043		(15	)
Onyx-Fire Protection Services Inc.	Delayed Draw Term Loan	7/31/2026		1,670		(8	)
Orsini Pharmaceutical Services, LLC	Revolver	5/2/2028		297		—
Packaging Coordinators Midco, Inc.	Delayed Draw Term Loan	4/23/2026		13,019		(65	)
Packaging Coordinators Midco, Inc.	Revolver	1/22/2032		2,469		(12	)
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	6/20/2026		1,668		(8	)
Pareto Health Intermediate Holdings, Inc.	Revolver	6/1/2029		163		(1	)
Pathstone Family Office LLC	Revolver	5/15/2028		2,502		(13	)
Pathstone Family Office LLC	Delayed Draw Term Loan	6/22/2026		5,035		(25	)
Phantom Purchaser, Inc.	Revolver	9/19/2031		2,654		(6	)
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/7/2026		9,109		(91	)
Prism Parent Co. Inc.	Delayed Draw Term Loan	9/19/2025		241		(5	)
Propio LS, LLC	Revolver	7/17/2029		5,537		(14	)
Propio LS, LLC	Delayed Draw Term Loan	7/25/2026		11,074		(28	)
Puma Buyer, LLC	Revolver	3/28/2032		3,063		(8	)
Quality Automotive Services, LLC	Delayed Draw Term Loan	1/30/2027		3,576		(4	)
QBS Parent, Inc.	Revolver	11/7/2031		450		(1	)
Quality Automotive Services, LLC	Revolver	7/16/2027		130		(1	)
R&T Acquisitions, LLC	Delayed Draw Term Loan	9/1/2025		771		(10	)
Raven Acquisition Holdings, LLC	Term Loan	11/19/2031		333		1
Red Fox CD Acquisition Corporation	Delayed Draw Term Loan	12/1/2025		1,547		(12	)
Ridge Trail US Bidco, Inc.	Term Loan	9/30/2031		6,893		(52	)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031		1,677		(13	)
Riser Interco LLC	Delayed Draw Term Loan	6/5/2026		4,781		(48	)
Routeware, Inc.	Delayed Draw Term Loan	9/19/2026		2,773		(7	)
Routeware, Inc.	Revolver	9/18/2031		682		(2	)
Ruppert Landscape, LLC	Delayed Draw Term Loan	4/30/2026		9,931		(136	)
Ruppert Landscape, LLC	Revolver	12/1/2028		793		(11	)
Sako and Partners Lower Holdings LLC	Revolver	9/15/2028		746		(2	)
Saturn Borrower Inc	Revolver	11/10/2028		1,280		(5	)
Saturn Borrower Inc	Delayed Draw Term Loan	1/24/2027		2,844		(11	)
SCW Holdings III Corp.	Delayed Draw Term Loan	3/18/2027		4,070		(15	)
SCW Holdings III Corp.	Revolver	3/17/2031		2,035		(8	)

40

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026	$	3,500	$	(13	)
Seahawk Bidco, LLC	Revolver	12/19/2030		1,273		(5	)
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026		6,065		(30	)
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031		3,610		(18	)
Smile Doctors LLC	Delayed Draw Term Loan	7/1/2025		63		—
Soleo Holdings, Inc.	Delayed Draw Term Loan	2/2/2027		2,111		—
Soleo Holdings, Inc.	Revolver	2/2/2032		2,111		—
Southpaw AP Buyer, LLC	Delayed Draw Term Loan	5/1/2026		962		—
Southpaw AP Buyer, LLC	Revolver	3/2/2028		2,178		—
Spartan Bidco PTY LTD	Revolver	1/24/2028		769		(7	)
Specialized Dental Holdings II, LLC	Delayed Draw Term Loan	6/5/2026		5,835		—
Spirit RR Holdings, Inc.	Revolver	9/13/2028		497		(4	)
St Athena Global LLC	Revolver	6/26/2029		260		(3	)
St Athena Global LLC	Delayed Draw Term Loan	6/26/2026		119		(1	)
STCH Acquisition Inc.	Revolver	10/30/2026		1,547		(8	)
Sugar PPC Buyer LLC	Delayed Draw Term Loan	7/10/2026		6,800		(34	)
SureWerx Purchaser III Inc.	Revolver	12/28/2028		443		—
The Chartis Group, LLC	Delayed Draw Term Loan	9/17/2026		3,876		(19	)
The Chartis Group, LLC	Revolver	9/17/2031		1,938		(10	)
The Hiller Companies, LLC	Revolver	6/20/2030		2,730		(7	)
The Hiller Companies, LLC	Delayed Draw Term Loan	6/22/2026		3,233		(8	)
THG Acquisition, LLC	Revolver	10/31/2031		1,575		(8	)
THG Acquisition, LLC	Delayed Draw Term Loan	10/30/2026		3,242		(16	)
Thunder Purchaser, Inc.	Delayed Draw Term Loan	10/31/2026		2,482		—
TPC Engineering Holdings, Inc.	Revolver	2/16/2027		321		(4	)
Trilon Group, LLC	Delayed Draw Term Loan	3/13/2027		3,009		(19	)
Trilon Group, LLC	Revolver	5/25/2029		1,218		(8	)
Trimech Acquisition Corp.	Delayed Draw Term Loan	8/15/2026		3,037		(30	)
Trimech Acquisition Corp.	Revolver	3/10/2028		5,884		(59	)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026		2,641		(13	)
Turningpoint Healthcare Solutions, LLC	Revolver	7/14/2027		257		(2	)
Unlimited Technology Holdings, LLC	Revolver	3/12/2032		2,240		(11	)
Unison Risk Advisors Inc.	Delayed Draw Term Loan	10/17/2026		7,880		(37	)
Unison Risk Advisors Inc.	Revolver	10/17/2030		2,343		(11	)
US Fitness Holdings, LLC	Delayed Draw Term Loan	9/4/2026		6,892		(32	)
US Fitness Holdings, LLC	Revolver	9/4/2030		2,651		(12	)
USRP Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		17,540		—
USRP Holdings, Inc.	Revolver	12/31/2029		2,290		—
Valet Waste Holdings, Inc.	Revolver	5/1/2029		742		—
Valicor PPC Intermediate II LLC	Revolver	1/24/2028		454		(1	)

41

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)

March 31, 2025

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Vamos Bidco, Inc	Delayed Draw Term Loan	1/30/2027	$	3,684	$	—
Vamos Bidco, Inc	Revolver	1/30/2032		1,105		(2	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	9/27/2026		1,846		(9	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/2/2026		1,206		(3	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	7/24/2026		6,021		(30	)
Vessco Midco Holdings, LLC	Revolver	7/24/2031		2,724		(14	)
Victors Purchaser, LLC	Delayed Draw Term Loan	8/15/2026		1,718		(4	)
Victors Purchaser, LLC	Revolver	8/15/2031		1,254		(3	)
Vital Care Buyer, LLC	Revolver	7/30/2031		2,789		(13	)
VPP Intermediate Holdings, LLC	Delayed Draw Term Loan	1/19/2027		11,305		(28	)
VPP Intermediate Holdings, LLC	Revolver	12/1/2027		223		(1	)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	10/4/2027		29,032		(206	)
Wealth Enhancement Group, LLC	Revolver	10/2/2028		1,073		(8	)
Wildcat Topco, Inc.	Revolver	11/17/2031		3,243		(16	)
Wildcat Topco, Inc.	Delayed Draw Term Loan	11/16/2026		3,243		(16	)
World Insurance Associates, LLC	Delayed Draw Term Loan	8/14/2026		6,690		(33	)
World Insurance Associates, LLC	Revolver	4/3/2030		700		(4	)
WRE Holding Corp.	Delayed Draw Term Loan	7/2/2026		1,416		(7	)
WRE Holding Corp.	Revolver	7/2/2030		1,133		(6	)
WST USA Holdco, Inc.	Delayed Draw Term Loan	12/30/2025		1,583		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031		2,059		(10	)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/2/2026		4,035		(20	)
YLG Holdings, Inc.	Delayed Draw Term Loan	12/23/2030		2,811		(13	)
YLG Holdings, Inc.	Revolver	12/23/2030		3,270		(16	)
Zinc Buyer Corporation	Delayed Draw Term Loan	7/24/2026		4,143		(31	)
Zinc Buyer Corporation	Revolver	7/24/2031		2,028		(15	)
Total Unfunded Commitments			$	724,675	$	(3,703	)

(1)Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

42

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)		Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
Secured Debt
Aerospace and Defense
Bleriot US Bidco Inc.	(5)(15)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	10/31/2030	$	3,351	$	3,351	$	3,373			0.27	%
Peraton Corp.	(5)	First Lien Term Loan	S + 3.75%	0.75%	8.18%	2/1/2028		4,960		4,967		4,628			0.37
TransDigm Inc.	(5)(6)(15)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	3/22/2030		1,516		1,524		1,523			0.12
										9,842		9,524			0.76
Air Freight and Logistics
American Trailer Rental Group, LLC	(13)(15)	First Lien Term Loan	S + 5.50%	1.00%	10.00%	6/1/2027		41		40		37			—
American Trailer Rental Group, LLC	(13)(15)	First Lien Term Loan	S + 5.69%	1.00%	10.25%	6/1/2027		131		130		119			0.01
American Trailer Rental Group, LLC	(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	10.00%	6/1/2027		35		34		31			—
American Trailer Rental Group, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.69%	1.00%	10.25%	6/1/2027		33		33		30			—
American Trailer Rental Group, LLC	(13)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.31%	6/1/2027		9		9		8			—
Lightbeam Bidco Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/4/2030		3,899		3,899		3,899			0.31
Lightbeam Bidco Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	5/4/2030		591		591		591			0.05
Lightbeam Bidco Inc.	(7)(15)	First Lien Revolver	S + 5.25%	0.75%	9.56%	5/4/2029		476		—		—			—
										4,736		4,715			0.37
Automobile Components
Enthusiast Auto Holdings, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	12/21/2026		1,485		1,471		1,485			0.12
Enthusiast Auto Holdings, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	12/21/2026		1,485		1,481		1,485			0.12
First Brands Group, LLC	(5)	First Lien Term Loan	S + 5.00%	1.00%	9.59%	3/30/2027		3,970		3,969		3,736			0.30
JHCC Holdings LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	9/9/2027		3,126		3,120		3,114			0.25
JHCC Holdings LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	9/9/2027		11,248		10,430		10,407			0.83
JHCC Holdings LLC	(7)(15)	First Lien Revolver	P + 5.50%	1.00%	13.00%	9/9/2027		249		124		124			0.01
Majco LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.96%	12/4/2028		247		244		247			0.02
OAC Holdings I Corp.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	3/30/2029		2,970		2,868		2,970			0.24
Quality Automotive Services, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	7/16/2027		2,380		2,372		2,368			0.19
Quality Automotive Services, LLC	(13)(15)	First Lien Term Loan	S + 5.25%	0.00%	9.56%	7/16/2027		6,224		6,195		6,193			0.50
Quality Automotive Services, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.71%	7/16/2027		468		466		466			0.04
Quality Automotive Services, LLC	(7)(15)	First Lien Revolver	S + 6.00%	1.00%	10.31%	7/16/2027		130		—		(1	)		—
										32,740		32,594			2.62
Beverages
Triton Water Holdings, Inc.	(5)	First Lien Term Loan	S + 3.25%	0.50%	7.84%	3/31/2028		4,465		4,459		4,506			0.36
										4,459		4,506			0.36
Broadline Retail
Peer Holding III B.V.	(5)(6)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	7/1/2031		4,751		4,755		4,784			0.38
										4,755		4,784			0.38

43

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Building Products
80/20, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	3/1/2027	$	248	$	245		$	247			0.02	%
MDC Interior Acquisition Inc	(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	4/26/2030		14,589		14,388			14,516			1.16
MDC Interior Acquisition Inc	(7)(13)(15)	First Lien Revolver	S + 5.25%	1.00%	9.58%	4/26/2030		2,084		(31	)		(10	)		—
SureWerx Purchaser III Inc.	(6)(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	12/28/2029		247		247			247			0.02
SureWerx Purchaser III Inc.	(6)(8)(13)	First Lien Term Loan	C + 5.25%	0.75%	8.50%	12/28/2029		CAD 17,074		12,470			11,870			0.95
SureWerx Purchaser III Inc.	(6)(7)(13)(15)	First Lien Revolver	S + 5.25%	0.75%	9.56%	12/28/2028		1,670		1,138			1,142			0.09
SureWerx Purchaser III Inc.	(6)(13)(15)	First Lien Revolver	C + 6.75%	0.75%	10.00%	12/28/2028		CAD 86		60			60			—
WST USA Holdco, Inc.	(6)(8)	First Lien Term Loan	S + 5.25%	1.00%	9.66%	3/31/2027		2,475		2,475			2,475			0.20
WST USA Holdco, Inc.	(6)(7)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	3/31/2027		2,493		896			910			0.07
										31,888			31,457			2.51
Capital Markets
Allworth Financial Group, L.P.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	12/23/2027		2,531		2,531			2,519			0.20
Allworth Financial Group, L.P.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	12/23/2027		2,418		2,418			2,406			0.19
Arax MidCo, LLC	(6)(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	4/11/2029		11,503		11,417			11,366			0.91
Arax MidCo, LLC	(6)(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.08%	4/11/2029		2,131		(23	)		(25	)		—
Arax MidCo, LLC	(6)(7)(13)(15)	First Lien Revolver	S + 5.75%	0.00%	10.08%	4/11/2029		1,293		(16	)		(15	)		—
AQ Sage Buyer, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	1/25/2027		185		180			175			0.01
AQ Sage Buyer, LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.25%	1/25/2027		63		61			59			—
Cub Financing Intermediate, LLC	(13)(15)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	6/28/2030		10,783		10,732			10,732			0.86
Cub Financing Intermediate, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	6/28/2030		4,967		(11	)		(23	)		—
Edgeco Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	0.00%	8.81%	6/1/2028		2,206		2,193			2,195			0.18
Edgeco Buyer, Inc.	(8)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	6/1/2028		345		344			343			0.03
Edgeco Buyer, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.81%	6/1/2028		3,384		(8	)		(17	)		—
Edgeco Buyer, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.50%	0.00%	8.81%	6/1/2028		338		(2	)		(2	)		—
Lido Advisors, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	6/15/2029		3,463		3,463			3,446			0.28
R&T Acquisitions, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	8/31/2030		2,036		2,019			2,010			0.16
R&T Acquisitions, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.06%	8/31/2030		771		(7	)		(10	)		—
										35,291			35,159			2.82
Chemicals
Aurora Plastics, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.18%	8/10/2028		23,518		23,395			23,403			1.88
Aurora Plastics, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.18%	8/10/2028		50		48			50			—
DCG Acquisition Corp.	(8)(13)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	6/13/2031		26,360		26,299			26,360			2.11
DCG Acquisition Corp.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	6/13/2031		4,408		(5	)		—			—
DCG Acquisition Corp.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.08%	6/13/2031		4,408		(11	)		—			—
Formulations Parent Corp.	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	11/15/2030		248		246			248			0.02
LTI Holdings, Inc.	(5)(15)	First Lien Term Loan	S + 4.75%	0.00%	9.08%	7/29/2029		3,335		3,293			3,345			0.27
Lubricant Engineers	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	9/1/2029		247		241			244			0.02
Lummus Technology Holdings V LLC	(5)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	12/31/2029		4,963		4,992			5,007			0.40
Tangent Technologies Acquisition, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.15%	11/30/2027		247		245			247			0.02
										58,743			58,904			4.72

44

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies
Ares Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	11/18/2027	$	990	$	977		$	985			0.08	%
Ares Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	11/18/2027		3,862		3,825			3,845			0.31
Ares Holdings, LLC	(8)(13)(15)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	11/18/2027		7,364		7,330			7,330			0.59
Ares Holdings, LLC	(7)(15)	First Lien Revolver	S + 5.50%	1.00%	9.83%	11/18/2027		747		(4	)		(3	)		—
AWP Group Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.08%	12/23/2030		6,033		6,017			6,018			0.48
AWP Group Holdings, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	12/22/2030		12,961		4,646			4,667			0.37
AWP Group Holdings, Inc.	(7)(15)	First Lien Revolver	S + 4.75%	1.00%	9.08%	12/23/2030		47		2			2			—
CoolSys, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.32%	8/11/2028		247		234			242			0.02
EXT Acquisitions, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	6/26/2026		232		231			232			0.02
EXT Acquisitions, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	6/26/2026		16		15			16			—
FL Hawk Intermediate Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	2/22/2030		6,089		6,062			6,061			0.49
FL Hawk Intermediate Holdings, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	2/22/2029		1,190		—			(6	)		—
Fresh Holdco, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.75%	1/24/2026		247		246			247			0.02
HeartLand PPC Buyer, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	12/12/2029		2,978		2,945			2,970			0.24
Hercules Borrower LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.91%	12/14/2026		2,339		2,339			2,339			0.19
Hercules Borrower LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.91%	12/14/2026		304		304			304			0.02
Hercules Borrower LLC	(7)(15)	First Lien Revolver	S + 6.25%	1.00%	10.66%	12/14/2026		329		—			—			—
High Bar Brands Operating, LLC	(6)(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/19/2029		248		244			248			0.02
HP RSS Buyer, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	12/11/2029		4,963		4,908			4,925			0.40
Monarch Landscape Holdings, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	10/2/2028		1,795		1,792			1,783			0.14
Monarch Landscape Holdings, LLC	(8)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	10/2/2028		1,178		1,167			1,170			0.09
Onyx-Fire Protection Services Inc.	(6)(13)(15)	First Lien Term Loan	C + 4.50%	0.00%	7.75%	7/31/2031		CAD 17,615		12,680			12,185			0.98
Onyx-Fire Protection Services Inc.	(6)(7)(13)(15)	First Lien Delayed Draw Term Loan	C + 4.50%	0.00%	7.75%	7/31/2031		CAD 2,773		(5	)		(10	)		—
Onyx-Fire Protection Services Inc.	(6)(7)(13)(15)	First Lien Revolver	C + 4.50%	0.75%	7.75%	7/31/2031		CAD 4,378		(15	)		(15	)		—
Palmetto Acquisitionco Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	9/18/2029		248		245			248			0.02
Project Boost Purchaser, LLC	(5)(15)	First Lien Term Loan	S + 3.50%	0.00%	7.81%	7/16/2031		4,992		5,000			5,034			0.40
The Hiller Companies, LLC	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	6/20/2030		15,659		15,586			15,620			1.25
The Hiller Companies, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	6/20/2030		4,320		1,072			1,076			0.09
The Hiller Companies, LLC	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.31%	6/20/2030		2,730		(14	)		(7	)		—
Thermostat Purchaser III, Inc.	(8)	First Lien Term Loan	S + 4.25%	0.75%	8.58%	8/31/2028		5,223		5,220			5,223			0.42
Soliant Lower Intermediate, LLC	(5)(15)	First Lien Term Loan	S + 3.75%	0.00%	8.08%	7/18/2031		2,821		2,794			2,807			0.23
Valet Waste Holdings, Inc.	(13)(15)	First Lien Term Loan	S + 5.75%	1.00%	10.08%	5/1/2029		31,561		31,488			31,561			2.53
Valet Waste Holdings, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.75%	1.00%	10.08%	5/1/2029		1,429		734			738			0.06

45

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Commercial Services and Supplies (continued)
WRE Holding Corp.	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	7/2/2031	$	8,285	$	8,243		$	8,243			0.66	%
WRE Holding Corp.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	7/2/2031		2,124		629			626			0.05
WRE Holding Corp.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.25%	7/2/2030		1,133		(5	)		(6	)		—
YLG Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	12/23/2030		27,023		26,955			26,893			2.15
YLG Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	10/30/2026		5,515		2,413			2,400			0.19
YLG Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.00%	0.00%	9.41%	10/30/2026		3,270		(6	)		(16	)		—
Zinc Buyer Corporation	(13)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	7/24/2031		16,429		16,396			16,306			1.31
Zinc Buyer Corporation	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	7/24/2031		4,143		(12	)		(31	)		—
Zinc Buyer Corporation	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.08%	7/24/2031		2,028		(5	)		(15	)		—
Zone Climate Services, Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	3/9/2028		2,969		2,922			2,894			0.23
										175,595			175,129			14.05
Construction & Engineering
Hydraulic Technologies USA LLC	(13)(15)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	6/3/2031		17,460		17,129			17,242			1.38
Hydraulic Technologies USA LLC	(7)(13)(15)	First Lien Revolver	S + 5.50%	0.75%	9.81%	6/3/2030		2,384		286			304			0.02
Kleinfelder Intermediate LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	9/18/2030		247		247			247			0.02
MEI Buyer LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	6/29/2029		4,276		4,250			4,276			0.34
MEI Buyer LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	6/29/2029		679		665			679			0.05
Trilon Group, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	1.00%	9.98%	5/25/2029		1,456		1,446			1,447			0.12
Trilon Group, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.98%	5/25/2029		4,060		851			852			0.07
Trilon Group, LLC	(7)(13)(15)	First Lien Revolver	S + 5.50%	1.00%	9.98%	5/25/2029		1,218		140			145			0.01
										25,014			25,192			2.01
Construction Materials												.
Arrow Tru-Line Holding, LLC	(8)	First Lien Term Loan	S + 5.63%	1.00%	10.08%	9/20/2027		244		240			243			0.02
Pearlman Enterprises Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.93%	5/5/2027		2,977		2,960			2,940			0.24
Profile Products LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.10%	11/12/2027		247		244			243			0.02
Red Fox CD Acquisition Corporation	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.33%	3/4/2030		21,221		13,195			13,228			1.06
										16,639			16,654			1.34

46

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Containers and Packaging
Berlin Packaging L.L.C.	(5)(6)	First Lien Term Loan	S + 3.50%	0.00%	7.81%	6/7/2031	$	4,988	$	4,983		$	5,022			0.40	%
CFs Brands, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	10/2/2030		248		245			245			0.02
Charter Next Generation, Inc.	(5)(15)	First Lien Term Loan	S + 3.00%	0.75%	7.33%	12/2/2030		3,111		3,111			3,132			0.25
Cold Chain Technologies, LLC	(8)(13)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	7/2/2026		14,775		14,746			14,742			1.18
Cold Chain Technologies, LLC	(7)(15)	First Lien Revolver	S + 5.00%	1.00%	9.31%	7/2/2026		197		—			—			—
Graham Packaging Company Inc.	(3)(5)	First Lien Term Loan	S + 2.50%	0.75%	6.83%	8/4/2027		—		(1	)		—			—
Rohrer Corp.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.50%	3/15/2027		248		245			248			0.02
St Athena Global LLC	(6)(8)(13)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	6/26/2030		2,803		2,785			2,768			0.22
St Athena Global LLC	(6)(8)(13)	First Lien Term Loan	SON + 5.25%	0.00%	9.95%	6/26/2030		GBP 1,288		1,614			1,591			0.13
St Athena Global LLC	(6)(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.56%	6/26/2030		154		33			33			—
St Athena Global LLC	(6)(7)(13)(15)	First Lien Revolver	S + 5.25%	0.75%	9.56%	6/26/2029		390		91			89			0.01
Tank Holding Corp.	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.25%	3/31/2028		247		239			243			0.02
										28,091			28,113			2.25
Distributors
Aurora Parts & Accessories LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	1/13/2029		247		247			246			0.02
BC Group Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.41%	12/21/2026		239		239			237			0.02
BC Group Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	12/21/2026		2,424		2,419			2,406			0.19
BC Group Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	12/21/2026		8,033		1,004			956			0.08
Blackbird Purchaser, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	12/19/2030		4,656		4,614			4,656			0.37
Blackbird Purchaser, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	12/19/2030		926		320			329			0.03
Blackbird Purchaser, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.81%	12/19/2029		619		150			155			0.01
Blackhawk Industrial Distribution, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	9/17/2026		7,078		7,078			7,049			0.57
Blackhawk Industrial Distribution, Inc.	(13)(15)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	9/17/2026		2,880		2,869			2,868			0.23
Blackhawk Industrial Distribution, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	9/17/2026		236		236			235			0.02
Blackhawk Industrial Distribution, Inc.	(7)(15)	First Lien Revolver	S + 5.25%	1.00%	9.71%	9/17/2026		3,503		596			599			0.05
BradyPlus Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	10/31/2029		248		245			245			0.02
Dealer Tire Financial, LLC	(5)(15)	First Lien Term Loan	S + 3.50%	0.50%	7.83%	7/2/2031		4,547		4,541			4,563			0.37
Johnstone Supply, LLC	(5)	First Lien Term Loan	S + 2.50%	0.00%	6.83%	6/9/2031		4,940		4,942			4,962			0.40
Motion & Control Enterprises LLC	(8)(13)	First Lien Term Loan	S + 6.00%	1.00%	10.31%	6/1/2028		3,239		3,219			3,179			0.26
Motion & Control Enterprises LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.31%	6/1/2028		2,071		608			580			0.05
Vessco Midco Holdings, LLC	(13)(15)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	7/24/2031		24,520		24,399			24,397			1.96
Vessco Midco Holdings, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.00%	7/24/2031		8,173		2,122			2,111			0.17
Vessco Midco Holdings, LLC	(7)(13)(15)	First Lien Revolver	S + 4.25%	0.75%	8.56%	7/24/2031		2,724		(13	)		(14	)		—
										59,835			59,759			4.82

47

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services
Apex Service Partners, LLC	(8)	First Lien Term Loan	11.59% (Incl. 2.00% PIK)	1.00%	11.59% (Incl. 2.00% PIK)	10/24/2030	$	4,792	$	4,729		$	4,770			0.38		%
Apex Service Partners, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	9/24/2031		14,000		4,008			3,986			0.32
Apex Service Partners, LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	10/24/2030		1,141		1,117			1,135			0.09
Apex Service Partners, LLC	(7)(15)	First Lien Revolver	S + 5.00%	1.00%	9.31%	10/24/2029		378		257			255			0.02
AVE Holdings III, Corp.	(8)(15)	First Lien Term Loan	S + 5.25%	0.75%	9.81%	2/25/2028		247		245			244			0.02
AVG Intermediate Holdings LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.41%	3/16/2027		829		829			809			0.06
AVG Intermediate Holdings LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.41%	3/16/2027		3,056		3,056			2,979			0.24
AVG Intermediate Holdings LLC	(7)(15)	First Lien Revolver	S + 6.00%	1.00%	10.41%	3/16/2027		166		—			(4	)		—
COP Hometown Acquisitions, Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	7/16/2027		4,962		4,877			4,927			0.40
CVP Holdco, Inc.	(13)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	6/30/2031		22,159		22,107			22,106			1.77
CVP Holdco, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	6/28/2031		5,883		(7	)		(14	)		—
CVP Holdco, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.33%	6/28/2030		2,353		(6	)		(6	)		—
EOS Fitness Opco Holdings, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	1/5/2028		1,810		1,784			1,806			0.14
EOS Fitness Opco Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	1/5/2028		149		147			149			0.01
EOS Fitness Opco Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	0.00%	9.56%	1/5/2028		770		770			769			0.06
EOS Fitness Opco Holdings, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.56%	1/5/2028		3,862		1,170			1,188			0.10
EOS Fitness Opco Holdings, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	1/5/2028		170		167			169			0.01
Essential Services Holding Corporation	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	6/17/2031		10,617		10,593			10,592			0.85
Essential Services Holding Corporation	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	6/17/2031		2,082		(2	)		(5	)		—
Essential Services Holding Corporation	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.31%	6/17/2030		1,301		(3	)		(3	)		—
Flint Opco, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	8/15/2030		247		245			247			0.02
Flint Opco, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	8/15/2030		4,063		1,261			1,273			0.10
FSHS I, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/18/2028		3,986		3,986			3,918			0.31
GS Seer Group Borrower LLC	(8)	First Lien Term Loan	S + 6.75%	1.00%	11.06%	4/29/2030		4,950		4,861			4,851			0.39
GSV Holding, LLC	(8)(13)	First Lien Term Loan	S + 2.63%	1.00%	10.06% (Incl. 3.13% PIK)	10/18/2030		36,905		36,721			36,731			2.95
GSV Holding, LLC	(7)(13)(15)	First Lien Revolver	S + 4.25%	1.00%	8.56%	10/18/2030		1,651		(8	)		(8	)		—
Health Buyer LLC	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	4/29/2029		2,992		2,967			2,962			0.24
Health Buyer LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	4/27/2029		12,565		2,486			2,456			0.20
Home Service TopCo IV, Inc.	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.41%	12/31/2027		4,950		4,950			4,950			0.40
Innovetive Petcare, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		194		188			191			0.02
Innovetive Petcare, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		47		46			46			—
Innovetive Petcare, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	6/30/2028		18,850		13,170			12,980			1.04
PPV Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	8/31/2029		242		240			242			0.02
PPV Intermediate Holdings, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	8/31/2029		15,038		(34	)		(150	)		(0.01	)

48

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Diversified Consumer Services (continued)
Seahawk Bidco, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	12/19/2031	$	13,576	$	13,526		$	13,526			1.08	%
Seahawk Bidco, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	12/19/2031		4,242		(8	)		(16	)		—
Seahawk Bidco, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	12/19/2030		1,273		(5	)		(5	)		—
Southern Veterinary Partners, LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.56%	12/4/2031		4,000		3,980			4,033			0.32
Taymax Group Acquisition, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.43%	7/31/2026		1,485		1,485			1,481			0.12
US Fitness Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	0.75%	9.81%	9/4/2031		27,569		27,431			27,440			2.20
US Fitness Holdings, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.81%	9/4/2031		6,892		(31	)		(32	)		—
US Fitness Holdings, LLC	(7)(13)(15)	First Lien Revolver	S + 5.50%	0.75%	9.81%	9/4/2030		2,651		517			518			0.04
Vertex Service Partners, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/8/2030		248		244			248			0.02
Vertex Service Partners, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	11/8/2030		1,501		28			28			—
VPP Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.18%	12/1/2027		1,818		1,818			1,814			0.15
VPP Intermediate Holdings, LLC	(8)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.18%	12/1/2027		4,409		4,398			4,393			0.35
VPP Intermediate Holdings, LLC	(7)(15)	First Lien Revolver	S + 5.25%	1.00%	9.68%	12/1/2027		223		—			(1	)		—
										180,300			179,968			14.43
Diversified Telecommunication Services
Guardian US Holdco LLC	(5)	First Lien Term Loan	S + 3.50%	0.50%	7.83%	1/31/2030		4,964		4,972			4,981			0.40
Virgin Media Bristol LLC	(5)(6)	First Lien Term Loan	S + 3.18%	0.00%	7.61%	3/31/2031		2,877		2,844			2,854			0.23
Zacapa S.a r.l.	(5)(6)	First Lien Term Loan	S + 3.75%	0.50%	8.06%	3/22/2029		4,888		4,897			4,922			0.39
										12,713			12,757			1.02
Electrical Equipment
Infinite Bidco LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	3/2/2028		247		245			247			0.02
Power Grid Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	12/2/2030		6,200		6,149			6,200			0.50
TPC Engineering Holdings, Inc.	(8)(15)	First Lien Term Loan	S + 5.50%	0.00%	9.93%	2/16/2027		1,600		1,598			1,584			0.13
TPC Engineering Holdings, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.93%	2/16/2027		64		64			64			0.01
TPC Engineering Holdings, Inc.	(7)(15)	First Lien Revolver	S + 4.50%	0.00%	8.83%	2/16/2027		1,565		1,040			1,021			0.08
										9,096			9,116			0.74
Electronic Equipment, Instruments and Components
AdvancedPCB Intermediate Holdings, Inc.(f/k/a AEP Passion Intermediate Holdings, Inc.)	(13)(15)	First Lien Term Loan	S + 6.50%	1.00%	10.96%	10/5/2027		249		249			236			0.02
Dwyer Instruments, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	7/20/2029		232		229			230			0.02
Dwyer Instruments, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	7/23/2029		21,778		21,564			21,567			1.73
Dwyer Instruments, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	7/20/2029		16		16			16			—
Dwyer Instruments, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	7/23/2029		2,828		(14	)		(27	)		—
Dwyer Instruments, LLC	(7)(13)(15)	First Lien Revolver	S + 7.75%	0.00%	12.06%	7/23/2029		3,394		(33	)		(33	)		—
Excelitas Technologies Corp.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	8/12/2029		193		191			193			0.02
Excelitas Technologies Corp.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	8/12/2029		5,044		(11	)		(13	)		—
Phoenix 1 Buyer Corp.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	11/20/2030		249		246			249			0.02
Wildcat Topco, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	11/17/2031		18,161		18,072			18,074			1.45
Wildcat Topco, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	11/17/2031		3,243		—			(16	)		—
Wildcat Topco, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.33%	11/17/2031		3,243		(48	)		(16	)		—
										40,461			40,460			3.26

49

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	8/27/2031	$	18,177	$	18,089		$	18,155			1.46	%
CRCI Longhorn Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	8/27/2031		4,544		(11	)		(5	)		—
CRCI Longhorn Holdings, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.33%	8/27/2031		3,030		1,349			1,360			0.11
DMC Holdco, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	7/13/2029		248		246			247			0.02
Integrated Power Services Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	0.75%	8.95%	11/22/2028		21,822		21,749			21,779			1.75
Integrated Power Services Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.83%	11/22/2028		11,579		(27	)		(23	)		—
Integrated Power Services Holdings, Inc.	(7)(15)	First Lien Revolver	P + 4.50%	0.00%	12.00%	11/22/2027		544		73			81			0.01
Phillips & Temro Industries Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	9/8/2025		241		241			241			0.02
										41,709			41,835			3.37
Financial Services
Aretec Group, Inc.	(5)(15)	First Lien Term Loan	S + 3.50%	0.00%	7.83%	8/9/2030		5,000		5,000			5,017			0.40
Ascensus Group Holdings, Inc.	(5)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	8/2/2028		3,686		3,694			3,722			0.30
Cerity Partners Equity Holding LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	7/28/2029		5,642		5,620			5,642			0.45
Cerity Partners Equity Holding LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	7/30/2029		27,288		12,321			12,382			0.99
Cerity Partners Equity Holding LLC	(7)(15)	First Lien Revolver	S + 5.75%	0.75%	10.06%	7/28/2028		3,266		(8	)		—			—
CFGI Holdings, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	11/2/2027		4,756		4,691			4,720			0.38
CFGI Holdings, LLC	(7)(15)	First Lien Revolver	S + 4.50%	0.75%	8.83%	11/2/2027		191		(3	)		(1	)		—
Cherry Bekaert Advisory LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	6/30/2028		1,945		1,896			1,945			0.16
Cherry Bekaert Advisory LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	6/30/2028		801		781			801			0.06
Cherry Bekaert Advisory LLC	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.83%	6/30/2028		226		(5	)		—			—
Citrin Cooperman Advisors, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	10/1/2027		830		830			830			0.07
Citrin Cooperman Advisors, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.25%	10/1/2027		2,138		2,138			2,138			0.17
Contractual Buyer, LLC	(8)	First Lien Term Loan	S + 6.00%	0.75%	10.33%	10/10/2030		248		244			248			0.02
Focus Financial Partners, LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	9/15/2031		3,912		3,902			3,952			0.32
Focus Financial Partners, LLC	(5)(7)(15)	First Lien Delayed Draw Term Loan	S + 3.25%	0.00%	7.58%	9/15/2031		420		—			4			—
Foreside Financial Group, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.68%	9/30/2027		5,729		5,653			5,729			0.46
Foreside Financial Group, LLC	(7)(15)	First Lien Revolver	S + 5.50%	1.00%	9.98%	9/30/2027		712		(9	)		—			—
GTCR Everest Borrower, LLC	(5)	First Lien Term Loan	S + 2.75%	0.00%	7.06%	9/5/2031		5,000		4,989			5,027			0.40
Heights Buyer, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.16%	8/25/2028		3,798		3,798			3,798			0.30
Heights Buyer, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.16%	8/25/2028		620		—			—			—
Heights Buyer, LLC	(7)(15)	First Lien Revolver	S + 5.75%	1.00%	10.16%	8/25/2028		543		—			—			—
Kriv Acquisition Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	7/6/2029		2,259		2,244			2,248			0.18
Kriv Acquisition Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 6.50%	1.00%	10.81%	7/6/2029		8,343		(20	)		(42	)		—
Kriv Acquisition Inc.	(15)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.06%	7/6/2029		339		334			337			0.03
Kriv Acquisition Inc.	(7)(15)	First Lien Revolver	S + 6.50%	1.00%	10.81%	7/6/2029		377		(2	)		(2	)		—
Minotaur Acquisition, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	6/3/2030		24,363		24,135			24,192			1.94
Minotaur Acquisition, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	6/3/2030		8,141		4,013			4,014			0.32
Minotaur Acquisition, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	1.00%	9.33%	6/3/2030		2,442		(24	)		(17	)		—

50

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Financial Services (continued)
Neon Maple Purchaser Inc.	(5)(6)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	11/15/2031	$	5,000	$	4,988		$	5,016			0.40	%
Pathstone Family Office LLC	(8)(15)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	5/15/2029		3,130		3,097			3,114			0.25
Pathstone Family Office LLC	(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	5/15/2029		23,545		23,427			23,427			1.88
Pathstone Family Office LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.43%	5/15/2029		5,318		258			257			0.02
Pathstone Family Office LLC	(7)(15)	First Lien Revolver	S + 5.00%	1.00%	9.43%	5/15/2028		2,502		(13	)		(13	)		—
The Chartis Group, LLC	(8)(13)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	9/17/2031		12,660		12,603			12,596			1.01
The Chartis Group, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.81%	9/17/2031		3,875		(9	)		(19	)		—
The Chartis Group, LLC	(7)(13)(15)	First Lien Revolver	S + 4.50%	0.75%	8.81%	9/17/2031		1,938		(9	)		(10	)		—
Wealth Enhancement Group, LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.31%	10/2/2028		31,905		2,760			2,647			0.21
Wealth Enhancement Group, LLC	(7)(15)	First Lien Revolver	S + 5.25%	1.00%	9.56%	10/2/2028		1,073		(3	)		(8	)		—
										133,311			133,691			10.72
Food Products
Fiesta Purchaser, Inc.	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	2/12/2031		2,244		2,251			2,249			0.18
Primary Products Finance LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	4/1/2029		3,839		3,852			3,855			0.31
RB Holdings Interco, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.43%	5/4/2028		247		245			247			0.02
Sigma Holdco B.V.	(5)(6)(15)	First Lien Term Loan	S + 4.25%	0.00%	8.72%	1/3/2028		4,989		4,969			5,013			0.40
Sugar PPC Buyer LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.58%	10/2/2030		248		244			247			0.02
Sugar PPC Buyer LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	10/2/2030		6,800		(16	)		(34	)		—
WPP Bullet Buyer, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/7/2030		7,444		7,364			7,355			0.59
										18,909			18,932			1.52
Ground Transportation
AMS Parent, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.45%	10/25/2028		247		244			244			0.02
										244			244			0.02
Health Care Technology
Acentra Holdings, LLC	(8)	First Lien Term Loan	S + 5.50%	0.50%	9.81%	12/17/2029		1,887		1,887			1,879			0.15
Acentra Holdings, LLC	(7)(15)	First Lien Revolver	S + 6.50%	0.50%	10.81%	12/17/2029		94		10			10			—
ATHENAHEALTH GROUP INC.	(5)(15)	First Lien Term Loan	S + 3.25%	0.50%	7.58%	2/15/2029		4,841		4,814			4,863			0.39
Caerus US 1 Inc.	(6)(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/25/2029		2,593		2,593			2,587			0.21
Cotiviti, Inc.	(5)(15)	First Lien Term Loan	S + 2.75%	0.00%	7.08%	5/1/2031		2,726		2,732			2,744			0.22
DeLorean Purchaser, Inc.	(13)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	12/16/2031		30,494		30,266			30,265			2.43
DeLorean Purchaser, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.06%	12/16/2031		4,574		(34	)		(34	)		—
Gainwell Acquisition Corp.	(5)	First Lien Term Loan	S + 4.00%	0.75%	8.43%	10/1/2027		1,984		1,907			1,927			0.15
HT Intermediary III, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	11/12/2030		14,700		14,628			14,629			1.17
HT Intermediary III, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.75%	1.00%	9.08%	11/12/2030		1,336		171			172			0.01
HT Intermediary III, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	11/12/2030		3,564		(9	)		(17	)		—
IMO Investor Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	5/11/2029		12,343		12,340			12,343			0.99
IMO Investor Holdings, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	5/11/2029		1,577		1,577			1,577			0.13
IMO Investor Holdings, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.25%	5/11/2028		1,479		44			44			—
Net Health Acquisition Corp.	(13)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	7/5/2031		30,605		30,457			30,605			2.45
Net Health Acquisition Corp.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.08%	7/3/2031		3,924		610			628			0.05
PointClickCare Technologies Inc.	(5)(6)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.56%	11/3/2031		3,387		3,379			3,413			0.27
										107,372			107,635			8.62

51

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Equipment and Supplies
Agiliti Health, Inc.	(5)	First Lien Term Loan	S + 3.00%	0.00%	7.25%	5/1/2030	$	3,970	$	3,953		$	3,905			0.31	%
Alcor Scientific LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.93%	1/31/2028		215		213			215			0.02
Aspen Medical Products, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.08%	6/10/2028		3,917		3,911			3,908			0.31
Belmont Instrument, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	8/19/2028		2,970		2,938			2,970			0.24
Blades Buyer, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.41%	3/28/2028		3,081		3,081			3,073			0.25
Blades Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.41%	3/28/2028		1,727		1,727			1,722			0.14
Blades Buyer, Inc.	(7)(15)	First Lien Revolver	S + 4.50%	1.00%	8.81%	3/28/2028		155		35			34			—
CDL Parent, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/7/2027		249		245			247			0.02
CDL Parent, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	12/7/2027		15,171		15,064			15,063			1.21
CDL Parent, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	1.00%	9.46%	12/7/2027		867		132			133			0.01
CPC/Cirtec Holdings, Inc	(8)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	1/30/2029		6,951		6,941			6,933			0.56
CPC/Cirtec Holdings, Inc	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.33%	10/31/2028		670		(3	)		(2	)		—
CVET Midco 2, L.P.	(5)	First Lien Term Loan	S + 5.00%	0.50%	9.33%	10/15/2029		3,030		3,036			2,923			0.23
										41,273			41,124			3.30
Healthcare Providers and Services
AB Centers Acquisition Corporation	(8)(13)(15)	First Lien Term Loan	S + 5.25%	0.75%	9.56%	7/2/2031		11,520		11,451			11,438			0.92
AB Centers Acquisition Corporation	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.56%	7/2/2031		1,502		97			92			0.01
AB Centers Acquisition Corporation	(7)(13)(15)	First Lien Revolver	S + 5.25%	0.75%	9.56%	7/2/2031		751		(5	)		(5	)		—
ACI Group Holdings, Inc.	(8)	First Lien Term Loan	S + 2.75%	0.75%	10.43% (Incl. 3.25% PIK)	8/2/2028		3,421		3,421			3,319			0.27
ACI Group Holdings, Inc.	(8)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	10.43% (Incl. 3.25% PIK)	8/2/2028		1,243		1,238			1,205			0.10
ACI Group Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.83%	8/2/2027		298		30			24			—
Arrow Management Acquisition, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	10/14/2027		460		451			454			0.04
Arrow Management Acquisition, LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.00%	10/14/2027		2,523		2,475			2,502			0.20
Azalea TopCo, Inc.	(5)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	4/30/2031		4,540		4,520			4,559			0.37
Cardiology Management Holdings, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	1/31/2029		104		104			104			0.01
Cardiology Management Holdings, LLC	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	1/31/2029		144		76			76			0.01
Charlotte Buyer, Inc.	(5)(15)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	2/11/2028		4,438		4,451			4,471			0.36
Community Medical Acquisition Corp.	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.25%	12/15/2028		247		239			243			0.02
DCA Investment Holding LLC	(8)	First Lien Term Loan	S + 6.41%	0.75%	10.71%	4/3/2028		2,642		2,560			2,556			0.21
DCA Investment Holding LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.41%	0.75%	10.71%	4/3/2028		326		316			315			0.03
DOCS, MSO, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.18%	6/1/2028		247		241			245			0.02
ENT MSO, LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.81%	12/31/2025		136		136			136			0.01
ENT MSO, LLC	(8)(15)	First Lien Delayed Draw Term Loan	S + 7.00%	1.00%	11.31%	12/31/2025		84		84			84			0.01
ENT MSO, LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.50%	1.00%	10.81%	12/31/2025		27		27			27			—
Golden State Buyer, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.18%	6/22/2026		242		242			242			0.02
ImageFirst Holdings, LLC	(7)(15)	First Lien Revolver	S + 4.00%	0.75%	8.33%	4/27/2028		2,094		386			419			0.03
IvyRehab Intermediate II, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.41%	4/23/2029		200		198			200			0.02
IvyRehab Intermediate II, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.41%	4/21/2029		12		12			12			—
NJEye LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.31%	3/14/2025		1,057		1,057			1,057			0.08
NJEye LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.15%	3/14/2025		748		748			748			0.06
NJEye LLC	(7)(15)	First Lien Revolver	S + 5.25%	1.00%	9.81%	3/14/2025		184		—			—			—

52

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Healthcare Providers and Services (continued)
OB Hospitalist Group, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.68%	9/27/2027	$	229	$	228		$	228			0.02	%
OIS Management Services, LLC	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	11/16/2028		1,723		1,723			1,706			0.14
OIS Management Services, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	11/16/2028		1,247		1,247			1,234			0.10
ONS MSO, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.66%	7/8/2026		248		247			248			0.02
Orsini Pharmaceutical Services, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.68%	5/2/2029		4,656		4,606			4,656			0.37
Orsini Pharmaceutical Services, LLC	(7)(15)	First Lien Revolver	S + 4.25%	0.75%	8.68%	5/2/2028		297		(3	)		—			—
Phantom Purchaser, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/19/2031		20,746		20,699			20,696			1.66
Phantom Purchaser, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.75%	9.31%	9/19/2031		2,654		(6	)		(6	)		—
Phynet Dermatology LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.81%	10/20/2029		248		245			246			0.02
Raven Acquisition Holdings, LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	11/19/2031		4,667		4,644			4,683			0.38
Raven Acquisition Holdings, LLC	(5)(7)(15)	First Lien Delayed Draw Term Loan	S + 3.25%	0.00%	7.58%	11/19/2031		333		(2	)		1			—
RxSense Holdings LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.41%	3/13/2026		2,969		2,965			2,969			0.24
SCP Eye Care Holdco, LLC	(15)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.93%	10/7/2029		248		247			246			0.02
Select Medical Corporation	(3)(5)(6)(15)	First Lien Term Loan	S + 2.00%	0.00%	6.33%	12/3/2031		—		—			—			—
SM Wellness Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	9.07%	4/17/2028		222		222			222			0.02
Smile Doctors LLC	(8)	First Lien Term Loan	S + 5.90%	0.75%	10.31%	12/23/2028		2,471		2,471			2,459			0.20
Smile Doctors LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.90%	0.75%	10.15%	12/23/2028		222		132			132			0.01
Smile Doctors LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.90%	0.75%	10.25%	12/23/2028		278		278			277			0.02
Specialized Dental Holdings II, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	11/1/2027		9,002		2,905			2,951			0.24
SpecialtyCare, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.32%	6/18/2028		2,957		2,729			2,846			0.23
SpecialtyCare, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.32%	6/19/2028		20		19			20			—
STCH Acquisition Inc.	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.66%	10/30/2026		2,448		2,448			2,435			0.20
STCH Acquisition Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	0.00%	9.68%	10/30/2026		15,216		15,191			15,140			1.21
STCH Acquisition Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.66%	10/30/2026		273		273			272			0.02
STCH Acquisition Inc.	(7)(15)	First Lien Revolver	S + 6.25%	0.00%	10.66%	10/30/2026		1,547		(6	)		(8	)		—
Summit Behavioral Healthcare, LLC	(5)	First Lien Term Loan	S + 4.25%	0.75%	8.58%	11/24/2028		3,033		3,033			2,472			0.20
The GI Alliance Management, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	10.00%	9/15/2028		2,450		2,450			2,450			0.20
The GI Alliance Management, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.96%	9/15/2028		519		519			519			0.04
TST Intermediate Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	0.00%	9.91%	12/31/2028		123		122			122			0.01
Turningpoint Healthcare Solutions, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.18%	7/14/2027		1,725		1,725			1,712			0.14
Turningpoint Healthcare Solutions, LLC	(7)(15)	First Lien Revolver	S + 3.75%	1.00%	8.08%	7/14/2027		257		—			(2	)		—
U.S. Endodontics Partners Holdings, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	11/1/2027		2,977		2,936			2,977			0.24
United Digestive MSO Parent, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	3/30/2029		247		247			246			0.02
Urology Management Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.75%	6/15/2027		143		140			141			0.01
Urology Management Holdings, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.81%	6/15/2027		105		103			104			0.01
USHV Management, LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.91%	12/23/2027		1,976		1,965			1,944			0.16
USHV Management, LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.38%	1.00%	10.78%	12/23/2027		977		972			961			0.08
Vital Care Buyer, LLC	(13)(15)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	7/30/2031		21,190		21,084			21,088			1.69
Vital Care Buyer, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.06%	7/30/2031		2,789		(13	)		(13	)		—
WCG Intermediate Corp.	(5)	First Lien Term Loan	S + 3.50%	1.00%	7.83%	1/8/2027		4,470		4,480			4,494			0.36
										137,820			137,391			11.08

53

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Hotels, Restaurants and Leisure
Dave & Buster's, Inc.	(5)(6)	First Lien Term Loan	S + 3.25%	0.50%	7.58%	6/29/2029	$	3,858	$	3,870		$	3,800			0.30	%
Movati Athletic (Group) Inc.	(6)(8)(13)	First Lien Term Loan	C + 4.75%	0.00%	8.32%	5/29/2030		CAD 28,731		20,649			19,824			1.59
Movati Athletic (Group) Inc.	(6)(7)(13)(15)	First Lien Delayed Draw Term Loan	C + 5.25%	1.00%	8.82%	5/29/2030		CAD 3,500		(35	)		(18	)		—
Movati Athletic (Group) Inc.	(6)(7)(13)(15)	First Lien Revolver	C + 5.25%	0.00%	8.82%	5/29/2029		CAD 2,625		(29	)		(14	)		—
Southpaw AP Buyer, LLC	(13)(15)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	3/2/2028		23,203		23,047			23,203			1.86
Southpaw AP Buyer, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.71%	3/2/2028		4,216		2,932			2,950			0.24
Southpaw AP Buyer, LLC	(7)(15)	First Lien Revolver	S + 6.00%	0.00%	10.33%	3/2/2028		2,178		(17	)		—			—
										50,417			49,745			3.99
Household Products
TPC US Parent, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.21%	11/24/2025		179		179			178			0.01
TPC US Parent, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.21%	11/24/2025		69		68			68			0.01
										247			246			0.02
Industrial Conglomerates
FCG Acquisitions, Inc.	(5)	First Lien Term Loan	S + 3.75%	0.50%	8.20%	3/31/2028		4,961		4,950			5,002			0.40
Harvey Tool Company, LLC	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	10/26/2027		3,616		3,500			3,608			0.29
Harvey Tool Company, LLC	(8)(13)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	10/26/2027		16,578		16,505			16,542			1.33
Harvey Tool Company, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.83%	10/26/2027		7,472		901			928			0.07
Harvey Tool Company, LLC	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.83%	10/26/2027		2,372		(22	)		(5	)		—
Madison Safety & Flow LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	9/26/2031		4,747		4,748			4,787			0.38
										30,582			30,862			2.47
Insurance
Accession Risk Management, Inc.	(8)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	11/1/2029		1,191		1,189			1,192			0.09
Accession Risk Management, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	11/1/2029		5,300		(12	)		7			—
Accession Risk Management, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.50%	0.75%	9.81%	11/1/2029		694		(2	)		1			—
Acrisure, LLC	(5)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	11/6/2030		4,172		4,176			4,184			0.34
Alera Group, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	10/2/2028		2,312		2,292			2,290			0.18
Alera Group, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.58%	10/2/2028		657		651			651			0.05
AMBA Buyer, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.66%	7/30/2027		3,603		3,576			3,578			0.29
AMBA Buyer, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.25%	0.75%	9.66%	7/30/2027		1,073		1,065			1,066			0.09
AMBA Buyer, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.91%	7/30/2027		276		(2	)		(2	)		—
Amerilife Holdings LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	8/31/2029		5,846		5,797			5,846			0.47
Amerilife Holdings LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	8/31/2029		14,781		7,137			7,169			0.58
Amerilife Holdings LLC	(7)(15)	First Lien Revolver	S + 5.75%	0.75%	10.00%	8/31/2028		595		(5	)		—			—
Ardonagh Midco 3 Limited	(5)(6)(15)	First Lien Term Loan	S + 3.75%	0.00%	8.00%	2/17/2031		5,000		4,975			5,037			0.40
AssuredPartners, Inc	(5)	First Lien Term Loan	S + 3.50%	0.50%	7.83%	2/14/2031		4,890		4,891			4,906			0.39
Asurion, LLC	(5)	First Lien Term Loan	S + 3.25%	0.00%	7.70%	12/23/2026		4,352		4,298			4,354			0.35

54

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Insurance (continued)
Baldwin Insurance Group Holdings, LLC, The	(5)(6)	First Lien Term Loan	S + 3.25%	1.00%	7.58%	5/26/2031	$	1,678	$	1,680		$	1,692			0.14	%
Beyond Risk Parent Holdings, Inc.	(15)	First Lien Term Loan	S + 4.50%	0.75%	8.91%	10/8/2027		82		82			81			0.01
Beyond Risk Parent Holdings, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.75%	8.91%	10/8/2027		166		165			165			0.01
Broadstreet Partners, Inc.	(5)(6)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	6/13/2031		3,872		3,867			3,890			0.31
Galway Borrower LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	9/29/2028		2,647		2,558			2,623			0.21
Imagine 360 LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	9/30/2028		20,439		20,352			20,337			1.63
Imagine 360 LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	9/30/2028		10,122		(24	)		(51	)		—
Imagine 360 LLC	(7)(15)	First Lien Revolver	S + 5.00%	0.00%	9.31%	9/30/2028		4,326		(22	)		(22	)		—
Integrity Marketing Acquisition, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	8/25/2028		4,618		4,593			4,572			0.36
Integrity Marketing Acquisition, LLC	(7)(15)	First Lien Revolver	S + 5.00%	1.00%	9.33%	8/25/2028		122		(1	)		(1	)		—
KWOR Acquisition, Inc.	(13)(15)	First Lien Term Loan	P + 4.25%	1.00%	11.75%	12/22/2028		3,868		3,800			3,046			0.24
KWOR Acquisition, Inc.	(13)(15)	First Lien Term Loan	S + 4.25%	0.00%	8.58%	12/22/2028		260		256			205			0.02
KWOR Acquisition, Inc.	(15)	First Lien Revolver	P + 4.25%	0.00%	11.75%	12/22/2027		157		154			124			0.01
McLarens Midco Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.96%	12/19/2025		2,727		2,713			2,727			0.22
McLarens Midco Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.96%	12/19/2025		2,222		2,210			2,222			0.18
Oakbridge Insurance Agency, LLC	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.08%	11/1/2029		248		246			248			0.02
OneDigital Borrower LLC	(5)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	7/2/2031		3,268		3,253			3,280			0.26
Pareto Health Intermediate Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.25%	5/31/2030		8,345		8,313			8,303			0.66
Pareto Health Intermediate Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	6/1/2030		1,668		(4	)		(8	)		—
Pareto Health Intermediate Holdings, Inc.	(7)(15)	First Lien Revolver	S + 0.50%	1.00%	4.75%	6/1/2029		163		—			(1	)		—
Patriot Growth Insurance Services, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.46%	10/16/2028		193		187			193			0.02
Patriot Growth Insurance Services, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.46%	10/16/2028		54		52			54			—
Riser Interco LLC	(8)	First Lien Term Loan	S + 6.00%	0.75%	10.31%	10/31/2029		2,970		2,945			2,955			0.24
Riser Interco LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	10/31/2029		31,569		26,635			26,299			2.11
Simplicity Financial Marketing Group Holdings, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.25%	12/31/2031		27,076		26,940			26,940			2.16
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.25%	12/31/2031		7,220		(18	)		(36	)		—
Simplicity Financial Marketing Group Holdings, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.25%	12/31/2031		3,610		(18	)		(18	)		—
THG Acquisition, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	10/31/2031		14,806		14,733			14,735			1.18
THG Acquisition, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	10/31/2031		3,301		(8	)		(16	)		—
THG Acquisition, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.08%	10/31/2031		1,650		115			115			0.01
Unison Risk Advisors Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	0.00%	9.08%	10/17/2031		17,331		17,247			17,250			1.38
Unison Risk Advisors Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.83%	10/17/2031		9,811		(27	)		(46	)		—
Unison Risk Advisors Inc.	(7)(13)(15)	First Lien Revolver	S + 4.50%	0.00%	8.83%	10/17/2030		2,857		(14	)		(13	)		—
World Insurance Associates, LLC	(8)	First Lien Term Loan	S + 6.75%	1.00%	11.06%	4/3/2028		780		780			780			0.06
World Insurance Associates, LLC	(7)(15)	First Lien Revolver	S + 5.75%	1.00%	10.06%	4/3/2028		212		(1	)		(2	)		—
										183,765			182,901			14.67

55

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
IT Services
AVSC Holding Corp.	(8)(13)	First Lien Term Loan	S + 5.00%	0.00%	9.33%	12/5/2031	$	27,811	$	27,533		$	27,533			2.21	%
AVSC Holding Corp.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.33%	12/5/2029		2,959		(30	)		(30	)		—
Cardinal Parent, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.96%	11/12/2027		247		232			237			0.02
DT1 Midco Corp	(8)(13)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	12/30/2031		14,372		14,301			14,300			1.15
DT1 Midco Corp	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	12/30/2031		5,014		(13	)		(25	)		—
DT1 Midco Corp	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.31%	12/30/2030		2,005		(10	)		(10	)		—
Marco Technologies, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	11/24/2026		250		247			249			0.02
NTI Connect, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	7/31/2027		144		143			142			0.01
NTI Connect, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.46%	7/31/2027		27		27			26			—
OEConnection LLC	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	4/22/2031		25,610		25,553			25,561			2.05
OEConnection LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.00%	0.00%	8.33%	4/22/2031		4,469		(16	)		(8	)		—
OEConnection LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	0.00%	9.58%	4/22/2031		4,526		—			(9	)		—
OEConnection LLC	(7)(13)(15)	First Lien Revolver	S + 4.00%	0.75%	8.33%	4/22/2031		2,793		(7	)		(5	)		—
Ridge Trail US Bidco, Inc.	(7)(8)(13)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	9/30/2031		6,893		(17	)		(52	)		—
Ridge Trail US Bidco, Inc.	(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	9/30/2031		19,989		19,841			19,839			1.59
Ridge Trail US Bidco, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.50%	0.00%	8.83%	3/31/2031		2,298		595			603			0.05
Safety Borrower Holdings LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.70%	9/1/2027		247		245			246			0.02
SailPoint Technologies Holdings, Inc.	(6)(8)	First Lien Term Loan	S + 6.00%	0.75%	10.31%	8/16/2029		164		164			164			0.01
Spirit RR Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.16%	9/13/2028		5,942		5,942			5,898			0.47
Spirit RR Holdings, Inc.	(7)(15)	First Lien Revolver	S + 4.00%	0.75%	8.31%	9/13/2028		497		—			(4	)		—
Trunk Acquisition, Inc.	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	2/19/2030		231		231			230			0.02
Trunk Acquisition, Inc.	(8)(13)	First Lien Term Loan	S + 6.00%	0.00%	10.46%	2/19/2030		3,628		3,614			3,610			0.29
Trunk Acquisition, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.46%	2/19/2030		16		16			16			—
Trunk Acquisition, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 6.00%	0.00%	10.46%	2/19/2030		3,690		(9	)		(18	)		—
										98,582			98,493			7.91
Leisure Products
Topgolf Callaway Brands Corp.	(5)(6)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	3/18/2030		2,300		2,309			2,293			0.18
										2,309			2,293			0.18
Life Sciences Tools & Services
Emmes Blocker, Inc.	(8)	First Lien Term Loan	S + 5.75%	0.75%	10.00%	7/7/2028		148		148			148			0.01
Emmes Blocker, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.00%	7/7/2028		99		99			99			0.01
KWOL Acquisition, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.00%	12/12/2029		248		245			244			0.02
Parexel International Inc.	(5)	First Lien Term Loan	S + 3.00%	0.50%	7.33%	11/15/2028		4,854		4,869			4,894			0.39
Sotera Health Holdings, LLC	(5)(6)	First Lien Term Loan	S + 3.25%	0.00%	7.56%	5/30/2031		4,163		4,152			4,179			0.34
										9,513			9,564			0.77

56

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Machinery
Arch Cutting Tools Corp.	(8)	First Lien Term Loan	S + 4.75%	0.00%	9.16%	4/1/2026	$	247	$	244		$	246			0.02	%
CD&R Hydra Buyer, Inc.	(5)	First Lien Term Loan	S + 4.00%	0.00%	8.43%	3/25/2031		4,988		5,008			5,009			0.40
Clyde Industries US Holdco, Inc.	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/18/2025		224		223			224			0.02
Dynatect Group Holdings, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.91%	9/30/2026		1,746		1,746			1,746			0.14
Dynatect Group Holdings, Inc.	(7)(15)	First Lien Revolver	P + 4.50%	1.00%	12.10%	6/30/2026		1,236		—			—			—
Flow Control Solutions, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	3/30/2029		180		180			179			0.01
Flow Control Solutions, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	3/31/2029		68		67			67			0.01
Flow Control Solutions, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	3/30/2029		7,901		143			114			0.01
Flow Control Solutions, Inc.	(7)(13)(15)	First Lien Revolver	S + 6.00%	0.75%	10.31%	3/31/2029		1,411		(11	)		(10	)		—
Merlin Buyer, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	12/14/2028		2,378		2,313			2,378			0.19
Merlin Buyer, Inc.	(7)(15)	First Lien Revolver	S + 0.50%	0.00%	4.81%	12/14/2026		598		(6	)		(6	)		—
Process Insights Acquisition, Inc.	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	7/18/2029		247		246			246			0.02
SPX Flow, Inc.	(5)(15)	First Lien Term Loan	S + 3.00%	0.50%	7.33%	4/5/2029		4,628		4,639			4,672			0.37
WCI-Cedar Purchaser, LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.32%	12/31/2027		248		248			244			0.02
										15,040			15,109			1.21
Media
Arches Buyer Inc.	(5)	First Lien Term Loan	S + 3.25%	0.00%	7.68%	12/6/2027		2,977		2,910			2,914			0.23
Getty Images, Inc.	(5)(6)	First Lien Term Loan	S + 4.50%	0.00%	8.93%	2/19/2026		4,656		4,667			4,650			0.37
Klick, Inc.	(6)(8)(15)	First Lien Term Loan	S + 4.50%	1.00%	8.83%	3/31/2028		2,363		2,363			2,339			0.19
Klick, Inc.	(6)(7)(15)	First Lien Revolver	S + 4.50%	1.00%	8.81%	3/31/2028		813		—			(8	)		—
MH SUB I, LLC	(5)	First Lien Term Loan	S + 4.25%	0.00%	8.58%	5/3/2028		4,969		4,960			4,977			0.40
Planet US Buyer LLC	(5)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.31%	2/7/2031		1,990		1,997			2,010			0.16
Red Ventures, LLC (New Imagitas, Inc.)	(5)	First Lien Term Loan	S + 2.75%	0.00%	7.08%	3/3/2030		1,930		1,933			1,941			0.16
W2O Holdings, Inc.	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.00%	6/12/2028		4,948		4,932			4,936			0.40
W2O Holdings, INC.	(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	6/12/2028		17,862		17,735			17,817			1.43
										41,497			41,576			3.34
Oil, Gas and Consumable Fuels
Brazos Delaware II, LLC	(5)	First Lien Term Loan	S + 3.50%	0.50%	7.75%	2/11/2030		1,985		1,988			2,001			0.16
EDPO, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.83%	12/8/2027		4,821		4,821			4,809			0.39
EDPO, LLC	(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.08%	12/8/2027		72		—			—			—
EDPO, LLC	(7)(15)	First Lien Revolver	S + 4.50%	1.00%	8.83%	12/8/2026		57		20			20			—
Epic Crude Services, LP	(5)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.31%	10/15/2031		829		825			838			0.07
Valicor PPC Intermediate II LLC	(8)(15)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	7/24/2028		5,908		5,902			5,894			0.47
Valicor PPC Intermediate II LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	1.00%	9.33%	7/24/2028		42		42			42			—
Valicor PPC Intermediate II LLC	(7)(13)(15)	First Lien Revolver	S + 4.00%	1.00%	8.33%	1/24/2028		1,128		119			120			0.01
										13,717			13,724			1.10

57

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Pharmaceuticals
Bridges Consumer Healthcare Intermediate LLC	(8)(13)	First Lien Term Loan	S + 5.25%	1.00%	9.56%	12/20/2031	$	14,124	$	14,054		$	14,053			1.13	%
Bridges Consumer Healthcare Intermediate LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.25%	1.00%	9.56%	12/20/2031		6,704		(17	)		(34	)		—
Bridges Consumer Healthcare Intermediate LLC	(7)(13)(15)	First Lien Revolver	S + 5.25%	0.00%	9.56%	12/20/2031		2,682		(13	)		(13	)		—
Exactcare Parent Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.81%	11/5/2029		248		244			248			0.02
Creek Parent, Inc.	(6)(13)(15)	First Lien Term Loan	S + 5.25%	0.00%	9.58%	12/18/2031		875		868			868			0.07
Creek Parent, Inc.	(6)(7)(13)(15)	First Lien Revolver	S + 5.25%	0.00%	9.58%	12/18/2031		125		(1	)		(1	)		—
										15,135			15,121			1.22
Professional Services
Analytic Partners, LP	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/4/2030		248		244			247			0.02
Analytic Partners, LP	(8)(13)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/4/2030		7,413		7,392			7,386			0.59
Analytic Partners, LP	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.08%	4/4/2030		1,002		(4	)		(4	)		—
Applied Technical Services, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.21%	12/29/2026		115		114			113			0.01
Applied Technical Services, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	12/29/2026		24		24			24			—
Applied Technical Services, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.21%	12/29/2026		108		106			106			0.01
Aprio Advisory Group, LLC	(13)(15)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	8/1/2031		18,485		18,438			18,440			1.48
Aprio Advisory Group, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.75%	9.06%	8/1/2031		8,037		3,697			3,690			0.30
Aprio Advisory Group, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.06%	8/1/2031		4,018		1,276			1,276			0.10
Carr, Riggs & Ingram Capital, L.L.C.	(8)(13)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	11/18/2031		17,250		17,164			17,165			1.38
Carr, Riggs & Ingram Capital, L.L.C.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.06%	11/18/2031		8,750		(21	)		(43	)		—
Carr, Riggs & Ingram Capital, L.L.C.	(7)(13)(15)	First Lien Revolver	S + 3.75%	0.50%	8.06%	11/18/2031		4,000		480			480			0.04
Clinical Education Alliance, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.96%	12/21/2026		45		44			44			—
Clinical Education Alliance, LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.46%	12/21/2026		203		198			198			0.02
DISA Holdings Corp.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/9/2028		196		196			193			0.02
DISA Holdings Corp.	(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	9/9/2028		53		53			52			—
DTI Holdco, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	4/26/2029		247		228			250			0.02
Foreigner Bidco Inc.	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.93%	4/19/2028		225		225			224			0.02
Foreigner Bidco Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.93%	4/19/2028		25		25			25			—
Garda World Security Corporation	(5)(6)(15)	First Lien Term Loan	S + 3.50%	0.00%	7.83%	2/1/2029		2,993		3,000			3,009			0.24
Grant Thornton Advisors LLC	(5)(6)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	5/30/2031		4,540		4,547			4,546			0.36
HSI Halo Acquisition, Inc.	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	6/30/2031		8,217		8,197			8,196			0.66
HSI Halo Acquisition, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	6/28/2031		1,467		253			251			0.02
HSI Halo Acquisition, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	0.00%	9.31%	6/28/2030		978		(2	)		(2	)		—
IG Investments Holdings, LLC	(8)(13)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	9/22/2028		10,433		10,384			10,383			0.83
IG Investments Holdings, LLC	(7)(13)(15)	First Lien Revolver	S + 4.00%	0.75%	8.31%	9/22/2028		1,172		(11	)		(6	)		—
Iris Buyer LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	10/2/2030		248		244			248			0.02
Marina Acquisition, Inc.	(13)(15)	First Lien Term Loan	S + 5.00%	1.00%	9.31%	7/1/2030		10,016		9,920			9,916			0.80
Marina Acquisition, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.00%	0.00%	8.31%	7/1/2030		1,434		(13	)		(14	)		—
MHE Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.46%	7/21/2027		407		404			407			0.03
MHE Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.71%	7/21/2027		33		32			33			—
MHE Intermediate Holdings, LLC	(8)	First Lien Term Loan	S + 6.50%	1.00%	10.96%	7/21/2027		29		29			29			—
MHE Intermediate Holdings, LLC	(8)	First Lien Delayed Draw Term Loan	S + 6.00%	1.00%	10.46%	7/21/2027		172		171			172			0.01
MHE Intermediate Holdings, LLC	(7)(15)	First Lien Revolver	S + 6.00%	1.00%	10.46%	7/21/2027		60		12			12			—
OMNIA Partners, LLC	(5)	First Lien Term Loan	S + 2.75%	0.00%	7.08%	7/25/2030		4,489		4,509			4,516			0.36
Propio LS, LLC	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.75%	7/17/2030		14,327		14,252			14,292			1.14

58

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Professional Services (continued)
Propio LS, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.00%	8.83%	7/17/2030	$	11,074	$	(26	)	$	(28	)		—	%
Propio LS, LLC	(7)(13)(15)	First Lien Revolver	S + 6.00%	0.75%	10.33%	7/17/2029		5,537		(25	)		(14	)		—
Ruppert Landscape, LLC	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	12/1/2028		575		564			567			0.05
Ruppert Landscape, LLC	(8)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.50%	12/1/2028		2,395		2,350			2,363			0.19
Ruppert Landscape, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.06%	12/1/2028		11,899		1,902			1,804			0.14
Ruppert Landscape, LLC	(7)(13)(15)	First Lien Revolver	S + 5.75%	0.75%	10.06%	12/1/2028		793		(8	)		(11	)		—
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)	(5)(15)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	7/31/2031		4,497		4,489			4,530			0.36
Skopima Consilio Parent LLC	(5)	First Lien Term Loan	S + 3.75%	0.50%	8.08%	5/12/2028		4,974		4,967			4,999			0.40
Tempo Buyer Corp.	(8)	First Lien Term Loan	S + 4.75%	0.75%	9.06%	8/26/2028		247		246			247			0.02
TRC Companies LLC	(5)	First Lien Term Loan	S + 3.50%	0.50%	7.95%	12/8/2028		4,636		4,637			4,683			0.38
USRP Holdings, Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	12/31/2029		4,349		4,349			4,349			0.35
USRP Holdings, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	12/31/2029		17,872		(37	)		—			—
USRP Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.00%	9.83%	12/31/2029		2,290		(10	)		—			—
Vensure Employer Services, Inc.	(8)(13)	First Lien Term Loan	S + 5.00%	0.50%	9.31%	9/27/2031		9,316		9,274			9,272			0.74
Vensure Employer Services, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.00%	9.31%	9/27/2031		1,934		(6	)		(9	)		—
YA Intermediate Holdings II, LLC	(13)(15)	First Lien Term Loan	S + 5.00%	0.75%	9.31%	10/1/2031		10,838		10,784			10,783			0.85
YA Intermediate Holdings II, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.31%	10/1/2031		4,516		(11	)		(23	)		—
YA Intermediate Holdings II, LLC	(7)(13)(15)	First Lien Revolver	S + 4.00%	0.75%	8.31%	10/1/2031		2,168		98			98			0.01
										149,344			149,464			11.97
Real Estate Management and Development
Sako and Partners Lower Holdings LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	9/15/2028		5,847		5,838			5,833			0.47
Sako and Partners Lower Holdings LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	9/15/2028		894		894			892			0.07
Sako and Partners Lower Holdings LLC	(7)(15)	First Lien Revolver	S + 6.00%	1.00%	10.31%	9/15/2028		746		(2	)		(2	)		—
										6,730			6,723			0.54
Software
365 Retail Markets, LLC	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028		138		138			137			0.01
365 Retail Markets, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028		48		48			48			—
365 Retail Markets, LLC	(8)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.81%	12/22/2028		62		62			62			—
Adelaide Borrower, LLC	(8)(13)	First Lien Term Loan	S + 6.25%	0.75%	10.58%	5/8/2030		7,389		7,252			7,315			0.59
Adelaide Borrower, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 6.25%	0.00%	10.58%	5/8/2030		1,670		(15	)		(17	)		—
Adelaide Borrower, LLC	(7)(13)(15)	First Lien Revolver	S + 3.38%	0.75%	7.71%	5/8/2030		1,040		(19	)		(10	)		—
Artifact Bidco, Inc.	(8)(13)	First Lien Term Loan	S + 4.50%	0.50%	8.81%	7/28/2031		6,709		6,645			6,659			0.53
Artifact Bidco, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.50%	0.50%	8.81%	7/25/2031		1,642		(8	)		(12	)		—
Artifact Bidco, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.50%	0.50%	8.81%	7/26/2030		1,173		(11	)		(9	)		—
Banker's Toolbox, Inc.	(8)	First Lien Term Loan	S + 4.50%	0.75%	8.81%	7/27/2027		16,223		16,086			16,223			1.30

59

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Banker's Toolbox, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.81%	7/27/2027	$	637	$	(5	)	$	-			—		%
Bluecat Networks (USA) Inc.	(6)(8)	First Lien Term Loan	S + 6.00%	0.75%	10.34%	8/8/2028		183		183			182			0.01
Bluecat Networks (USA) Inc.	(6)(8)(13)	First Lien Term Loan	S + 5.00%	0.00%	9.31%	8/8/2028		5,166		5,129			5,129			0.41
Bluecat Networks (USA) Inc.	(6)(15)	First Lien Delayed Draw Term Loan	S + 6.00%	0.75%	10.34%	8/8/2028		24		24			24			—
Bluecat Networks (USA) Inc.	(6)(8)	First Lien Delayed Draw Term Loan	S + 6.00%	0.75%	10.34%	8/8/2028		34		34			34			—
Boxer Parent Company Inc.	(5)(15)	First Lien Term Loan	S + 3.75%	0.00%	8.06%	7/30/2031		5,000		4,988			5,047			0.40
Camelot U.S. Acquisition LLC	(5)(6)(15)	First Lien Term Loan	S + 2.75%	0.00%	7.08%	1/31/2031		2,454		2,460			2,455			0.20
Central Parent LLC	(5)	First Lien Term Loan	S + 3.25%	0.00%	7.58%	7/6/2029		4,988		4,977			4,928			0.40
Concord Global Acquisition, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	12/29/2031		10,522		10,469			10,469			0.84
Concord Global Acquisition, LLC,	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	12/29/2031		4,575		(11	)		(23	)		—
Concord Global Acquisition, LLC,	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	12/29/2031		1,830		(9	)		(9	)		—
ConnectWise, LLC	(5)(15)	First Lien Term Loan	S + 3.50%	0.50%	8.07%	9/29/2028		4,974		4,962			5,013			0.40
DT Intermediate Holdco, Inc.	(8)	First Lien Term Loan	10.59% (Incl. 3.25% PIK)	0.75%	10.59% (Incl. 3.25% PIK)	2/24/2028		3,930		3,922			3,900			0.31
DT Intermediate Holdco, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.83%	2/24/2028		14,790		(34	)		(111	)		(0.01	)
e-Discovery AcquireCo, LLC	(8)	First Lien Term Loan	S + 6.25%	1.00%	10.56%	8/29/2029		250		249			249			0.02
e-Discovery AcquireCo, LLC	(8)(13)	First Lien Term Loan	S + 5.50%	1.00%	9.83%	8/29/2029		1,533		1,529			1,487			0.12
Eclipse Buyer, Inc.	(13)(15)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	9/8/2031		15,724		15,649			15,646			1.26
Eclipse Buyer, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.08%	9/5/2031		2,665		(6	)		(13	)		—
Eclipse Buyer, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.50%	9.08%	9/5/2031		1,352		(6	)		(7	)		—
Empyrean Solutions, LLC	(8)(13)	First Lien Term Loan	S + 4.75%	0.00%	9.06%	11/26/2031		2,765		2,751			2,751			0.22
Empyrean Solutions, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.00%	9.06%	11/26/2031		1,106		(3	)		(5	)		—
Empyrean Solutions, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	11/26/2031		415		(2	)		(2	)		—
Enverus Holdings, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.83%	12/24/2029		2,298		2,268			2,298			0.18
Enverus Holdings, Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.83%	12/22/2029		116		(1	)		—			—
Enverus Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	0.75%	9.83%	12/22/2029		174		3			5			—
ESG Investments, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.96%	3/11/2028		140		138			140			0.01
ESG Investments, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 4.50%	1.00%	8.96%	3/11/2028		17		17			17			—
Javelin Buyer, Inc.	(13)(15)	First Lien Term Loan	S + 3.25%	0.00%	7.56%	12/5/2031		3,000		2,993			3,027			0.24
Javelin Buyer, Inc.	(7)(13)(15)	First Lien Revolver	S + 3.25%	0.00%	7.58%	12/8/2031		1,304		—			12			—
Kipu Buyer, LLC	(8)	First Lien Term Loan	S + 4.25%	1.00%	8.56%	1/27/2027		2,252		2,224			2,247			0.18
Kipu Buyer, LLC	(7)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	1/27/2026		365		(3	)		(1	)		—

60

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
KPA Parent Holdings, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.18%	7/19/2026	$	3,528	$	3,499		$	3,528			0.28	%
KPA Parent Holdings, Inc.	(8)	First Lien Delayed Draw Term Loan	S + 5.75%	1.00%	10.18%	7/19/2026		1,021		1,013			1,021			0.08
KPA Parent Holdings, Inc.	(7)(15)	First Lien Revolver	S + 5.50%	1.00%	9.93%	7/17/2026		403		(3	)		—			—
Litera Bidco LLC	(8)	First Lien Term Loan	S + 5.00%	1.00%	9.33%	5/1/2028		5,201		5,193			5,175			0.42
Litera Bidco LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.08%	5/1/2028		2,844		956			946			0.08
Litera Bidco LLC	(7)(15)	First Lien Revolver	S + 4.75%	1.00%	9.08%	5/1/2028		434		—			(2	)		—
McAfee Corp.	(5)	First Lien Term Loan	S + 3.00%	0.50%	7.33%	3/1/2029		4,761		4,765			4,771			0.38
Montana Buyer Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	7/22/2029		25,362		25,356			25,362			2.03
Montana Buyer Inc.	(7)(13)(15)	First Lien Revolver	P + 5.75%	0.00%	13.25%	7/21/2028		2,352		402			403			0.03
MRI Software LLC	(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	2/10/2027		670		667			672			0.05
MRI Software LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	2/10/2027		1,300		121			127			0.01
Nasuni Corporation	(13)(15)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	9/10/2030		6,250		6,206			6,206			0.50
Nasuni Corporation	(7)(13)(15)	First Lien Revolver	S + 5.75%	0.75%	10.06%	9/10/2030		1,302		(9	)		(9	)		—
Navex TopCo, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.75%	9.83%	11/8/2030		7,444		7,365			7,444			0.60
North Star Acquisitionco, LLC	(6)(8)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	5/3/2029		4,074		4,074			4,074			0.33
North Star Acquisitionco, LLC	(6)(8)(13)	First Lien Term Loan	S + 4.75%	1.00%	9.00%	5/3/2029		2,373		2,362			2,373			0.19
North Star Acquisitionco, LLC	(6)(8)(13)	First Lien Term Loan	C + 4.75%	1.00%	8.00%	5/3/2029		CAD 9,087		6,563			6,317			0.51
North Star Acquisitionco, LLC	(6)(7)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.00%	5/3/2029		2,089		2,016			2,020			0.16
North Star Acquisitionco, LLC	(6)(7)(15)	First Lien Revolver	S + 6.00%	1.00%	10.31%	5/3/2029		2,275		(9	)		—			—
Pegasus Transtech Holding, LLC	(8)	First Lien Term Loan	S + 6.00%	1.00%	10.33%	11/17/2026		247		246			247			0.02
Pegasus Transtech Holding, LLC	(13)(15)	First Lien Term Loan	S + 6.00%	0.00%	10.33%	11/17/2026		10		10			10			—
Perforce Software, Inc.	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.08%	6/29/2029		2,970		2,906			2,937			0.23
Prism Parent Co. Inc.	(8)	First Lien Term Loan	S + 5.00%	0.75%	9.33%	9/19/2028		3,952		3,952			3,872			0.31
Prism Parent Co. Inc.	(7)(15)	First Lien Delayed Draw Term Loan	S + 5.00%	0.75%	9.33%	9/19/2028		403		161			154			0.01
Proofpoint, Inc.	(5)(6)(15)	First Lien Term Loan	S + 3.00%	0.50%	7.33%	8/31/2028		2,057		2,062			2,070			0.17
QBS Parent, Inc.	(8)(13)	First Lien Term Loan	S + 4.75%	0.75%	9.08%	11/7/2031		4,260		4,250			4,255			0.34
QBS Parent, Inc.	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.75%	9.08%	11/7/2031		450		(1	)		(1	)		—
Rally Buyer, Inc.	(13)(15)	First Lien Term Loan	S + 5.75%	0.75%	10.06%	7/19/2028		177		177			160			0.01
Rally Buyer, Inc.	(15)	First Lien Delayed Draw Term Loan	S + 5.75%	0.75%	10.06%	7/19/2028		15		15			14			—
Renaissance Holding Corp	(5)(15)	First Lien Term Loan	S + 4.00%	0.50%	8.33%	4/5/2030		4,987		4,975			4,982			0.40
Routeware, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	0.00%	9.56%	9/18/2031		6,364		6,334			6,348			0.51
Routeware, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 8.00%	1.00%	12.31%	9/18/2031		2,955		(7	)		(7	)		—
Routeware, Inc.	(7)(13)(15)	First Lien Revolver	S + 8.00%	1.00%	12.31%	9/18/2031		682		(3	)		(2	)		—

61

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value			Percentage of Net Assets
Software (continued)
Spartan Bidco PTY LTD	(6)(8)	First Lien Term Loan	11.21% (Incl. 6.00% PIK)	0.75%	11.21% (Incl. 6.00% PIK)	1/24/2028	$	266	$	259		$	264			0.02		%
Spartan Bidco PTY LTD	(6)(13)(15)	First Lien Term Loan	S + 0.75%	0.00%	11.21% (Incl. 6.00% PIK)	1/24/2028		9,231		9,154			9,146			0.73
Spartan Bidco PTY LTD	(6)(7)(13)(15)	First Lien Revolver	S + 6.75%	0.00%	11.06%	1/24/2028		769		(7	)		(7	)		—
Thunder Purchaser, Inc.	(8)	First Lien Term Loan	S + 5.50%	0.00%	9.96%	6/30/2028		248		246			248			0.02
Thunder Purchaser, Inc.	(8)(13)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	6/30/2028		4,170		4,149			4,170			0.33
Thunder Purchaser, Inc.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.00%	9.81%	6/30/2028		9,929		(24	)		—			—
Trimech Acquisition Corp.	(8)(15)	First Lien Term Loan	S + 4.75%	1.00%	9.06%	3/10/2028		5,909		5,909			5,849			0.47
Trimech Acquisition Corp.	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	1.00%	9.06%	3/10/2028		10,952		(24	)		(110	)		(0.01	)
Trimech Acquisition Corp.	(7)(13)(15)	First Lien Delayed Draw Term Loan	SON + 4.75%	1.00%	9.45%	3/10/2028		GBP 2,351		(7	)		(29	)		—
Trimech Acquisition Corp.	(7)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	3/10/2028		7,004		390			350			0.03
WatchGuard Technologies, Inc.	(8)	First Lien Term Loan	S + 5.25%	0.75%	9.58%	7/2/2029		248		239			246			0.02
										210,965			210,879			16.88
Specialty Retail
LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC)	(5)	First Lien Term Loan	S + 3.00%	0.00%	7.33%	4/23/2031		4,141		4,147			4,167			0.33
Mavis Tire Express Services Topco, Corp.	(5)	First Lien Term Loan	S + 3.50%	0.75%	7.83%	5/4/2028		3,479		3,483			3,506			0.28
Monahan Products, LLC	(8)	First Lien Term Loan	S + 5.50%	1.00%	9.83%	8/27/2027		247		245			247			0.02
PetSmart LLC	(5)	First Lien Term Loan	S + 3.75%	0.75%	8.18%	2/11/2028		3,228		3,213			3,221			0.26
Shock Doctor Intermediate, LLC	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	11/20/2029		248		245			248			0.02
										11,333			11,389			0.91
Technology Hardware, Storage and Peripherals
TA TT Buyer, LLC	(8)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	4/2/2029		2,977		2,966			2,990			0.24
UBEO, LLC	(8)	First Lien Term Loan	S + 5.25%	1.00%	9.71%	4/3/2026		812		811			812			0.07
Victors Purchaser, LLC	(13)(15)	First Lien Term Loan	S + 4.75%	0.50%	9.06%	8/15/2031		9,217		9,194			9,194			0.74
Victors Purchaser, LLC	(7)(13)(15)	First Lien Delayed Draw Term Loan	S + 4.75%	0.50%	9.06%	8/15/2031		2,194		(3	)		(5	)		—
Victors Purchaser, LLC	(7)(13)(15)	First Lien Revolver	S + 4.75%	0.00%	9.06%	8/15/2031		1,254		184			180			0.01
										13,152			13,171			1.06
Textiles, Apparel and Luxury Goods
Varsity Brands, Inc.	(5)(15)	First Lien Term Loan	S + 3.75%	0.00%	8.06%	8/26/2031		4,468		4,447			4,478			0.36
										4,447			4,478			0.36
Trading Companies and Distributors
BCPE Empire Holdings, Inc.	(5)	First Lien Term Loan	S + 3.50%	0.50%	7.83%	12/11/2028		4,975		4,990			5,009			0.40
Graffiti Buyer, Inc.	(8)(13)	First Lien Term Loan	S + 5.50%	1.00%	9.91%	8/10/2027		5,850		5,795			5,679			0.45
Graffiti Buyer, Inc.	(7)(8)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	1.00%	9.91%	8/10/2027		3,784		2,032			1,950			0.16
Kele Holdco, Inc.	(8)	First Lien Term Loan	S + 4.50%	1.00%	8.83%	2/21/2028		2,636		2,636			2,636			0.21
Kele Holdco, Inc.	(7)(15)	First Lien Revolver	S + 5.75%	1.00%	10.08%	2/21/2028		342		—			—			—
										15,453			15,274			1.22

62

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)			Fair Value		Percentage of Net Assets
Wireless Telecommunication Services
Alert Media, Inc.	(8)	First Lien Term Loan	S + 6.50%	1.00%	11.06% (Incl. 10.06% PIK)	4/12/2027	$	129	$	129		$	129		0.01	%
Alert Media, Inc.	(8)	First Lien Term Loan	S + 5.75%	1.00%	10.06%	4/12/2027		131		131			131		0.01
Alert Media, Inc.	(8)(13)	First Lien Term Loan	S + 6.75%	0.00%	11.34% (Incl. 10.41% PIK)	4/12/2027		422		421			422		0.03
Alert Media, Inc.	(7)(13)(15)	First Lien Revolver	S + 5.00%	1.00%	9.31%	4/12/2027		211		(1	)		—		—
CCI Buyer, Inc.	(5)	First Lien Term Loan	S + 4.00%	0.75%	8.33%	12/17/2027		4,607		4,602			4,617		0.37
DAS Purchaser 2 Corp.	(13)(15)	First Lien Term Loan	S + 5.50%	0.75%	9.91%	4/30/2027		83		82			74		0.01
DAS Purchaser 2 Corp.	(13)(15)	First Lien Delayed Draw Term Loan	S + 5.50%	0.75%	9.91%	4/30/2027		165		164			147		0.01
										5,528			5,520		0.44
Total Secured Debt Investments										2,088,592			2,086,175		167.35
Unsecured Debt Investments
Diversified Consumer Services
AVG Intermediate Holdings LLC	(15)	Subordinated Unsecured Term Loan	13.75% PIK	0.00%	13.75% PIK	3/16/2028		753		753			697		0.06
AVG Intermediate Holdings LLC	(15)	Subordinated Unsecured Delayed Draw Term Loan	13.75% PIK	0.00%	13.75% PIK	3/16/2028		288		288			266		0.02
PPV Intermediate Holdings, LLC	(3)(8)	Subordinated Unsecured Delayed Draw Term Loan	13.75%	0.00%	13.75%	8/31/2030		—		—			—		—
VetCor Group Holdings LLC	(15)	Subordinated Unsecured Term Loan	13.75%	0.00%	13.75%	8/31/2030		6		5			5		—
VetCor Group Holdings LLC	(15)	Subordinated Unsecured Term Loan	13.75%	0.00%	13.75%	8/31/2030		2		2			2		—
VetCor Group Holdings LLC	(3)(15)	Subordinated Unsecured Delayed Draw Term Loan	13.75%	0.00%	13.75%	8/31/2030		—		—			—		—
										1,048			970		0.08
Health Care Technology
Employee Health Co.	(15)	Unsecured Term Loan	13.75%	0.00%	13.75%	11/10/2031		275		270			270		0.02
										270			270		0.02
Healthcare Providers and Services
OB Hospitalist Group, Inc.	(15)	Subordinated Unsecured Term Loan	S + 9.75%	1.00%	14.21%	9/27/2028		21		21			21		—
										21			21		—
Total Unsecured Debt Investments										1,339			1,261		0.10

63

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Equity Investments
Automobile Components
EAH Holdco, LLC	(3)(11)(15)	Common					$	-	$	136	$	170		0.01	%
QAS Parent, LLC	(11)(15)	Common						237		366		449		0.04
										502		619		0.05
Building Products
MDC Interior Acquisition Inc	(11)(15)	Common						1		894		1,185		0.10
										894		1,185		0.10
Capital Markets
Arax MidCo, LLC	(6)(7)(12)(13)(15)	Common						1,154		721		702		0.06
										721		702		0.06
Commercial Services and Supplies
Hercules Blocker LLC	(9)(11)(15)	Common						140		251		250		0.02
KAWP Holdings, L.P.	(3)(11)(15)	Common						—		309		310		0.02
Zinc Buyer Corporation	(12)(13)(15)	LP Units						242		242		259		0.02
										802		819		0.06
Construction & Engineering
Hydraulic Technologies USA LLC	(12)(13)(15)	Common						8		8		6		—
Hydraulic Technologies USA LLC	(12)(13)(15)	Preferred						743		743		594		0.05
MEI Co-Investor Aggregator LLC	(11)(15)	Common						1		796		1,185		0.10
										1,547		1,785		0.15
Diversified Consumer Services
American Veterinary Group Holdings, LLC	(11)(15)	Common						243		387		156		0.01
Four Seasons Blocker Aggregator, LP	(3)(11)(15)	Common						—		203		185		0.01
GS Seer Group Holdings, LLC	(3)(11)(15)	Common						—		110		116		0.01
Health Aggregator LLC	(3)(11)(15)	Common						—		159		147		0.01
Home Service HoldCo, Inc.	(11)(15)	Common						2		264		273		0.02
Seahawk Bidco, LLC	(12)(13)(15)	LP Units						3		3,035		3,035		0.24
US Fitness Holdings, LLC	(12)(13)(15)	Common						3		3,182		3,288		0.26
VPP Group Holdings, L.P.	(3)(11)(15)	Common						—		265		260		0.02
										7,605		7,460		0.58
Electronic Equipment, Instruments and Components
Wildcat Topco, Inc.	(12)(13)(15)	LP Units						628		628		628		0.05
										628		628		0.05
Energy Equipment and Services
CRCI Longhorn Holdings, Inc.	(12)(13)(15)	LP Units						1		1,154		1,185		0.10
Tiger Parent Holdco L.P.	(3)(11)(15)	Common						—		895		1,013		0.08
										2,049		2,198		0.18
Financial Services
Cerity Partners Equity Holding LLC	(7)(12)(13)(15)	Preferred						2		1,408		1,362		0.11
GC Mountaintop Intermediate II Inc	(3)(11)(15)	Preferred						—		782		861		0.07
GC Mountaintop Holdings, LLC	(11)(15)	Common						507		648		857		0.07
										2,838		3,080		0.25

64

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Healthcare Providers and Services
AB Centers Acquisition Corporation	(10)(11)(15)	Preferred					$	136	$	322	$	454		0.04	%
Oral Surgery Holdings, LLC	(11)(15)	Preferred						42		554		1,021		0.08
REP Coinvest III AGP Blocker, L.P.	(11)(15)	Common						155		409		563		0.05
REP Coinvest III AGP, L.P.	(11)(15)	Common						66		175		241		0.02
RxSense Group LLC	(11)(15)	Common						14		284		665		0.05
US Heart And Vascular Holdings LLC	(11)(15)	Common						100		106		63		0.01
										1,850		3,007		0.25
Health Care Technology
DeLorean Purchaser, Inc.	(12)(13)(15)	Common						3,043		3,043		3,043		0.24
										3,043		3,043		0.24
Insurance
Accelerate Topco Holdings LLC	(11)(15)	Common						6		222		368		0.03
IMG Blocker Buyer Parent, LLC	(11)(15)	Preferred						48		571		646		0.05
IMG Blocker Buyer Parent, LLC	(3)(11)(15)	Common						—		6		6		—
Integrity Marketing Group, LLC	(11)(15)	Preferred						147		181		196		0.02
LEP McLarens Co-Invest, L.P.	(11)(15)	LP Units						40		132		122		0.01
LEP Pequod Holdings LP	(3)(11)(15)	Common						—		—		—		—
OHCP V GA COI, L.P.	(11)(15)	Preferred						11		13		15		—
OHCP V GA COI, L.P.	(11)(15)	Common						98		119		133		0.01
Unison Risk Advisors Inc.	(12)(13)(15)	Common						1,820		2,857		2,857		0.23
										4,101		4,343		0.35
IT Services
DT1 Midco Corp	(12)(13)(15)	Common						2,896		2,896		2,897		0.23
OEConnection LLC	(3)(11)(15)	Common						—		321		417		0.03
Ridge Trail US Bidco, Inc.	(12)(13)(15)	Preferred						1,418		1,418		1,418		0.11
Ridge Trail US Bidco, Inc.	(12)(13)(15)	Common						34		34		34		—
Winterfell Co-Invest SCSp	(11)(15)	Common						445		673		805		0.06
										5,342		5,571		0.43
Pharmaceuticals
Creek Parent, Inc.	(6)(12)(13)(15)	Common						150		150		150		0.01
										150		150		0.01
Professional Services
Elevator Holdco, Inc. Common Stock	(3)(11)(15)	Common						—		453		382		0.03
Marina Acquisition, Inc.	(3)(12)(13)(15)	Common						—		231		226		0.02
TVG-KUSRP Holdings, LP	(11)(15)	Preferred						232		285		257		0.02
										969		865		0.07

65

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments (1)	Footnotes	Asset Type	Reference Rate and Spread (2)	Interest Rate Floor	Interest Rate (3)	Maturity Date	Par Amount / Shares		Amortized Cost (4)		Fair Value		Percentage of Net Assets
Software
Concord Global Acquisition, LLC,	(12)(13)(15)	Common					$	3	$	2,667	$	2,667		0.21	%
Eclipse Buyer, Inc.	(12)(13)(15)	Preferred						1		5,020		4,959		0.40
North Star Acquisition Aggregator, L.P.	(6)(11)(15)	Common						336		362		475		0.04
										8,049		8,101		0.65
Technology Hardware, Storage and Peripherals
Victors Purchaser, LLC	(12)(13)(15)	LP Units						333		333		333		0.03
										333		333		0.03
Trading Companies and Distributors
Graffiti Parent, LP	(11)(15)	Common						2		522		275		0.02
Kele Holdings, Inc.	(3)(11)(15)	Common						—		187		229		0.02
										709		504		0.04
Total Equity Investments										42,132		44,393		3.55
Total Investments - non-controlled/non-affiliated										2,132,063		2,131,829		171.00	%
Cash Equivalents
BlackRock Liquidity T-Fund - Institutional Shares	(14)									62,915		62,915		5.05
Total Cash Equivalents										62,915		62,915		5.05
Total Investments and Cash Equivalents									$	2,194,978	$	2,194,744		176.05	%

66

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

1.Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

2.The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Prime Rate (“Prime” or “P”), Canadian Dollar Offered Rate ("CDOR" or "C"), Sterling Overnight Index Average ("SONIA" or "SON") or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on December 31, 2024. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

3.Investments with par value / shares less than 500 shown as zero.

4.The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

5.These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

6.The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 7.70% of total assets as calculated in accordance with regulatory requirements.

7.Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See the following page for more information on the Company’s unfunded commitments.

8.Position or portion thereof is pledged as collateral under the SG Facility.

9.The Company invests in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC in the form of shareholder notes and common units.

10.The Company invests in this portfolio company through underlying blocker entities Holocene Topco LP and Holocene Topco II LP.

11.Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $14,750 or 1.18% of the Company’s net assets. The acquisition date of these restricted securities was January 19, 2024.

12.Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $29,643 or 2.38% of the Company’s net assets. The acquisition date of Arax MidCo, LLC and Cerity Partners Equity Holding LLC was May 30, 2024. The acquisition date of Hydraulic Technologies USA LLC was June 3, 2024. The acquisition date of Marina Acquisition, Inc. was July 1, 2024. The acquisition date of Zinc Buyer Corporation was July 29, 2024. The acquisition date of CRCI Longhorn Holdings, Inc. was August 27, 2024. The acquisition date of Victors Purchaser, LLC was August 15, 2024. The acquisition date of Eclipse, Inc. was September 6, 2024. The acquisition date of US Fitness Holdings, LLC was September 4, 2024. The acquisition date of Ridge Trail US Bidco, Inc. was September 30, 2024. The acquisition date of Concord Global Acquisition, LLC was December 27,2024. The acquisition date of Creek Parent, Inc. was December 18, 2024. The acquisition date of DeLorean Purchaser, Inc. was December 16, 2024. The acquisition date of DT1 Midco Corp was December 30, 2024. The acquisition date of Seahawk Bidco, LLC was December 19, 2024. The acquisition date of Unison Risk Advisors Inc. was October 30, 2024. The acquisition date of Wildcat Topco, Inc. was December 23, 2024.

13.These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).

14.Cash equivalents amounting to $62,915 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC 820 fair value level hierarchy as of December 31, 2024.

15.Position or portion thereof is or can be pledged as collateral under the Revolving Credit Facility.

See accompanying notes to the consolidated financial statements

67

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
AB Centers Acquisition Corporation	Revolver	7/2/2031	$	751	$	(5	)
AB Centers Acquisition Corporation	Delayed Draw Term Loan	7/2/2026		1,399		(10	)
Accession Risk Management, Inc.	Revolver	11/1/2029		694		1
Accession Risk Management, Inc.	Delayed Draw Term Loan	8/16/2026		5,300		7
Acentra Holdings, LLC	Revolver	12/17/2029		84		—
ACI Group Holdings, Inc.	Revolver	8/2/2027		269		(6	)
Adelaide Borrower, LLC	Revolver	5/8/2030		1,040		(10	)
Adelaide Borrower, LLC	Delayed Draw Term Loan	5/8/2026		1,670		(17	)
Alert Media, Inc.	Revolver	4/12/2027		211		—
AMBA Buyer, Inc.	Revolver	7/30/2027		276		(2	)
Amerilife Holdings LLC	Revolver	8/31/2028		595		—
Amerilife Holdings LLC	Delayed Draw Term Loan	6/18/2026		7,613		—
Analytic Partners, LP	Revolver	4/4/2030		1,002		(4	)
Apex Service Partners, LLC	Delayed Draw Term Loan	9/24/2026		9,948		(47	)
Apex Service Partners, LLC	Revolver	10/24/2029		121		(1	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	8/2/2026		4,328		(10	)
Aprio Advisory Group, LLC	Revolver	8/1/2031		2,733		(7	)
Arax MidCo, LLC	Equity	4/11/2029		432		(7	)
Arax MidCo, LLC	Revolver	4/11/2029		1,293		(15	)
Arax MidCo, LLC	Delayed Draw Term Loan	10/14/2025		2,131		(25	)
Ares Holdings, LLC	Revolver	11/18/2027		747		(3	)
Arrow Management Acquisition, LLC	Delayed Draw Term Loan	11/1/2024		1		—
Artifact Bidco, Inc.	Delayed Draw Term Loan	7/27/2027		1,642		(12	)
Artifact Bidco, Inc.	Revolver	7/26/2030		1,173		(9	)
AVG Intermediate Holdings LLC	Revolver	3/16/2027		166		(4	)
AVSC Holding Corp.	Revolver	12/5/2029		2,959		(30	)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/23/2026		8,262		(21	)
AWP Group Holdings, Inc.	Revolver	12/23/2030		45		—
Banker's Toolbox, Inc.	Revolver	7/27/2027		637		—
BC Group Holdings, Inc.	Delayed Draw Term Loan	12/21/2026		7,018		(53	)
Blackbird Purchaser, Inc.	Delayed Draw Term Loan	12/19/2025		597		—
Blackbird Purchaser, Inc.	Revolver	12/19/2029		464		—

68

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Blackhawk Industrial Distribution, Inc.	Revolver	9/17/2026	$	2,890	$	(12	)
Blades Buyer, Inc.	Revolver	3/28/2028		120		(1	)
Bridges Consumer Healthcare Intermediate LLC	Delayed Draw Term Loan	12/21/2026		6,704		(34	)
Bridges Consumer Healthcare Intermediate LLC	Revolver	12/22/2031		2,682		(13	)
Cardiology Management Holdings, LLC	Delayed Draw Term Loan	1/31/2029		69		—
Carr, Riggs & Ingram Capital, L.L.C.	Revolver	11/18/2031		3,500		(17	)
Carr, Riggs & Ingram Capital, L.L.C.	Delayed Draw Term Loan	11/18/2026		8,750		(43	)
CDL Parent, Inc.	Revolver	12/7/2027		728		(5	)
Cerity Partners Equity Holding LLC	Equity	7/28/2029		917		(18	)
Cerity Partners Equity Holding LLC	Delayed Draw Term Loan	7/28/2029		14,906		—
Cerity Partners Equity Holding LLC	Revolver	7/28/2028		3,266		—
CFGI Holdings, LLC	Revolver	11/2/2027		191		(1	)
Cherry Bekaert Advisory LLC	Revolver	6/30/2028		226		—
Cold Chain Technologies, LLC	Revolver	7/2/2026		197		—
Concord Global Acquisition, LLC,	Delayed Draw Term Loan	12/28/2026		4,575		(23	)
Concord Global Acquisition, LLC,	Revolver	12/26/2031		1,830		(9	)
CPC/Cirtec Holdings, Inc	Revolver	10/31/2028		670		(2	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		4,544		(5	)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031		1,666		(2	)
Creek Parent, Inc.	Revolver	12/18/2031		125		(1	)
Cub Financing Intermediate, LLC	Delayed Draw Term Loan	6/28/2026		4,967		(23	)
CVP Holdco, Inc.	Revolver	6/28/2030		2,353		(6	)
CVP Holdco, Inc.	Delayed Draw Term Loan	6/29/2026		5,883		(14	)
DCG Acquisition Corp.	Revolver	6/13/2031		4,408		—
DCG Acquisition Corp.	Delayed Draw Term Loan	6/13/2026		4,408		—
DeLorean Purchaser, Inc.	Revolver	12/16/2031		4,574		(34	)
DT Intermediate Holdco, Inc.	Delayed Draw Term Loan	9/14/2026		14,790		(111	)
DT1 Midco Corp	Delayed Draw Term Loan	12/30/2026		5,014		(25	)
DT1 Midco Corp	Revolver	12/30/2030		2,005		(10	)
Dwyer Instruments, LLC	Revolver	7/20/2029		3,394		(33	)
Dwyer Instruments, LLC	Delayed Draw Term Loan	11/21/2026		2,828		(27	)
Dynatect Group Holdings, Inc.	Revolver	6/30/2026		1,236		—
Eclipse Buyer, Inc.	Revolver	9/6/2031		1,352		(7	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/7/2026		2,665		(13	)
Edgeco Buyer, Inc.	Delayed Draw Term Loan	12/20/2026		3,384		(17	)
Edgeco Buyer, Inc.	Revolver	6/1/2028		338		(2	)
EDPO, LLC	Delayed Draw Term Loan	5/2/2025		72		—
EDPO, LLC	Revolver	12/8/2026		37		—
Empyrean Solutions, LLC	Revolver	11/26/2031		415		(2	)
Empyrean Solutions, LLC	Delayed Draw Term Loan	11/25/2026		1,106		(5	)
Enverus Holdings, Inc.	Delayed Draw Term Loan	12/22/2025		116		—
Enverus Holdings, Inc.	Revolver	12/24/2029		168		—

69

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
EOS Fitness Opco Holdings, LLC	Delayed Draw Term Loan	9/25/2026	$	2,665	$	(7	)
Essential Services Holding Corporation	Revolver	6/17/2030		1,301		(3	)
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026		2,082		(5	)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2026		5,044		(13	)
FL Hawk Intermediate Holdings, Inc.	Revolver	2/22/2029		1,190		(6	)
Flint Opco, LLC	Delayed Draw Term Loan	6/1/2026		2,790		—
Flow Control Solutions, Inc.	Revolver	3/31/2029		1,411		(10	)
Flow Control Solutions, Inc.	Delayed Draw Term Loan	6/28/2026		7,732		(53	)
Focus Financial Partners, LLC	Delayed Draw Term Loan	9/15/2031		420		4
Foreside Financial Group, LLC	Revolver	9/30/2027		712		—
Graffiti Buyer, Inc.	Delayed Draw Term Loan	4/29/2026		1,724		(51	)
GSV Holding, LLC	Revolver	10/18/2030		1,651		(8	)
Harvey Tool Company, LLC	Revolver	10/26/2027		2,372		(5	)
Harvey Tool Company, LLC	Delayed Draw Term Loan	6/28/2026		6,527		(14	)
Health Buyer LLC	Delayed Draw Term Loan	5/15/2026		10,052		(45	)
Heights Buyer, LLC	Delayed Draw Term Loan	8/26/2025		620		—
Heights Buyer, LLC	Revolver	8/25/2028		543		—
Hercules Borrower LLC	Revolver	12/15/2026		329		—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	6/28/2026		1,213		(3	)
HSI Halo Acquisition, Inc.	Revolver	6/28/2030		978		(2	)
HT Intermediary III, Inc.	Revolver	11/12/2030		1,158		(6	)
HT Intermediary III, Inc.	Delayed Draw Term Loan	11/13/2026		3,564		(17	)
Hydraulic Technologies USA LLC	Revolver	6/3/2030		2,050		(26	)
IG Investments Holdings, LLC	Revolver	9/22/2028		1,172		(6	)
ImageFirst Holdings, LLC	Revolver	4/27/2028		1,675		—
Imagine 360 LLC	Revolver	9/30/2028		4,326		(22	)
Imagine 360 LLC	Delayed Draw Term Loan	9/20/2026		10,122		(51	)
IMO Investor Holdings, Inc.	Revolver	5/11/2028		1,435		—
Innovetive Petcare, LLC	Delayed Draw Term Loan	11/19/2026		5,634		(70	)
Integrated Power Services Holdings, Inc.	Revolver	11/22/2027		463		—
Integrated Power Services Holdings, Inc.	Delayed Draw Term Loan	5/7/2026		11,579		(23	)
Integrity Marketing Acquisition, LLC	Revolver	8/25/2028		122		(1	)
Javelin Buyer, Inc.	Revolver	12/6/2029		1,304		12
JHCC Holdings LLC	Delayed Draw Term Loan	9/9/2026		797		(3	)
JHCC Holdings LLC	Revolver	9/9/2027		125		(1	)
Kele Holdco, Inc.	Revolver	2/20/2028		342		—
Kipu Buyer, LLC	Revolver	1/27/2026		365		(1	)
Klick, Inc.	Revolver	3/31/2028		813		(8	)

70

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
KPA Parent Holdings, Inc.	Revolver	7/17/2026	$	403	$	—
Kriv Acquisition Inc.	Revolver	7/6/2029		377		(2	)
Kriv Acquisition Inc.	Delayed Draw Term Loan	9/26/2026		8,343		(42	)
Lightbeam Bidco Inc.	Revolver	5/4/2029		476		—
Litera Bidco LLC	Revolver	5/1/2028		434		(2	)
Litera Bidco LLC	Delayed Draw Term Loan	5/17/2027		1,884		(9	)
Marina Acquisition, Inc.	Revolver	7/1/2030		1,434		(14	)
MDC Interior Acquisition Inc	Revolver	4/26/2030		2,084		(10	)
Merlin Buyer, Inc.	Revolver	12/14/2026		598		(6	)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027		48		—
Minotaur Acquisition, Inc.	Revolver	6/3/2030		2,442		(17	)
Minotaur Acquisition, Inc.	Delayed Draw Term Loan	6/4/2025		4,071		(28	)
Montana Buyer Inc.	Revolver	7/22/2028		1,949		—
Motion & Control Enterprises LLC	Delayed Draw Term Loan	2/1/2025		1,453		(27	)
Movati Athletic (Group) Inc.	Delayed Draw Term Loan	5/30/2026		2,433		(18	)
Movati Athletic (Group) Inc.	Revolver	5/29/2029		1,825		(14	)
MRI Software LLC	Delayed Draw Term Loan	8/27/2026		1,176		3
Nasuni Corporation	Revolver	9/10/2030		1,302		(9	)
Net Health Acquisition Corp.	Revolver	7/3/2031		3,296		—
NJEye LLC	Revolver	3/14/2025		184		—
North Star Acquisitionco, LLC	Delayed Draw Term Loan	5/4/2025		70		—
North Star Acquisitionco, LLC	Revolver	5/3/2029		2,275		—
OEConnection LLC	Delayed Draw Term Loan	12/30/2026		4,526		(9	)
OEConnection LLC	Delayed Draw Term Loan	4/22/2026		4,469		(8	)
OEConnection LLC	Revolver	4/22/2031		2,793		(5	)
Onyx-Fire Protection Services Inc.	Revolver	7/31/2031		3,044		(15	)
Onyx-Fire Protection Services Inc.	Delayed Draw Term Loan	7/31/2026		1,928		(10	)
Orsini Pharmaceutical Services, LLC	Revolver	5/2/2028		297		—
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	6/20/2026		1,668		(8	)
Pareto Health Intermediate Holdings, Inc.	Revolver	6/1/2029		163		(1	)
Pathstone Family Office LLC	Revolver	5/15/2028		2,502		(13	)
Pathstone Family Office LLC	Delayed Draw Term Loan	6/22/2026		5,035		(25	)
Phantom Purchaser, Inc.	Revolver	9/19/2031		2,654		(6	)
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/7/2026		15,038		(150	)
Prism Parent Co. Inc.	Delayed Draw Term Loan	9/19/2025		241		(5	)
Propio LS, LLC	Revolver	7/17/2029		5,537		(14	)
Propio LS, LLC	Delayed Draw Term Loan	7/25/2026		11,074		(28	)
QBS Parent, Inc.	Revolver	11/7/2031		450		(1	)
Quality Automotive Services, LLC	Revolver	7/16/2027		130		(1	)
R&T Acquisitions, LLC	Delayed Draw Term Loan	9/1/2025		771		(10	)
Raven Acquisition Holdings, LLC	Delayed Draw Term Loan	11/19/2031		333		1
Red Fox CD Acquisition Corporation	Delayed Draw Term Loan	12/1/2025		7,834		(59	)

71

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Ridge Trail US Bidco, Inc.	Term Loan	9/30/2031	$	6,893	$	(52	)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031		1,677		(13	)
Riser Interco LLC	Delayed Draw Term Loan	6/5/2026		4,778		(48	)
Routeware, Inc.	Delayed Draw Term Loan	9/19/2026		2,955		(7	)
Routeware, Inc.	Revolver	9/18/2031		682		(2	)
Ruppert Landscape, LLC	Delayed Draw Term Loan	4/30/2026		9,931		(136	)
Ruppert Landscape, LLC	Revolver	12/1/2028		793		(11	)
Sako and Partners Lower Holdings LLC	Revolver	9/15/2028		746		(2	)
Seahawk Bidco, LLC	Delayed Draw Term Loan	12/19/2026		4,242		(16	)
Seahawk Bidco, LLC	Revolver	12/19/2030		1,273		(5	)
Simplicity Financial Marketing Group Holdings, Inc.	Delayed Draw Term Loan	12/31/2026		7,220		(36	)
Simplicity Financial Marketing Group Holdings, Inc.	Revolver	12/31/2031		3,610		(18	)
Smile Doctors LLC	Delayed Draw Term Loan	3/9/2025		89		—
Southpaw AP Buyer, LLC	Delayed Draw Term Loan	5/1/2026		1,266		—
Southpaw AP Buyer, LLC	Revolver	3/2/2028		2,178		—
Spartan Bidco PTY LTD	Revolver	1/24/2028		769		(7	)
Specialized Dental Holdings II, LLC	Delayed Draw Term Loan	6/5/2026		6,051		—
Spirit RR Holdings, Inc.	Revolver	9/13/2028		497		(4	)
St Athena Global LLC	Revolver	6/26/2029		295		(4	)
St Athena Global LLC	Delayed Draw Term Loan	6/26/2026		119		(1	)
STCH Acquisition Inc.	Revolver	10/30/2026		1,547		(8	)
Sugar PPC Buyer LLC	Delayed Draw Term Loan	7/10/2026		6,800		(34	)
SureWerx Purchaser III Inc.	Revolver	12/28/2028		528		—
The Chartis Group, LLC	Delayed Draw Term Loan	9/17/2026		3,875		(19	)
The Chartis Group, LLC	Revolver	9/17/2031		1,938		(10	)
The Hiller Companies, LLC	Revolver	6/20/2030		2,730		(7	)
The Hiller Companies, LLC	Delayed Draw Term Loan	6/22/2026		3,233		(8	)
THG Acquisition, LLC	Revolver	10/31/2031		1,528		(7	)
THG Acquisition, LLC	Delayed Draw Term Loan	10/30/2026		3,301		(16	)
Thunder Purchaser, Inc.	Delayed Draw Term Loan	10/31/2026		9,929		—
TPC Engineering Holdings, Inc.	Revolver	2/16/2027		524		(7	)
Trilon Group, LLC	Delayed Draw Term Loan	10/16/2025		3,183		(20	)
Trilon Group, LLC	Revolver	5/25/2029		1,066		(7	)
Trimech Acquisition Corp.	Delayed Draw Term Loan	8/15/2026		2,943		(29	)
Trimech Acquisition Corp.	Delayed Draw Term Loan	8/15/2026		10,952		(110	)
Trimech Acquisition Corp.	Revolver	3/10/2028		6,584		(66	)

72

ANTARES STRATEGIC CREDIT FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

December 31, 2024

(in thousands)

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment (1)		Fair Value (1)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	$	3,690	$	(18	)
Turningpoint Healthcare Solutions, LLC	Revolver	7/14/2027		257		(2	)
Unison Risk Advisors Inc.	Delayed Draw Term Loan	10/17/2026		9,811		(46	)
Unison Risk Advisors Inc.	Revolver	10/17/2030		2,857		(13	)
US Fitness Holdings, LLC	Delayed Draw Term Loan	9/4/2026		6,892		(32	)
US Fitness Holdings, LLC	Revolver	9/4/2030		2,121		(10	)
USRP Holdings, Inc.	Delayed Draw Term Loan	8/28/2026		17,872		—
USRP Holdings, Inc.	Revolver	12/31/2029		2,290		—
Valet Waste Holdings, Inc.	Revolver	5/1/2029		691		—
Valicor PPC Intermediate II LLC	Revolver	1/24/2028		1,006		(2	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	9/27/2026		1,934		(9	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/2/2026		1,469		(4	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	7/24/2026		6,021		(30	)
Vessco Midco Holdings, LLC	Revolver	7/24/2031		2,724		(14	)
Victors Purchaser, LLC	Delayed Draw Term Loan	8/15/2026		2,194		(5	)
Victors Purchaser, LLC	Revolver	8/15/2031		1,065		(3	)
Vital Care Buyer, LLC	Revolver	7/30/2031		2,789		(13	)
VPP Intermediate Holdings, LLC	Revolver	12/1/2027		223		(1	)
Wealth Enhancement Group, LLC	Delayed Draw Term Loan	10/4/2027		29,032		(206	)
Wealth Enhancement Group, LLC	Revolver	10/2/2028		1,073		(8	)
Wildcat Topco, Inc.	Revolver	11/17/2031		3,243		(16	)
Wildcat Topco, Inc.	Delayed Draw Term Loan	11/16/2026		3,243		(16	)
World Insurance Associates, LLC	Revolver	4/3/2028		212		(2	)
WRE Holding Corp.	Delayed Draw Term Loan	7/2/2026		1,487		(7	)
WRE Holding Corp.	Revolver	7/2/2030		1,133		(6	)
WST USA Holdco, Inc.	Delayed Draw Term Loan	12/30/2025		1,583		—
YA Intermediate Holdings II, LLC	Revolver	10/1/2031		2,059		(10	)
YA Intermediate Holdings II, LLC	Delayed Draw Term Loan	10/2/2026		4,516		(23	)
YLG Holdings, Inc.	Delayed Draw Term Loan	12/23/2030		3,088		(15	)
YLG Holdings, Inc.	Revolver	12/23/2030		3,270		(16	)
Zinc Buyer Corporation	Delayed Draw Term Loan	7/24/2026		4,143		(31	)
Zinc Buyer Corporation	Revolver	7/24/2031		2,028		(15	)
Total Unfunded Commitments			$	639,857	$	(3,094	)

(1)Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end.

73

ANTARES STRATEGIC CREDIT FUND

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Business and Organization

Antares Strategic Credit Fund (the “Company”) is a Delaware statutory trust formed on August 31, 2023 and which commenced investment operations on January 19, 2024. The Company was organized to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to borrowers in the United States and Canada. The Company’s investment strategy focuses primarily on private credit investments structured as portfolio loans to U.S. borrowers. A “portfolio loan” is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans, related delayed draw term loans and/or revolving loans. Each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”).

The Company is a private, perpetual-life BDC, whose common shares are not listed for trading on a stock exchange or other securities market and is an investment vehicle with indefinite duration.

While the Company’s investment strategy primarily focuses on companies in the U.S., the Company intends to also invest in companies in Canada, Europe and other locations outside the U.S, subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies". The Company may also invest in preferred equity or debt investments that may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used primarily to maintain liquidity for the Company’s share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities subject to compliance with BDC requirements.

The Company offers its common shares of beneficial interest (the “Common Shares”) on a continuous basis via a private placement. Within the United States, the Common Shares are being offered solely to investors that are “accredited investors” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “1933 Act”). Outside of the United States, the Common Shares are being sold in accordance with Regulation S of the Securities Act.

The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currency as a means of hedging non-U.S. dollar denominated investments.

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies. As of March 31, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: Antares Strategic Credit SPV LLC (“A-Star SPV”) and A-Star Equity Holdings LLC (“A-Star Equity”, and collectively with A-Star SPV, the “Subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

74

Note 2. Significant Accounting Policies

Basis of Presentation

Interim consolidated financial statements and related financial information have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 through 10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies (“ASC 946”), and pursuant to Regulation S-X. The current period’s results of operations will not necessarily be indicative of results that ultimately be achieved for the year ended December 31, 2025. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.

Segment Reporting

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company’s estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Organization and Offering Expenses

Organization costs include costs relating to the formation and organization of the Company. Such costs are expensed as incurred. For the three months ended March 31, 2025 and 2024 the Company incurred zero and $51 in organization costs, respectively. This amount is included in due to affiliates on the Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024.

Costs associated with the Company’s offering of Common Shares are capitalized and included as deferred offering costs on the Consolidated Statements of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepted capital contribution from unaffiliated shareholders in the Private Offering. For the three months ended March 31, 2025 and 2024, the Company incurred $30 and $224 of offering costs and amortized $83 and zero during the periods, respectively.

As of March 31, 2025, and December 31, 2024, $38 and $91, respectively, in deferred offering costs were included on the Consolidated Statements of Assets and Liabilities.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

75

Valuation of Investments

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board of Trustees (the "Board"), based on, among other things, the input of the Company’s management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.

With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:

•The valuation process begins with each investment being preliminarily reviewed by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;

•At least once annually the valuation for each investment (subject to a de minimis threshold) is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

•The Adviser’s valuation committee with respect to the Company (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms’ valuation ranges to ensure the Adviser’s valuations are reasonable;

•The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and

•The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Company’s accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

76

Revenue Recognition

The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from the equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate. Interest on debt investments is generally payable quarterly or semiannually. In some cases, some of the investments provide for deferred interest payments or PIK interest. The principal amount of the debt investments and any accrued but unpaid PIK interest generally become due at the maturity date. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income.

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the debt investments using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, in the current period.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

PIK Income

The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in payment-in-kind interest income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through payment-in-kind interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company’s borrowings are presented as an offset against the debt outstanding on the Consolidated Statements of Assets and Liabilities.

Income Taxes

The Company intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more- likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

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To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

In addition, pursuant to the excise tax distribution requirements, the Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Distributions to shareholders by the Company of ordinary income (including “market discount” realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company’s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as “capital gain dividends” will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company’s shares. A distribution of an amount in excess of the Company’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder’s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder’s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder’s account.

The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”).

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 10 for more information on the effects of the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

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Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On December 18, 2023, the Board approved an investment advisory agreement with the Adviser (“Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company’s portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.

The Company pays the Adviser fees for its services under the Investment Advisory Agreement. The fees consist of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the Company’s shareholders.

The Adviser agreed to waive all management fees and incentive fees through September 30, 2024, and 50% of all management fees and incentive fees for the period from October 1, 2024 through December 31, 2024.

Management fee

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of the Company’s net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.

For the three months ended March 31, 2025 and 2024, the Company recognized $4,121 and less than $1, respectively, of management fees, before impact of waived fees. For the three months ended March 31, 2025, no management fees were waived, and for the three months ended March 31, 2024, the Adviser elected to waive all management fees. As of March 31, 2025 and December 31, 2024, management fees payable balances were $4,121 and $1,769.

Incentive fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

Investment income incentive fee

The investment income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Company pays an incentive fee quarterly as follows:

•No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).

•100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).

•12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

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Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. Such accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

For purposes of computing the Company’s investment income incentive fee and capital gains incentive fee, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly.

For the three months ended March 31, 2025 and 2024, the Company incurred income based incentive fees of $4,632 and $918, and capital gains incentive fees of $(330) and $67, respectively, before impact of waived fees.

For the three months ended March 31, 2025, the Company reversed $165 of previously accrued incentive fee waiver, and for the three months ended March 31, 2024, the Adviser elected to waive all incentive fees amounting to $985. As of March 31, 2025 and December 31, 2024, total incentive fees payable balances were $4,632 and $2,320.

Licensing Agreement

As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LLC, agreed to grant the Company a fully paid- up, royalty-free, non-exclusive, non-transferable license to use “Antares” for specified purposes in the Company’s business, during the term of the Investment Advisory Agreement. Other than with respect to this limited license, the Company will have no legal right to the “Antares” name.

Administration Agreement

On December 18, 2023, the Board approved the administration agreement (the “Administration Agreement”) with Antares Capital Credit Advisers LLC (in such role, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Company reimburses the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement. For the three months ended March 31, 2025 and 2024, the Company incurred administrative fees of $155 and $108, respectively.

Sub-administration Agreement

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company reimburses the Administrator for any services performed for the Company by such affiliate or third party.

The Administrator has engaged U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.

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Expense Support Agreement

On December 18, 2023, the Board approved an expense support and conditional reimbursement agreement (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses of the Company on the Company’s behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company’s net asset value. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company’s behalf. To the extent the Company’s net asset value increases, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 1.00% of the Company’s net asset value and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement.

For the three months ended March 31, 2025 and 2024, the Adviser provided no expense support pursuant to the Expense Support Agreement. The Company’s obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. For the three months ended March 31, 2025 and 2024, no Reimbursement Payments were made by the Company to the Adviser.

Co-Investment Activity

The Company, the Adviser and certain of its affiliates received an exemptive order from the SEC on April 2, 2024 (the “Order”) that permits, among other things, the Company to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent trustees must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s Board of Trustees’ approved criteria. In certain situations where co-investment with one or more funds managed by the Adviser or its affiliates is not covered by the Order, the personnel of the Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of the Company’s affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

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Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:

	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
Secured Debt	$	2,539,562	$	2,532,203		97.91	%	$	2,088,592	$	2,086,175		97.86	%
Unsecured Debt		2,028		1,967		0.08			1,339		1,261		0.06
Equity Investments		48,628		52,150		2.01			42,132		44,393		2.08
Total Investments	$	2,590,218	$	2,586,320		100.00	%	$	2,132,063	$	2,131,829		100.00

As of March 31, 2025 and December 31, 2024 there were no portfolio companies and one portfolio company with loans on non-accrual status (fair value of $3,375), respectively.

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The industry composition of investments at fair value was as follows:

	March 31, 2025			December 31, 2024
Aerospace and Defense		0.47	%		0.45	%
Air Freight and Logistics		0.67			0.22
Automobile Components		1.31			1.56
Beverages		—			0.21
Broadline Retail		0.18			0.22
Building Products		1.25			1.53
Capital Markets		1.42			1.68
Chemicals		3.77			2.76
Commercial Services and Supplies		7.30			8.25
Construction & Engineering		1.34			1.27
Construction Materials		0.88			0.78
Containers and Packaging		2.56			1.32
Distributors		2.37			2.80
Diversified Consumer Services		8.14			8.84
Diversified Telecommunication Services		0.48			0.60
Electrical Equipment		0.54			0.43
Electronic Equipment, Instruments and Components		1.60			1.93
Energy Equipment and Services		1.76			2.07
Financial Services		5.68			6.42
Food Products		0.89			0.89
Ground Transportation		0.01			0.01
Health Care Technology		6.84			5.20
Healthcare Equipment and Supplies		1.58			1.93
Healthcare Providers and Services		6.01			6.59
Hotels, Restaurants and Leisure		1.92			2.33
Household Products		0.01			0.01
Independent Power and Renewable Electricity Producers		0.08			—
Industrial Conglomerates		1.42			1.45
Insurance		8.18			8.78
IT Services		4.55			4.88
Leisure Products		—			0.11
Life Sciences Tools & Services		0.42			0.45
Machinery		0.65			0.71
Media		1.96			1.95
Oil, Gas and Consumable Fuels		0.55			0.64
Pharmaceuticals		1.53			0.72
Professional Services		6.15			7.05
Real Estate Management and Development		0.26			0.32
Software		12.85			10.27
Specialty Retail		0.88			0.53
Technology Hardware, Storage and Peripherals		0.53			0.63
Textiles, Apparel and Luxury Goods		0.39			0.21
Trading Companies and Distributors		0.41			0.74
Wireless Telecommunication Services		0.21			0.26
		100.00	%		100.00	%

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The geographic composition of investments at amortized cost and fair value was as follows:

	March 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	2,542,222	$	2,539,687		98.20	%		173.74	%
Canada		47,528		46,169		1.78			3.16
Luxembourg		468		464		0.02			0.03	%
Total	$	2,590,218	$	2,586,320		100.00	%		176.93

	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	2,084,714	$	2,085,783		97.84	%		167.31	%
Canada		47,349		46,046		2.16			3.69
Total	$	2,132,063	$	2,131,829		100.00	%		171.00	%

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Note 5. Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

In addition to using the above inputs in investment valuations, the Adviser applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.

Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:

	March 31, 2025
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	350,080	$	2,182,123	$	2,532,203
Unsecured Debt		—		—		1,967		1,967
Equity Investments		—		—		52,150		52,150
Total Investments before Cash Equivalents		—		350,080		2,236,240		2,586,320
Money Market Fund		69,928		—		—		69,928
Total Investments including Cash Equivalents	$	69,928	$	350,080	$	2,236,240	$	2,656,248

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	309,379	$	1,776,796	$	2,086,175
Unsecured Debt		—		—		1,261		1,261
Equity Investments		—		—		44,393		44,393
Total Investments before Cash Equivalents		—		309,379		1,822,450		2,131,829
Money Market Fund		62,915		—		—		62,915
Total Investments including Cash Equivalents	$	62,915	$	309,379	$	1,822,450	$	2,194,744

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The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value:

	Three Months Ended March 31, 2025
	Secured Debt			Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	1,776,796		$	1,261	$	44,393	$	1,822,450
Purchase of investments (including received in-kind)		453,130			689		6,494		460,313
Proceeds from principal repayments and sales of investments		(48,618	)		—		—		(48,618	)
Amortization of premium/accretion of discount, net		1,191			—		—		1,191
Net realized gain (loss) on investments		(737	)		—		—		(737	)
Net change in unrealized appreciation (depreciation) on investments		361			17		1,263		1,641
Fair value, end of period	$	2,182,123		$	1,967	$	52,150	$	2,236,240
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025	$	(386	)	$	17	$	1,263	$	894

	Three Months Ended March 31, 2024
	Secured Debt			Unsecured Debt			Equity Investments			Total Investments
Fair value, beginning of period	$	—		$	—		$	—		$	—
Purchase of investments (including received in-kind)		481,778			1,208			13,603			496,589
Proceeds from principal repayments and sales of investments		(17,709	)		—			—			(17,709	)
Amortization of premium/accretion of discount, net		437			1			—			438
Net realized gain (loss) on investments		(6	)		—			—			(6	)
Net change in unrealized appreciation (depreciation) on investments		615			(51	)		(22	)		542
Fair value, end of period	$	465,115		$	1,158		$	13,581		$	479,854
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	$	615		$	(51	)	$	(22	)	$	542

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2025
					Range
	Fair Value (1)		Valuation Technique	Unobservable Input	Low			High			Weighted Average (2)
Secured Debt	$	1,659,026	Market yield analysis	Market yield discount rates		7.50	%		16.55	%		9.13	%
		17,725	Market quotation	Quote		91.17			100.22			98.82
		505,372	Recent transaction	Transaction price		95.00			101.00			99.63
Total Secured Debt		2,182,123
Unsecured Debt		1,967	Market yield analysis	Market yield discount rates		11.68	%		20.68	%		14.80	%
Equity Investments		39,210	Comparable company analysis	EBITDA multiples	0.2x			30x			13.5x
		7,220	Market yield analysis	Market yield discount rates		10.50	%		14.70	%		12.69	%
		5,720	Recent Transaction	Transaction Price		100.00	%		100.00	%		100.00	%
Total Equity Investments		52,150
Total	$	2,236,240

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	December 31, 2024
					Range
	Fair Value (1)		Valuation Technique	Unobservable Input	Low			High			Weighted Average (2)
Secured Debt	$	1,217,098	Market yield analysis	Market yield discount rates		7.67	%		22.48	%		9.35	%
		61,667	Market quotation	Quote		95.94			100.94			99.86
		498,031	Recent transaction	Transaction price		97.03			100.00			99.41
Total Secured Debt		1,776,796
Unsecured Debt		1,261	Market yield analysis	Market yield discount rates		14.62	%		17.48	%		16.89	%
Equity Investments		29,116	Comparable company analysis	EBITDA multiples	1.2x			31.5x			14.9x
		15,277	Recent Transaction	Transaction Price		100.00	%		100.00	%		100.00	%
Total Equity Investments		44,393
Total	$	1,822,450

(1)As of March 31, 2025, included within the fair value of Level 3 assets of $2,236,240 is an amount of $528,817 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2024, included within the fair value of Level 3 assets of $1,822,450 is an amount of $574,975 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices).

(2)Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. Significant increases in the discount rate would significantly lower the fair value of an investment; conversely significant decreases in the discount rate would significantly increase the fair value of an investment. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. As of March 31, 2025 and December 31, 2024, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.

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Note 6. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, the Company’s asset coverage was 228.96% and 235.76%, respectively.

Debt outstanding

The Company’s outstanding debt obligations were as follows:

	March 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Amount Available (3)
SG Facility	$	1,000,000	$	726,442	$	726,442	$	273,558	$	147,013
Revolving Credit Facility		725,000		407,105		407,105		317,895		317,895
Total	$	1,725,000	$	1,133,547	$	1,133,547	$	591,453	$	464,908

	December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Amount Available (3)
SG Facility	$	1,000,000	$	666,393	$	666,393	$	333,607	$	86,473
Revolving Credit Facility		725,000		251,884		251,884		473,116		473,116
Total	$	1,725,000	$	918,277	$	918,277	$	806,723	$	559,589

(1)The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of March 31, 2025 and December 31, 2024. Carrying values do not include impact of deferred financing costs.

(2)The unused portion is the amount upon which commitment fees, if any, are based.

(3)The amount available reflects any limitations related to the respective facility’s borrowing base.

SG Facility

On January 19, 2024, A-Star SPV and the Company, as equity holder and servicer, entered into a loan facility for revolving and term loans pursuant to a Loan and Servicing Agreement (the “SG Facility”), with the lenders from time to time party thereto, Société Générale, as agent (the “Agent”), U.S. Bank Trust Company, National Association, as collateral agent (“Collateral Agent”) and collateral administrator, and U.S. Bank National Association, as document custodian.

Loans under the SG Facility initially bear interest at (i) a per annum rate equal to Term SOFR plus an additional margin calculated as a percentage of the aggregate principal balance of the underlying collateral obligations (the “Margin”) for Loans denominated in U.S. Dollars, (ii) EURIBOR plus the Margin for loans denominated in Euros, (iii) Daily Compounded Canadian Overnight Repo Rate Average plus the Margin for loans denominated in Canadian Dollars, and (iv) Daily Simple SONIA plus the Margin for loans denominated in Great British Pounds. From January 19, 2024 to September 12, 2024, the Margin was equal to 1.90% with respect to the portion of the SG Facility used to finance acquisitions of broadly-syndicated loans (subject to a maximum of 20%) and 2.40% with respect to the portion of the SG Facility used to finance acquisitions of middle-market loans, subject to a step-up of 2.00% following the occurrence of an event of default.

The initial maximum principal amount under the SG Facility was $450 million and the SG Facility included an accordion provision to permit increases to the total facility amount up to a maximum of $1 billion, subject in each case to the satisfaction of certain conditions, and, for any increases above $750 million, consent of the Agent and the lenders. Proceeds from loans made under the SG Facility may be used for A-Star SPV’s general corporate purposes, to fund collateral obligations acquired by A-Star SPV, to pay certain fees and expenses and to make distributions to the Company, subject to certain conditions set forth in the SG Facility.

On September 12, 2024, the Company entered into Amendment No. 1 to the SG Facility, among the Company and parties listed above.

The amendment provides for an increase in the aggregate commitments of the lenders under the SG Facility from $450 million to $750 million effective September 12, 2024, and to $1 billion through a $250 million term loan commitment effective October 19, 2024. The amendment also provides for, among other things, an increase the accordion feature from $1 billion to $1.75 billion, and revises the margin applicable to borrowings under the facility from 1.90% with respect to the portion of the SG Facility used to finance acquisitions of broadly-syndicated loans (subject to a maximum of 20%) and 2.40% with respect to the portion of the SG Facility used to finance acquisitions of middle-market loans, subject to a step-up of 2.00% following the occurrence of an event of default, to 1.85%, subject to a step-up of 2.00% following the occurrence of an event of default.

Revolving loans borrowed under the SG Facility may be repaid and reborrowed until the end of the Revolving Period, which can occur no later than January 19, 2027 (unless extended), and all amounts outstanding under the SG Facility must be repaid by January 19, 2029.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants associated with the SG Facility.

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Revolving Credit Facility

On July 31, 2024, the Company, as Borrower, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto, and JPMorgan Chase Bank, N.A. and Manufacturers & Traders Trust Company, Royal Bank of Canada, Société Générale and Wells Fargo Securities, LLC, as bookrunners and lead arrangers.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies under the Revolving Credit Facility. Advances under the Revolving Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 0.75% or 0.875% plus an “alternate base rate” (as described in the Agreement) in the case of any ABR Loan (as defined therein) and 1.75% or 1.875% plus the relevant benchmark rate in the case of any other Loan, in each case, depending on the Company’s rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Agreement). Advances under the Revolving Credit Facility drawn in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards. The Company will also pay a fee of 0.375% on average daily undrawn amounts under the Revolving Credit Facility. The initial principal amount of the Revolving Credit Facility is $675.0 million. The availability period under the Facility will terminate on July 31, 2028 and the Facility will mature on July 31, 2029.

On August 9, 2024, the Company entered into a Commitment Increase Agreement (the "Commitment Increase Agreement") among the Company, Deutsche Bank AG New York Branch, as the increasing lender (the "Increasing Lender") and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to the Revolving Credit Facility.

The Commitment Increase Agreement provides for an increase in the Revolving Credit Facility from the Increasing Lender’s commitment, thereby bringing aggregate commitments of the lenders under the Revolving Credit Facility from $675.0 million to $725.0 million through the accordion feature in the Revolving Credit Facility. The accordion feature in the Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum aggregate commitment of $1.025 billion.

Foreign Currency Transactions and Translations

The Company’s outstanding foreign-denominated debt obligations were as follows:

	March 31, 2025
	Original Principal Amount (Local)		Original Principal Amount (USD)		Outstanding Principal		Unrealized Gain (Loss)
Canadian Dollar	$	74,100	$	54,092	$	51,505	$	2,587
Great British Pound		7,000		8,960		9,043		(83	)
Total			$	63,052	$	60,548	$	2,504

	December 31, 2024
	Original Principal Amount (Local)		Original Principal Amount (USD)		Outstanding Principal		Unrealized Gain (Loss)
Canadian Dollar	$	74,100	$	54,091	$	51,490	$	2,601
Great British Pound		7,000		8,959		8,786		173
Total			$	63,050	$	60,276	$	2,774

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Interest expense

The components of interest expense were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	13,797		$	2,514
Facility unused fees		564			293
Amortization of deferred financing costs		605			144
Total interest expense	$	14,966		$	2,951
Cash paid for interest expense	$	13,370		$	—
SG Facility weighted average interest rate		6.07	%		7.72	%
SG Facility average debt outstanding	$	678,750		$	197,000
Revolving Credit Facility weighted average interest rate		6.34	%	N/A
Revolving Credit Facility average debt outstanding	$	216,885		N/A

Interest expense for the three months ended March 31, 2025 and 2024 was driven by approximately $895,635 and $197,000, respectively, of average borrowings outstanding (at an average effective interest rate, of 6.16% and 7.72%) related to borrowings for investments and expenses. Weighted average interest rates do not include impact of unused commitment fees or deferred financing costs.

As of March 31, 2025 and December 31, 2024, $4,265 and $3,108 of interest expense and $480 and $646 of unused commitment fees, respectively, were included in interest payable on the Consolidated Statements of Assets and Liabilities.

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Note 7. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

Unfunded commitments

The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. As of March 31, 2025 and December 31, 2024, the Company had unfunded investment commitments in the aggregate par amount of $724,675 and $639,857, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

Off balance sheet risk

Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2025 and December 31, 2024, there were no commitments outstanding for derivative contracts.

Legal proceedings

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending legal proceedings.

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Note 8. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. On September 7, 2023, an affiliate of the Adviser subscribed for 1,000 shares of the Company’s Common Shares of beneficial interest at $25.00 per share. The Company issues Common Shares in the Private Offering on a quarterly basis at an offering price generally equal to the net asset value per Common Share.

On January 19, 2024, the Company issued approximately 12 million shares of the Company’s Common Shares of beneficial interest, par value $0.001 per share, for an aggregate offering price of approximately $300.0 million, at $25 per Common Share. Concurrently, Antares Holdings (or an affiliate thereof) contributed approximately $300.0 million of assets in exchange for the 12 million Common Shares issued at $25 per Common Share, and additionally sold approximately $241.6 million of investment commitments to the Company. All of the contributed and purchased assets were originated by affiliates of the Adviser within the past 5 years from the transaction date. On April 1, 2024, Antares Holdings (or an affiliate thereof) sold 12,001,000 Common Shares for an aggregate consideration of approximately $301.6 million at a price of $25.13 per Common Share. As of March 31, 2025 and December 31, 2024, no Antares Parties own Common Shares of the Company.

The Company determines NAV for common shares as of the last day of each calendar quarter. Share issuances related to quarterly subscriptions are effective the first calendar day of each quarter. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share (i.e. the prior quarter-end NAV).

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the Subscription Agreement that the investor is an “accredited investor” as defined in Regulation D under the Securities Act. The sale of Common Shares is made pursuant to the subscription agreement (the “Subscription Agreement”) enters into with the relevant investor.

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025				2024
	Shares		Amount		Shares		Amount
Subscriptions		8,015,241	$	204,629		12,000,000	$	300,000
Distributions Reinvested		663,603		17,055		—		—
Net increase (decrease)		8,678,844	$	221,684		12,000,000	$	300,000

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Share Repurchase Program

The Company will commence a share repurchase program as of June 30, 2025, and intend to continue such program as of each June 30 and December 31 thereafter, in which the Company intends to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous semi-annual period. The Company’s Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company’s shareholders. As a result, share repurchases may not be available each semi-annual period. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular period, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable semi-annual period.

Distributions

The Company authorizes and declares distribution amounts per share of common shares of beneficial interest payable quarterly in arrears. The following tables present distributions that were declared during the three months ended March 31, 2025 and 2024:

Declaration Date	Payment Date	Base Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Total Distribution Amount
March 21, 2025	April 30, 2025	$	0.57	$	0.03	$	0.60	$	34,398

Declaration Date	Payment Date	Base Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Total Distribution Amount
March 29, 2024	April 30, 2024	$	0.53	$	—	$	0.53	$	6,361

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company’s shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder’s account to three decimal places.

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Note 9. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025				2024 (1)
Per Share Data: (2) (3)
Net assets, beginning of period	$	25.53			$	25.00
Net investment income		0.57				0.61
Net realized and change in unrealized appreciation (depreciation)		(0.08	)			0.05
Net increase in net assets resulting from operations		0.49				0.66
Distributions declared		(0.60	)			(0.53	)
Total increase (decrease) in net assets		(0.11	)			0.13
Net assets, end of period	$	25.42			$	25.13
Shares outstanding, end of period		57,501,883				12,001,000
Total return based on net asset value (4)		1.89		%		2.64		%
Ratios: (5)
Expenses to average net assets gross of fee waivers		7.29		%		7.31		%
Net expenses to average net assets net of fee waivers		7.34		%		5.79		%
Net investment income to average net assets		9.04		%		11.94		%
Portfolio turnover rate (6)		2.84		%		7.38		%
Supplemental Data:
Net assets, end of period	$	1,461,781			$	301,543
Asset coverage ratio (7)		228.96		%		253.07		%

(1)The Company commenced operations on January 19, 2024. Metrics are based on the period of January 19, 2024 through March 31, 2024.

(2)The per share data was derived by using the weighted average shares outstanding during the period.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

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Note 10. Segment Reporting

The Company operates through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The CODM function is comprised of the Company’s chief executive officer, chief financial officer and chief compliance officer, which evaluates the performance of the Company on a consolidated basis, and which operates under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function utilizes key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statements of Operations) for determining the Company’s investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations or cash flows.

Note 11. Subsequent Events

Equity Issuances

On April 1, 2025, the Company sold and issued 8,311,477 Common Shares for an aggregate consideration of approximately $211.3 million at a price of $25.42 per Common Share.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

(in thousands, except share/per share data, percentages and as otherwise noted)

Overview

We are a newly organized, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act as of January 19, 2024. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We are a private, perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. The Company uses the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose common shares are intended to be sold by the Company quarterly on a continuous basis at a price generally equal to the Company’s net asset value (“NAV”) per Common Share. Formed as a Delaware statutory trust on August 31, 2023, we are externally managed by Antares Capital Credit Advisers LLC (the "Adviser"), which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as an investment adviser with the SEC.

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A “Portfolio Loan” is a senior secured loan, which may be first lien, second lien or unitranche loan, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Company is referred to as a Portfolio Loan. The Company is expected to acquire Portfolio Loans that have been sourced and underwritten (i.e. evaluated for associated potential risks) by Antares Capital LP, its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings, and any entity with an advisory relationship with Antares or its affiliates, including the Company, as appropriate given the context of the disclosure (including the Adviser) (the“Antares Parties”) or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. A Portfolio Loan is one that the Company may generally hold on its own or in a group with other Antares advised funds and accounts and/or third-party investors. Portfolio Loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the U.S., we also intend to leverage the Antares Platform’s global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies.” The Company’s subsidiaries’ (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) principal investment strategies and associated principal risks will be consistent with the Company’s principal investment strategies and associated principal risks. We may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements.

To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Company.

Revenues

We generate revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally become due at the maturity date. In addition, we may generate revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

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Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

•investment advisory fees, including management fees and incentive fees, paid to the Adviser pursuant to the Investment Advisory Agreement;

•the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of the Adviser or any of its affiliates; and

•all other expenses of the Company’s operations, administration and transactions (which may be directly incurred by the Company or allocated among the Company and the Adviser’s other clients)

From time to time, the Adviser or its affiliates may pay third-party providers of goods or services. We reimburse the Adviser such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our shareholders, unless waived.

Portfolio and Investment Activity

As of March 31, 2025, we had investments in 377 portfolio companies across 42 industries. Based on fair value as of March 31, 2025, approximately 97.9% of our debt portfolio was invested in debt bearing a floating interest rate (e.g. SOFR), which primarily is subject to interest rate floors. As of March 31, 2025, our weighted average total yield of debt securities at amortized cost was 9.02%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2025.

As of December 31, 2024, we had investments in 346 portfolio companies across 43 industries. Based on fair value as of December 31, 2024, approximately 99.94% of our debt portfolio was invested in debt bearing a floating interest rate, which primarily is subject to interest rate floors. As of December 31, 2024, our weighted average total yield of debt securities at amortized cost was 9.12%. Weighted average yields excludes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2024.

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	Three months ended March 31, 2025			Three Months Ended March 31,2024
Total investments, beginning of period	$	2,132,063		$	—
New investments purchased (including PIK)		524,664			496,589
Net accretion of discount on investments		1,223			438
Net realized gain (loss) on investments		(743	)		(6	)
Investments sold or repaid		(66,989	)		(17,709	)
Total investments, end of period	$	2,590,218		$	479,312

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The following table presents certain selected information regarding our investment portfolio:

	March 31, 2025			December 31, 2024
Weighted average yield on debt and income producing investments, at amortized cost (1)		9.30	%		9.12	%
Weighted average yield on debt and income producing investments, at fair value (1)		9.30	%		9.12	%
Number of portfolio companies		377			346
Median LTM EBITDA (2)(3)	$77.2M			$78.9M
Weighted average net senior leverage (2)(4)	5.2x			5.2x
Weighted average loan-to-value (“LTV”) (2)(5)		35	%		36	%
Percentage of debt investments bearing a floating rate, at fair value		99.95	%		99.94	%
Percentage of debt investments bearing a fixed rate, at fair value		0.05	%		0.06	%

(1)Computed based on the stated interest rate or yield as of March 31, 2025 and December 31, 2024, and weighted based on the total debt investments (at fair value or amortized cost, as applicable). Actual yields earned over the life of each investment could differ materially from the yields presented above. Weighted average yield excludes the effect of accretion of discounts and amortization of premiums.

(2)Includes all private loan investments for which fair value is determined by the Adviser at least quarterly (with assistance, as applicable, from a third-party valuation firm, and subject to oversight by the Board). Figures are derived from the financial statements most recently obtained by the Adviser.

(3)LTM EBITDA refers to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) in accordance with the underlying governing documents, over the last twelve months as reported by respective borrowers. Excludes investments with no reported EBITDA or where EBITDA, in the Adviser’s judgment, was not a material component of the investment thesis, such as annual recurring revenue loans, or investments with negative EBITDA.

(4)Net senior leverage is the ratio of total debt minus unrestricted cash divided by LTM EBITDA and taking into account leverage through the tranche in which the Company holds an investment, excluding recurring revenue loans. Weighted average net senior leverage is weighted based on the funded commitment of total applicable private loans.

(5)LTV is calculated as net debt through each respective investment tranche in which the Company holds an investment divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the funded commitment of the total applicable private loans.

As part of the monitoring process, our Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Adviser has developed a classification system to group investments into five categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the five categories of the Adviser’s Internal Risk Rating system:

•Internal Performance Rating A: Portfolio Companies performing generally as expected or above expectations and the trends and risk factors are generally neutral to favorable since origination. No concern about repayment of both interest and principal. All investments or acquired investments in new portfolio companies are initially assessed this level.

•Internal Performance Rating B: Portfolio Companies performing generally as expected but the trends require increased monitoring. Portfolio companies are current on both interest and principal payments.

•Internal Performance Rating C: Portfolio Companies performing below expectations and level of risk has increased since the time of origination. Portfolio companies are generally current on both interest and principal payments.

•Internal Performance Rating D: Portfolio Companies performing materially below expectations and the level of risk has increased materially since origination. In addition to the borrower being generally out of compliance with original debt covenants, loan payments may be past due, but generally not by more than 120 days. There is a higher risk of both payment default and repayment of interest and principal in full.

•Internal Performance Rating E: Portfolio Companies are non-earning and performing substantially below expectations. The level of risk has increased substantially since origination. Most or all of the original debt covenants are out of compliance and payments are substantially delinquent. There is a high risk that all principal and interest will not be recovered in full.

98

The following tables show the distribution of our investments on the A to E internal performance rating scale at fair value:

	March 31, 2025
Internal Performance Rating	Investments at Fair Value (in thousands)		% of Total Investments at Fair Value			Number of Portfolio Companies
A	$	2,498,884		96.62	%		340
B		76,004		2.94			27
C		11,432		0.44			10
D		—		—			—
E		—		—			—
	$	2,586,320		100.00	%		377

	December 31, 2024
Internal Performance Rating	Investments at Fair Value (in thousands)		% of Total Investments at Fair Value			Number of Portfolio Companies
A	$	2,074,518		97.31	%		314
B		46,371		2.18			24
C		7,565		0.35			7
D		—		0.00			—
E		3,375		0.16			1
	$	2,131,829		100.0	%		346

As of March 31, 2025, and December 31, 2024 there were no portfolio companies and one portfolio company with loans on non-accrual status (fair value of $3,375), respectively. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

The composition of our investment portfolio at cost and fair value is as follows (dollar amounts in thousands):

	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
Secured Debt	$	2,539,562	$	2,532,203		97.91	%	$	2,088,592	$	2,086,175		97.86	%
Unsecured Debt		2,028		1,967		0.08			1,339		1,261		0.06
Equity Investments		48,628		52,150		2.01			42,132		44,393		2.08
Total Investments	$	2,590,218	$	2,586,320		100.00	%	$	2,132,063	$	2,131,829		100.00

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The table below describes investments by industry composition based on fair value:

	March 31, 2025			December 31, 2024
Aerospace and Defense		0.47	%		0.45	%
Air Freight and Logistics		0.67			0.22
Automobile Components		1.31			1.56
Beverages		—			0.21
Broadline Retail		0.18			0.22
Building Products		1.25			1.53
Capital Markets		1.42			1.68
Chemicals		3.77			2.76
Commercial Services and Supplies		7.30			8.25
Construction & Engineering		1.34			1.27
Construction Materials		0.88			0.78
Containers and Packaging		2.56			1.32
Distributors		2.37			2.80
Diversified Consumer Services		8.14			8.84
Diversified Telecommunication Services		0.48			0.60
Electrical Equipment		0.54			0.43
Electronic Equipment, Instruments and Components		1.60			1.93
Energy Equipment and Services		1.76			2.07
Financial Services		5.68			6.42
Food Products		0.89			0.89
Ground Transportation		0.01			0.01
Health Care Technology		6.84			5.20
Healthcare Equipment and Supplies		1.58			1.93
Healthcare Providers and Services		6.01			6.59
Hotels, Restaurants and Leisure		1.92			2.33
Household Products		0.01			0.01
Independent Power and Renewable Electricity Producers		0.08			—
Industrial Conglomerates		1.42			1.45
Insurance		8.18			8.78
IT Services		4.55			4.88
Leisure Products		—			0.11
Life Sciences Tools & Services		0.42			0.45
Machinery		0.65			0.71
Media		1.96			1.95
Oil, Gas and Consumable Fuels		0.55			0.64
Pharmaceuticals		1.53			0.72
Professional Services		6.15			7.05
Real Estate Management and Development		0.26			0.32
Software		12.85			10.27
Specialty Retail		0.88			0.53
Technology Hardware, Storage and Peripherals		0.53			0.63
Textiles, Apparel and Luxury Goods		0.39			0.21
Trading Companies and Distributors		0.41			0.74
Wireless Telecommunication Services		0.21			0.26
		100.00	%		100.00	%

100

The tables below describe investments by geographic composition based on amortized cost and fair value:

	March 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	2,542,222	$	2,539,687		98.20	%		173.74	%
Canada		47,528		46,169		1.78			3.16
Luxembourg		468		464		0.02			0.03	%
Total	$	2,590,218	$	2,586,320		100.00	%		176.93

	December 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	2,084,714	$	2,085,783		97.84	%		167.31	%
Canada		47,349		46,046		2.16			3.69
Total	$	2,132,063	$	2,131,829		100.00	%		171.00	%

Results of Operations

Operating results for the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025			2024
Total investment income	$	57,154		$	10,932
Total expenses		24,508			4,574
Management fee waiver (1)		—			—
Incentive fee waiver		165			(985	)
Net expenses, net of fee waivers		24,673			3,589
Net investment income (loss)		32,481			7,343
Net realized gain (loss)		(761	)		(6	)
Net change in unrealized appreciation (depreciation)		(3,886	)		542
Net increase (decrease) in net assets resulting from operations	$	27,834		$	7,879

(1)Value for the three months ended March 31, 2024 less than $1.

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including deployment, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

Investment Income

Investment income, was as follows for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Interest income	$	54,413	$	10,798
Payment-in-kind interest income		465		51
Dividend income		10		—
Other income		2,266		83
Total investment income	$	57,154	$	10,932

For the three months ended March 31, 2025 and 2024, our total investment income was driven by our deployment of capital, changes in index rates and loan margins, and increase in invested balance of investments quarter-over-quarter. The size of our investment portfolio at fair value increased from $479.9 million as of March 31, 2024 to $2,586.3 million as of March 31, 2025, increasing the balance of interest-bearing securities quarter-over-quarter. The weighted average yield on debt and income producing investments, at fair value, decreased from 11.0% as of March 31, 2024 to 9.1% as of March 31, 2025, which is attributable to decreases in index rates and increases to allocations of broadly syndicated loans.

Interest income on our debt investments is dependent on interest rates and volume of loans outstanding, as well as the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s respective credit agreement.

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Expenses

Expenses were as follows:

	Three Months Ended March 31,
	2025			2024
Interest expense	$	14,966		$	2,951
Management fees (1)		4,121			—
Income based incentive fee		4,632			918
Capital gains incentive fee		(330	)		67
Board of Trustees' fees		77			60
Administrative service expense		155			108
Other general and administrative expenses		804			419
Organization and offering costs		83			51
Total expenses		24,508			4,574
Management fees waiver (1)		—			—
Incentive fees waiver		165			(985	)
Net expenses	$	24,673		$	3,589

(1)Value for the three months ended March 31, 2024 was less than $1.

Interest Expense

The components of interest expense, cash paid for interest, annualized average interest rates and average outstanding balances were as follows:

	Three Months Ended March 31,
	2025			2024
Stated interest expense	$	13,797		$	2,514
Facility unused fees		564			293
Amortization of deferred financing costs		605			144
Total interest expense	$	14,966		$	2,951
Cash paid for interest expense	$	13,370		$	—
SG Facility weighted average interest rate		6.07	%		7.72	%
SG Facility average debt outstanding	$	678,750		$	197,000
Revolving Credit Facility weighted average interest rate		6.34	%	N/A
Revolving Credit Facility average debt outstanding	$	216,885		N/A

Interest and other debt expenses increased from $3.0 million for the three months ended March 31, 2024 to $15.0 million for the three months ended March 31, 2025, primarily driven by increased borrowing expenses, due to increasing leverage quarter-over-quarter, on our SG Facility and Revolving Credit Facility. The average borrowings outstanding of the Company increased to $895.6 million for the three months ended March 31, 2025 from $197.0 for the three months ended March 31, 2024. The average effective interest rate on borrowings outstanding decreased to 6.2% for the three months ended March 31, 2025 from 7.8% for the three months ended March 31, 2024.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses):

	Three Months Ended March 31,
	2025			2024
Net realized gain (loss) on investments	$	(743	)	$	(6	)
Unrealized appreciation on investments		5,671			2,380
Unrealized (depreciation) on investments		(9,335	)		(1,838	)
Net change in unrealized appreciation (depreciation) on investments	$	(3,664	)	$	542

We determine the fair value of our investments quarterly and any changes in fair value are recorded as unrealized gains or losses. For the three months ended March 31, 2025, net change in unrealized gains (losses) on our investments was ($3.7 million), which includes ($5.1 million) of mark-to-market losses on syndicated loans, due to market volatility. For the three months ended March 31, 2024, net unrealized gains on our investments were $0.5 million. The valuations of our debt investments generally increase as a result of a narrowing credit spread environment during the period.

The valuations of our debt investments generally increase or decrease as a result of various factors, including tightening and widening credit spreads of public and private markets, as well as changes in transaction prices during the period.

102

Management fee

The base management fee is payable quarterly in arrears at an annual rate of 1.25% of the average of the Company’s net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.

For the three months ended March 31, 2025, gross management fees increased to $4.1 million from $0 for the same period in the prior year, primarily due to an increase in average net assets, which increased to $1.4 billion for the three months ended March 31, 2025 from $0.3 million for the three months ended March 31, 2024. No management fees have been waived for the three months ended March 31, 2025 and 100% of management fees were waived for the three months ended March 31, 2024.

Incentive fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each described below.

Income based incentive fee

The income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Company pays an incentive fee quarterly as follows:

•No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized).

•100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).

•12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

Capital gains incentive fee

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. This U.S. GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

For purposes of computing the Company’s investment income incentive fee and capital gains incentive fee, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period are appropriately prorated.

103

The Adviser agreed to waive its management fee and incentive fee for the first six months following the date on which unaffiliated investors first purchased the Common Shares. Effective as of October 29, 2024, the Company and the Adviser entered into a waiver letter agreement (the “Waiver Letter Agreement”), pursuant to which the Adviser agreed to waive (i) fifty percent (50%) of any base management fee due from the Company to the Adviser under Section 5(a) of the Investment Advisory Agreement and (ii) fifty percent (50%) of any incentive fee due from the Company to the Adviser under Section 5(b) of the Investment Advisory Agreement, for the period from October 1, 2024 through December 31, 2024.

For the three months ended March 31, 2025, gross income based incentive fees increased to $4.6 million from $0.9 million for the same period in the prior year primarily due to our deployment of capital and increase in net investment income. The Company reversed $165 of previously accrued incentive fee waiver for the three months ended March 31, 2025, and 100% of incentive fees were waived for the three months ended March 31, 2024. Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.

Expense Support Agreement

On December 18, 2023, the Board approved an expense support and conditional reimbursement agreement (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company’s total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses of the Company on the Company’s behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company’s net asset value. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company’s behalf. To the extent the Company’s net asset value increases, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 1.00% of the Company’s net asset value and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement.

For the three months ended March 31, 2025 and 2024, the Adviser provided no expense support pursuant to the Expense Support Agreement. The Company’s obligation to make a reimbursement payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

Operating Expenses

Total operating expenses were $1.1 million for the three months ended March 31, 2025, primarily comprised of $0.8 million of other general and administrative expenses (including legal, rating agencies, audit, tax, valuation, technology, insurance, filing, research, and fees paid to our sub-administrator, custodian and transfer agent, and other professional fees related to management of the Company), $0.2 million of administrative service expenses, $0.1 million of expenses paid to independent trustees of the Company, and $0.1 million in organization and offering costs.

Total operating expenses were $0.6 million for the three months ended March 31, 2024, primarily comprised of $0.4 million of general and administrative, $0.1 million of administrative service expenses, $0.1 million of expenses paid to independent trustees of the Company, and $0.1 million in organization and offering costs.

The increase compared to the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio including those calculated using net asset value as a benchmark.

Administrative service expenses represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Organization costs and offering costs include expenses incurred in our initial formation and our offering of stock. See "Item 8. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Agreements and Related Party Transactions"

Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. We intend to sell our Common Shares on a continuous quarterly basis at a per share price equal to the then-current NAV per share. Our primary uses of cash will be for (i) investments in Portfolio Companies and other investments, (ii) the cost of operations (including paying Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator)), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

As of March 31, 2025 we had two credit facilities outstanding. From time to time, we may enter into additional credit facilities, increase the size of our existing credit facilities, enter additional short-term lending arrangements, and/or issue debt securities, including additional unsecured notes. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2025 we had an aggregate amount of $1,133.5 million of debt outstanding and our asset coverage ratio was 228.96%. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Revolving Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

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Equity

The following table summarizes transactions in Common Shares of beneficial interest during the three months ended March 31, 2025 and 2024:
 

	Three Months Ended March 31,
	2025				2024
	Shares		Amount		Shares		Amount
Subscriptions		8,015,241	$	204,629		12,000,000	$	300,000
Distributions Reinvested		663,603		17,055		—		—
Net increase (decrease)		8,678,844	$	221,684		12,000,000	$	300,000

Share Repurchase Program

We will commence a share repurchase program as of June 30, 2025, and intend to continue such program as of each June 30 and December 31 thereafter, in which we intend to repurchase, semi-annually, up to 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the close of the previous semi-annual period. Our Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the net asset value per share as of the last calendar day of the applicable semi-annual period.

Distributions

We authorize and declare distribution amounts per share of common shares of beneficial interest payable quarterly in arrears.

The following tables present distributions that were declared during the three months ended March 31, 2025 and 2024:

Declaration Date	Payment Date	Base Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Total Distribution Amount
March 21, 2025	April 30, 2025	$	0.57	$	0.03	$	0.60	$	34,398

Declaration Date	Payment Date	Base Distribution Per Share		Special Distribution Per Share		Total Distribution Per Share		Total Distribution Amount
March 29, 2024	April 30, 2024	$	0.53	$	—	$	0.53	$	6,361

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that we declared on our Common Shares during the three months ended March 31, 2025:

	Three Months Ended March 31,
	2025						2024
Source of Distribution	Per Share			Amount			Per Share		Amount
Net investment income	$	0.57		$	32,481		$	0.61	$	7,343
Net realized gains/(losses)		(0.01	)		(743	)		—		(6	)
Total	$	0.56		$	31,738		$	0.61	$	7,337

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if we declare a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

105

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement; and

•Expense Support and Conditional Reimbursement Agreement;

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds and accounts sponsored or managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see “Note 3. Agreements and Related Party Transactions” to the consolidated financial statements.

Recent Developments

Equity Issuances

On April 1, 2025, the Company sold and issued 8,311,477 Common Shares for an aggregate consideration of approximately $211.3 million at a price of $25.42 per Common Share.

Critical Accounting Estimates

The preparation of the consolidated financial statements will require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition, our critical accounting estimates related to investments, fair value measurement, interest and dividends income recognition and income taxes are included in the notes to our consolidated financial statements.

Contractual Obligations

The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

We entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with Antares Capital Credit Advisers LLC (in its capacity as the Administrator) to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in “Item 1. Business.”

We have established one or more credit facilities and may in the future establish additional credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof and may ask to comply with positive or negative covenants that could have an effect on our operations).

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

Unfunded Commitments

The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by portfolio companies. As of March 31, 2025 and December 31, 2024, the Company had unfunded investment commitment in the aggregate par amount of $724.7 million and $639.9 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and foreign exchange rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. The Company seeks to mitigates interest rate risk and foreign currency risk by generally employing a funding strategy of matching the duration and interest rate indices of our floating rate assets with floating rate liabilities, as well as matching currencies between our borrowing and lending, to the extent possible.

Valuation Risk

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, 97.9% of our performing debt investments at fair value were at floating rates, which are generally SOFR based and typically have durations of one to three months after which they reset to current interest rates, and many of which are subject to certain floors. Our credit facilities (including the SG Facility and Revolving Credit Facility) bear interest at floating rates with no interest rate floor. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments) and assuming no changes in our investment and borrowing structure:

Change in Interest Rates	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	76,938		$	(27,548	)	$	49,390
Up 200 basis points		51,292			(18,366	)		32,926
Up 100 basis points		25,646			(9,183	)		16,463
Down 100 basis points		(25,646	)		9,183			(16,463	)
Down 200 basis points		(51,292	)		18,366			(32,926	)
Down 300 basis points		(76,496	)		27,548			(48,948	)

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b)Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the risk factors included below and other information set forth in this report, you should carefully consider the risk factors disclosed in “Item 1A Risk Factors” of our Annual Report on Form 10-K, filed with the SEC on March 18, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. Except as set forth below, there have been no material changes during the three months ended March 31, 2025 to the risk factors set forth in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

There are Investment Limitations Related to Antares Holdings’ Environmental, Social and Governance Policy

Loans originated by (x) Antares Holdings LP (“Antares Holdings”), Antares Assetco LP, Antares Vesta Funding LP, and Antares Venus Funding LP, each a Delaware limited partnership, each as originator and lender of loans, (y) Antares Capital LP (“Antares Capital”), as arranger, administrative agent and/or similar capacities for loans, and (z) the Adviser (the “Antares Platform”) are done so in accordance with Antares Holdings’ Environmental, Social and Governance policy (such policy as amended from time to time, the “Antares ESG Policy”). The Antares ESG Policy sets forth the Antares Platform’s principal positions on environmental, social and governance (“ESG”) matters and reviews how ESG factors are incorporated into the Antares Platform’s loan and investment processes. ESG factors that the Adviser evaluates could include: (i) environment, (ii) social capital, (iii) human capital, (iv) business model and innovation, and (v) leadership and corporate governance. In considering the materiality of any ESG factor, the Adviser considers the borrower’s exposure to ESG risk, the borrower’s organizational capacity to mitigate that risk; and the potential outcomes from an adverse ESG event. Generally, ESG factors are informative but not determinative, although there are certain industries in which the Adviser will not invest depending on the specific investor/client, jurisdiction, or investor/client mandate. The Antares Capital Responsible Investment Policy (“RI Policy”) guides portfolio management and general business conduct on the integration of any ESG factors when deemed appropriate. Given the dynamic and evolving nature of ESG issues, the RI Policy is subject to continuous review and subject to change without notice; and its application can vary materially depending on the specific investor or client, jurisdiction, or investor level investment guidelines and requirements. The Adviser and/or its advisory affiliates could offer new or different strategies to current or prospective clients, including private funds or funds of one dedicated to a strategy or which pursue such strategy alongside other investments, such as secondary market acquisition of interests in funds that pursue private credit strategies or direct investment in junior capital instruments, although such investments are not generally within the Company’s expected portfolio profile.

It is possible that the Antares ESG Policy will prevent potential Portfolio Loans from being originated on the Antares Platform or prevent the Company from acquiring certain Portfolio Loans, which could impact the returns of the Company. Except as set forth in the Antares ESG Policy, the Adviser is not required to consider any particular ESG factors in evaluating investments. There is no universally accepted view on ESG standards, and the Adviser’s view as to any ESG factors might not match the view of any particular shareholder.

Terrorist Action, Military Action, Protests, Pandemics and Natural Disasters

There is a risk of terrorist attacks, military actions, other armed conflicts, violent protests, pandemics and/or natural disasters in the United States and elsewhere causing significant loss of life, property damage and/or disruptions in the local or global markets. These events can also lead to, or be a symptom of, economic, political and/or social instability. Economic and diplomatic sanctions may be in place or imposed on certain states or persons. The imposition of sanctions could adversely impact the value and/or liquidity of assets where an obligor is located in or economically tied to a sanctioned country or person. Additionally, sanctions can lead to devaluation of a sanctioned country’s currency and increased market volatility both in the sanctioned country and throughout the world, which could impact obligors and the Company, even if there is no direct relationship with a sanctioned country or person.

Pandemics and natural disasters may have similarly disruptive impacts. The potential impact of such events is unclear, but such events could have a material adverse effect on general economic conditions, the ability of obligors of Portfolio Loans held by the Company to repay such Portfolio Loans, lenders extending credit facilities to the Company, or market liquidity, thereby adversely impacting the operations of the Adviser or the Company and the returns to the shareholders.

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Trade Negotiations and Related Government Actions may Create Regulatory Uncertainty for our Portfolio Companies and our Investment Strategies and Adversely Affect the Profitability of our Portfolio Companies

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S. on numerous countries. Such tariffs could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from countries subject to the tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies. In addition, such tariffs could slow the global economy, and, while such tariffs may be adjusted downward or removed, the adjustment or removal of tariffs may or may not yield the intended results.

The Company is Subject to Risks Relating to Liability Management Transactions

Recent developments in liability management transactions by borrowers may increase in prevalence. Such techniques include, without limitation, borrowers (and sometimes a subset of existing creditors) taking advantage of flexibility provided in underlying loan documentation and limited lender protections, and borrowers seeking to raise priming debt or structurally senior debt secured by all or a portion of the existing collateral whether through uptier cashless debt exchanges or through asset drop-down transactions while subordinating existing creditors to a subset of participating creditors. In such transactions, the existing debt of the subset of participating creditors may be exchanged at a higher exchange rate than the debt of the non-participating creditors, resulting in the participating creditors realizing increased recovery prospects which are greater than, and at the expense of, the remaining existing creditors. To the extent the Company acquires a Portfolio Loan and subsequently is unable to participate in an uptier cashless loan

exchange, an asset drop-down transaction or another form of a liability management transaction, it may not realize the same recovery prospects on such Portfolio Loan as the participating lenders in such transactions.

If We Are Not Treated as a “Publicly Offered Regulated Investment Company,” as Defined in the Code, Our Shareholders That Are Individuals, Trusts or Estates Will Be Taxed as Though They Received a Distribution of Some of Our Expenses

We do not expect to be treated initially as a “publicly offered regulated investment company.” Until and unless we are treated as a “publicly offered regulated investment company” as a result of either (1) Common Shares and our preferred shares collectively being held by at least 500 persons at all times during a taxable year, (2) Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Common Shares being treated as regularly traded on an established securities market, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. shareholder’s allocable share of the management and incentive fees paid to our investment adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder’s miscellaneous itemized deductions exceeds 2% of such U.S. shareholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Refer to “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this report and our Current Report on Form 8-K filed on February 6, 2025 for the issuance of Common Shares for the three months ended March 31, 2025.

The issuance of Common Shares is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relies, in part, upon representations from the relevant investor in the Subscription Agreement that the investor is an “accredited investor” as defined in Regulation D under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

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Item 6. Exhibits

Exhibit Number	Description of Exhibits
31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document
101.PRE	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

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SIGNATURES

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

Antares Strategic Credit Fund

Date:	May 14, 2025	/s/ Vivek Mathew
		Vivek Mathew
		Chief Executive Officer
Date:	May 14, 2025	/s/ Monica Kelsey
		Monica Kelsey
		Chief Financial Officer

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