CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

1345 Avenue of the Americas
New York, NY 10105-4300
(Address of principal executive offices) (Zip code)

David O’Connor
First Eagle Investment Management, LLC
1345 Avenue of the Americas
New York, NY 10105
(Name and address of agent for service)

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Table of Contents

Letter from the President					4
Management's Discussion of Fund Performance					6
Fund Overview					10
Consolidated Schedule of Investments					12
Consolidated Statement of Assets and Liabilities					42
Consolidated Statement of Operations					43
Consolidated Statements of Changes in Net Assets					44
Consolidated Statement of Cash Flows					46
Financial Highlights					48
Notes to Financial Statements					52
Report of Independent Registered Public Accounting Firm					82
Fund Expenses					84
General Information					88
Dividend Reinvestment Plan					89
Shareholder Meeting Results					90
Tax Information					91
Privacy Notice					92
Additional Information					98

Dear Fellow Shareholders,

In my letter to you last year, I referenced the famous opening lines of Charles Dickens's A Tale of Two Cities to highlight the extant dualities in the investment environment: Was it the "best of times" or the "worst of times"? In recent years, First Eagle has consistently warned of financial markets' complacency in the face of mounting distortions and risks. With inflation that turned out to be more persistent than initially assumed and a newly resolute Federal Reserve, the balance in 2022 shifted to the "worst of times" for those unaccustomed to market corrections.

We think the equity markets' pullback in 2022 largely represented a rational and mathematical response to higher interest rates. When rates are 0%, a $100 payout 10 years from now is worth $100 today; with interest rates at 4%, the same 10-year payout is worth only $60.

As the cost of money rose in 2022, assets with uncertain, option-like payoffs far in the future declined significantly in value, including some of the most speculative pandemic-era success stories—from special purpose acquisition companies (SPACs) to emerging tech names to cryptocurrencies. Meanwhile, stocks with consistent cash flows fared much better, as sectors like health care, consumer staples and materials demonstrated relative resilience in the challenging environment. At an aggregate level, the MSCI World Value Index outperformed the MSCI World Growth Index by more than 2,000 basis points in 2022.¹

Bondholders may have been the cohort of investors most surprised by the year's events. After 40 years of steadily declining yields, most market participants had a limited frame of reference for the Fed's aggressive pace of rate hikes. For context, the Bloomberg US Aggregate Bond Index, since its inception 40 years ago, had previously lost money on an annual basis only four times, the worst of which was a decline of only 2.9%; however in 2022, the index was down 13.0%!¹ We wonder the extent to which this episode will alter investors' perceptions of risk in bond markets and structurally impact approaches to portfolio construction that were before now widely accepted, such as target date funds that tilt heavily toward supposedly "safe" fixed income investments for those in or near retirement. We have been wary of the very low yields available in public fixed income markets for some time and, in our view, were positioned appropriately for what transpired in 2022—whether through shorter-than-benchmark durations or exposure to floating-rate investments, depending on the specific mandate.

Though the Fed may have initially underestimated the persistence of inflation in the United States, it has since acted decisively and headed into year-end with a hawkish tilt. Despite this, futures markets currently assume that the fed funds terminal rate will peak shy of 5% before the central bank pivots to rate cuts in the second half of 2023.² We think this can be interpreted in one of two ways: Markets are either 1) confident in the Fed's ability to engineer a soft landing as it combats inflation, or 2) skeptical of the Fed's resolve if the economy slows. While we don't presume to be able to predict inflation, we note that the slow responsiveness of prices, particularly in the labor market, could result in a more circuitous path toward target-level inflation than soft-landing proponents expect. Labor-availability issues have pushed wage inflation to levels nearly double their norm, and wages historically have been difficult to walk back without job losses or an economic slowdown.³

In the period covered by this report, broad weakness that began in the investment grade and high yield bond markets also seeped into the floating-rate debt market. Though inflation and tighter financial conditions have started to weigh on borrowers, credit fundamentals have remained mostly supportive, for now. Loan issuance, in contrast, has been battered by higher rates and volatility, as well as increased competition from more traditional debt investments. In this environment, our Alternative Credit team put money to work selectively with an eye toward the long term. We believe the team's thoughtful strategy and painstaking execution have the potential to mitigate the impact of a tumultuous market.

So, to continue on the Dickens theme, do we have Great Expectations for the coming year? Not broadly, as we think the path ahead will remain volatile. Monetary policy takes time to transmit through the system, and it's reasonable to expect that the Fed's actions have yet to fully manifest in the economy. We will continue to look for opportunities where we can find them, but we remain wary of the many risks that are present.

As always, we seek to offer clients a differentiated range of investment options that meet their specific investment needs and we believe will demonstrate the potential for resilience through different states of the world. Across market cycles, macroeconomic conditions and disruptive events, we remain focused on our goal of delivering long-term shareholder value while avoiding the permanent impairment of your capital.

Sincerely,

Mehdi Mahmud,

President

February 2023

Duration is a way of measuring a debt instrument's sensitivity to a potential change in interest rates.

Federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis.

Floating-rate securities are financial instruments whose interest rate is adjusted periodically based on movements in an underlying reference rate.

Special-purpose acquisition company (SPACs) are publicly listed entities formed solely to acquire one or more privately held companies.

Target-date funds are packaged asset-allocation products whose investment allocation shifts over time as their target date nears.

Credit Suisse Leveraged Loan Index measures the performance of the investable universe of the USD-denominated leveraged loan market. The index inception is January 1992. The index frequency is daily, weekly and monthly.

Bloomberg US Aggregate Bond Index measures the performance of investment grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS.

MSCI World Growth Index measures the performance of large and midcap securities exhibiting growth style characteristics across 23 developed markets countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

MSCI World Value Index measures the performance of large and midcap securities exhibiting value style characteristics across 23 developed markets countries. The growth investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield.

Indexes are unmanaged and one cannot invest directly in an index.

Growth of a $1,000,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.

The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the US denominated leveraged loan market. It consists of issues rated "5B" or lower, i.e. the highest Moody's/S&P ratings are Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries.

Top 10 Holdings* (%)

Archer Systems, LLC, Initial Term Loan — First Lien (Diversified Support Services, United States)					1.4
Outerstuff LLC, Closing Date Loan — First Lien (Apparel, Accessories & Luxury Goods, United States)					1.4
Starwood Property Trust, Inc., Term Loan B 2022 — First Lien (Mortgage REITs, United States)					1.3
Mauser Packaging Solutions Holding Co. (Containers & Packaging, United States)					1.2
AAdvantage Loyalty IP Ltd., Initial Term Loan — First Lien (Airlines, United States)					1.1
Aramark Services, Inc. (Commercial Services & Supplies, United States)					1.1
TransDigm, Inc. (Aerospace & Defense, United States)					1.1
Park Place Technologies, LLC, Closing Date Term Loan — First Lien (IT Consulting & Other Services, United States)					1.1
Endo1 Partners, Seventh Amendment DDTL — First Lien (Health Care Services, United States)					1.1
ANI Pharmaceuticals, Inc., Initial Term Loan — First Lien (Pharmaceuticals, United States)					1.1
Total					11.9

Investments	Principal Amount ($)		Value ($)
Senior Loans (a) — 109.2%
Advertising — 2.1%
MH Sub I/Indigo/WebMD Health (fka Micro holdings/Internet Brands), 2020 June New Term Loan — First Lien (ICE LIBOR USD 1 month + 3.75%, 1.00% Floor), 8.13%, 9/13/2024 (b)		2,992,327		2,914,317
New Insight Holdings, Inc. (Research Now), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 8.84%, 12/20/2024		4,944,240		3,743,210
WH Borrower, LLC (aka WHP Global), Initial Term Loan — First Lien (SOFR 3 month + 5.50%, 0.50% Floor), 9.36%, 2/15/2027		2,985,000		2,865,600
				9,523,127
Aerospace & Defense — 2.3%
HDT Holdco, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 0.75% Floor), 10.48%, 7/8/2027		2,810,127		2,399,145
MAG DS Corp., Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 10.23%, 4/1/2027‡ (c)(d)		1,620,326		1,490,700
Maxar Technologies Inc, Initial Term Loan — First Lien (SOFR 1 month + 4.25%, 0.50% Floor), 8.67%, 6/14/2029		997,494		997,938
New Constellis Borrower LLC, Term B Loan — First Lien (ICE LIBOR USD 1 month + 7.50%, 1.00% Floor), 11.88%, 3/27/2024‡		2,949,748		2,470,414
Transdigm Inc., Term Loan H (12/22) — First Lien, 2/28/2027 (b)		3,000,000		2,993,445
				10,351,642
Agricultural & Farm Machinery — 0.2%
Hydrofarm Holdings Group, Inc., Term Loan — First Lien (ICE LIBOR USD 1 month + 5.50%, 1.00% Floor), 9.89%, 10/25/2028‡ (c)(d)		1,209,780		1,046,460
Air Freight & Logistics — 2.3%
AIT Worldwide Logistics, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.75% Floor), 8.49%, 4/6/2028 (b)(d)		2,992,424		2,757,713

Investments	Principal Amount ($)		Value ($)
Air Freight & Logistics — 2.3% (continued)
LaserShip, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.50%, 0.75% Floor), 9.23%, 5/7/2028 (b)		2,992,424		2,168,251
LaserShip, Inc., Term Loan — Second Lien (ICE LIBOR USD 3 month + 7.50%, 0.75% Floor), 12.23%, 5/7/2029‡		4,000,000		2,440,000
Omni Intermediate Holdings, LLC (Omni Logistics), Initial Term Loan — First Lien (SOFR 3 month + 5.00%, 1.00% Floor), 9.73%, 12/30/2026‡ (c)(d)		3,263,967		3,215,007
				10,580,971
Airlines — 1.1%
AAdvantage Loyalty IP Ltd., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.75% Floor), 8.99%, 4/20/2028 (b)		5,000,000		4,986,725
Alternative Carriers — 0.8%
Zayo Group Holdings, Inc., 2022 Incremental Term Loan — First Lien (SOFR 1 month + 4.25%, 0.50% Floor), 8.57%, 3/9/2027		4,124,568		3,442,715
Apparel, Accessories & Luxury Goods — 1.4%
Outerstuff LLC, Closing Date Loan — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.73%, 12/31/2023‡		6,897,822		6,164,928
Application Software — 7.2%
Apex Analytix, Inc. (Montana Buyer, Inc.), Term Loan — First Lien (SOFR 6 month + 5.75%, 0.75% Floor), 8.69%, 7/22/2029‡ (c)(e)		2,695,652		2,628,261
AppHub, Delayed Draw Term Loan — First Lien (SOFR 6 month + 5.75%, 1.00% Floor), 10.73%, 9/29/2028‡ (c)(e)		166,285		163,791
AppHub, Term Loan — First Lien (SOFR 6 month + 5.75%, 1.00% Floor), 10.01%, 9/29/2028‡ (c)(d)(e)		2,675,011		2,634,886
AppLovin Corp., Initial Term Loan — First Lien, 8/15/2025 (b)		2,493,506		2,407,530
CDK Global, Inc. (Central Parent, Inc.), Term Loan B — First Lien (SOFR 3 month + 4.50%, 0.50% Floor), 9.08%, 7/6/2029		360,610		357,967

Investments	Principal Amount ($)		Value ($)
Application Software — 7.2% (continued)
Certify, Inc., Fourth Amendment Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 9.89%, 2/28/2024‡ (c)(e)		1,000,000		1,000,000
Certify, Inc., Fourth Amendment Term Loan — First Lien (ICE LIBOR USD 1 month + 5.50%, 1.00% Floor), 9.89%, 2/28/2024‡ (c)(d)(e)		1,000,000		1,000,000
Great Dane Merger Sub, Inc. (CommerceHub), Initial Term Loan — Second Lien (SOFR 6 month + 7.00%), 11.53%, 12/29/2028		5,000,000		3,993,750
Mitchell International, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 3.75%, 0.50% Floor), 8.41%, 10/15/2028 (b)		1,994,975		1,844,324
PDFTron Systems Inc., 2022-1 Incremental Term Loan — First Lien (SOFR 1 month + 5.50%, 1.00% Floor), 9.82%, 7/15/2027‡ (c)(d)(e)		3,482,500		3,447,675
PDFTron Systems, Inc., July 2021 Delayed Draw — First Lien (SOFR 1 month + 5.50%, 1.00% Floor), 9.82%, 7/15/2027‡ (c)(d)(e)		357,991		354,411
PDFTron Systems, Inc., July 2021 Term Loan — First Lien (SOFR 1 month + 5.50%, 1.00% Floor), 9.82%, 7/15/2027‡ (c)(d)(e)		1,111,050		1,099,940
Precisely (Pearl Debt Merger Sub 1, Inc.), Third Amendment Term Loan — First Lien (ICE LIBOR USD 3 month + 4.00%, 0.75% Floor), 8.36%, 4/24/2028		1,989,924		1,653,130
Sapio Sciences, LLC (Jarvis Bidco), Initial Term Loan — First Lien (SOFR 1 month + 6.25%, 1.00% Floor), 10.67%, 11/17/2028‡ (c)(d)(e)		3,312,500		3,262,813
SS&C Technologies European Holdings Sarl, Term Loan B-4 — First Lien (ICE LIBOR USD 1 month + 1.75%), 6.13%, 4/16/2025		1,089,963		1,073,613
SS&C Technologies Holdings, Inc., Term Loan B-3 — First Lien (ICE LIBOR USD 1 month + 1.75%), 6.13%, 4/16/2025		1,340,711		1,320,600
TMA Buyer, LLC, Delayed Draw — First Lien (SOFR 3 month + 6.25%, 1.00% Floor), 10.67%, 9/30/2027‡ (c)(e)		147,826		141,913

Investments	Principal Amount ($)		Value ($)
Application Software — 7.2% (continued)
TMA Buyer, LLC, Term Loan — First Lien (SOFR 3 month + 6.25%, 1.00% Floor), 10.98%, 9/30/2027‡ (c)(d)(e)		1,242,138		1,192,453
Veracode (Mitnick Corporate Purchaser, Inc.), Initial Term Loan — First Lien (SOFR 3 month + 4.75%, 0.50% Floor), 8.94%, 5/2/2029		2,992,500		2,811,095
				32,388,152
Asset Management & Custody Banks — 2.3%
ABC Financials (Project Accelerate Parent LLC), Term Loan — First Lien (ICE LIBOR USD 1 month + 4.25%, 1.00% Floor), 8.63%, 1/2/2025‡		997,382		940,033
Doxa Insurance Holdings LLC, Term Loan — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.98%, 12/4/2026‡ (c)(d)(e)		2,878,327		2,820,761
Focus Financial Partners, LLC, Tranche B-5 Term Loan — First Lien (SOFR 1 month + 3.25%), 7.74%, 6/30/2028		997,500		987,734
Oak Point Partners, LLC, Term Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 1.00% Floor), 9.64%, 12/1/2027‡ (c)(d)(e)		2,786,968		2,759,098
Orion Group Holdco, LLC, First Amendment Incremental Delayed Draw Term Loan — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 10.84%, 3/19/2027‡ (c)(e)		596,047		585,616
Orion Group Holdco, LLC, First Amendment Incremental Loan — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 10.84%, 3/19/2027‡ (c)(d)(e)		2,181,192		2,143,021
				10,236,263
Auto Parts & Equipment — 0.8%
K&N Parent, Inc., Term Loan (10/22) — First Lien (SOFR 3 month + 8.00%), 11.98%, 1/3/2023‡ (d)(e)		862,822		880,079
Power Stop, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.50% Floor), 9.48%, 1/26/2029‡		3,970,000		2,868,325
				3,748,404

Investments	Principal Amount ($)		Value ($)
Brewers — 0.2%
City Brewing Company, LLC, Closing Date Term Loan — First Lien (ICE LIBOR USD 1 month + 3.50%, 0.75% Floor), 7.79%, 4/5/2028		1,984,925		890,735
Broadcasting — 0.9%
A-L Parent LLC (Learfield), Initial Term Loans — First Lien (ICE LIBOR USD 1 month + 3.25%, 1.00% Floor), 7.64%, 12/1/2023		1,973,753		1,484,894
Allen Media, LLC, Initial Term Loan (2021) — First Lien (SOFR 3 month + 5.50%), 10.23%, 2/10/2027		1,984,691		1,634,274
Terrier Media Buyer Inc. (Cox Media Group), 2021 Term B Loan — First Lien (ICE LIBOR USD 3 month + 3.50%), 8.23%, 12/17/2026		997,455		936,721
				4,055,889
Casinos & Gaming — 1.1%
888 Acquisitions Limited, Facility B (USD) — First Lien (PRIME 3 month + 5.50%), 8.53%, 7/3/2028		997,826		895,549
Golden Nugget, Inc., Term Loan — First Lien (SOFR 1 month + 4.00%, 0.50% Floor), 8.32%, 1/27/2029		249,372		237,590
J&J Ventures Gaming, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.00%, 0.75% Floor), 8.73%, 4/26/2028‡		3,031,197		2,913,739
Jack Ohio Finance (Jack Entertainment), Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 4.75%, 0.75% Floor), 9.13%, 10/4/2028‡		997,319		979,866
				5,026,744
Commercial Printing — 0.6%
Astra Acquisition Corp., Term B Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 0.50% Floor), 9.63%, 10/25/2028 (d)		2,971,403		2,637,120
Commodity Chemicals — 1.0%
A&A Global Imports, LLC, Revolving Loan — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.38%, 6/1/2026‡ (c)(e)		23,747		21,610
A&A Global Imports, LLC, Term Loan — First Lien (ICE LIBOR USD 1 month + 6.00%, 1.00% Floor), 10.38%, 6/1/2026‡ (c)(d)(e)		1,761,967		1,603,390

Investments	Principal Amount ($)		Value ($)
Commodity Chemicals — 1.0% (continued)
USALCO, LLC, Term Loan A — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.73%, 10/19/2027‡ (c)(d)(e)		2,970,000		2,880,900
				4,505,900
Communications Equipment — 1.0%
SonicWALL, Inc., Term Loan — Second Lien (ICE LIBOR USD 3 month + 7.50%), 12.20%, 5/18/2026		4,640,000		4,315,200
Construction Materials — 1.1%
Foley Products Co. LLC, Initial Term Loan — First Lien (SOFR 3 month + 4.75%, 0.50% Floor), 9.48%, 12/29/2028		4,961,618		4,808,652
Smyrna Ready Mix Concrete LLC, Initial Term Loan — First Lien (SOFR 1 month + 4.25%, 0.50% Floor), 8.67%, 4/2/2029‡		249,373		245,009
				5,053,661
Construction & Engineering — 1.1%
Amentum Government Services Holdings LLC (AECOM Technology Corp.), Tranche 2 Term Loan — Second Lien (SOFR 3 month + 7.50%, 0.75% Floor), 12.18%, 2/15/2030		2,000,000		1,831,670
Amentum Government Services Holdings LLC (AECOM Technology Corp.), Tranche 3 Term Loan — First Lien (SOFR 6 month + 4.00%, 0.50% Floor), 8.12%, 2/15/2029		1,990,000		1,943,981
TriStrux, LLC, Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 10.73%, 12/23/2026‡ (c)(e)		321,748		313,705
TriStrux, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.73%, 12/23/2026‡ (c)(d)(e)		917,272		894,340
TriStrux, LLC, Revolver — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.73%, 12/23/2026‡ (c)(e)		163,555		159,466
				5,143,162
Consumer Finance — 1.0%
NAC Holding Corporation (National Auto Care/ Jaguar), DDTL D — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.23%, 9/28/2024‡ (c)(e)		644,318		644,318

Investments	Principal Amount ($)		Value ($)
Consumer Finance — 1.0% (continued)
NAC Holding Corporation (National Auto Care/ Jaguar), DDTL D — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 8.69%, 9/28/2024‡ (c)(e)		370,455		370,455
NAC Holding Corporation (National Auto Care/ Jaguar), DDTL D — First Lien (SOFR 1 month + 5.25%, 1.00% Floor), 9.86%, 9/28/2024‡ (c)(e)		107,954		107,954
NAC Holding Corporation (National Auto Care/ Jaguar), Term Loan — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 9.46%, 9/28/2024‡ (c)(d)(e)		1,488,841		1,488,840
NAC Holding Corporation (National Auto Care/ Jaguar), Delayed Draw Term Loan A — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 9.45%, 9/28/2024‡ (c)(d)(e)		988,550		988,550
Riveron Acquisition Holdings, Inc., 5th Amendment Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 1.00% Floor), 10.48%, 5/22/2025‡ (c)(d)(e)		399,088		399,088
Riveron Acquisition Holdings, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 1.00% Floor), 10.48%, 5/22/2025‡ (c)(d)(e)		501,450		501,450
				4,500,655
Distributors — 0.7%
Highline Aftermarket Acquisition, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 4.50%, 0.75% Floor), 8.57%, 11/9/2027		942,578		865,993
Project Castle, Inc. (Material Handling Systems Inc./ MHS/Deliver Buyer), Initial Term Loan — First Lien (SOFR 3 month + 5.50%, 0.50% Floor), 10.09%, 6/1/2029‡ (d)		2,992,500		2,435,147
				3,301,140
Diversified Capital Markets — 0.3%
Reich & Tang Deposits Network, First Amendment Term Loan — First Lien (SOFR 1 month + 5.00%), 9.68%, 10/27/2027‡ (c)(d)(e)		648,913		648,913
Reich & Tang Deposits Network, Term Loan A — First Lien (SOFR 1 month + 5.00%, 1.00% Floor), 9.42%, 10/27/2027‡ (c)(d)(e)		926,333		926,333
				1,575,246

Investments	Principal Amount ($)		Value ($)
Diversified Chemicals — 1.1%
AgroFresh, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 6.25%, 1.00% Floor), 10.63%, 12/31/2024‡ (d)		4,883,542		4,798,081
Diversified Metals & Mining — 0.3%
Form Technologies (Dynacast), Last Out Term Loan — First Lien (ICE LIBOR USD 3 month + 9.00%, 1.00% Floor), 13.70%, 10/22/2025‡ (d)		287,123		229,698
Form Technologies (Dynacast), Term Loan B — First Lien (ICE LIBOR USD 3 month + 4.50%, 1.00% Floor), 9.20%, 7/22/2025 (d)		326,786		284,916
Prince International Corporation (PMHC II, Inc.), Initial Term Loan — First Lien (SOFR 3 month + 4.25%, 0.50% Floor), 8.49%, 4/23/2029		997,500		848,135
				1,362,749
Diversified Support Services — 1.4%
Archer Systems, LLC, Initial Term Loan — First Lien (SOFR 1 month + 6.50%, 1.00% Floor), 10.92%, 8/11/2027‡ (c)(d)(e)		6,333,333		6,254,167
Education Services — 0.3%
American Public Education, Term Loan B — First Lien (ICE LIBOR USD 1 month + 5.50%, 0.75% Floor), 9.88%, 3/29/2027‡		1,719,711		1,689,616
Electronic Equipment & Instruments — 0.9%
VeriFone Systems, Inc., Term Loan — First Lien (ICE LIBOR USD 3 month + 4.00%), 8.36%, 8/20/2025		4,244,118		3,910,573
Electronic Manufacturing Services — 1.2%
Creation Technologies, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 0.50% Floor), 9.25%, 10/5/2028‡		2,243,737		1,806,209
Natel Engineering Co., Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.42%, 4/30/2026‡ (d)		3,944,077		3,704,158
				5,510,367

Investments	Principal Amount ($)		Value ($)
Environmental & Facilities Services — 1.0%
Belfor Holdings, Inc., Tranche B-2 Term Loan — First Lien (SOFR 1 month + 4.25%, 0.50% Floor), 8.34%, 4/6/2026‡ (b)		2,987,271		2,972,335
OWL Landfill Services, LLC, Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 1.00% Floor), 10.48%, 6/30/2026‡ (c)(e)		1,390,589		1,376,682
				4,349,017
Food Distributors — 0.5%
United Natural Foods, Inc., Term Loan B — First Lien (SOFR 1 month + 3.25%), 7.69%, 10/22/2025		2,093,750		2,091,541
Health Care Facilities — 1.3%
ConvenientMD (CMD Intermediate Holdings, Inc.), Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.74%, 6/9/2027‡ (c)(e)		328,125		328,125
ConvenientMD (CMD Intermediate Holdings, Inc.), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.73%, 6/9/2027‡ (c)(d)(e)		1,723,750		1,723,750
Quorum Health Resources (QHR), Term Loan — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 9.80%, 5/28/2027‡ (c)(d)(e)		1,062,472		1,046,535
WP CityMD Bidco, LLC (CityMD), Second Amendment Refinancing Term Loan — First Lien (ICE LIBOR USD 1 month + 3.25%, 0.50% Floor), 7.63%, 12/22/2028		2,992,462		2,990,008
				6,088,418
Health Care Services — 10.4%
Anne Arundel Dermatology Management, LLC, DDTL A — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.98%, 10/16/2025‡ (c)(d)(e)		115,214		112,621
Anne Arundel Dermatology Management, LLC, DDTL B — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.98%, 10/16/2025‡ (c)(d)(e)		195,158		190,767
Anne Arundel Dermatology Management, LLC, DDTL C — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 9.51%, 10/16/2025‡ (c)(e)		491,000		479,953

Investments	Principal Amount ($)		Value ($)
Health Care Services — 10.4% (continued)
Anne Arundel Dermatology Management, LLC, Restatement Date Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.98%, 10/16/2025‡ (c)(d)(e)		1,901,268		1,858,490
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.73%, 9/29/2028‡ (c)(d)(e)		2,943,698		2,899,542
Boston Clinical Trials LLC (Alcanza Clinical Research), Incremental Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%), 10.40%, 12/15/2027‡ (c)(d)(e)		3,673,672		3,618,567
Boston Clinical Trials LLC (Alcanza Clinical Research), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 10.40%, 12/20/2027‡ (c)(d)(e)		745,313		734,133
CC Amulet Management, LLC (Children's Choice), 2021 Revolver — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.42%, 9/1/2026‡ (c)(e)		36,441		35,804
CC Amulet Management, LLC (Children's Choice), 2021 Term Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 1.00% Floor), 9.38%, 8/31/2027‡ (c)(d)(e)		1,696,816		1,667,122
Civitas Solutions Inc. (National Mentor Holding), Initial Term C Loan — First Lien (ICE LIBOR USD 3 month + 3.75%, 0.75% Floor), 8.48%, 3/2/2028		72,437		51,028
Civitas Solutions Inc. (National Mentor Holding), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 3.75%, 0.75% Floor), 8.33%, 3/2/2028		2,552,122		1,797,829
Civitas Solutions, Inc. (National Mentor Holding), Initial Term Loan — Second Lien (ICE LIBOR USD 3 month + 7.25%, 0.75% Floor), 11.98%, 3/2/2029		5,000,000		3,331,250
Community Based Care Acquisition, Inc., Delayed Draw Tranche A Term Loan — First Lien (SOFR 3 month + 5.25%), 9.93%, 9/16/2027‡ (c)(d)(e)		861,517		848,594
Community Based Care Acquisition, Inc., Initial Term Loan — First Lien (SOFR 3 month + 5.25%), 9.93%, 9/16/2027‡ (c)(d)(e)		2,239,939		2,206,340

Investments	Principal Amount ($)		Value ($)
Health Care Services — 10.4% (continued)
Endo1 Partners, Seventh Amendment DDTL — First Lien (SOFR 3 month + 5.00%), 9.57%, 3/24/2026‡ (c)(e)		4,988,800		4,913,968
Endo1 Partners, Third Amendment DDTL — First Lien (SOFR 3 month + 5.00%, 1.00% Floor), 9.57%, 3/24/2026‡ (c)(d)(e)		1,995,211		1,965,283
Epic Staffing Group (Cirrus/Tempus/ Explorer Investor), Initial Term Loan — First Lien (SOFR 3 month + 5.75%, 0.50% Floor), 10.16%, 6/28/2029‡ (c)		3,285,814		3,105,094
IPM MSO Management, LLC, Closing Date Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 11.24%, 6/17/2026‡ (c)(d)(e)		832,807		832,807
IPM MSO Management, LLC, Delayed Draw Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 11.24%, 6/17/2026‡ (c)(d)(e)		99,874		99,874
IPM MSO Management, LLC, Second Amendment Term Loan — First Lien (SOFR 3 month + 6.50%), 10.21%, 6/17/2026‡ (c)(d)(e)		228,703		228,703
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan — First Lien (SOFR 3 month + 5.25%), 9.53%, 12/6/2027‡ (c)(e)		585,542		579,687
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Initial Term Loan — First Lien (SOFR 1 month + 5.25%, 1.00% Floor), 9.57%, 12/6/2027‡ (c)(d)(e)		1,747,663		1,730,186
Lighthouse Lab Services (LMSI Buyer, LLC), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.73%, 10/25/2027‡ (c)(d)(e)		1,941,713		1,907,733
Lighthouse Lab Services (LMSI Buyer, LLC), Revolver — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.41%, 10/25/2027‡ (c)(e)		55,788		54,812
NAPA Management Services Corp., Initial Term Loan — First Lien (SOFR 1 month + 5.25%, 0.75% Floor), 9.67%, 2/23/2029 (d)		3,970,000		3,269,057

Investments	Principal Amount ($)		Value ($)
Health Care Services — 10.4% (continued)
NSM Top Holdings Corp. (National Seating & Mobility, Inc.), Initial Term Loan — First Lien (SOFR 1 month + 5.25%), 9.67%, 11/16/2026		3,974,398		3,583,576
Point Quest Acquisition LLC, Initial Term Loan — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 10.41%, 8/14/2028‡ (c)(d)(e)		2,351,250		2,315,981
Point Quest Acquisition LLC, Revolver — First Lien (PRIME 6 month + 5.00%), 12.50%, 8/14/2028‡ (c)(e)		142,858		140,714
Point Quest Acquisition LLC, Revolver — First Lien (SOFR 6 month + 6.00%, 1.00% Floor), 9.93%, 8/14/2028‡ (c)(e)		380,952		375,238
Women's Care Holdings, Inc., Initial Term Loan — Second Lien (ICE LIBOR USD 3 month + 8.25%, 0.75% Floor), 11.62%, 1/12/2029‡ (d)		2,179,247		1,977,667
				46,912,420
Health Care Supplies — 0.7%
Lifescan Global Corporation, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 6.00%), 9.74%, 10/1/2024 (d)		4,268,100		3,105,043
Health Care Technology — 1.8%
AG Parent Holdings LLC (ArisGlobal), Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 5.00%), 9.38%, 7/31/2026 (d)		4,961,637		4,821,322
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), Term Loan — First Lien (ICE LIBOR USD 3 month + 3.75%, 1.00% Floor), 8.48%, 2/16/2024		2,852,558		1,985,380
nThrive, Inc. (fka Precyse Acquisition Corp.), Term Loan — Second Lien (ICE LIBOR USD 1 month + 6.75%, 0.50% Floor), 11.13%, 12/17/2029		2,000,000		1,538,120
				8,344,822
Heavy Electrical Equipment — 0.6%
Arcline FM Holding, LLC (Fairbanks), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.75% Floor), 9.48%, 6/23/2028‡		2,962,500		2,824,240

Investments	Principal Amount ($)		Value ($)
Hotels, Resorts & Cruise Lines — 2.7%
Alpine X, 2nd Amendment Revolver — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 9.82%, 12/27/2027‡ (c)(e)		28,571		28,286
Alpine X, Delayed Draw Term Loan — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 9.82%, 12/27/2027‡ (c)(e)		608,762		602,674
Alpine X, Revolver — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 9.82%, 12/27/2027‡ (c)(e)		60,876		60,268
Alpine X, Second Amendment Incremental Term Loan 2022 — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 9.82%, 12/27/2027‡ (c)(d)(e)		1,000,000		990,000
Alpine X, Term Loan — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 9.82%, 12/27/2027‡ (c)(d)(e)		945,743		936,285
AP Gaming I LLC (American Gaming Systems), Term Loan B — First Lien (SOFR 3 month + 4.00%, 0.75% Floor), 8.73%, 2/15/2029‡ (d)		997,487		947,613
Mileage Plus Holdings, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 10.00%, 6/21/2027		3,715,179		3,828,027
Stats, LLC (Peak Jersey Holdco Ltd), Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%), 9.90%, 7/10/2026‡ (d)		4,961,637		4,601,918
				11,995,071
Household Products — 0.4%
Lash Opco LLC, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 7.00%, 1.00% Floor), 11.17%, 3/18/2026‡ (c)(d)(e)		1,908,718		1,889,631
Human Resource & Employment Services — 0.8%
Addison Group (AG Group Holdings, Inc.), Initial Term Loan — First Lien (SOFR 3 month + 4.00%, 0.50% Floor), 8.14%, 12/29/2028‡		997,487		955,094
Danforth Buyer, Inc., First Amendment Additional Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 11.05%, 12/9/2027‡ (c)(d)(e)		1,189,430		1,183,483

Investments	Principal Amount ($)		Value ($)
Human Resource & Employment Services — 0.8% (continued)
Danforth Buyer, Inc., Initial Term Loan — First Lien (SOFR 3 month + 5.25%, 1.00% Floor), 10.09%, 12/9/2027‡ (c)(d)(e)		1,512,500		1,489,812
				3,628,389
Industrial Machinery — 1.2%
Engineered Machinery Holdings, Inc. (WP Deluxe Merger Sub, Inc. (Duravant)), Incremental Amendment Term Loan — Second Lien (ICE LIBOR USD 3 month + 6.50%, 0.75% Floor), 11.23%, 5/21/2029		500,000		456,665
Restaurant Technologies, Inc. (Eagle Parent Corp.), Initial Term Loan — First Lien (SOFR 3 month + 4.25%, 0.50% Floor), 7.80%, 4/2/2029		249,372		245,444
SPX Flow, Inc., Term Loan — First Lien (SOFR 1 month + 4.50%, 0.50% Floor), 8.92%, 4/5/2029		4,865,884		4,557,435
				5,259,544
Insurance Brokers — 1.9%
Newcleus, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 6.00%, 1.00% Floor), 9.67%, 8/2/2026‡ (c)(d)(e)		1,200,203		1,122,190
Portfolio Holding, Inc. (Turbo Buyer/PGM), Amendment No. 3 Incremental Term Loans — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (c)(d)(e)		1,975,000		1,955,250
Portfolio Holding, Inc. (Turbo Buyer/PGM), Amendment No. 4 Incremental Delayed Draw Term Loans — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (c)(d)(e)		776,245		768,483
Portfolio Holding, Inc. (Turbo Buyer/PGM), Amendment No. 4 Incremental Term Loans — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 8.88%, 12/2/2025‡ (c)(d)(e)		1,161,676		1,150,059
Socius Insurance Services, Inc., Closing Date Term Loan — First Lien (ICE LIBOR USD 3 month + 5.00%, 1.00% Floor), 9.73%, 6/30/2027‡ (c)(d)(e)		1,209,649		1,197,553
Tricor, LLC, Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 9.94%, 10/22/2026‡ (c)(e)		402,052		395,016

Investments	Principal Amount ($)		Value ($)
Insurance Brokers — 1.9% (continued)
Tricor, LLC, Revolving Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.56%, 10/22/2026‡ (c)(e)		86,538		85,024
Tricor, LLC, Term Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 1.00% Floor), 9.38%, 10/22/2026‡ (c)(d)(e)		1,919,422		1,885,833
				8,559,408
Interactive Media & Services — 1.2%
Ingenio LLC, First Amendment Term Loan — First Lien (ICE LIBOR USD 1 month + 7.40%, 1.00% Floor), 11.80%, 8/3/2026‡ (c)(d)(e)		4,102,758		4,020,703
Ingenio LLC, Term Loan — First Lien (ICE LIBOR USD 1 month + 7.40%, 1.00% Floor), 11.80%, 8/3/2026‡ (c)(d)(e)		1,325,192		1,298,688
				5,319,391
Internet & Direct Marketing Retail — 2.9%
Delivery Hero SE, Initial Dollar Term Loan — First Lien (SOFR 3 month + 5.75%, 0.50% Floor), 10.01%, 8/12/2027 (c)		3,980,000		3,848,998
Everlane, Inc., Term Loan — First Lien (SOFR 1 month + 6.50%, 1.00% Floor), 10.62%, 3/31/2025‡ (c)(e)		3,750,000		3,675,000
Kobra International, LTD. (d/b/a Nicole Miller), Term Loan — First Lien (ICE LIBOR USD 1 month + 7.00%, 1.00% Floor), 11.37%, 5/17/2025‡ (c)(e)		3,024,615		3,024,616
Sweetwater Borrower LLC, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 4.25%, 0.75% Floor), 8.69%, 8/7/2028‡		2,745,828		2,553,620
				13,102,234
Internet Services & Infrastructure — 1.2%
Go Daddy Operating Company LLC (GD Finance Co., Inc.), Term Loan B — First Lien (SOFR 1 month + 3.25%), 7.68%, 11/9/2029		3,000,000		2,998,950
Technology Partners, LLC (Imagine Software), Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 10.14%, 11/16/2027‡ (c)(d)(e)		2,310,445		2,258,460
				5,257,410

Investments	Principal Amount ($)		Value ($)
IT Consulting & Other Services — 5.2%
Alpine SG, LLC (ASG), April 2022 Term Loan — First Lien (SOFR 1 month + 6.00%, 1.00% Floor), 10.32%, 11/5/2027‡ (c)(d)(e)		708,496		694,326
Alpine SG, LLC (ASG), Initial Term Loan Commitment — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 10.24%, 11/5/2027‡ (c)(d)(e)		1,351,194		1,324,170
Alpine SG, LLC (ASG), November 2021 Term Loan — First Lien (SOFR 1 month + 6.00%, 1.00% Floor), 10.84%, 11/5/2027‡ (c)(d)(e)		2,101,990		2,059,950
Asurion, LLC, New B-10 Term Loan — First Lien, 8/19/2028 (b)		2,493,750		2,231,283
Asurion, LLC, Term Loan B3 — Second Lien (ICE LIBOR USD 1 month + 5.25%), 9.63%, 1/31/2028		3,000,000		2,357,490
Automated Control Concepts, Inc., Revolver — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 11.23%, 10/22/2026‡ (c)(e)		104,167		100,000
Automated Control Concepts, Inc., Term Loan — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 11.23%, 10/22/2026‡ (c)(d)(e)		2,276,484		2,185,425
Eliassen Group, LLC, 2022 Delayed Draw Term Loan — First Lien (SOFR 3 month + 5.50%, 0.75% Floor), 8.88%, 4/14/2028‡ (c)(e)		83,125		82,294
Eliassen Group, LLC, Initial Term Loan — First Lien (SOFR 3 month + 5.50%, 0.75% Floor), 10.09%, 4/14/2028‡ (c)(d)(e)		2,438,333		2,413,950
MarkLogic Corporation, Incremental Delayed Draw Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 10.87%, 10/20/2025‡ (c)(e)		291,118		291,118
MarkLogic Corporation, Incremental Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 10.85%, 10/20/2025‡ (c)(d)(e)		434,482		434,482
MarkLogic Corporation, Term Loan — First Lien (SOFR 3 month + 6.50%, 1.00% Floor), 10.85%, 10/20/2025‡ (c)(d)(e)		2,737,008		2,737,008

Investments	Principal Amount ($)		Value ($)
IT Consulting & Other Services — 5.2% (continued)
Marlin DTC — LS Midco 2, LLC (Clarus Commerce, LLC), 2A TL — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 10.73%, 7/1/2025‡ (c)(d)(e)		1,524,327		1,516,705
Park Place Technologies, LLC, Closing Date Term Loan — First Lien (SOFR 1 month + 5.00%, 1.00% Floor), 9.42%, 11/10/2027 (d)		5,203,750		4,920,796
				23,348,997
Leisure Facilities — 0.7%
Bandon Fitness Texas, Inc, Delayed Draw Term Loan — First Lien (SOFR 3 month + 6.00%), 7.00%, 7/27/2028‡ (c)(e)		93,783		92,376
Bandon Fitness Texas, Inc., Initial Term Loan — First Lien (SOFR 3 month + 6.00%), 10.20%, 7/27/2028‡ (c)(d)(e)		2,935,592		2,891,557
Bandon Fitness Texas, Inc., Revolver — First Lien (SOFR 3 month + 6.00%, 1.00% Floor), 10.38%, 7/27/2028‡ (c)(e)		147,297		145,088
				3,129,021
Leisure Products — 0.8%
Abe Investment Holdings, Inc. (Getty Images, Inc.), Initial Dollar Term Loan — First Lien (ICE LIBOR USD 1 month + 4.50%), 8.88%, 2/19/2026		3,453,577		3,451,419
Life Sciences Tools & Services — 1.6%
Sequoia Consulting Group, LLC, Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.00%, 12/17/2026‡ (c)(d)(e)		2,342,951		2,296,092
Velocity Clinical Research, Facility B1 Term Loan — First Lien (SOFR 3 month + 6.50%), 11.03%, 3/31/2028‡ (c)(d)(e)		4,965,722		4,853,993
Velocity Clinical Research, Revolver — First Lien (SOFR 3 month + 6.50%, 0.75% Floor), 11.03%, 3/31/2028‡ (c)(e)		124,263		121,466
				7,271,551
Managed Health Care — 0.5%
Lighthouse Behavioral Health Solutions, Delayed Draw Term Loan — First Lien (SOFR 3 month + 5.75%, 1.00% Floor), 10.11%, 3/28/2028‡ (c)(e)		316,794		315,210

Investments	Principal Amount ($)		Value ($)
Managed Health Care — 0.5% (continued)
Lighthouse Behavioral Health Solutions, Revolving Loan — First Lien (SOFR 3 month + 5.75%, 1.00% Floor), 10.51%, 3/28/2028‡ (c)(e)		488,550		486,107
Lighthouse Behavioral Health Solutions, Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 1.00% Floor), 10.48%, 3/28/2028‡ (c)(d)(e)		1,515,267		1,507,691
				2,309,008
Marine Ports & Services — 0.6%
Limetree Bay Terminals, LLC (Limetree Bay Financing, LLC), 2022 Term Facility — First Lien (SOFR 3 month + 4.00%, 1.00% Floor, 1.00% PIK), 9.84%, 2/15/2024		3,922,841		2,748,028
Metal & Glass Containers — 0.7%
Canister International Group Inc, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 4.75%), 9.13%, 12/21/2026		997,436		992,453
Pretium Packaging Holdings Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.00%, 0.50% Floor), 7.99%, 10/2/2028 (b)		1,454,542		1,166,754
Pretium Packaging Holdings, Inc., Term Loan — Second Lien (ICE LIBOR USD 3 month + 6.75%, 0.50% Floor), 10.99%, 10/1/2029		1,963,091		1,224,488
				3,383,695
Mortgage REITs — 1.3%
Starwood Property Trust, Inc., Term Loan B 2022 — First Lien (SOFR 1 month + 3.25%, 0.50% Floor), 7.57%, 11/18/2027 (b)		6,000,000		5,925,000
Movies & Entertainment — 1.2%
Delta 2 Lux Sarl (aka: Formula One/Alpha Topco Ltd), Facility B Loan — First Lien, 1/15/2030 (b)		1,000,000		1,000,750
WildBrain Ltd. (DHX Media), Term Loan B — First Lien (SOFR 1 month + 4.25%, 0.75% Floor), 8.69%, 3/24/2028 (d)		4,949,622		4,544,372
				5,545,122

Investments	Principal Amount ($)		Value ($)
Multi-Sector Holdings — 1.0%
Auxey Bidco Ltd. (Alexander Mann Solutions), Facility B (USD) — First Lien (ICE LIBOR USD 1 month + 5.00%), 9.38%, 6/16/2025‡ (c)		4,562,500		4,374,297
Office Services & Supplies — 0.7%
Equiniti Group PLC (AST/Armor Holdco), Initial Dollar Term Loan — First Lien (SOFR 6 month + 4.50%), 9.54%, 12/11/2028‡ (b)		3,000,000		2,981,250
Packaged Foods & Meats — 1.4%
Alpine US Bidco LLC (Aryzta North America) (Aspire Bakeries), Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 0.75% Floor), 9.54%, 5/3/2028‡		1,704,588		1,619,359
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice), Initial Term Loan — First Lien (SOFR 3 month + 3.25%, 0.50% Floor), 7.93%, 1/24/2029		995,000		894,808
Bengal Debt Sub Merger LLC (Tropicana, Naked Juice), Term Loan — Second Lien (SOFR 3 month + 6.00%, 0.50% Floor), 10.68%, 1/24/2030		4,915,863		3,973,394
				6,487,561
Paper Packaging — 1.0%
Advanced Web Technologies (AWT), Delayed Draw Term Loan — First Lien (ICE LIBOR USD 1 month + 6.25%, 1.00% Floor), 10.60%, 12/17/2026‡ (c)(d)(e)		313,323		308,623
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan — First Lien (ICE LIBOR USD 1 month + 6.25%, 1.00% Floor), 10.60%, 12/17/2026‡ (c)(e)		331,667		326,692
Advanced Web Technologies (AWT), First Requested Incremental Term Loan — First Lien (ICE LIBOR USD 1 month + 6.50%, 1.00% Floor), 10.85%, 12/17/2026‡ (c)(d)(e)		997,500		987,525
Advanced Web Technologies (AWT), Term Loan — First Lien (ICE LIBOR USD 1 month + 6.25%, 1.00% Floor), 10.60%, 12/17/2026‡ (c)(d)(e)		794,625		782,705
Golden West Packaging Group LLC, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 5.25%, 0.75% Floor), 9.63%, 12/1/2027‡ (c)		1,962,500		1,908,531
				4,314,076

Investments	Principal Amount ($)		Value ($)
Paper Products — 1.1%
R-Pac International Corp. (Project Radio), Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 6.00%, 0.75% Floor), 10.38%, 12/29/2027‡ (c)(e)		4,962,500		4,863,250
Personal Products — 2.3%
ASP MSG Acquisition Co., Inc. ( Milk Specialties), Initial Term Loan (2021) — First Lien (ICE LIBOR USD 3 month + 4.00%, 1.00% Floor), 8.73%, 8/15/2025 (d)		2,987,399		2,987,399
ASP MSG Acquisition Co., Inc. ( Milk Specialties), Term Loan — Second Lien (ICE LIBOR USD 3 month + 7.50%, 0.75% Floor), 12.23%, 2/16/2026‡ (c)(d)		3,000,000		3,015,000
Olaplex, Inc., Initial Term Loan — First Lien (SOFR 1 month + 3.50%, 0.50% Floor), 7.92%, 2/23/2029‡ (d)		1,990,000		1,865,625
Revlon Consumer Products Corporation, New SISO Term Loans — Second Lien (PRIME 3 month + 4.00%, 1.75% Floor), 11.50%, 5/7/2024‡ (e)		2,500,000		2,500,000
				10,368,024
Pharmaceuticals — 2.0%
Alvogen Pharma US, Inc., June 2022 Loan — First Lien (SOFR 3 month + 7.50%, 1.00% Floor), 12.23%, 6/30/2025‡		3,763,234		3,311,645
ANI Pharmaceuticals, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 6.00%, 0.75% Floor), 10.38%, 11/19/2027‡		5,166,411		4,908,090
Carestream Health, Inc., Term Loan — First Lien (SOFR 1 month + 7.50%, 1.00% Floor), 12.18%, 9/30/2027‡ (d)		882,123		674,824
				8,894,559
Real Estate Services — 1.6%
Avison Young (Canada) Inc., Fifth Amendment Incremental Term Loan — First Lien (SOFR 1 month + 7.00%), 10.19%, 1/31/2026‡		1,995,000		1,785,525
Avison Young (Canada) Inc., Term Loan B — First Lien (SOFR 1 month + 5.75%), 10.19%, 1/31/2026‡ (d)		2,948,810		2,469,628

Investments	Principal Amount ($)		Value ($)
Real Estate Services — 1.6% (continued)
Hudson's Bay Company ULC, Last Out Term Loan — Second Lien (ICE LIBOR USD 1 month + 7.33%, 1.00% Floor), 11.51%, 9/30/2026‡ (c)(d)(e)		2,838,086		2,838,086
				7,093,239
Research & Consulting Services — 3.1%
Axiom Global, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.75% Floor), 9.04%, 10/1/2026‡ (c)(d)		2,961,832		2,861,870
Camin Cargo Control, Inc., Term Loan — First Lien (ICE LIBOR USD 1 month + 6.50%, 1.00% Floor), 10.88%, 6/4/2026‡ (c)(e)		713,326		709,760
Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 10.73%, 6/11/2027‡ (c)(e)		327,960		318,121
Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term Loan A — First Lien (ICE LIBOR USD 3 month + 6.00%, 1.00% Floor), 10.76%, 6/11/2027‡ (c)(e)		1,050,000		1,018,500
Evergreen Services Group II LLC (Cedar/Pine), First Amendment Incremental Term Loan — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 10.73%, 6/11/2027‡ (c)(d)(e)		1,985,000		1,925,450
Evergreen Services Group II LLC (Cedar/Pine), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 6.50%, 1.00% Floor), 10.73%, 6/11/2027‡ (c)(d)(e)		670,720		650,598
Teneo Holdings LLC, Initial Term Loan — First Lien (SOFR 1 month + 5.25%, 1.00% Floor), 9.67%, 7/11/2025 (b)(d)		2,992,268		2,887,538
Vaco Holdings LLC, Initial Term Loan — First Lien (SOFR 3 month + 5.00%, 0.75% Floor), 9.73%, 1/21/2029 (b)		2,992,443		2,896,431
Zenith American Holding, Inc. (Harbour Benefit Holding, Inc./HPH-TH Holdings, LLC), Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.98%, 12/13/2024‡ (c)(d)(e)		900,619		898,368
				14,166,636

Investments	Principal Amount ($)		Value ($)
Restaurants — 1.1%
Dave & Buster's, Inc., Term Loan 2022 — First Lien (SOFR 1 month + 5.00%, 0.50% Floor), 9.44%, 6/29/2029		1,995,000		1,988,147
Miller's Ale House, Inc., Term Loan — First Lien (PRIME 3 month + 3.75%), 9.33%, 5/30/2025		3,194,838		3,099,942
Miller's Ale House, Inc., Term Loan — First Lien (SOFR 3 month + 4.75%), 11.25%, 5/30/2025		11,206		10,722
				5,098,811
Security & Alarm Services — 0.5%
Prime Security Services Borrower, LLC (Apollo Security Services Borrower LLC/Protection One Alarm Monitoring, Inc.), 2021 Refinancing Term B-1 Loan — First Lien (ICE LIBOR USD 3 month + 2.75%, 0.75% Floor), 6.50%, 9/23/2026		997,462		989,981
SuperHero Fire Protection, LLC, Closing Date Term Loan — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.98%, 9/1/2026‡ (c)(d)(e)		1,133,478		1,122,144
SuperHero Fire Protection, LLC, Delayed Draw Term Loan — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.98%, 9/1/2026‡ (c)(d)(e)		346,087		342,626
SuperHero Fire Protection, LLC, Revolver — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.76%, 9/1/2026‡ (c)(e)		27,180		26,908
				2,481,659
Soft Drinks — 0.6%
Pegasus BidCo BV (Refresco), (USD) Term Loan — First Lien (SOFR 3 month + 4.25%, 0.50% Floor), 8.52%, 7/12/2029		3,000,000		2,910,000
Specialized Consumer Services — 1.6%
LaserAway, Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.75%, 0.75% Floor), 9.76%, 10/14/2027‡ (c)(d)(e)		2,673,000		2,673,000

Investments	Principal Amount ($)		Value ($)
Specialized Consumer Services — 1.6% (continued)
OVG Business Services, LLC, Initial Term Loan — First Lien (ICE LIBOR USD 1 month + 6.25%, 1.00% Floor), 10.64%, 11/20/2028‡ (c)(d)		4,753,083		4,467,898
				7,140,898
Specialized Finance — 2.7%
Apex Group Treasury Limited, Incremental Term Loan B 2022 — First Lien, 7/27/2028 (b)		500,000		487,500
Apex Group Treasury LLC, Incremental TL B (12/22) — First Lien (SOFR 1 month + 5.00%), 9.33%, 7/27/2028‡ (b)		2,500,000		2,437,500
BCP Qualtek Merger Sub LLC (Qualtek), Tranche B Term — First Lien (ICE LIBOR USD 3 month + 6.25%, 1.00% Floor), 10.66%, 7/18/2025 (c)		4,915,308		3,256,391
Citco Funding LLC, 2022 Term B Loan — First Lien (SOFR 1 month + 3.75%, 0.50% Floor), 7.29%, 4/27/2028		3,990,000		3,970,050
ECL Entertainment, Term Loan B — First Lien (ICE LIBOR USD 1 month + 7.50%, 0.75% Floor), 11.88%, 5/1/2028 (b)(d)		997,468		996,641
iLending LLC, Term Loan — First Lien (ICE LIBOR USD 1 month + 6.00%, 1.00% Floor), 10.38%, 6/21/2026‡ (c)(d)(e)		1,164,957		1,164,957
				12,313,039
Specialty Chemicals — 1.1%
Iris Holding, Inc. (Intertape Polymer Group, Inc.), Initial Term Loan — First Lien (SOFR 3 month + 4.75%, 0.50% Floor), 8.95%, 6/28/2028 (d)		2,992,500		2,729,040
RLG Holdings, LLC, 2022 Incremental Term Loan — First Lien (SOFR 3 month + 5.00%), 8.83%, 7/7/2028‡ (b)		2,524,472		2,385,626
				5,114,666
Specialty Stores — 0.2%
TravelCenters of America, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 6 month + 6.00%, 1.00% Floor), 9.84%, 12/14/2027 (c)(d)		982,500		940,744

Investments	Principal Amount ($)		Value ($)
Systems Software — 2.3%
Condor Merger Sub, Inc. (McAfee), Tranche B-1 Term Loan — First Lien (SOFR 1 month + 3.75%, 0.50% Floor), 7.97%, 3/1/2029		2,985,000		2,786,707
Idera, Inc., 2021 Refinancing Loan — Second Lien (ICE LIBOR USD 3 month + 6.75%), 10.50%, 3/2/2029‡		1,981,375		1,644,541
McAfee Enterprise (Magenta Buyer LLC), Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 4.75%, 0.75% Floor), 9.17%, 7/27/2028 (d)		2,339,631		2,014,282
McAfee Enterprise (Magenta Buyer LLC), Initial Term Loan — Second Lien (ICE LIBOR USD 3 month + 8.25%, 0.75% Floor), 12.67%, 7/27/2029 (d)		2,000,000		1,590,000
RSA Security LLC (Redstone), Term Loan — Second Lien (ICE LIBOR USD 3 month + 7.75%, 0.75% Floor), 12.11%, 4/27/2029		5,000,000		2,534,400
				10,569,930
Technology Hardware, Storage & Peripherals — 0.9%
TouchTunes (TA TT Buyer), Initial Term Loan — First Lien (SOFR 3 month + 5.00%, 0.50% Floor), 9.58%, 4/2/2029		3,990,000		3,890,250
Textiles — 0.8%
International Textile Group, Inc., Initial Term Loan — First Lien (ICE LIBOR USD 3 month + 5.00%), 8.86%, 5/1/2024		4,940,362		3,462,379
Thrifts & Mortgage Finance — 0.9%
Walker & Dunlop, Inc., Incremental Term Loan B (12/22) — First Lien, 12/16/2028‡ (b)		4,083,707		4,042,870
Tires & Rubber — 0.5%
The Carlstar Group, Initial Term Loan — First Lien (SOFR 1 month + 6.50%), 10.92%, 7/8/2027‡ (c)(d)(e)		2,445,238		2,396,333
Trading Companies & Distributors — 2.1%
Apex Service Partners, LLC, Ninth Amendment Incremental DDTL — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.67%, 7/31/2025‡ (c)(d)(e)		792,652		792,652
Apex Service Partners, LLC, Ninth Amendment Incremental Term Loan — First Lien (ICE LIBOR USD 3 month + 5.25%, 1.00% Floor), 9.42%, 7/31/2025‡ (c)(d)(e)		528,000		528,000

Investments	Principal Amount ($)		Value ($)
Trading Companies & Distributors — 2.1% (continued)
Apex Service Partners, LLC, Revolver — First Lien (ICE LIBOR USD 6 month + 5.25%, 1.00% Floor), 9.98%, 7/31/2025‡ (c)(e)		28,070		28,070
FloWorks International LLC, Initial Term Loan — First Lien (SOFR 1 month + 5.75%, 0.50% Floor), 10.04%, 12/27/2028‡ (c)		2,985,000		2,776,050
Parts Town (PT Intermediate Holdings III LLC), 2022 Incremental Term Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 10.23%, 11/1/2028‡ (c)		1,488,750		1,444,087
Parts Town (PT Intermediate Holdings III LLC), Term B Loan — First Lien (ICE LIBOR USD 3 month + 5.50%, 1.00% Floor), 10.23%, 11/1/2028‡ (c)		2,970,000		2,880,900
Yak Access LLC (Yak Mat), Incremental Term Loan (12/22) — First Lien (PRIME 3 month + 7.25%), 14.75%, 1/27/2023‡ (d)(e)		680,756		689,266
Yak Access LLC (Yak Mat), Super Priority Term Loan (10/22) — First Lien (PRIME 3 month + 7.25%), 11.48%, 1/27/2023‡ (d)(e)		423,362		428,654
				9,567,679
Trucking — 3.4%
A&R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan — First Lien (SOFR 3 month + 5.75%, 1.00% Floor), 9.99%, 5/3/2025‡ (c)(d)(e)		3,288,463		3,288,463
A&R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan — First Lien (SOFR 3 month + 6.25%, 1.00% Floor), 10.72%, 5/3/2025‡ (c)(d)(e)		622,222		622,222
Avis Budget Car Rental, LLC, Term Loan C — First Lien (SOFR 1 month + 3.50%, 0.50% Floor), 7.92%, 3/16/2029		2,992,462		2,955,071
First Student Bidco, Inc. (First Transit Parent, Inc.), Incremental Term B Loan — First Lien (SOFR 3 month + 4.00%, 0.50% Floor), 8.68%, 7/21/2028		2,805,195		2,671,948
First Student Bidco, Inc. (First Transit Parent, Inc.), Incremental Term C Loan — First Lien (SOFR 3 month + 4.00%, 0.50% Floor), 8.68%, 7/21/2028		194,805		185,552
Stonepeak Taurus Lower Holdings LLC (TRAC), Term Loan — Second Lien (SOFR 3 month + 7.00%, 0.50% Floor), 11.68%, 1/28/2030‡		5,000,000		4,675,000

Investments	Principal Amount ($)		Value ($)
Trucking — 3.4% (continued)
Uber Technologies, Inc., 2021 Incremental Term Loan — First Lien (ICE LIBOR USD 3 month + 3.50%), 8.23%, 4/4/2025		997,389		997,923
				15,396,179
Wireless Telecommunication Services — 0.4%
CCI Buyer, Inc. (Consumer Cellular), Initial Term Loan — First Lien (SOFR 3 month + 4.00%, 0.75% Floor), 8.58%, 12/17/2027		972,274		931,438
NWN Parent Holdings LLC, Term Loan — First Lien (ICE LIBOR USD 3 month + 8.00%, 1.00% Floor), 12.74%, 5/7/2026‡ (c)(d)(e)		979,610		901,241
				1,832,679
Total Senior Loans (Cost $522,188,899)				493,539,820
Corporate Bonds — 10.1%
Aerospace & Defense — 1.1%
TransDigm, Inc. 6.25%, 3/15/2026 (f)		5,000,000		4,930,950
Airlines — 2.3%
American Airlines, Inc. 5.50%, 4/20/2026 (f)		5,000,000		4,808,232
5.75%, 4/20/2029 (f)		1,000,000		913,956
United Airlines, Inc. 4.38%, 4/15/2026 (f)		5,000,000		4,634,630
				10,356,818
Chemicals — 0.2%
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (f)		1,000,000		754,661
Commercial Services & Supplies — 1.1%
Aramark Services, Inc. 6.38%, 5/1/2025 (f)		5,000,000		4,938,550
Containers & Packaging — 2.3%
Berry Global, Inc. 4.88%, 7/15/2026 (f)		5,000,000		4,813,778
Mauser Packaging Solutions Holding Co. 7.25%, 4/15/2025 (f)		6,000,000		5,548,300
				10,362,078

Investments	Principal Amount ($)		Value ($)
Diversified Consumer Services — 0.1%
WW International, Inc. 4.50%, 4/15/2029 (f)		1,000,000		499,590
Diversified Financial Services — 0.2%
Armor Holdco, Inc. 8.50%, 11/15/2029 (f)		1,000,000		748,068
Entertainment — 0.2%
Allen Media LLC 10.50%, 2/15/2028 (f)		3,000,000		1,140,000
Media — 0.4%
Univision Communications, Inc. 7.38%, 6/30/2030 (f)		2,000,000		1,911,400
Real Estate Management & Development — 0.3%
WeWork Cos. LLC 5.00%, 7/10/2025 (f)		200,000		65,500
WeWork Cos., Inc. 7.88%, 5/1/2025 (f)		3,000,000		1,140,000
				1,205,500
Road & Rail — 0.1%
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (f)		1,000,000		649,690
Software — 1.0%
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (f)		1,000,000		736,932
Condor Merger Sub, Inc. 7.38%, 2/15/2030 (f)		2,000,000		1,608,062
Rocket Software, Inc. 6.50%, 2/15/2029 (f)		3,000,000		2,364,979
				4,709,973
Specialty Retail — 0.1%
Michaels Cos., Inc. (The) 7.88%, 5/1/2029 (f)		1,000,000		668,168
Trading Companies & Distributors — 0.7%
United Rentals North America, Inc. 6.00%, 12/15/2029 (f)		3,000,000		2,981,250
Total Corporate Bonds (Cost $52,940,670)				45,856,696

Investments	Shares		Value ($)
Common Stocks — 0.0% (g)
Electric Utilities — 0.0% (g)
Frontera Generation Holdings LLC*‡		62,500		938
Transportation Infrastructure — 0.0% (g)
Limetree Bay Cayman, Ltd.*‡ (e)		1,430		14
Total Common Stocks (Cost $—)				952
Short-Term Investments — 8.4%
Investment Companies — 8.4%
JPMorgan U.S. Government Money Market Fund, Capital Shares, 4.19%, (h) (Cost $37,899,574)		37,899,574		37,899,574
Total Investments — 127.7% (Cost $613,029,143)				577,297,042
Credit Facility — (24.3%) (Cost $110,000,000)				(110,000,000	)
Liabilities in excess of other assets — (3.4%)				(15,058,506	)
Net Assets — 100.0%				452,238,536

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, sometimes subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are LIBOR (the rate that contributor banks in London charge each other for interbank deposits), SOFR (a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market), and the prime rate offered by one or more major U.S. banks ("Prime"). SOFR based contracts may include a credit spread adjustment that is charged in addition to the benchmark rate and the stated spread. LIBOR, SOFR and Prime were utilized as benchmark lending rates for the senior loans at December 31, 2022. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end.

(b) All or a portion of this position has not yet settled as of December 31, 2022. The Fund will not accrue interest on its Senior Loans until the settlement date at which point LIBOR, SOFR or Prime will be established.

(c) Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(d) The Credit Facility is secured by a lien on all or a portion of the security. See Note 10 for additional details.

(e) Security fair valued as of December 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at December 31, 2022 amounted to $168,288,758, which represents approximately 37.21% of net assets of the Fund.

(f) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at December 31, 2022 amounted to $45,856,696, which represents approximately 10.14% of net assets of the Fund.

(g) Represents less than 0.05% of net assets.

(h) Represents 7-day effective yield as of December 31, 2022.

As of December 31, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,609,102
Aggregate gross unrealized depreciation		(37,578,334	)
Net unrealized depreciation	$	(35,969,232	)
Federal income tax cost	$	613,266,274

Abbreviations

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

PIK — Pay in Kind

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

See Notes to Consolidated Financial Statements

	First Eagle Credit Opportunities Fund*
Assets
Investments (Cost $613,029,143) (Note 2 and Note 3)	$	577,297,042
Cash		3,995,054
Receivable for investments sold		21,683,939
Receivable for Fund shares sold		2,563,199
Accrued interest and dividends receivable		4,220,765
Due from Adviser (Note 6)		685,138
Other assets		2,300,833
Total Assets		612,745,970
Liabilities
Investment advisory fees payable (Note 6)		461,670
Payable for investment purchased		46,651,086
Distribution fees payable (Note 7)		2,750
Administrative fees payable (Note 6)		508,210
Service fees payable (Note 7)		1,511
Trustee fees payable		53,714
Credit facility (Note 10)		110,000,000
Payable for dividends to shareholders		2,299,456
Unrealized depreciation on unfunded delayed draw loan commitments (Note 9)		10,423
Accrued expenses and other liabilities		518,614
Total Liabilities		160,507,434
Net Assets	$	452,238,536
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	19,340
Capital surplus		492,471,314
Total distributable earnings (losses)		(40,252,118	)
Net Assets	$	452,238,536
Class A
Net Assets	$	12,844,247
Shares Outstanding		547,224
Net asset value per share and redemption proceeds per share		23.47
Offering price per share (NAV per share plus maximum sales charge)		24.07	⁽¹⁾
Authorized common shares		Unlimited
Class A-2
Net Assets	$	98,646
Shares Outstanding		4,213
Net asset value per share and redemption proceeds per share		23.42	⁽²⁾
Offering price per share (NAV per share plus maximum sales charge)		24.02	⁽¹⁾
Authorized common shares		Unlimited
Class I
Net Assets	$	439,295,643
Shares Outstanding		18,788,384
Net asset value per share and redemption proceeds per share		23.38
Authorized common shares		Unlimited

⁽¹⁾The maximum sales charge is 2.50% for Class A and Class A-2 shares. Class I shares have no front-end sales charges.

⁽²⁾ Net Asset value may not recalculate due to rounding of fractional shares.

* Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

See Notes to Consolidated Financial Statements

	First Eagle Credit Opportunities Fund*
Investment Income
Interest	$	39,041,291
Dividends		211,677
Total Income		39,252,968
Expenses
Investment advisory fees (Note 6)		5,344,559
Distribution fee (Note 7)
Class A		28,011
Class A-2		289
Shareholder servicing agent fees		448,150
Service fees (Note 7)
Class A-2		144
Administrative costs (Note 6)		1,142,726
Professional fees		1,421,539
Custodian and accounting fees		315,573
Shareholder reporting fees		204,398
Trustees' fees (Note 6)		175,001
Interest expense and fees on borrowings		2,964,810
Registration and filing fees		139,903
Other expenses		70,650
Total Expenses		12,255,753
Expense waiver (Note 6)		(3,793,219	)
Net Expenses		8,462,534
Net Investment Income (Note 2)		30,790,434
Realized and Unrealized Gains (Losses) on Investments and Unfunded Delayed Draw Loan Commitments (Note 2 and Note 9)
Net realized gains (losses) from:
Transactions in investments		(5,502,437	)
		(5,502,437	)
Changes in unrealized (depreciation) of:
Investments		(36,709,325	)
Unfunded delayed draw loan commitments		12,867
		(36,696,458	)
Net realized and unrealized (losses) on investments and unfunded delayed draw loan commitments		(42,198,895	)
Net Decrease in Net Assets Resulting from Operations	$	(11,408,461	)

* Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

See Notes to Consolidated Financial Statements

	First Eagle Credit Opportunities Fund*
	For the year ended December 31, 2022			For the year ended December 31, 2021
Operations
Net investment income	$	30,790,434		$	7,680,214
Net realized gain (loss) from investments, commodity, foreign currency and forward contract related transactions		(5,502,437	)		664,377
Change in unrealized appreciation (depreciation) of investments		(36,696,458	)		208,004
Net increase (decrease) in net assets resulting from operations		(11,408,461	)		8,552,595
Distributions to Shareholders
Distributable earnings:
Class A		(889,754	)		(186,929	)
Class A-2		(4,855	)		—
Class I		(29,298,924	)		(7,805,652	)
Decrease in net assets resulting from distributions		(30,193,533	)		(7,992,581	)
Fund Share Transactions
Class A
Net proceeds from shares sold		7,030,999			6,447,892
Net asset value of shares issued for reinvested dividends and distributions		460,547			128,811
Cost of shares redeemed		(967,459	)		(2,513	)
Increase in net assets from Class A share transactions		6,524,087			6,574,190
Class A-2^{^}
Net proceeds from shares sold		100,000			—
Net asset value of shares issued for reinvested dividends and distributions		4,855			—
Increase in net assets from Class A-2 share transactions		104,855			—
Class I
Net proceeds from shares sold		320,906,950			138,220,350
Net asset value of shares issued for reinvested dividends and distributions		7,900,460			2,002,529
Cost of shares redeemed		(30,533,172	)		(521,667	)
Increase in net assets from Class I share transactions		298,274,238			139,701,212
Increase in net assets from Fund share transactions		304,903,180			146,275,402
Net increase in net assets		263,301,186			146,835,416
Net Assets (Note 2)
Beginning of period		188,937,350			42,101,934
End of period	$	452,238,536		$	188,937,350

^{^} Class A-2 Shares of First Eagle Credit Opportunities Fund commenced investment operations on May 31, 2022.

* Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

	First Eagle Credit Opportunities Fund*
	For the year ended December 31, 2022			For the year ended December 31, 2021
Changes in Shares Outstanding
Class A
Shares outstanding, beginning of period		289,477			39,896
Shares sold		277,025			244,767
Shares issued on reinvestment of distributions		18,826			4,909
Shares redeemed		(38,104	)		(95	)
Shares outstanding, end of period		547,224			289,477
Class A-2^{^}
Shares outstanding, beginning of period		—			—
Shares sold		4,010			—
Shares issued on reinvestment of distributions		203			—
Shares outstanding, end of period		4,213			—
Class I
Shares outstanding, beginning of period		6,924,692			1,612,884
Shares sold		12,787,649			5,255,371
Shares issued on reinvestment of distributions		325,128			76,207
Shares redeemed		(1,249,085	)		(19,770	)
Shares outstanding, end of period		18,788,384			6,924,692

^{^} Class A-2 Shares of First Eagle Credit Opportunities Fund commenced investment operations on May 31, 2022.

* Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

See Notes to Consolidated Financial Statements

	First Eagle Credit Opportunities Fund*
Cash Flows from (Used in) Operating Activities:
Net decrease in net assets resulting from operations	$	(11,408,461	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Payments to purchase investments		(530,447,654	)
Proceeds from sale and paydowns of investments		182,835,147
Net increase in short term investments		(20,181,632	)
Realized (gain) loss on investments		5,502,437
Change in unrealized (appreciation) depreciation on investments		36,709,325
Amortization (accretion) of bond premium (discount)		(1,674,837	)
Change in unrealized (appreciation) depreciation on unfunded delayed draw loan commitments		(12,867	)
(Increases) decreases in operating assets:
Accrued interest and dividends receivable		(2,641,811	)
Due from Adviser		(7,355	)
Due from brokers		928,045
Due from custodian		87,952
Other assets		(1,532,461	)
Increases (decreases) in operating liabilities
Investment advisory fees payable		277,796
Administrative fees payable		488,407
Distribution fees payable		1,215
Service fees payable		1,489
Trustee fees payable		53,714
Accrued expenses and other liabilities		(80,616	)
Net cash provided by (used in) operating activities	$	(341,102,167	)
Cash Flows from (Used in) Financing Activities:
Proceeds from shares sold		328,652,954
Payments on shares redeemed		(31,500,631	)
Cash distributions paid		(20,238,161	)
Borrowings under Credit Facility		66,097,346
Net cash provided by (used in) financing activities	$	343,011,508
Net change in cash and cash denominated in foreign currencies		1,909,341
Cash, beginning of period		2,085,713
Cash, end of period	$	3,995,054

Supplemental disclosure of cash flow information:

Cash paid during the period for interest in the amount of $3,403,299.

Non-cash financing activities consist of reinvestment of distributions in the amount $8,365,862.

* Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

See Notes to Consolidated Financial Statements

	Per share operating performance*
Class A	For the Year Ended December 31, 2022**			For the Year Ended December 31, 2021**			For the Period 12/02/20^{^} - 12/31/20
Investment Operations
Net asset value, beginning of period	$	26.22		$	25.48		$	25.15
Net investment income		2.10			2.10			0.10
Net realized and unrealized gains (losses) on investments and unfunded delayed draw loan commitments		(2.93	)		0.53			0.32
Total investment operations		(0.83	)		2.63			0.42
Less Dividends and Distributions
From net investment income		(1.91	)		(1.81	)		(0.09	)
From capital gains		(0.01	)		(0.08	)		—
Total distributions		(1.92	)		(1.89	)		(0.09	)
Net asset value, end of period	$	23.47		$	26.22		$	25.48
Total return^(a)		(3.23	)%		10.60	%		1.62	%^(b)
Net assets, end of period (thousands)	$	12,844		$	7,592		$	1,016
Ratios to Average Net Assets
Operating expenses excluding fee waivers		3.76	%		4.83	%		5.45	%^(c)
Operating expenses including fee waivers		2.62	%		2.28	%		2.75	%^(c)
Net investment income excluding fee waivers		7.36	%		5.47	%		2.16	%^(c)
Net investment income including fee waivers		8.50	%		8.02	%		4.86	%^(c)
Supplemental Data
Portfolio turnover rate		49.93	%		73.15	%		21.38	%^(b)

^{^} Commencement of investment operations.

* Per share amounts have been calculated using the average shares method.

** Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

^(a)Does not take into account the sales charge of 2.50% for Class A shares. Prior to April 30, 2022, the sales charge for Class A was 3.50%, which was also not taken into account.

^(b)Not annualized.

^(c)Annualized.

See Notes to Consolidated Financial Statements

	Per share operating performance*
Class A-2	For the Period 5/31/22^{^} - 12/31/22**
Investment Operations
Net asset value, beginning of period	$	24.94
Net investment income		1.18
Net realized and unrealized losses on investments and unfunded delayed draw loan commitments		(1.51	)
Total investment operations		(0.33	)
Less Dividends and Distributions
From net investment income		(1.18	)
From capital gains		(0.01	)
Total distributions		(1.19	)
Net asset value, end of period	$	23.42
Total return^(a)		(1.34	)%^(b)
Net assets, end of period (thousands)	$	99
Ratios to Average Net Assets
Operating expenses excluding fee waivers		4.39	%^(c)
Operating expenses including fee waivers		3.57	%^(c)
Net investment income excluding fee waivers		7.50	%^(c)
Net investment income including fee waivers		8.32	%^(c)
Supplemental Data
Portfolio turnover rate		49.93	%^(b)

^{^} Commencement of investment operations.

* Per share amounts have been calculated using the average shares method.

** Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

^(a)Does not take into account the sales charge of 2.50% for Class A-2 shares.

^(b)Not annualized.

^(c)Annualized.

See Notes to Consolidated Financial Statements

	Per share operating performance*
Class I	For the Year Ended December 31, 2022***			For the Year Ended December 31, 2021***			For the Period 9/15/20^{^} - 12/31/20
Investment Operations
Net asset value, beginning of period	$	26.19		$	25.47		$	25.00
Net investment income		2.17			2.27			0.33
Net realized and unrealized gains (losses) on investments and unfunded delayed draw loan commitments		(2.94	)		0.57			0.45
Total investment operations		(0.77	)		2.84			0.78
Less Dividends and Distributions
From net investment income		(2.03	)		(2.04	)		(0.30	)
From capital gains		(0.01	)		(0.08	)		(0.00	)**
Return of capital		—			—			(0.01	)
Total distributions		(2.04	)		(2.12	)		(0.31	)
Net asset value, end of period	$	23.38		$	26.19		$	25.47
Total return		(3.02	)%		11.45	%		3.13	%^(a)
Net assets, end of period (thousands)	$	439,296		$	181,346		$	41,086
Ratios to Average Net Assets
Operating expenses excluding fee waivers		3.48	%		4.18	%		4.70	%^(b)
Operating expenses including fee waivers		2.41	%		1.70	%		2.00	%^(b)
Net investment income excluding fee waivers		7.71	%		6.15	%		1.74	%^(b)
Net investment income including fee waivers		8.79	%		8.63	%		4.44	%^(b)
Supplemental Data
Portfolio turnover rate		49.93	%		73.15	%		21.38	%^(a)

^{^} Commencement of investment operations.

* Per share amounts have been calculated using the average shares method.

** Amount represents less than $0.01 per share.

*** Financial statements are shown on a consolidated basis and include the balances of the First Eagle Credit Opportunities Fund SPV, LLC.

^(a)Not annualized.

^(b)Annualized.

See Notes to Consolidated Financial Statements

Note 1 — Organization

First Eagle Credit Opportunities Fund (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") that continuously offers its shares of beneficial interest (the "Common Shares"), and is operated as an "interval fund." The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.

The Fund's primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objective by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets including syndicated bank loans, middle market "club" loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally does not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, and high-yield bonds (commonly referred to as "junk" bonds).

The Fund currently offers three classes of Common Shares: Class A Shares, Class A-2 Shares and Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company, is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. ("BCP VI") and Corsair IV Financial Services Capital Partners L.P. ("Corsair IV"). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. ("Blackstone") and Corsair Capital LLC ("Corsair"), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.

First Eagle Alternative Credit, LLC (the "Subadviser"), in its capacity as the alternative credit group of the Adviser, serves as the Fund's investment subadviser. The Subadviser is an investment adviser for both direct lending and broadly syndicated

investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and commingled funds. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by the Adviser and is a wholly-owned subsidiary of the Adviser.

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the "FASB") Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

a) Investments in Subsidiaries — The First Eagle Credit Opportunities Fund SPV, LLC (the "SPV"), established on January 11, 2021, is a wholly-owned Delaware limited liability company, which functions as the Fund's special purpose, bankruptcy-remote, financing subsidiary. The consolidated financial statements include the accounts of the Fund and the SPV. All intercompany transactions and balances have been eliminated. As of December 31, 2022, the SPV has $104,009,548 in net assets, representing 23.02% of the Credit Opportunities Fund's net assets.

b) Investment Valuation — The Fund's net asset value ("NAV") per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading.

Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Fund's Board of Trustees (the "Board") has adopted methods for determining the fair value of such securities and other assets.

The Fund's securities are valued by various methods, as described below:

Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market "Club" Loans. Senior Loans are primarily valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Investments, including Direct Loans, which are in their early stages of a private investment are generally fair valued at their cost which approximates market value and are monitored by the Adviser and the Subadviser (individually or collectively referred to as "First Eagle Management") for any significant positive or negative events that would impact valuation of the investment.

All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter

markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models, assumptions for its evaluated prices.

Non-exchange traded equity securities may be valued at prices supplied by the Fund's pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable then the equity will be fair valued pursuant to procedures adopted by the Board.

Investment companies, including money market funds, are valued at their net asset value.

If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued pursuant to procedures adopted by the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security.

The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Fund discloses the fair value of the investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities;

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

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

The two primary significant unobservable inputs used in the fair value measurement of the Fund's debt investments, excluding asset-backed loans, is the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.

The primary significant unobservable inputs used in the fair value measurement of the Fund's investments in asset-backed loans is the net realized value of the underlying collateral of the loan. The Fund considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Fund's equity investments, investments in warrants, and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach.

Fair valuation of securities, other financial instruments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation and liquidity procedures for the Fund. Effective September 8, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Fund's Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements and the Fund's fair valuation policy has been revised to incorporate changes required by Rule 2a-5.

The following table summarizes the valuation of the Fund's investments under the fair value hierarchy levels as of December 31, 2022:

Description	Level 1		Level 2		Level 3‡		Total
Assets:
Common Stocks†	$	—	$	—	$	952	$	952
Corporate Bonds†		—		45,856,696		—		45,856,696
Senior Loans
Advertising		—		9,523,127		—		9,523,127
Aerospace & Defense		—		6,390,528		3,961,114		10,351,642
Agricultural & Farm Machinery		—		—		1,046,460		1,046,460
Air Freight & Logistics		—		4,925,964		5,655,007		10,580,971
Airlines		—		4,986,725		—		4,986,725
Alternative Carriers		—		3,442,715		—		3,442,715
Apparel, Accessories & Luxury Goods		—		—		6,164,928		6,164,928
Application Software		—		15,462,009		16,926,143		32,388,152
Asset Management & Custody Banks		—		987,734		9,248,529		10,236,263
Auto Parts & Equipment		—		—		3,748,404		3,748,404
Brewers		—		890,735		—		890,735
Broadcasting		—		4,055,889		—		4,055,889
Casinos & Gaming		—		1,133,139		3,893,605		5,026,744
Commercial Printing		—		2,637,120		—		2,637,120
Commodity Chemicals		—		—		4,505,900		4,505,900
Communications Equipment		—		4,315,200		—		4,315,200
Construction Materials		—		4,808,652		245,009		5,053,661
Construction & Engineering		—		3,775,651		1,367,511		5,143,162
Consumer Finance		—		—		4,500,655		4,500,655

Description	Level 1		Level 2		Level 3‡		Total
Distributors	$	—	$	865,993	$	2,435,147	$	3,301,140
Diversified Capital Markets		—		—		1,575,246		1,575,246
Diversified Chemicals		—		—		4,798,081		4,798,081
Diversified Metals & Mining		—		1,133,051		229,698		1,362,749
Diversified Support Services		—		—		6,254,167		6,254,167
Education Services		—		—		1,689,616		1,689,616
Electronic Equipment & Instruments		—		3,910,573		—		3,910,573
Electronic Manufacturing Services		—		—		5,510,367		5,510,367
Environmental & Facilities Services		—		—		4,349,017		4,349,017
Food Distributors		—		2,091,541		—		2,091,541
Health Care Facilities		—		2,990,008		3,098,410		6,088,418
Health Care Services		—		12,032,740		34,879,680		46,912,420
Health Care Supplies		—		3,105,043		—		3,105,043
Health Care Technology		—		8,344,822		—		8,344,822
Heavy Electrical Equipment		—		—		2,824,240		2,824,240
Hotels, Resorts & Cruise Lines		—		3,828,027		8,167,044		11,995,071
Household Products		—		—		1,889,631		1,889,631
Human Resource & Employment Services		—		—		3,628,389		3,628,389
Industrial Machinery		—		5,259,544		—		5,259,544
Insurance Brokers		—		—		8,559,408		8,559,408
Interactive Media & Services		—		—		5,319,391		5,319,391
Internet & Direct Marketing Retail		—		3,848,998		9,253,236		13,102,234
Internet Services & Infrastructure		—		2,998,950		2,258,460		5,257,410
IT Consulting & Other Services		—		9,509,569		13,839,428		23,348,997
Leisure Facilities		—		—		3,129,021		3,129,021
Leisure Products		—		3,451,419		—		3,451,419
Life Sciences Tools & Services		—		—		7,271,551		7,271,551
Managed Health Care		—		—		2,309,008		2,309,008
Marine Ports & Services		—		2,748,028		—		2,748,028
Metal & Glass Containers		—		3,383,695		—		3,383,695
Mortgage REITs		—		5,925,000		—		5,925,000
Movies & Entertainment		—		5,545,122		—		5,545,122
Multi-Sector Holdings		—		—		4,374,297		4,374,297
Office Services & Supplies		—		—		2,981,250		2,981,250

Description	Level 1		Level 2		Level 3‡			Total
Packaged Foods & Meats	$	—	$	4,868,202	$	1,619,359		$	6,487,561
Paper Packaging		—		—		4,314,076			4,314,076
Paper Products		—		—		4,863,250			4,863,250
Personal Products		—		2,987,399		7,380,625			10,368,024
Pharmaceuticals		—		—		8,894,559			8,894,559
Real Estate Services		—		—		7,093,239			7,093,239
Research & Consulting Services		—		5,783,969		8,382,667			14,166,636
Restaurants		—		5,098,811		—			5,098,811
Security & Alarm Services		—		989,981		1,491,678			2,481,659
Soft Drinks		—		2,910,000		—			2,910,000
Specialized Consumer Services		—		—		7,140,898			7,140,898
Specialized Finance		—		8,710,582		3,602,457			12,313,039
Specialty Chemicals		—		2,729,040		2,385,626			5,114,666
Specialty Stores		—		940,744		—			940,744
Systems Software		—		8,925,389		1,644,541			10,569,930
Technology Hardware, Storage & Peripherals		—		3,890,250		—			3,890,250
Textiles		—		3,462,379		—			3,462,379
Thrifts & Mortgage Finance		—		—		4,042,870			4,042,870
Tires & Rubber		—		—		2,396,333			2,396,333
Trading Companies & Distributors		—		—		9,567,679			9,567,679
Trucking		—		6,810,494		8,585,685			15,396,179
Wireless Telecommunication Services		—		931,438		901,241			1,832,679
Total Senior Loans		—		207,345,989		286,193,831			493,539,820
Short-Term Investments
Investment Companies		37,899,574		—		—			37,899,574
Total	$	37,899,574	$	253,202,685	$	286,194,783		$	577,297,042
Liabilities:
Unfunded Commitments*		—		—	$	(10,423	)	$	(10,423	)
Total	$	37,899,574	$	253,202,685	$	286,184,360		$	577,286,619

† See Consolidated Schedule of Investments for additional detailed categorizations.

* Unfunded commitments are presented at net unrealized appreciation(depreciation)

‡ Value determined using significant unobservable inputs.

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

	Common Stocks			Senior Loans			Unfunded Commitments*			Total
Beginning Balance—market value	$	46,875		$	156,484,930		$	(23,290	)	$	156,508,515
Purchases⁽¹⁾		—			209,652,560			—			209,652,560
Sales⁽²⁾		—			(59,607,751	)		—			(59,607,751	)
Transfer In—Level 3		—			2,932,205			—			2,932,205
Transfer Out—Level 3		—			(14,876,426	)		—			(14,876,426	)
Accrued discounts/ (premiums)		—			753,547			—			753,547
Realized Gains (Losses)		—			(253,373	)		—			(253,373	)
Change in Unrealized Appreciation (Depreciation)		(45,923	)		(8,891,861	)		12,867			(8,924,917	)
Ending Balance—market value	$	952		$	286,193,831		$	(10,423	)	$	286,184,360
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(45,923	)	$	(8,446,912	)	$	32,813		$	(8,460,022	)

(1) Purchases include all purchases of securities and securities received in corporate actions.

(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

* Unfunded commitments are presented at net unrealized appreciation (depreciation)

Investments were transferred into Level 3 during the period ended December 31, 2022 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser. Investments were transferred out of Level 3 during the period ended December 31, 2022 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.

The following is a summary of the Fund's valuation techniques and significant amounts of unobservable inputs used in the Fund's Level 3 securities as of December 31, 2022:

Investment Type

Fair Value at
December 31,
2022

Valuation
Technique(s)

Unobservable
Inputs

Range
(Weighted
Average)

Direction
Change in Fair
Value Resulting
from Increase
in Unobservable
Inputs^(a)

Common Stocks

Market
Comparable
Companies

EBITDA
Multiple

13.15x-13.15X
(13.15X)

Increase

938

Third-Party
Vendor Pricing
Service

Broker Quotes

N/A

Increase

Common Stocks
Total

952

Senior Loans

151,856,710

Discounted
Cash Flow
(Income
Approach)

Comparable
Yield

9.11%-15.06%
(10.89%)

Decrease

14,434,035

Liquidation

Collateral
Value

$40.2-$2,710.7
($652.1)*

Increase

1,997,998

Market
Comparable
Companies

EBITDA
Multiple

6.44x-8.07X
(7.16X)

Increase

117,905,088

Third-Party
Vendor Pricing
Service

Broker Quotes

N/A

Increase

Senior Loans
Total

286,193,831

Total Investments

286,194,783

Unfunded
Commitment**

6,089

Discounted
Cash Flow
(Income
Approach)

Comparable
Yield

9.11%-15.06%
(10.48%)

Decrease

774

Liquidation

Collateral
Value

$232.2-$232.2
($232.2)*

Increase

Investment Type

Fair Value at
December 31,
2022

Valuation
Technique(s)

Unobservable
Inputs

Range
(Weighted
Average)

Direction
Change in Fair
Value Resulting
from Increase
in Unobservable
Inputs^(a)

(17,286)

Third-Party
Vendor Pricing
Service

Broker Quotes

N/A

Increase

Unfunded
Commitment

($10,423)

Note:

* Collateral values are presented in $ millions

** Unfunded commitments are presented at net unrealized appreciation (depreciation).

(a) This column represents the direction change in the fair value of Level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable inputs would have the opposite effect. Significant increases and decreases of these inputs could result insignificantly higher or lower gain value determination.

c) Cash — The Fund's cash is maintained with a major United States financial institution, which is a member of the Federal Deposit Insurance Corporation. The Fund's cash balance may exceed insurance limits at times.

d) Investment Transactions and Income — Investment transactions are accounted for on a trade date basis. Interest income, adjusted for the accretion of discount and amortization of premiums, is recorded daily on an accrual basis. The specific identification method is used in determining realized gains and losses from investment transactions. In computing investment income, the Fund accretes to call or put date and value providing the effective method. Paydown gains and losses are netted and recorded as interest income on the Consolidated Statement of Operations.

The difference between cost and fair value on open investments is reflected as unrealized appreciation (depreciation) on investments, and any change in that amount from prior period is reflected as change in unrealized gains (losses) of investment securities in the Consolidated Statement of Operations.

e) Deferred Financing Costs — Deferred financing costs consist of fees and expenses paid in connection with the closing of the Credit Facility, including upfront fees and legal fees. The costs are capitalized at the time of payment and are included in Other Assets on the Consolidated Statement of Assets and Liabilities. The deferred financing costs are amortized using the straight line method over the term of the Credit Facility.

f) United States Income Taxes — The Fund intends to continue to qualify as a regulated investment company by complying with the requirements of

Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its earnings to its shareholders.

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund as a whole.

Management has determined that the Fund has not taken any uncertain tax positions that require adjustment to the financial statements.

At December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Net Investment		Undistributed Net Realized		Net Unrealized Appreciation			Capital Loss Carryforward
	Income		Gains		(Depreciation)			Short-Term		Long-Term
First Eagle Credit Opportunities Fund	$	998,596	$	—	$	(35,979,655	)	$	2,547,438	$	152,367

The components of distributable earnings' differences between book basis and tax basis are primarily due to wash sale deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Fund after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. For the current year, the Fund did not utilize any capital loss carryforward.

Late year ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended December 31, 2022, there were no late year ordinary loss deferrals.

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended December 31, 2022, the Fund had post-October capital loss deferrals of 2,338,036 in short-term and 232,817 in long-term.

g) Reclassification of Capital Accounts — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, the following amounts were reclassified within the capital accounts:

				Undistributed Net Investment Income (loss)				Undistributed Net Realized Gains (Losses)				Capital Surplus
First Eagle Credit Opportunities Fund				$	(14,338	)		$	16,424			$	(2,086	)

The primary permanent differences causing such reclassification include the tax treatment of non-deductible expenses and re-designation of distributions to shareholders.

h) Distributions to Shareholders — The Fund intends to distribute substantially all of its net investment income to shareholders in the form of dividends. The Fund intends to declare income dividends daily and distribute them monthly to shareholders of record. Distributions are intended to be at levels more stable than would result from paying out solely amounts based on current net investment income. In addition, the Fund intends to distribute any net capital gains earned from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

Distributions to shareholders during the fiscal year ended December 31, 2022, which were determined in accordance with income tax regulations, were recorded on ex-dividend date.

The tax character of distributions paid by the Fund during the fiscal years ended December 31, 2022 are as follows:

	Ordinary Income				Long Term Capital Gains
	2022		2021		2022		2021
First Eagle Credit Opportunities Fund	$	30,189,207	$	7,992,581	$	4,326	$	—

i) Expenses — Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds, also managed by the Adviser, are prorated among those funds on the basis of relative net assets or other appropriate methods.

j) Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

k) Class Accounting — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

l) Indemnification — In the normal course of business, the Fund enters into contracts which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

m) New Accounting Pronouncements — In March 2020, the FASB issued Accounting Standard Update ("ASU") 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London

Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 949)" which extends the effective period of ASU 2020-04 through December 31, 2024. At this time, management is evaluating implications of these changes on the financial statements.

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments Credit Losses (Topic 326)", which is intended to address issues identified during the post implementation review of ASU 2016-3, "Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, "Receivables Troubled Debt Restructurings by Creditors", while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. Management is currently evaluating the impact of the new standard, but does not anticipate the new standard to have a material impact to the consolidated financial statements and related disclosures.

In June 2022, FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this new standard.

Note 3 — Securities and Other Investments

The Fund's portfolio primarily consists of some combination of the following types of investments:

Syndicated Loans — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank's, or lead arranger's, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by the Fund may at times cease being current on principal and interest payments.

When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point LIBOR, SOFR or Prime will be established.

Middle Market "Club" Loans — Middle market "club" loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market "club" loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a "club" of unaffiliated lenders. Middle market "club" loans held by the Fund will consist of first lien senior secured loans.

Direct Lending — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including "unitranche" loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.

Asset-Based Loans — Asset-based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) where by the underlying loan will be underwritten by the value of the collateral. These loans are highly structured and typically include frequent monitoring including but not limited to financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.

High Yield Bonds — The Fund may invest in high-yield bonds, which are securities rated below "Baa3" by Moody's, or below "BBB-" by S&P and/or lower than "BBB-" by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, commonly referred to as "junk bonds." Such securities are predominately speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objective, the Fund depends on credit analysis to identify investment opportunities.

Note 4 — Principal Risks

Market Risk — The Fund is subject to market risks including unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of the Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances including wars and conflicts (and related sanctions, currency controls, embargos and similar actions).

The COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. Additionally, COVID-19 remains a challenge for global supply chain normalization. More recently, a number of major economies, including the United States, are adjusting to reduced levels of market and monetary support following periods of fiscal and monetary interventions, together with rising inflation and increases in interest rate targets by central banks. These circumstances have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

Interest Rate Risk — An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. A debt instrument's "duration" is a way of measuring a debt instrument's sensitivity to a potential change in interest rates. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations. Generally, debt instruments with long maturities and low coupons have the longest durations. A significant increase in market interest rates could harm the Fund's ability to attract new portfolio companies and originate new loans and investments. In periods of rising interest rates, the Fund's cost of funds would increase, resulting in a decrease in the Fund's net investment income. In addition, a decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund's capital that the decrease in interest rates may produce. As of the date hereof, there have been significant recent rate increases in the United States to combat inflation in the U.S. economy, and additional rate increases are possible.

Credit Risk — The value of the Fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. Investment in private and middle market companies is highly speculative and involves a high degree of risk of credit loss. Additionally, issuers of syndicated loans and other types of credit instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This would decrease the Fund's income and lower the value of the syndicated loans and credit instruments experiencing default. With respect to the Fund's investments in syndicated loans and debt securities that are secured, there can be no assurance that the collateral would satisfy the issuer's obligation in the event of non-payment or that such collateral could be readily liquidated. In the event of an issuer's bankruptcy, the Fund could be delayed or limited in its ability to realize the benefits of any collateral securing such syndicated loans or credit instruments. To the extent the Fund invests in high-yield securities and other types of credit instruments, it will be exposed to a greater amount of credit risk than if it invested solely in investment grade debt securities and other types of credit instruments. Recent market conditions and events, including a global public

health crisis, wars and armed conflicts and actions taken by governments in response, may exacerbate volatility and may continue to negatively affect the price and liquidity of individual securities, national economies and global markets generally. Prices of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in price, public perceptions concerning these developments, and adverse investor sentiment or publicity. Rapid changes in value or liquidity, which often are not anticipated and can relate to events not connected to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result in losses. Changes in price may be temporary or may last for extended periods. If the Fund sells a portfolio position before it reaches its market peak, it may miss out on opportunities for better performance.

Below Investment Grade Rating Risk — Most of the Fund's investments will be in below investment grade securities or comparable unrated securities (commonly referred to as "high-yield securities" or "junk bonds"). This includes the Fund's investments in syndicated bank loans, middle market "club" loans, direct lending, asset-based loans, and high-yield bonds. While generally having higher potential returns, high-yield securities may be subject to significant price fluctuations and have a higher risk of default. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Subadviser's credit analysis than would be the case when the Fund invests in rated securities.

Bank Loans — Investments in bank loans may expose the Fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. A loan is often administered by a bank or other financial institution (the "Agent") that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for bank loans may be illiquid and the Fund may have difficulty selling them. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. In some instances, other accounts managed by the Adviser, the Subadviser or an affiliate may hold other securities issued by borrowers whose loans may be held in the Fund's portfolio. If the credit quality of the issuer deteriorates, the Adviser or the Subadviser may owe conflicting fiduciary duties to the Fund and other client accounts. At times, the Fund may decline to receive non-public information relating to loans, which could disadvantage the Fund relative to other investors.

Distressed Debt, Litigation, Bankruptcy and Other Proceedings Risk — The Fund may invest in debt securities and other obligations of financially distressed issuers, including companies involved in reorganizations, bankruptcy or liquidation proceedings. Investments in distressed assets involve substantial risk (including a material risk of issuer default or bankruptcy), require active monitoring and demand an unusually high level of analytical sophistication for success. There is no assurance that the Subadviser will correctly evaluate the value of the collateral for the Fund's investments or the prospects for a successful reorganization or similar outcome for any company.

If the issuer defaults on the obligations or enters bankruptcy, the obligations may be repaid only after lengthy workout proceedings, may result in only partial payment of the obligations and may pose the risk of the Fund losing its entire investment in such securities. The Fund may have to reduce or forego payment of distributions if the income and/or dividends the Fund receives from its investments decline.

A bankruptcy filing by an issuer may adversely and permanently affect its market position and operations. Many factors of the bankruptcy process, including court decisions, the size and priority of other claims, and the duration and costs of the process, are beyond the control of the Fund and can adversely affect its return on investment. The Subadviser, on behalf of the Fund, may also participate on committees formed by creditors to negotiate with debtors regarding restructuring issues. There can be no assurance that the Subadviser's participation would be favorable for the Fund, and such participation may subject the Fund to additional duties, liabilities and trading restrictions in a particular investment.

Certain fixed-income instruments in which the Fund invests could be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws, if such securities were issued with the intent of hindering or defrauding creditors or, in certain circumstances, if the issuer does not receive reasonable value or fair consideration for issuing such securities. If a court were to determine that the issuance was a fraudulent transfer or conveyance, the court could void the payment obligations under the securities, subordinate the securities to other existing and future indebtedness of the issuer or require the Fund to repay any amounts it received with respect to the securities. If the Fund or the Subadviser is found to have interfered with the affairs of a portfolio company, to the detriment of the company's other creditors or common shareholders, the Fund may be held liable for damages to injured parties or a bankruptcy court. While the Fund will seek to avoid incurring such liability, there can be no assurance that it will be successful. Moreover, such debt may be disallowed, subordinated to the claims of other creditors or treated as equity. If the Fund or Subadviser has representatives on a portfolio company's board, such involvement may subject the Fund to additional liability, restrict its ability to dispose of debt investments or result in recharacterization of its debt investments as equity.

Loans and Assignments Risk — The Fund may acquire loans through assignments of interests in such loans. The purchaser of an assignment typically succeeds to all

the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to such debt obligation. However, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under an assigned debt obligation and with regard to any associated collateral.

Direct Lending and Middle Market "Club" Loan Risk — Generally, little public information exists about private and middle market companies, and the Fund must rely on the ability of the Subadviser's investment professionals to obtain adequate information about these companies. If the Subadviser cannot uncover all material information to make a fully-informed investment decision, the Fund may lose money on its investments. Private and middle market portfolio companies may have limited financial resources and be unable to fulfill their debt service obligations to the Fund, which may accompany a deterioration in the value of any collateral and a reduced likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and general market conditions. Additionally, middle market companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, incapacity or departure of such persons could have a material adverse impact on the Fund's portfolio company and, in turn, on the Fund. Middle market companies also generally have less predictable operating results and may require substantial additional capital to finance their operations or expansion. In addition, the Fund's executive officers, directors and the Adviser and/or Subadviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments in its portfolio companies.

Large Shareholder Risk — To the extent that certain shareholders, including affiliates of the Adviser and the Subadviser, hold a substantial amount of Common Shares, there is a risk that these shareholders will seek to sell Common Shares in large amounts rapidly in connection with repurchase offers. These transactions could adversely affect the Fund's ability to conduct its investment program. Additionally, if a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro rata portion of Common Shares tendered by each shareholder. In such situations, shareholders unaffiliated with the Adviser and the Subadviser will not be given priority over affiliated shareholders, whose holdings in the Fund may be significant and may have the effect of diluting third-party shareholders with respect to any repurchase offer.

Liquidity Risk — The Fund intends to invest in illiquid investments, which are securities or other investments that cannot be disposed of within seven days or less in current market conditions without significantly changing their market value. Illiquid investments often can only be resold in privately negotiated transactions with a limited number of purchasers or in a public offering registered under the 1933 Act. There could be considerable delay in either event and, unless otherwise

contractually provided, the Fund's proceeds upon sale may be reduced by the costs of registration or underwriting discounts. The difficulties and delays associated with such transactions could preclude the Fund from realizing a favorable price upon disposition of illiquid investments, and at times might make disposition of such securities impossible.

Valuation Risk — When market quotations are not readily available or are deemed unreliable, the Fund's investments are valued at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon disposition.

LIBOR Risk — LIBOR, the London Interbank Offered Rate, has historically been the principal floating rate benchmark in the financial markets. However, as a result of longstanding regulatory initiatives, LIBOR is being discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect the Fund's operations, finances and investments specifically. The date of discontinuation will vary depending on the LIBOR currency and tenor. In March 2021, the UK Financial Conduct Authority (the "FCA"), which is the regulator of the LIBOR administrator, announced that LIBOR settings will cease to be provided by any administrator or will no longer be representative after specified dates, which will be June 30, 2023, in the case of the principal U.S. dollar LIBOR tenors (overnight and one, three, six and 12 month), and December 31, 2021, in all other cases (i.e., one week and two month U.S. dollar LIBOR and all tenors of non-U.S. dollar LIBOR). Thus, many existing LIBOR contracts will transition to another benchmark after June 30, 2023 or, in some cases, have transitioned after December 31, 2021. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear. In the United States, there have been various efforts to identify a set of alternative reference interest rates for U.S. dollar LIBOR. The market has generally coalesced around recommendations from the Alternative Reference Rates Committee (the "ARRC") convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York. The ARRC has recommended that U.S. dollar LIBOR be replaced by rates based on the Secured Overnight Financing Rate ("SOFR") plus, in the case of existing LIBOR contracts and obligations, a spread adjustment. As a consequence of the FCA announcement described above (and a related announcement from the LIBOR administrator), the spread adjustments for different tenors of U.S. dollar LIBOR have been set. The FCA and certain U.S. regulators have emphasized that, despite expected publication of U.S. dollar LIBOR through June 30, 2023, no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021 and that, for certain purposes, market participants should transition away from U.S. dollar LIBOR sooner. Although the foregoing reflects the

likely timing and certain details and consequences of the LIBOR discontinuation, there is no assurance that LIBOR, of any particular currency and tenor, will continue to be published until any particular date or in any particular form. Financial markets, particularly the trading market for LIBOR-based obligations, may be adversely affected by the discontinuation of LIBOR, the remaining uncertainties regarding its discontinuation, the alternative reference rates that will be used when LIBOR is discontinued (including SOFR-based rates) and other reforms related to LIBOR. There is no assurance that SOFR-based rates, as modified by an applicable spread adjustment, will be the economic equivalent of U.S. dollar LIBOR. SOFR-based rates will differ from U.S. dollar LIBOR, and the differences may be material. As a result of the LIBOR discontinuation, value may be adversely affected. In addition, SOFR-based rates or other alternative reference rates may be an ineffective substitute for LIBOR, resulting in prolonged adverse market conditions for the Fund.

Leverage Risk — The Fund utilizes the Credit Facility to increase its assets available for investment. When the Fund leverages its assets, common shareholders bear the fees associated with the Credit Facility and have the potential to benefit from or be disadvantaged by the use of leverage. The investment advisory fee is also increased in dollar terms from the use of leverage. Consequently, the Fund and the Adviser may have differing interests in determining whether to leverage the Fund's assets. Leverage creates risks that may adversely affect the return for the holders of Common Shares, including the likelihood of greater volatility of net asset value; fluctuations in the interest rate paid for the use of the Credit Facility; increased operating costs, which may reduce the Fund's total return; the potential for decline in the value of an investment acquired through leverage, while the Fund's obligations under such leverage remains fixed; and the Fund is more likely to have to sell investments in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived.

In addition to the risks created by the Fund's use of leverage, the Fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Credit Facility is terminated. Were this to happen, the Fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund's ability to generate income from the use of leverage would be adversely affected.

Large Redemptions Risk — If one or more investors in the Fund initiate significant redemptions, it may be necessary to dispose of assets to meet the redemption request. This can make ordinary portfolio management and rebalancing decisions more complicated to implement, can result in the Fund's current expenses being allocated over a smaller asset base, which generally results in an increase in the

Fund's expense ratio, and can accelerate the realization of taxable income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. The impact of these transactions is likely to be greater in highly volatile markets or less liquid markets or for smaller or newer funds or when a significant investor purchases, redeems or owns a substantial portion of the Fund's shares.

Note 5 — Purchases and Sales of Securities

For the period ended December 31, 2022, purchases and sales of investments, excluding short-term investments, were $544,382,282 and $190,512,390, respectively.

Note 6 — Investment Advisory Agreement and Other Transactions with Related Persons

Pursuant to a management agreement with the Fund (the "Management Agreement"), the Adviser is responsible for the management of the Fund's portfolio. In return for its investment advisory services, the Fund pays the Adviser a monthly fee at the annual rate of 1.25% of the average daily value of the Fund's Managed Assets. The Adviser has entered into a subadvisory agreement with the Subadviser relating to the Fund (the "Subadvisory Agreement"). The Subadvisory Agreement provides that the Subadviser will furnish investment advisory services in connection with the management of the Fund. For its services under the Subadvisory Agreement, the Adviser pays the Subadviser a monthly fee at the annual rate of 0.625% of the average daily value of the Fund's Managed Assets. No advisory fee will be paid by the Fund directly to the Subadviser.

From May 1, 2021 through April 30, 2022, the Adviser and Subadviser agreed to waive all management fees and subadvisory fees payable to them under the Management Agreement (the "Management Fee Waiver"). The Management Fee Waiver is not be subject to any right of future recoupment in favor of the Adviser or Subadviser. During the period ended December 31, 2022, the Adviser waived $1,306,404 in investment advisory fees, which are included under expense waiver on the Consolidated Statement of Operations.

Effective May 1, 2022, the Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) ("annual operating expenses") of the Class A, Class A-2 and Class I shareholders are limited to 2.25%, 2.75% and 2.00%, respectively, of average net assets (the "Expense Limitations"). This undertaking lasts until April 30, 2024 and may not be terminated during its term without the consent of the Board. The Fund has agreed that each of Class A, Class A-2 and

Class I will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 2.25%, 2.75% and 2.00% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date in which the Fund incurred the fee and/or expense.

From December 1, 2021 through April 30, 2022, the Adviser removed the management fee from the waiver and contractually waived and/or reimbursed certain fees and expenses of the Fund so that the total annual operating expenses (excluding the Management Fee (because separately waived), interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of the Class A and Class I shareholders are limited to 0.50% and 0.25%, respectively, of average net assets.

During the period ended December 31, 2022, the Adviser waived $1,647,472 in expenses which are included under expense waiver on its Consolidated Statement of Operations. As of December 31, 2022, the Fund has a receivable from the Adviser of $685,138 for reimbursement of expenses, which are included under due from adviser on its Consolidated Statement of Assets and Liabilities. During the period ended December 31, 2022, there were no recoupments made.

For the period ended December 31, 2022, the amounts available for potential future repayment by the Adviser and the expiration schedule are as follows:

			Potential Repayment Amounts Expiring December 31,
	Total Eligible for Recoupment		2023		2024		2025
Class A	$	87,225	$	2,187	$	27,396	$	57,642
Class A-2		277		—		—		277
Class I		2,830,742		214,336		1,026,853		1,589,553
Total	$	2,918,244	$	216,523	$	1,054,249	$	1,647,472

The Adviser also performs certain non-investment advisory, administrative, accounting, operations, legal, compliance and other services on behalf of the Fund, and in accordance with the Management Agreement, the Fund reimburses the Adviser for costs and expenses (including overhead and personnel costs) associated with such services. These reimbursements may not exceed an annual rate of 0.05% of Fund's average daily net assets. For the period ended December 31, 2022, the Fund reimbursed the Adviser $547,619 in expenses and the adviser waived $839,343 for administrative fees which are included under expense waiver on Consolidated Statement of Operations. As of December 31, 2022 the Fund has a payable to the Adviser of $508,210 for administrative fees which are included under the administrative fees payable on the Consolidated Statement of Assets and Liabilities.

J.P. Morgan Chase Bank, N.A. ("JPM"), the Fund's administrator, accounting agent and primary custodian, holds the Fund's portfolio securities and other assets and is responsible for calculating the Fund's net asset value and maintaining the accounting records of the Fund. JPM, as the Funds' administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

Independent Trustees are compensated by the Fund for their services. As of December 31, 2022, such compensations are included under Trustees' fees on the Consolidated Statement of Operations.

Note 7 — Plans of Distribution

FEF Distributors, LLC (the "Distributor"), an affiliate of the Adviser and Subadviser, serves as the principal underwriter and distributor of the Fund's Common Shares pursuant to a distribution contract with the Fund.

Common Shares of the Fund are continuously offered through the Distributor and/or certain financial intermediaries that have agreements with the Distributor. Class A Shares, Class A-2 Shares and Class I Shares are sold on a continuous basis at the Fund's NAV per share, plus for Class A Shares and Class A-2 Shares only, a maximum front-end sales commission of 2.50%. Investors that purchase $250,000 or more of the Fund's Class A Shares or Class A-2 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A Shares or Class A-2 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. Until April 30, 2022, the maximum front-end sales commission for Class A was 3.50%, investors that purchased $1,000,000 or more of the Class A Shares did not pay initial sales charges on the purchase unless eligible for a waiver and purchases of $1,000,000 or more of Class A Shares were subject to an early withdrawal charge of 1.00% if the shares were repurchased during the first 12 months after the purchase.

The Fund has adopted a Distribution and Servicing Plan (the "Plan") for the Class A Shares and Class A-2 Shares (effective for Class A-2 Shares on May 31, 2022) of the Fund. Although the Fund is not an open-end investment company, it intends to comply with the terms of Rule 12b-1 as a condition of the Exemptive Relief which permits the Fund to have, among other things, a multi-class structure and distribution and shareholder servicing fees. The Plan permits the Fund to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Class A Shares and Class A-2 Shares, as applicable. The maximum annual rates at which the distribution and/or service fees may be paid under the Distribution and Servicing Plan is 0.25% for Class A Shares and 0.75% for

Class A-2 Shares (calculated as a percentage of the Fund's average daily net assets attributable to the Class A Shares and Class A-2 Shares, respectively). Class I Shares do not pay distribution or servicing fees.

For the period ended December 31, 2022, the distribution and servicing fees incurred by the Fund are disclosed in the Consolidated Statement of Operations.

Note 8 — Periodic Repurchase Offers

The Fund is a closed-end interval fund, a type of fund that, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset value. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Common Shares at net asset value, which is the minimum amount permitted.

The following table summarizes the share repurchases completed during the period ended December 31, 2022:

Quarter End	Share Class		Repurchase Date	Shares Repurchased		Purchase Price Per Share		Aggregate Consideration for Repurchased Shares		Size of Repurchase Offer		% of Outstanding Shares			% of Outstanding Shares Repurchased
12/31/21		I	1/18/22		23,159.297	$	26.19	$	606,541.99		366,365.497		5	%		0.32	%
		A	1/18/22		6,608.676	$	26.22	$	173,279.48		14,452.383		5	%		2.36	%
3/31/22		I	4/18/22		286,761.740	$	25.78	$	7,392,717.59		591,659.805		5	%		2.42	%
		A	4/18/22		332.470	$	25.81	$	8,581.03		21,303.809		5	%		0.08	%
6/30/22		I	7/18/22		335,426.723	$	24.18	$	8,110,618.12		754,036.737		5	%		2.22	%
		A	7/18/22		3,627.382	$	24.21	$	87,818.92		24,078.744		5	%		0.75	%
9/30/22		I	10/17/22		603,723.585	$	23.89	$	14,422,956.45		829,188.747		5	%		3.64	%
		A	10/17/22		8,629.412	$	23.92	$	206,415.54		26,372.044		5	%		1.64	%

The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%, which the Fund would retain to help offset non-de minimis estimated costs related to the repurchase incurred by the Fund, directly or indirectly, as a result of repurchasing Common Shares, thus allocating estimated transaction costs to the shareholder whose Common Shares are being repurchased. The Fund may introduce, or modify the amount of, a repurchase fee at any time. The Fund may also waive or reduce a repurchase fee if the Adviser or Subadviser determines that the repurchase is offset by a corresponding purchase or if for other reasons the Fund will not incur transaction costs or will incur reduced transaction costs.

Note 9 — Unfunded Commitment/Delayed Draw Loan Commitment

As of December 31, 2022, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:

Loan	Principal Amount		Value		Net Unrealized Appreciaton (Depreciation)
A&A Global Imports, LLC, Revolving Loan — First Lien	$	9,368	$	8,525	$	(715	)
Advanced Web Technologies (AWT), First Amendment Delayed Draw Term Loan 2 — First Lien		476,190		471,429		(4,762	)
Advanced Web Technologies (AWT), Second Amendment Delayed Draw Term Loan — First Lien		735,294		727,941		—
Alpine SG, LLC (ASG), Revolving Credit Commitment — First Lien		105,232		103,127		(526	)
Alpine X, 2nd Amendment Revovler — First Lien		42,857		42,429		750
Alpine X, Revolving Loan — First Lien		91,314		90,401		913
Anne Arundel Dermatology Management, LLC, DDTL C (First Lien) — First Lien		103,098		100,779		(1,482	)
Apex Analytix, Inc. (Montana Buyer, Inc.), First Lien Revolver — First Lien		304,348		296,739		(1,522	)
Apex Service Partners, LLC, Revolver — First Lien		16,048		16,048		276
AppHub, Delayed Draw Tem Loan — First Lien		767,201		755,693		(7,672	)
AppHub, Revolving Credit Loan — First Lien		103,013		101,468		—
Archer Systems, LLC, Revolving Loan — First Lien		666,667		658,333		—
Automated Control Concepts, Inc., Revolver — First Lien		416,667		400,000		(10,417	)
Bandon Fitness Texas, Inc, Delayed Draw Term Loan — First Lien		1,245,969		1,227,279		(9,345	)
Bandon Fitness Texas, Inc, Revolver — First Lien		96,572		95,124		—
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Delayed Draw Term Loan — First Lien		1,228,413		1,209,987		(12,284	)
BCDI BHI Intermediate 2, LP (Basic Home Infusion), Revolver — First Lien		662,501		652,564		—
Boston Clincial Trials LLC (Alcanza Clinical Research), Delayed Draw — First Lien		375,000		369,375		(3,750	)
Boston Clincial Trials LLC (Alcanza Clinical Research), Revolver — First Lien		187,500		184,688		—
CC Amulet Management, LLC (Children's Choice), 2021 Delayed Draw Term Loan — First Lien		307,436		302,056		(3,843	)
CC Amulet Management, LLC (Children's Choice), 2021 Revolver — First Lien		11,091		10,897		(27	)

Loan	Principal Amount		Value		Net Unrealized Appreciaton (Depreciation)
Community Based Care Acquisition, Inc., Delayed Draw Tranche A Term Loan — First Lien	$	46,280	$	45,586	$	(288	)
Community Based Care Acquisition, Inc., Delayed Draw Tranche B Term Loan — First Lien		1,000,000		987,500		7,500
Community Based Care Acquisition, Inc., Revolving Credit Loan — First Lien		365,854		360,366		1,829
ConvenientMD (CMD Intermediate Holdings, Inc.), Delayed Draw Term Loan — First Lien		218,750		218,750		1,094
ConvenientMD (CMD Intermediate Holdings, Inc.), Revolving Credit Facility — First Lien		50,000		50,000		750
Danforth Buyer, Inc., Revolving Credit Loan — First Lien		208,333		205,208		—
Eliassen Group, LLC, 2022 Delayed Draw Term Loan — First Lien		472,222		467,500		(3,542	)
Endo1 Partners, Seventh Amendment DDTL — First Lien		3,011,200		2,966,032		65,321
Epic Staffing Group (Cirrus/Tempus/Explorer Investor), Delayed Draw Term Loan — First Lien		697,674		659,302		3,488
Evergreen Services Group II LLC (Cedar/Pine), Delayed Draw Term A Loan — First Lien		378,571		367,214		(3,786	)
Evergreen Services Group II LLC (Cedar/Pine), Revolving Credit Loan — First Lien		26,738		25,936		(401	)
iLending LLC, Revolver — First Lien		35,036		35,036		525
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Delayed Draw Term Loan — First Lien		634,337		627,994		(6,343	)
Life Northwestern Pennsylvania, LLC (FFL Pace Buyer, Inc.), Revolver — First Lien		487,952		483,072		4,879
Lighthouse Behavioral Health Solutions, Delayed Draw Term Loan — First Lien		1,206,107		1,200,076		12,061
Lighthouse Behavioral Health Solutions, Revolving Loan — First Lien		274,809		273,435		2,748
Lighthouse Lab Services (LMSI Buyer, LLC), Revolving Credit Loan — First Lien		502,092		493,305		(2,929	)
NAC Holding Corporation (National Auto Care/Jaguar), DDTL D — First Lien		127,273		127,273		954
Newcleus, LLC, Delayed Draw Term Loan — First Lien		106,780		99,839		(6,139	)
Newcleus, LLC, Revolver — First Lien		34,803		32,541		(1,740	)
Oak Point Partners, LLC, Revolver — First Lien		292,659		289,732		1,463
Omni Intermediate Holdings, LLC (Omni Logistics), Tranche 2 DDTL (First Lien) — First Lien		195,431		192,500		(977	)

Loan	Principal Amount		Value		Net Unrealized Appreciaton (Depreciation)
Orion Group Holdco, LLC, First Amendment Incremental Delayed Draw Term Loan — First Lien	$	299,145	$	293,910	$	(2,244	)
Point Quest Acquisition LLC, Revolving Credit Loan — First Lien		190,476		187,619		—
Reich & Tang Deposits Network, Delayed Draw Term Loan — First Lien		860,691		860,691		10,767
R-Pac International Corp (Project Radio), Revolver — First Lien		621,891		609,453		(98	)
Sapio Sciences, LLC (Jarvis Bidco), Delayed Draw Term Loan — First Lien		437,500		430,938		—
Sapio Sciences, LLC (Jarvis Bidco), Revolving Credit Loan — First Lien		312,500		307,813		—
Sequoia Consulting Group, LLC, Revolver — First Lien		590,164		578,361		(2,950	)
Socius Insurance Services, Inc., Delayed Draw — First Lien		767,544		759,868		—
SuperHero Fire Protection, LLC, Revolving Loan — First Lien		4,797		4,749		24
Technology Partners, LLC (Imagine Software), Delayed Draw Term Loan — First Lien		518,618		506,949		(6,483	)
Technology Partners, LLC (Imagine Software), Revolver — First Lien		373,405		365,004		(933	)
The Carlstar Group, Revolving Credit Loan — First Lien		619,048		606,667		774
TMA Buyer, LLC, Delayed Draw — First Lien		468,117		449,392		(16,385	)
TMA Buyer, LLC, Revolver — First Lien		153,986		147,826		(3,850	)
Tricor, LLC, Delayed Draw Term Loan — First Lien		622,417		611,525		(6,224	)
Tricor, LLC, Revolving Loan — First Lien		86,538		85,024		(216	)
TriStrux, LLC, Delayed Draw Term Loan — First Lien		160,874		156,852		(2,816	)
TriStrux, LLC, Revolving Loan — First Lien		185,005		180,380		(1,850	)
Velocity Clinical Research, Revolver — First Lien		124,263		121,467		—
					$	(10,423	)

Delayed draw loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund's valuation policy. Any related unrealized appreciation (depreciation) on unfunded delayed draw loan commitments is recorded on the Consolidated Statement of Assets and Liabilities and the Consolidated Statement of Operations.

Note 10 — Credit Facility

On February 5, 2021, the SPV entered into a secured credit facility (the "Credit Agreement") with Ally Bank and such other lenders that may become party to the Credit Agreement (the "Lenders"). Pursuant to the terms of the Credit Agreement, the SPV, of which the Fund is the sole member and designated manager, may borrow money from the Lenders up to a maximum aggregate outstanding amount of $75 million (the "Credit Facility"). The Credit Facility has an initial five-year term, with a three-year revolving period. The Credit Agreement, commonly referred to as an asset-backed facility, is secured by a lien on all of the SPV's assets. In accordance with the 1940 Act, the Fund's borrowings under the Credit Facility will not exceed 33 1/3% of the Fund's Managed Assets at the time of borrowing. On May 18, 2022, the Credit Facility was amended to, among other things, 1) increase the commitment amount from $75 million to $150 million, subject to change by mutual agreement of the SPV and the Lenders; and 2) replace the benchmark rate.

Through May 17, 2022, the per annum rate of interest for borrowings under the Credit Facility was generally based on LIBOR (subject to a 25 bps floor) plus a spread of 2.50%. Beginning May 18, 2022, the per annum rate of interest is generally based on either the SOFR (subject to a 25 bps floor) plus a benchmark adjustment of between 0.10% - 0.15% plus a spread of 2.50%. Commitment fees on the unused portion of the Credit Facility accrue at a rate between 0.50% or 1.00% depending on the utilization levels.

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the Credit Facility for the year ended December 31, 2022 were as follows:

Stated interest expense	$	2,555,759
Unused commitment fees		225,054
Amortization of deferred financing costs		183,997
Total interest expense	$	2,964,810
Weighted average interest rate		4.32	%
Average borrowings	$	77,499,721
Effective Leverage*		19.56	%

* Effective leverage is percentage of leverage based on total assets minus the sum of liabilities (other than leveraged amount)

Under the Credit Facility, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. As of December 31, 2022, the Fund is in compliance with these covenants.

To the Board of Trustees and Shareholders of First Eagle Credit Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of First Eagle Credit Opportunities Fund and its subsidiary (the "Fund") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with

Based on Actual Total Return⁽¹⁾

	Actual Total Return Without Sales Charges⁽²⁾			Beginning Account Date Value		Ending Account Value		Annualized Expense			Expenses Paid for the Period⁽³⁾
First Eagle Credit Opportunities Fund
Class A		0.80	%	$	1,000	$	1,008.00		3.23	%	$	16.35
Class A-2		0.52			1,000		1,005.20		3.60			18.20
Class I		0.93			1,000		1,009.30		2.97			15.04

(1) For the six-months ended December 31, 2022.

(2) Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year.

(3) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Pursuant to the Fund's dividend reinvestment plan (the "Plan"), all Common Shareholders will have all dividends, including any capital gain dividends, reinvested automatically in additional Common Shares by DST Systems. Inc, as agent for the Common Shareholders (the "Plan Agent"), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder's name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details.

Common Shares received under the Plan will be issued to you at their NAV on the ex-dividend date; there is no sales or other charge for reinvestment. You are free to withdraw from the Plan and elect to receive cash at any time by giving written notice to the Plan Agent or by contacting your broker or dealer, who will inform the Fund. Your request must be received by the Fund at least ten days prior to the payment date of the distribution to be effective for that dividend or capital gain distribution.

The Plan Agent provides written confirmation of all transactions in the shareholder accounts in the Plan, including information you may need for tax records. Any proxy you receive will include all Common Shares you have received under the Plan.

Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions. See "Tax Matters" in the Fund's Prospectus for additional information.

The Fund and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. If the Plan is amended to include such service charges, the Plan Agent will include a notification to registered holders of Common Shares with the Plan Agent.

Additional information about the Plan may be obtained from the Plan Agent.

The Fund held a special meeting of shareholders on August 31, 2022 to elect members of the Board of Trustees of the Fund.

First Eagle Credit Opportunities Fund

Common Shareholders voted as indicated below:

	Affirmative		Withheld Authority
Election of Lisa Anderson		7,583,129		116,469
Election of John P. Arnhold^†		7,583,607		115,991
Election of Candace K. Beinecke		7,586,257		113,341
Election of Peter W. Davidson		7,587,570		112,027
Election of Jean D. Hamilton		7,575,412		124,186
Election of James E. Jordan		7,582,629		116,969
Election of William M. Kelly		7,575,670		123,928
Election of Paul J. Lawler		7,582,629		116,969
Election of Mehdi Mahmud^†		7,594,360		105,238

† Interested Trustee

Ms. Hawthorne resigned as a Trustee of the Board effective August 31, 2022.

Reasons we can share your personal information	Does the Trust share?	Can you limit this sharing?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes— to offer our products and services to you	Yes	Yes
For joint marketing with other financial companies	No	N/A
For our affiliates' everyday business purposes— information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes— information about your creditworthiness	Yes	Yes
For our affiliates to market to you	Yes	Yes
For nonaffiliates to market to you	No	N/A

To limit our sharing				◼ Call 800.334.2143 and indicate your desire to limit our sharing ◼ Visit us online: www.feim.com/individual-investors or ◼ Mail the form below Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?				Call 800.334.2143 or go to www.feim.com/individual-investors

Management of the Fund

The business of the Fund is managed by its Board of Trustees, which elects officers responsible for the day to day operations of the Fund and for the execution of the policies formulated by the Board of Trustees.

Pertinent information regarding the members of the Board of Trustees and principal officers of the Fund is set forth below. Some of the Trustees and officers are employees of the Adviser or Subadviser and their affiliates. At least a majority of the Fund's Board of Trustees are not "interested persons" as that term is defined in the 1940 Act.

Independent Trustees⁽¹⁾

Lisa Anderson | Trustee | August 2022 to present
1345 Avenue of the Americas | New York, New York | 10105
(born October 1950)

Principal Occupation(s) During Past 5 Years: Special Lecturer and James T. Shotwell Professor of International Relations Emerita at the Columbia University School of International and Public Affairs; prior to 2016, President of the American University in Cairo