Supplemental Prospectus - Form 424B3

Filed Pursuant to Rule 424(b)(3)

File No. 333-262771

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

SUPPLEMENT NO. 2 DATED AUGUST 15, 2024

TO THE PROSPECTUS DATED APRIL 29, 2024

This supplement no. 2 ("Supplement") contains information that amends, supplements, or modifies certain information contained in the prospectus of Nuveen Churchill Private Capital Income Fund (the "Fund"), dated April 29, 2024 (as supplemented to date, the "Prospectus"). This Supplement is part of and should be read in conjunction with the Prospectus. Before investing in our Common Shares, you should read carefully the Prospectus and this Supplement and consider carefully our investment objective, risks, charges and expenses. You should also carefully consider the "Risk Factors" beginning on page 27 of the Prospectus before you decide to invest in our Common Shares. Unless otherwise defined herein, capitalized terms used in this Supplement will have the same meanings as in the Prospectus.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

On August 9, 2024, the Fund filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Form 10-Q") with the Securities and Exchange Commission. The Form 10-Q (without exhibits) is attached to this Supplement as Appendix A.

Appendix A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2024

OR

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

Commission file number 001-04321

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

(Exact name of registrant as specified in its charter)

Delaware		88-6187397
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
375 Park Avenue, 9th Floor, New York, NY		10152
(Address of principal executive offices)		(Zip Code)

(212) 478-9200

(Registrant's telephone number, including area code)

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. YesxNoo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YesxNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
Emerging growth company	x

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).YesoNox

The registrant had outstanding 28,986,948 Class I shares, 653,232 Class D shares, and 526,681 Class S shares as of August 8, 2024.

Table of Contents

Page
PART I	Financial Information	3
Item 1.	Consolidated Financial Statements (Unaudited)	3
Consolidated Statements of Assets and Liabilities as of June 30, 2024 (Unaudited) and December 31, 2023	3
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited)	5
Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited)	7
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited)	8
Consolidated Schedules of Investments as of June 30, 2024 (Unaudited) and December 31, 2023	10
Notes to Consolidated Financial Statements (Unaudited)	39
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	94
Item 4.	Controls and Procedures	95
PART II	Other Information	96
Item 1.	Legal Proceedings	96
Item 1A.	Risk Factors	96
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	96
Item 3.	Defaults Upon Senior Securities	97
Item 4.	Mine Safety Disclosures	97
Item 5.	Other Information	97
Item 6.	Exhibits	98
Signatures	99

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•changes in the markets in which we invest and changes in financial and lending markets generally;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

•the impact of interest rate volatility on our business and our portfolio companies;

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

•the elevated level of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•our contractual arrangements and relationships with third parties;

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

•actual and potential conflicts of interest with the Advisers and/or their respective affiliates;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

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

•the ability of Churchill to locate suitable investments for us and to monitor and administer our investments and Nuveen Asset Management LLC to manage certain of our Liquid Investments;

•the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;

•our ability to qualify for and maintain our tax treatment as a regulated investment company (a "RIC") and operate as a business development company ("BDC");

•the impact of future legislation and regulation on our business and our portfolio companies;

•our ability to successfully invest capital raised in our offering;

1

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or a forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as otherwise provided by law.

2

Part I - Financial Information

Item 1. Consolidated Financial Statements (Unaudited)

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

(dollars in thousands, except share and per share data)

June 30, 2024	December 31, 2023
(Unaudited)
Assets
Investments
Non-controlled/non-affiliate company investments, at fair value (amortized cost of $935,504 and $516,168, respectively)	$	929,614	$	512,036
Cash and cash equivalents	21,387	8,679
Due from affiliate for expense support (See Note 5)	3,216	2,968
Interest receivable	6,449	5,758
Receivable for investments sold	337	161
Prepaid expenses	24	41
Total assets	$	961,027	$	529,643
Liabilities
Secured borrowings (net of $477 and $749 deferred financing costs, respectively) (See Note 6)	$	122,523	$	165,001
Management fees payable	219	-
Distributions payable	5,896	3,584
Payable for investments purchased	99,162	338
Interest payable	323	630
Due to affiliate for expense support (See Note 5)	3,216	2,968
Payable for share repurchases	324	-
Board of Trustees' fees payable	127	128
Accounts payable and accrued expenses	1,459	2,163
Total liabilities	$	233,249	$	174,812
Commitments and contingencies (See Note 7)
Net Assets: (See Note 8)
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 497,605 and 149,838 Class S shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	$	5	$	1
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 573,355 and 107,266 Class D shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	6	1
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 28,411,932 and 14,091,386 Class I shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	284	141
Paid-in-capital in excess of par value	730,396	357,241
Total distributable earnings (loss)	(2,913)	(2,553)
Total net assets	$	727,778	$	354,831
Total liabilities and net assets	$	961,027	$	529,643

Net asset value Class S	$	12,261	$	3,699
Net asset value Class D	$	14,150	$	2,652
Net asset value Class I	$	701,367	$	348,480
Net asset value per Class S share	$	24.64	$	24.69
Net asset value per Class D share	$	24.68	$	24.73
Net asset value per Class I share	$	24.69	$	24.73

4

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except share and per share data)

Three Months Ended June 30,	Six Months Ended June 30,
2024	2023	2024	2023
Investment income:
Non-controlled/non-affiliated company investments:
Interest income	$	18,655	$	10,594	$	33,626	$	20,175
Payment-in-kind interest income	1,026	506	1,898	1,074
Dividend income	10	25	59	98
Other income	252	12	415	31
Total investment income	19,943	11,137	35,998	21,378
Expenses:
Interest and debt financing expenses	1,271	2,598	4,297	5,074
Professional fees	223	214	319	415
Management fees (Note 5)	1,084	165	1,773	165
Income based incentive fees (Note 5)	2,391	373	4,146	373
Board of Trustees' fees	127	127	252	252
Administration fees (SeeNote 5)	200	120	366	238
Other general and administrative expenses	509	132	687	262
Distribution and shareholder servicing fees
Class S	24	-	38	-
Class D	8	-	12	-
Offering costs	143	150	315	281
Total expenses	5,980	3,879	12,205	7,060
Expense support (See Note 5)	(166)	(174)	(361)	(329)
Management fees waived (Note 5)	(865)	(165)	(1,554)	(165)
Incentive fees waived (Note 5)	(2,391)	(373)	(4,146)	(373)
Net expenses	2,558	3,167	6,144	6,193
Net investment income (loss)	17,385	7,970	29,854	15,185
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliated company investments	92	610	145	618
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated company investments	580	(1,209)	(1,758)	(2,239)
Income tax (provision) benefit	67	-	(4)	-
Total net change in unrealized gain (loss)	647	(1,209)	(1,762)	(2,239)
Total net realized and unrealized gain (loss) on investments	739	(599)	(1,617)	(1,621)
Net increase (decrease) in net assets resulting from operations	$	18,124	$	7,371	$	28,237	$	13,564

Per share data:
Net investment income (loss) per share - Class S common share	$	0.56	$	-	$	1.26	$	-
Net investment income (loss) per share - Class D common share	$	0.60	$	-	$	1.33	$	-
Net investment income (loss) per share - Class I common share	$	0.62	$	0.75	$	1.37	$	1.43
Net increase (decrease) in net assets resulting from operations per share - Class S Common Share	$	0.63	$	-	$	1.18	$	-
Net increase (decrease) in net assets resulting from operations per share - Class D Common Share	$	0.70	$	-	$	1.26	$	-
Net increase (decrease) in net assets resulting from operations per share - Class I Common Share	$	0.69	$	0.69	$	1.30	$	1.28
Weighted average common shares outstanding - Class S common share	452,600	-	362,417	-
Weighted average common shares outstanding - Class D common share	525,217	-	389,929	-
Weighted average common shares outstanding - Class I common share	26,092,866	10,643,261	21,073,183	10,591,935

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(dollars in thousands, except share and per share data)

Three Months Ended June 30,	Six Months Ended June 30,
2024	2023	2024	2023
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	17,385	$	7,970	$	29,854	$	15,185
Net realized gain (loss) on investments	92	610	145	618
Net change in unrealized appreciation (depreciation) on investments	647	(1,209)	(1,762)	(2,239)
Net increase (decrease) in net assets resulting from operations	18,124	7,371	28,237	13,564
Shareholder Distributions:
Class S	(248)	-	(438)	-
Class D	(307)	-	(494)	-
Class I	(15,644)	(7,663)	(27,666)	(14,305)
Net increase (decrease) in net assets resulting from shareholder distributions	(16,199)	(7,663)	(28,598)	(14,305)
Capital share transactions:
Class S:
Issuance of common shares, net	3,832	-	8,530	-
Reinvestment of shareholder distributions	94	-	142	-
Share transfer between classes	-	-	(101)	-
Net increase (decrease) in net assets resulting from capital share transactions - Class S	3,926	-	8,571	-
Class D:
Issuance of common shares, net	5,019	-	11,234	-
Reinvestment of shareholder distributions	194	-	271	-
Net increase (decrease) in net assets resulting from capital share transactions - Class D	5,213	-	11,505	-
Class I:
Issuance of common shares, net	236,716	7,720	348,064	7,720
Reinvestment of shareholder distributions	4,350	-	5,664	-
Share transfer between classes	-	-	101	-
Repurchased shares, net of early repurchase deduction	(324)	-	(597)	-
Net increase (decrease) in net assets resulting from capital share transactions - Class I	240,742	7,720	353,232	7,720
Total increase (decrease) in net assets	$	251,806	$	7,428	$	372,947	$	6,979
Net assets, beginning of period	$	475,972	$	259,852	$	354,831	$	260,301
Net assets, end of period	$	727,778	$	267,280	$	727,778	$	267,280

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands, except share and per share data)

Six Months Ended June 30,
2024	2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	28,237	$	13,564
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments	(480,971)	(53,529)
Proceeds from principal repayments and sales of investments	64,295	13,404
Payment-in-kind interest	(1,912)	(1,074)
Amortization of premium/accretion of discount, net	(603)	(490)
Net realized (gain) loss on investments	(145)	(618)
Net change in unrealized (appreciation) depreciation on investments	1,758	2,239
Amortization of deferred financing costs	85	78
Changes in operating assets and liabilities:
Due from affiliate for expense support	(248)	(311)
Receivable for investments sold	(176)	(8)
Interest receivable	(691)	347
Prepaid expenses	17	(82)
Payable for investments purchased	98,824	-
Interest payable	(307)	(52)
Management fee payable	219	-
Due to affiliate for expense support	248	311
Board of Trustees' fees payable	(1)	(1)
Accounts payable and accrued expenses	(516)	26
Net cash provided by (used in) operating activities	(291,887)	(26,196)
Cash flows from financing activities:
Proceeds from issuance of common shares	367,828	7,720
Repurchased shares, net of early repurchase deduction	(273)	-
Proceeds from secured borrowings	268,100	42,000
Repayments of secured borrowings	(310,850)	(64,000)
Distributions paid	(20,210)	(14,809)
Payments of deferred financing costs	-	(23)
Net cash provided by (used in) financing activities	304,595	(29,112)
Net increase (decrease) in cash and cash equivalents	12,708	(55,308)
Cash and cash equivalents, beginning of period	8,679	65,785
Cash and cash equivalents, end of period	$	21,387	$	10,477
Supplemental information and non-cash activities:
Cash paid during the period for interest	$	4,519	$	5,047
Cash paid during the period for excise taxes	31	2
Reinvestment of Shareholder Distributions	6,077	-
Share repurchases accrued but not yet paid	324	-

The following tables provide a reconciliation of cash and cash equivalents reported on the consolidated statements of assets and liabilities that sum to the total of comparable amounts on the consolidated statements of cash flows (dollars in thousands):

June 30, 2024	June 30, 2023
Cash	$	4,994	$	3,871
Cash Equivalents	16,393	6,606
Total Cash and Cash Equivalents Shown on the Consolidated Statements of Cash Flows	$	21,387	$	10,477

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
Precision Aviation Group	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.83	%	12/21/2029	$	7,482	$	7,342	$	7,440	1.02	%
Precision Aviation Group (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.75%	10.83	%	12/21/2029	2,480	377	385	0.05	%
Signature Aviation (AKA Brown Group Holding LLC)	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.33	%	7/2/2031	1,122	1,120	1,123	0.16	%
Turbine Engine Specialist, Inc	(4) (10)	Subordinated Debt	S + 9.50%	14.94	%	3/1/2029	1,963	1,919	1,957	0.27	%
Total Aerospace & Defense	10,758	10,905	1.50	%
Automotive
Adient US LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	1/31/2031	2,494	2,511	2,513	0.35	%
Belron Finance US LLC	(6) (10) (12)	First Lien Term Loan	S + 2.00%	7.51	%	4/13/2028	869	872	871	0.12	%
Driven Holdings LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.46	%	12/17/2028	3,496	3,494	3,489	0.48	%
Mitchell International Inc.	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.59	%	6/17/2031	5,480	5,453	5,440	0.75	%
Randys Holdings, Inc	(4) (6) (7) (10)	First Lien Term Loan	S + 6.25%	11.56	%	11/1/2028	3,937	3,874	3,891	0.53	%
Randys Holdings, Inc (Delayed Draw)	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 6.25%	11.56	%	11/1/2028	1,332	245	229	0.03	%
Total Automotive	16,449	16,433	2.26	%
Banking, Finance, Insurance, Real Estate
Alliant Holdings Intermediate, LLC	(6) (10) (12)	First Lien Term Loan	S + 3.50%	8.84	%	11/6/2030	3,000	3,017	3,011	0.41	%
Asurion, LLC (fka Asurion Corporation)	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.71	%	12/23/2026	1,990	1,985	1,976	0.27	%
Broadstreet Partners, Inc.	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.59	%	6/14/2031	3,000	3,016	2,996	0.41	%
Hub International Holdings, Inc	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.57	%	6/20/2030	2,246	2,256	2,254	0.31	%
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(4) (6) (7) (10)	First Lien Term Loan	S + 5.00%	10.48	%	10/16/2028	5,947	5,904	5,867	0.81	%
Ryan Specialty Group LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	9/1/2027	4,445	4,469	4,474	0.61	%
Sedgwick Claims Management Services Inc	(6) (10) (12)	First Lien Term Loan	S + 3.75%	8.34	%	6/27/2031	2,250	2,244	2,244	0.31	%
Truist Insurance Holdings LLC	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.58	%	3/22/2031	3,250	3,262	3,261	0.45	%
Total Banking, Finance, Insurance, Real Estate	26,153	26,083	3.58	%
Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)	(4) (6) (10) (13)	First Lien Term Loan	S + 5.75%	11.08	%	9/25/2029	4,215	4,140	4,161	0.57	%
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) (Incremental)	(4) (6) (10) (13)	First Lien Term Loan	S + 5.75%	11.08	%	9/25/2029	1,798	1,782	1,775	0.24	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Cold Spring Brewing Company	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.09	%	12/19/2025	5,772	5,772	5,772	0.79	%
Dessert Holdings	(4) (6) (10)	First Lien Term Loan	S + 4.00%	9.46	%	6/9/2028	4,914	4,786	4,782	0.66	%
Fortune International, LLC	(4) (6) (10)	First Lien Term Loan	S + 4.50%	9.93	%	1/17/2026	6,838	6,809	6,822	0.94	%
Fresh Edge	(4) (6) (10)	Subordinated Debt	S + 4.50%	9.76% (Cash) 5.13% (PIK)	4/3/2029	3,031	2,971	2,968	0.41	%
Nonni's Foods, LLC	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.68	%	6/1/2026	6,854	6,854	6,854	0.94	%
Palmetto Acquisitionco, Inc.	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.08	%	9/18/2029	3,331	3,279	3,278	0.46	%
Palmetto Acquisitionco, Inc. (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.75%	11.08	%	9/18/2029	1,216	446	430	0.06	%
Refresco (Pegasus Bidco BV)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.75%	9.07	%	7/12/2029	2,769	2,781	2,788	0.38	%
Sugar Foods	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.33	%	10/2/2030	4,211	4,123	4,227	0.58	%
Sugar Foods (Delayed Draw)	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.33	%	10/2/2030	1,170	1,158	1,174	0.16	%
Summit Hill Foods	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.35	%	11/29/2029	2,758	2,720	2,747	0.38	%
Sunny Sky Products	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.83	%	12/23/2028	1,848	1,831	1,831	0.25	%
Sunny Sky Products (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.50%	10.83	%	12/23/2028	464	-	(4)	-	%
SW Ingredients Holdings, LLC	(4) (10)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)	7/3/2028	10,230	10,230	10,055	1.38	%
Total Beverage, Food & Tobacco	59,682	59,660	8.20	%
Capital Equipment
EFC Holdings, LLC	(4) (10)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)	5/1/2028	2,467	2,409	2,465	0.34	%
E-Technologies	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.84	%	4/9/2030	6,464	6,401	6,404	0.88	%
Firstcall Mechanical Group	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.09	%	6/27/2030	10,000	9,900	9,900	1.36	%
Firstcall Mechanical Group (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 4.75%	10.09	%	6/27/2030	20,000	(25)	(199)	(0.03)	%
GenServe LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.75%	10.65	%	6/30/2025	7,817	7,779	7,817	1.07	%
Hayward Industries, Inc.	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.21	%	5/30/2028	4,233	4,243	4,235	0.58	%
Hyperion	(6) (10) (12)	First Lien Term Loan	S + 4.50%	10.11	%	8/30/2028	2,334	2,332	2,279	0.31	%
Johnstone Supply	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.33	%	5/16/2031	1,475	1,480	1,478	0.20	%
Motion & Control Enterprises	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.35	%	6/1/2028	1,592	1,575	1,587	0.22	%
Motion & Control Enterprises (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.35	%	6/1/2028	4,383	4,378	4,368	0.60	%
Motion & Control Enterprises (Delayed Draw) (Incremental)	(4) (10) (11)	First Lien Term Loan	S + 6.00%	11.35	%	6/1/2028	12,311	5,530	5,489	0.76	%
Motion & Control Enterprises (Incremental)	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.35	%	6/1/2028	1,700	1,684	1,694	0.23	%
Ovation Holdings, Inc.	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.73	%	2/5/2029	2,958	2,905	2,955	0.41	%
Ovation Holdings, Inc. (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.73	%	2/5/2029	700	566	572	0.08	%
Rhino Tool House	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.73	%	4/4/2029	2,660	2,614	2,664	0.37	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Rhino Tool House	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.73	%	4/4/2029	661	655	662	0.09	%
Rhino Tool House (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.25%	10.72	%	4/4/2029	623	608	612	0.08	%
Total Capital Equipment	55,034	54,982	7.55	%
Chemicals, Plastics, & Rubber
Akzo Nobel Speciality (aka Starfruit US Holdco LLC)	(6) (10) (12)	First Lien Term Loan	S + 3.50%	8.83	%	4/3/2028	3,838	3,861	3,860	0.53	%
Anchor Packaging	(6) (10) (12)	First Lien Term Loan	S + 3.75%	9.09	%	7/20/2029	3,751	3,753	3,758	0.52	%
Chroma Color Corporation (dba Chroma Color)	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.33	%	4/23/2029	1,735	1,706	1,722	0.23	%
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.00%	11.33	%	4/23/2029	381	(3)	(3)	-	%
INEOS US Finance LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 3.75%	9.09	%	2/7/2031	2,035	2,030	2,042	0.28	%
Ineos US Finance LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 3.75%	8.93	%	1/31/2031	1,970	1,980	1,970	0.27	%
INEOS US Petrochem LLC	(6) (10) (12)	First Lien Term Loan	S + 4.25%	9.69	%	4/2/2029	872	872	871	0.12	%
Kraton Polymers LLC	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.69	%	3/15/2029	495	490	493	0.07	%
Spartech	(6) (7) (10) (12)	First Lien Term Loan	S + 4.75%	10.06	%	5/6/2028	3,910	3,910	3,042	0.42	%
Tronox Limited	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	4/4/2029	3,345	3,355	3,357	0.46	%
Univar Solutions USA Inc.	(6) (10) (12)	First Lien Term Loan	S + 4.00%	9.34	%	8/1/2030	1,896	1,907	1,911	0.26	%
Total Chemicals, Plastics, & Rubber	23,861	23,023	3.16	%
Construction & Building
APi Group DE Inc.	(6) (10) (12) (13)	First Lien Term Loan	S + 2.00%	7.34	%	12/18/2028	1,750	1,749	1,751	0.24	%
Gannett Fleming	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.65	%	12/20/2028	1,970	1,938	1,981	0.27	%
Gulfside Supply	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.32	%	5/29/2031	1,155	1,152	1,157	0.16	%
Hyphen Solutions, LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.50%	10.94	%	10/27/2026	6,842	6,812	6,842	0.94	%
ICE USA Infrastructure	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.08	%	3/15/2030	5,838	5,782	5,782	0.79	%
Kodiak	(6) (10) (12)	First Lien Term Loan	S + 3.75%	9.08	%	3/12/2028	683	683	688	0.10	%
MEI Rigging & Crating	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.34	%	6/29/2029	3,142	3,086	3,143	0.43	%
MEI Rigging & Crating (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.00%	10.34	%	6/29/2029	501	(2)	-	-	%
Quikrete Holdings, Inc.	(6) (10) (12)	First Lien Term Loan	S + 2.25%	7.59	%	3/19/2029	1,489	1,491	1,491	0.21	%
SPI LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.00%	10.44	%	12/21/2027	6,843	6,775	6,843	0.94	%
Tencate	(6) (7) (10) (12)	First Lien Term Loan	S + 4.00%	9.33	%	2/21/2031	6,217	6,189	6,254	0.86	%
Tencate (Delayed Draw)	(7) (10) (11) (12)	First Lien Term Loan	S + 4.00%	9.33	%	2/21/2031	1,361	-	8	-	%
Thyssenkrupp Elevator (Vertical US Newco Inc)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.50%	8.79	%	4/30/2030	4,000	4,026	4,026	0.55	%
Vertex Service Partners	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.82	%	11/8/2030	1,227	1,210	1,210	0.17	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Vertex Service Partners (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.50%	10.83	%	11/8/2030	2,365	1,695	1,667	0.23	%
WSB Engineering Holdings Inc.	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.10	%	8/31/2029	1,631	1,609	1,609	0.22	%
WSB Engineering Holdings Inc. (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.00%	11.08	%	8/31/2029	1,092	756	748	0.10	%
Total Construction & Building	44,951	45,200	6.21	%
Consumer Goods: Durable
Culligan (AKA Osmosis Debt Merger Sub Inc)	(6) (10) (12)	First Lien Term Loan	S + 4.00%	9.33	%	7/31/2028	2,997	3,016	3,006	0.41	%
Freedom U.S. Acquisition Corporation	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.20	%	9/30/2024	6,911	6,911	6,808	0.94	%
MITER Brands (MIWD Holdco II LLC)	(6) (10) (12)	First Lien Term Loan	S + 3.50%	8.84	%	3/28/2031	3,500	3,522	3,526	0.48	%
NMC Skincare Intermediate Holdings II, LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.00%	10.42% (Cash) 1.00% (PIK)	11/2/2026	6,628	6,590	6,305	0.87	%
SmartSign	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.94	%	9/7/2028	2,014	1,999	2,014	0.28	%
SmartSign	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.18	%	9/7/2028	1,523	1,498	1,523	0.21	%
SRAM LLC	(6) (10) (12)	First Lien Term Loan	S + 2.75%	8.21	%	5/18/2028	3,820	3,831	3,824	0.53	%
Topgolf Callaway Brands Corp	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.34	%	3/15/2030	1,411	1,411	1,417	0.19	%
Total Consumer Goods: Durable	28,778	28,423	3.91	%
Consumer Goods: Non-Durable
Accupac, Inc.	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.50	%	1/16/2026	6,839	6,829	6,741	0.93	%
Clarios Global LP (f/k/a Johnson Controls Inc)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.34	%	5/6/2030	998	998	1,001	0.14	%
Elevation Labs	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.00	%	6/30/2028	1,296	1,286	1,290	0.18	%
Elevation Labs (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.75%	11.18	%	6/30/2028	599	177	177	0.02	%
Image International Intermediate Holdco II, LLC (Incremental)	(4) (6) (7) (10)	First Lien Term Loan	S + 5.50%	10.96	%	7/10/2025	6,948	6,947	6,867	0.95	%
Market Performance Group	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.58	%	1/8/2030	3,702	3,668	3,739	0.51	%
Market Performance Group (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.25%	10.58	%	1/8/2030	908	-	9	-	%
Perrigo Company plc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.25%	7.69	%	4/20/2029	1,989	1,989	1,988	0.27	%
Protective Industrial Products ("PIP")	(4) (6) (10)	First Lien Term Loan	S + 4.00%	9.46	%	12/29/2027	6,284	6,266	6,268	0.86	%
Revision Buyer LLC	(4) (10)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)	12/1/2028	10,227	10,076	10,227	1.41	%
Ultima Health Holdings, LLC	(4) (10)	Subordinated Debt	N/A	11.00% (Cash) 1.50% (PIK)	3/12/2029	1,336	1,316	1,339	0.18	%
US Foods, Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.00%	7.34	%	11/22/2028	1,250	1,253	1,258	0.17	%
Total Consumer Goods: Non-Durable	40,805	40,904	5.62	%
Containers, Packaging & Glass
Novolex (Clydesdale Acquisition Holdings Inc)	(6) (10) (12)	First Lien Term Loan	S + 3.68%	9.12	%	4/13/2029	1,997	2,011	2,003	0.28	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Oliver Packaging	(4) (10)	Subordinated Debt	N/A	10.00% (Cash) 1.00% (PIK)	1/6/2029	1,326	1,307	1,241	0.17	%
Online Labels Group	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.58	%	12/19/2029	974	965	974	0.13	%
Online Labels Group (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.25%	10.58	%	12/19/2029	119	-	-	-	%
Online Labels Group (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.25%	10.58	%	12/19/2029	119	-	-	-	%
PG Buyer, LLC	(4) (6) (10)	Subordinated Debt	N/A	10.00% (Cash) 1.50% (PIK)	9/2/2026	8,278	8,278	8,278	1.14	%
Proampac	(6) (7) (10) (12)	First Lien Term Loan	S + 4.00%	9.32	%	9/15/2028	3,980	3,980	3,994	0.55	%
Total Containers, Packaging & Glass	16,541	16,490	2.27	%
Diversified Conglomerate Service
Genesys Cloud Services Holdings II LLC	(6) (10) (12)	First Lien Term Loan	S + 3.50%	8.84	%	12/1/2027	1,750	1,765	1,760	0.24	%
Total Diversified Conglomerate Service	1,765	1,760	0.24	%
Energy: Electricity
Covanta Holding Corp	(6) (10) (12)	First Lien Term Loan	S + 2.50%	7.84	%	11/30/2028	691	688	691	0.10	%
Covanta Holding Corp	(6) (10) (12)	First Lien Term Loan	S + 2.50%	7.84	%	11/30/2028	53	53	53	0.01	%
Insulation Technology Group	(4) (6) (10) (13)	First Lien Term Loan	S + 5.50%	10.84	%	6/25/2030	19,857	19,659	19,662	2.70	%
Insulation Technology Group (Delayed Draw)	(4) (10) (11) (13)	First Lien Term Loan	S + 5.50%	10.84	%	6/25/2030	5,226	-	(51)	(0.01)	%
National Power	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.10	%	10/22/2029	1,478	1,457	1,472	0.20	%
National Power (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.00%	11.10	%	10/22/2029	799	(2)	(3)	-	%
Total Energy: Electricity	21,855	21,824	3.00	%
Energy: Oil & Gas
Marco APE Opco Holdings, LLC	(4) (10)	Subordinated Debt	N/A	15.00% (PIK)	9/2/2026	10,652	10,295	9,670	1.33	%
Total Energy: Oil & Gas	10,295	9,670	1.33	%
Environmental Industries
Contract Land Staff	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.33	%	3/27/2030	6,669	6,603	6,604	0.91	%
Contract Land Staff (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.00%	10.33	%	3/27/2030	2,674	(6)	(26)	-	%
GFL Environmental	(6) (10) (12) (13)	First Lien Term Loan	S + 2.00%	7.32	%	6/27/2031	3,385	3,377	3,393	0.46	%
GFL Environmental	(6) (10) (12)	First Lien Term Loan	S + 2.50%	7.83	%	6/27/2031	1,987	1,994	1,993	0.27	%
Impact Environmental Group	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.43	%	3/23/2029	2,065	2,029	2,065	0.28	%
Impact Environmental Group (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.43	%	3/23/2029	965	961	965	0.13	%
Impact Environmental Group (Delayed Draw) (Incremental)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.00%	10.43	%	3/23/2029	1,712	717	724	0.10	%
Impact Environmental Group (Incremental)	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.43	%	3/23/2029	423	416	423	0.06	%
North Haven Stack Buyer, LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.50%	10.58	%	7/16/2027	6,842	6,823	6,830	0.94	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
North Haven Stack Buyer, LLC (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 5.00%	10.50	%	7/16/2027	3,697	423	453	0.06	%
Nutrition 101 Buyer LLC (a/k/a 101, Inc.)	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.68	%	8/31/2028	812	806	778	0.11	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance)	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.51	%	7/3/2029	3,403	3,357	3,358	0.46	%
Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.58	%	7/3/2029	2,571	1,897	1,869	0.26	%
Total Environmental Industries	29,397	29,429	4.04	%
Healthcare & Pharmaceuticals
Brightspring Health (aka Phoenix Gurantor Inc.)	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.59	%	2/21/2031	3,990	3,977	3,985	0.55	%
Health Management Associates	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.70	%	3/30/2029	3,347	3,290	3,338	0.46	%
Health Management Associates (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.70	%	3/30/2029	606	289	299	0.04	%
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental)	(4) (10) (11)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)	12/10/2027	5,000	-	(81)	(0.01)	%
Heartland Veterinary Partners LLC (Delayed Draw) (Incremental)	(4) (10)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)	12/10/2027	5,088	5,088	5,006	0.69	%
Heartland Veterinary Partners LLC (Incremental)	(4) (10)	Subordinated Debt	N/A	7.50% (Cash) 7.00% (PIK)	12/10/2027	1,018	1,005	1,001	0.14	%
Jazz Pharmaceuticals plc	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.46	%	5/5/2028	4,476	4,504	4,484	0.61	%
Medline (AKA Mozart Borrower LP)	(6) (10) (12)	First Lien Term Loan	S + 2.75%	8.09	%	10/23/2028	2,764	2,769	2,773	0.38	%
New You Bariatric Group, LLC	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.73% (PIK)	4/30/2025	7,252	7,252	3,643	0.50	%
Organon & Co	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.83	%	5/19/2031	1,418	1,415	1,421	0.20	%
Parexel (AKA Phoenix Newco Inc)	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.71	%	11/15/2028	2,244	2,250	2,251	0.31	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners)	(4) (6) (10)	First Lien Term Loan	S + 5.75%	10.94	%	10/5/2029	2,231	2,191	2,187	0.30	%
SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.75%	10.93	%	10/5/2029	731	465	451	0.06	%
Select Medical Corporation	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.34	%	3/6/2027	4,448	4,471	4,455	0.61	%
Southern Veterinary Partners	(6) (7) (10) (12)	First Lien Term Loan	S + 3.75%	9.09	%	10/5/2027	4,217	4,214	4,232	0.58	%
Surgery Center Holdings Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	12/19/2030	2,000	2,018	2,008	0.27	%
Team Services Group	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.58	%	12/20/2027	3,316	3,300	3,301	0.45	%
Thorne HealthTech	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.83	%	10/16/2030	2,774	2,749	2,780	0.38	%
TIDI Products	(4) (6) (7) (10)	First Lien Term Loan	S + 5.50%	10.84	%	12/19/2029	4,543	4,501	4,573	0.63	%
TIDI Products (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 5.50%	10.84	%	12/19/2029	1,201	-	8	-	%
US Radiology Specialists, Inc.	(6) (7) (10) (12)	First Lien Term Loan	S + 5.25%	10.73	%	12/15/2027	1,854	1,791	1,863	0.26	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
VMG Health	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.33	%	4/16/2030	14,082	13,944	13,951	1.92	%
W2O Holdings, Inc.(Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.08	%	6/12/2026	6,841	6,841	6,754	0.93	%
Wellspring Pharmaceutical	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.11	%	8/22/2028	4,033	3,973	4,013	0.55	%
Wellspring Pharmaceutical (Delayed Draw)	(4) (10)	First Lien Term Loan	S + 5.75%	11.11	%	8/22/2028	1,876	1,865	1,866	0.26	%
Young Innovations	(4) (6) (7) (10)	First Lien Term Loan	S + 5.75%	11.08	%	12/3/2029	6,833	6,771	6,769	0.93	%
Young Innovations (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 5.75%	11.08	%	12/3/2029	1,431	-	(13)	-	%
Total Healthcare & Pharmaceuticals	90,933	87,318	0	12.00	%
High Tech Industries
Acclaim MidCo, LLC (dba ClaimLogiQ)	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.33	%	6/13/2029	2,205	2,166	2,197	0.30	%
Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.00%	11.33	%	6/13/2029	891	(4)	(3)	-	%
Ahead Data Blue LLC	(6) (10) (12)	First Lien Term Loan	S + 3.75%	9.08	%	2/1/2031	3,609	3,601	3,626	0.50	%
Ahead Data Blue LLC	(6) (10) (12)	First Lien Term Loan	S + 4.25%	9.58	%	2/1/2031	1,882	1,864	1,890	0.26	%
AppLovin Corp.	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.84	%	8/16/2030	3,905	3,920	3,914	0.54	%
Diligent Corporation	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 5.00%	10.34	%	8/2/2030	2,553	(12)	(11)	-	%
Diligent Corporation	(4) (6) (7) (10)	First Lien Term Loan	S + 5.00%	10.34	%	8/2/2030	2,553	2,541	2,542	0.35	%
Diligent Corporation	(4) (6) (7) (10)	First Lien Term Loan	S + 5.00%	10.34	%	8/2/2030	14,894	14,820	14,827	2.04	%
Ensono, LP.	(4) (10)	First Lien Term Loan	S + 4.00%	9.46	%	5/26/2028	10,930	10,876	10,877	1.49	%
Evergreen Services Group II	(4) (6) (7) (10)	First Lien Term Loan	S + 5.75%	11.08	%	10/4/2030	3,306	3,260	3,349	0.46	%
Evergreen Services Group II (Delayed Draw)	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.08	%	10/4/2030	2,673	2,667	2,707	0.37	%
II-VI INCORPORATED	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.84	%	7/2/2029	2,409	2,421	2,414	0.33	%
Infobase Acquisition, Inc.	(4) (6) (10)	First Lien Term Loan	S + 5.50%	11.01	%	6/14/2028	727	722	727	0.10	%
Informatica LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 2.25%	7.59	%	10/27/2028	4,478	4,500	4,498	0.62	%
Instructure Holdings Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.35	%	10/30/2028	1,240	1,243	1,241	0.17	%
ITSavvy LLC	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.75	%	8/8/2028	1,766	1,754	1,766	0.24	%
ITSavvy LLC (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.25%	10.73	%	8/8/2028	95	58	59	0.01	%
MKS Instruments Inc.	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.83	%	8/17/2029	3,433	3,453	3,441	0.47	%
Quickbase	(4) (6) (10)	First Lien Term Loan	S + 4.00%	9.33	%	10/2/2028	5,601	5,576	5,574	0.77	%
Red Ventures LLC	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.34	%	3/3/2030	1,365	1,362	1,351	0.19	%
Specialist Resources Global Inc. (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.00%	10.34	%	9/23/2027	11,790	(27)	-	-	%
Specialist Resources Global Inc. (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.34	%	9/23/2027	6,840	6,840	6,840	0.94	%
Specialist Resources Global Inc. (Incremental)	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.34	%	9/23/2027	1,331	1,319	1,331	0.18	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
UPC Finance Partnership	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.44	%	1/31/2029	3,000	2,987	2,988	0.41	%
Velosio	(4) (6) (7) (10)	First Lien Term Loan	S + 5.25%	10.56	%	3/1/2030	5,508	5,456	5,455	0.75	%
Velosio (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 5.25%	10.56	%	3/1/2030	1,135	-	(11)	-	%
Worldpay (GTCR W Merger Sub LLC)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.33	%	1/31/2031	4,465	4,488	4,465	0.61	%
Total High Tech Industries	87,851	88,054	12.10	%
Hotel, Gaming & Leisure
Cinemark USA Inc.	(6) (10) (12) (13)	First Lien Term Loan	S + 3.25%	8.59	%	5/24/2030	3,617	3,640	3,641	0.50	%
Delta 2	(6) (10) (12) (13)	First Lien Term Loan	S + 2.25%	7.58	%	1/15/2030	1,250	1,254	1,255	0.17	%
Fleet U.S. Bidco Inc. (Argus Media)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.25%	8.59	%	2/21/2031	225	224	226	0.03	%
Total Hotel, Gaming & Leisure	5,118	5,122	0.70	%
Media: Advertising, Printing & Publishing
Thomson Reuters IP & S (AKA Clarivate / Camelot Finance SA)	(6) (10) (12)	First Lien Term Loan	S + 2.75%	8.09	%	1/31/2031	3,990	4,003	4,002	0.55	%
Vanguard Packaging LLC	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.60	%	8/9/2026	5,858	5,852	5,858	0.80	%
Total Media: Advertising, Printing & Publishing	9,855	9,860	1.35	%
Media: Broadcasting & Subscription
DIRECTV (AKA DIRECTV Financing LLC)	(6) (10) (12)	First Lien Term Loan	S + 5.00%	10.46	%	8/2/2027	170	169	171	0.02	%
Nexstar Media Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.96	%	9/18/2026	4,000	4,007	4,014	0.55	%
Virgin Media Bristol LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 3.25%	8.69	%	1/31/2029	1,375	1,356	1,317	0.18	%
Ziggo Financing Partnership	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.94	%	4/30/2028	500	491	484	0.07	%
Total Media: Media: Broadcasting & Subscription	6,023	5,986	0.82	%
Media: Diversified & Production
BroadcastMed Holdco, LLC	(4) (10)	Subordinated Debt	N/A	10.00% (Cash) 3.75% (PIK)	11/12/2027	2,775	2,733	2,653	0.36	%
Creative Artists Agency, LLC	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.59	%	11/27/2028	1,994	2,005	2,005	0.28	%
Total Media: Diversified & Production	4,738	4,658	0.64	%
Metals and Mining
Arsenal AIC Parent LLC	(6) (10) (12)	First Lien Term Loan	S + 3.75%	9.09	%	8/18/2030	2,615	2,641	2,634	0.36	%
Total Metals and Mining	2,641	2,634	0.36	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Retail
Amer Sports	(6) (10) (12) (13)	First Lien Term Loan	S + 3.25%	8.58	%	2/17/2031	299	298	301	0.04	%
Total Retail	298	301	0.04	%
Services: Business
ALKU Intermediate Holdings, LLC	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.59	%	5/23/2029	2,698	2,651	2,723	0.38	%
Aramsco	(6) (7) (10) (12)	First Lien Term Loan	S + 4.75%	10.08	%	10/10/2030	2,973	2,917	2,983	0.41	%
Aramsco (Delayed Draw)	(6) (7) (10) (11) (12)	First Lien Term Loan	S + 4.75%	10.08	%	10/10/2030	520	-	2	-	%
ARMstrong	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.68	%	10/8/2029	2,981	2,941	2,969	0.41	%
ARMstrong (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.65	%	10/8/2029	1,007	61	64	0.01	%
AssetMark Financial Holdings (GTCR Everest Borrower LLC)	(6) (10) (12) (13)	First Lien Term Loan	S + 3.00%	8.31	%	6/3/2031	880	878	882	0.12	%
Cast & Crew	(6) (10) (12)	First Lien Term Loan	S + 3.75%	9.09	%	12/29/2028	1,870	1,873	1,874	0.26	%
Class Valuation	(4) (10)	Subordinated Debt	N/A	11.00	%	9/30/2026	444	439	419	0.06	%
Colibri (McKissock LLC)	(6) (7) (10) (12)	First Lien Term Loan	S + 5.00%	10.33	%	3/12/2029	5,970	5,831	6,000	0.83	%
CrossCountry Consulting	(4) (6) (7) (10)	First Lien Term Loan	S + 4.75%	10.08	%	6/1/2029	1,372	1,351	1,366	0.19	%
CrossCountry Consulting (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 4.75%	10.08	%	6/1/2029	560	(4)	(3)	-	%
CV Intermediate Holdco Corp.	(4) (10)	Subordinated Debt	N/A	11.00	%	9/30/2026	10,000	9,902	9,430	1.30	%
Evergreen Services Group	(4) (6) (7) (10)	First Lien Term Loan	S + 6.25%	11.68	%	6/15/2029	4,006	3,943	4,001	0.55	%
Evergreen Services Group (Delayed Draw)	(4) (6) (7) (10)	First Lien Term Loan	S + 6.25%	11.66	%	6/15/2029	959	951	957	0.13	%
Garda World Security Corporation	(6) (10) (12) (13)	First Lien Term Loan	S + 4.25%	9.59	%	2/1/2029	2,000	2,028	2,015	0.28	%
HireRight	(10) (12)	First Lien Term Loan	S + 4.00%	9.34	%	9/27/2030	5,984	5,925	5,973	0.82	%
ICON Publishing Ltd	(6) (10) (12) (13)	First Lien Term Loan	S + 2.00%	7.33	%	7/3/2028	101	101	102	0.01	%
ICON Publishing Ltd	(6) (10) (12) (13)	First Lien Term Loan	S + 2.00%	7.33	%	7/3/2028	25	25	25	-	%
Image First	(4) (6) (10)	First Lien Term Loan	S + 4.25%	9.58	%	4/27/2028	6,760	6,746	6,777	0.93	%
Image First (Delayed Draw)	(4) (10)	First Lien Term Loan	S + 4.25%	9.59	%	4/27/2028	126	125	126	0.02	%
Ingram Micro Inc	(6) (10) (12)	First Lien Term Loan	S + 3.00%	8.60	%	6/30/2028	3,239	3,256	3,257	0.45	%
Integrated Power Services (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 4.50%	9.96	%	11/22/2028	5,096	234	246	0.03	%
Integrated Power Services (Incremental)	(4) (6) (10)	First Lien Term Loan	S + 4.50%	9.96	%	11/22/2028	1,235	1,232	1,235	0.17	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC)	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.33	%	8/1/2029	2,419	2,386	2,410	0.33	%
Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw)	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 6.00%	11.33	%	8/1/2029	2,340	466	462	0.06	%
Kofile, Inc.	(4) (10)	Subordinated Debt	N/A	10.00% (Cash) 1.75% (PIK)	7/29/2026	10,400	10,400	9,181	1.26	%
KRIV Acquisition, Inc	(4) (6) (10)	First Lien Term Loan	S + 6.50%	11.83	%	7/6/2029	5,195	5,065	5,056	0.69	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
KRIV Acquisition, Inc (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.50%	11.83	%	7/6/2029	779	(8)	(21)	-	%
LSCS Holdings Inc.	(6) (10) (12)	First Lien Term Loan	S + 4.50%	9.96	%	12/16/2028	8,753	8,705	8,671	1.19	%
OMNIA Partners	(6) (7) (10) (12)	First Lien Term Loan	S + 3.25%	8.57	%	7/25/2030	2,496	2,481	2,501	0.34	%
Open Text Corp	(6) (10) (12) (13)	First Lien Term Loan	S + 2.25%	7.59	%	1/31/2030	4,449	4,474	4,473	0.61	%
Phaidon International	(4) (6) (10) (13)	First Lien Term Loan	S + 5.50%	10.94	%	8/22/2029	6,363	6,315	6,285	0.86	%
Press Ganey	(4) (6) (7) (10)	First Lien Term Loan	S + 3.50%	8.84	%	4/30/2031	5,175	5,124	5,127	0.70	%
Propark Mobility	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.56	%	1/31/2029	2,513	2,474	2,488	0.34	%
Propark Mobility (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.58	%	1/31/2029	1,154	471	478	0.07	%
Propark Mobility (Delayed Draw) (Incremental)	(4) (10) (11)	First Lien Term Loan	S + 6.25%	11.56	%	1/31/2029	9,014	(22)	(89)	(0.01)	%
Red Dawn SEI Buyer, Inc.	(4) (10)	Subordinated Debt	S + 8.25%	13.68	%	11/23/2026	6,650	6,650	6,650	0.91	%
Red Dawn SEI Buyer, Inc. (Incremental)	(4) (10)	Subordinated Debt	S + 8.50%	13.93	%	11/20/2026	3,350	3,350	3,350	0.46	%
Soliant Holdings LLC	(4) (10)	First Lien Term Loan	S + 3.75%	9.08	%	6/20/2031	18,310	18,127	18,128	2.49	%
System One	(4) (6) (10)	First Lien Term Loan	S + 3.75%	9.23	%	3/2/2028	1,088	1,088	1,089	0.15	%
Tempo Acquisition, LLC	(6) (10) (12)	First Lien Term Loan	S + 2.25%	7.59	%	8/31/2028	4,462	4,481	4,479	0.62	%
TouchTunes Interactive (Incremental)	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.09	%	4/2/2029	7,692	7,692	7,710	1.06	%
Trilon Group, LLC	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.98	%	5/29/2029	6,890	6,864	6,823	0.94	%
Trilon Group, LLC	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.98	%	5/29/2029	3,014	2,985	2,984	0.41	%
Trilon Group, LLC (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.50%	10.98	%	5/29/2029	10,071	-	(98)	(0.01)	%
Vistage	(4) (6) (7) (10)	First Lien Term Loan	S + 4.75%	10.08	%	7/13/2029	3,482	3,466	3,508	0.48	%
Total Services: Business	156,440	155,068	21.31	%
Services: Consumer
360 Training	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.34	%	8/2/2028	3,054	3,026	3,042	0.42	%
360 Training (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.00%	10.34	%	8/2/2028	2,734	-	(11)	-	%
A Place for Mom, Inc.	(4) (6) (10)	First Lien Term Loan	S + 4.50%	9.96	%	2/10/2026	6,809	6,809	6,806	0.93	%
All My Sons	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.21	%	10/25/2028	3,626	3,609	3,608	0.50	%
COP Exterminators Acquisition, Inc.	(4) (10)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)	1/28/2030	660	644	647	0.09	%
COP Exterminators Acquisition, Inc. (Delayed Draw)	(4) (10) (11)	Subordinated Debt	N/A	9.00% (Cash) 4.00% (PIK)	1/28/2030	505	415	411	0.05	%
Excel Fitness	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.73	%	4/27/2029	5,910	5,856	5,857	0.80	%
Excel Fitness (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 5.25%	10.73	%	4/27/2029	2,096	(15)	-	-	%
Legacy Service Partners, LLC ("LSP")	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.73	%	1/9/2029	4,044	3,979	4,025	0.55	%
Legacy Service Partners, LLC ("LSP") (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 5.25%	10.74	%	1/9/2029	1,885	1,877	1,876	0.26	%
NearU	(4) (6) (7) (10)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	4,940	4,884	4,640	0.64	%
NearU (Delayed Draw)	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	766	-	(47)	(0.01)	%
NearU (Delayed Draw)	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	832	-	(51)	(0.01)	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
NearU (Delayed Draw) (Incremental)	(4) (6) (7) (10) (11)	First Lien Term Loan	S + 6.00%	11.51	%	8/16/2028	171	-	(10)	-	%
Norton Life Lock	(6) (10) (12) (13)	First Lien Term Loan	S + 1.75%	7.09	%	9/12/2029	368	368	367	0.05	%
Perennial Services, Group, LLC	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.94	%	9/7/2029	1,685	1,663	1,678	0.23	%
Perennial Services, Group, LLC (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.94	%	9/7/2029	1,508	1,505	1,502	0.21	%
Protection One (aka Prime Security Services)	(6) (10) (12)	First Lien Term Loan	S + 2.25%	7.58	%	10/13/2030	2,231	2,226	2,232	0.31	%
Verscend Technologies	(6) (10) (12)	First Lien Term Loan	S + 3.25%	8.58	%	5/1/2031	3,491	3,508	3,483	0.48	%
Wrench Group	(4) (6) (7) (10)	First Lien Term Loan	S + 4.00%	9.60	%	10/30/2028	3,968	3,959	3,976	0.55	%
Total Services: Consumer	44,313	44,031	6.05	%
Sovereign & Public Finance
LMI Renaissance	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.84	%	7/18/2028	6,280	6,170	6,287	0.86	%
Total Sovereign & Public Finance	6,170	6,287	0.86	%
Telecommunications
Arise Holdings Inc.	(4) (6) (10)	First Lien Term Loan	S + 4.50%	9.83	%	12/9/2025	6,839	6,813	6,215	0.85	%
Iridium Satellite LLC	(6) (10) (12) (13)	First Lien Term Loan	S + 2.25%	7.59	%	9/20/2030	2,309	2,311	2,309	0.32	%
Mobile Communications America Inc (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.00%	10.83	%	10/16/2029	1,463	63	62	0.01	%
Mobile Communications America Inc	(4) (6) (10)	First Lien Term Loan	S + 5.50%	10.84	%	10/16/2029	4,514	4,459	4,479	0.62	%
Sapphire Telecom Inc	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.34	%	6/27/2029	16,916	16,747	16,748	2.30	%
Total Telecommunications	30,393	29,813	4.10	%
Transportation: Cargo
Armstrong Transport Group	(4) (10)	Subordinated Debt	N/A	17.00% (PIK)	6/30/2027	1,017	997	997	0.14	%
Armstrong Transport Group	(4) (10)	Subordinated Debt	N/A	7.00% (Cash) 7.00% (PIK)	6/30/2027	5,638	5,529	5,527	0.76	%
FSK Pallet Holding Corp. (DBA Kamps Pallets)	(4) (6) (10)	First Lien Term Loan	S + 6.00%	11.48	%	12/23/2026	5,895	5,819	5,702	0.78	%
Kenco Group, Inc. (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.00%	10.29	%	11/15/2029	3,749	(20)	35	-	%
Kenco Group, Inc.	(4) (6) (10)	First Lien Term Loan	S + 5.00%	10.29	%	11/15/2029	21,277	21,155	21,475	2.95	%
Kenco Group, Inc. (Delayed Draw) (Incremental)	(4) (10) (11)	First Lien Term Loan	S + 5.00%	10.29	%	11/15/2029	4,920	(49)	46	0.01	%
Uber Technologies Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	3/3/2030	2,113	2,125	2,125	0.29	%
Total Transportation: Cargo	35,556	35,907	4.93	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Transportation: Consumer
Air Canada	(6) (10) (12) (13)	First Lien Term Loan	S + 2.50%	7.85	%	3/21/2031	4,055	4,069	4,066	0.56	%
Alternative Logistics Technologies Buyer, LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 5.50%	10.84	%	2/14/2031	3,902	3,866	3,864	0.53	%
Alternative Logistics Technologies Buyer, LLC (Delayed Draw)	(4) (7) (10) (11)	First Lien Term Loan	S + 5.50%	10.84	%	2/14/2031	1,118	-	(11)	-	%
American Student Transportaton Partners, Inc	(4) (10)	Subordinated Debt	N/A	6.00% (Cash) 8.50% (PIK)	9/11/2029	1,675	1,636	1,619	0.22	%
United Airlines Inc	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	2/22/2031	4,459	4,475	4,476	0.61	%
WestJet Airlines	(6) (10) (12) (13)	First Lien Term Loan	S + 3.75%	9.08	%	2/14/2031	2,815	2,815	2,831	0.39	%
Total Transportation: Consumer	16,861	16,845	2.31	%
Utilities: Electric
Pinnacle Supply Partners, LLC	(4) (6) (10)	First Lien Term Loan	S + 6.25%	11.69	%	4/3/2030	2,520	2,476	2,503	0.35	%
Pinnacle Supply Partners, LLC (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.25%	11.65	%	4/3/2030	1,453	546	547	0.08	%
Vistra Operations Co	(6) (10) (12) (13)	First Lien Term Loan	S + 2.75%	8.09	%	4/30/2031	3,594	3,610	3,614	0.50	%
Total Utilities: Electric	6,632	6,664	0.93	%
Utilities: Water
USA Water	(4) (6) (10)	First Lien Term Loan	S + 4.75%	10.08	%	2/21/2031	6,962	6,898	6,911	0.95	%
USA Water (Delayed Draw)	(4) (10) (11)	First Lien Term Loan	S + 4.75%	10.08	%	2/21/2031	2,684	-	(20)	-	%
Total Utilities: Water	6,898	6,891	0.95	%
Wholesale
Industrial Service Group	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.09	%	12/7/2028	2,441	2,402	2,417	0.33	%
Industrial Service Group (Delayed Draw)	(4) (6) (10)	First Lien Term Loan	S + 5.75%	11.09	%	12/7/2028	1,271	1,266	1,258	0.17	%
Industrial Service Group (Delayed Draw) (Incremental)	(4) (6) (10) (11)	First Lien Term Loan	S + 5.75%	11.09	%	12/7/2028	2,250	2,143	2,123	0.29	%
INS Intermediate II, LLC (Ergotech Controls, Inc. - d/b/a INS)	(4) (6) (10)	First Lien Term Loan	S + 6.50%	11.98	%	1/19/2029	4,540	4,468	4,545	0.63	%
INS Intermediate II, LLC (Ergotech Controls, Inc. - d/b/a INS) (Delayed Draw)	(4) (6) (10) (11)	First Lien Term Loan	S + 6.50%	11.98	%	1/19/2029	1,139	(17)	1	-	%
Micronics	(4) (10)	Subordinated Debt	S + 5.25%	10.81	%	2/17/2027	1,880	1,849	1,847	0.26	%
New Era Technology, Inc	(4) (6) (7) (10)	First Lien Term Loan	S + 6.25%	11.73	%	10/31/2026	6,689	6,674	6,567	0.90	%
Solaray, LLC	(4) (6) (7) (10)	First Lien Term Loan	S + 6.50%	11.93	%	12/15/2025	6,510	6,510	6,189	0.85	%
Total Wholesale	25,295	24,947	3.43	%
Total Debt Investments	$	922,339	$	915,172	125.75	%

Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share / Unit	Cost	Fair Value	% of Net Assets (5)
Equity Investments
Aerospace & Defense
BPC Kodiak LLC (Turbine Engine Specialist, Inc)	(4) (8) (9) (10)	Class A-1 Units	9/1/2023	1,180,000	$	1,180	$	1,523	0.21	%
Clarity Innovations, Inc.	(4) (8) (10)	Partnership Interests	12/7/2023	77,000	76	83	0.01	%
Clarity Innovations, Inc.	(4) (8) (10)	Partnership Interests	6/21/2024	389,000	389	418	0.06	%
Total Aerospace & Defense	1,645	2,024	0.28	%
Banking, Finance, Insurance, Real Estate
Arax Investment Partners	(4) (8) (10) (13)	Limited Partnership Interest	3/28/2024	820,313	818	1,191	0.16	%
Inszone	(4) (8) (10) (13)	Partnership Interests	11/30/2023	80,208	77	82	0.01	%
Total Banking, Finance, Insurance, Real Estate	895	1,273	0.17	%
Beverage, Food & Tobacco
Fresh Edge - Common	(4) (8) (10)	Class B Common Units	10/3/2022	454	-	26	-	%
Fresh Edge - Preferred	(4) (8) (10)	Class A Preferred Units	10/3/2022	454	454	462	0.07	%
Marlin Coinvest LP	(4) (8) (10) (13)	Limited Partnership Interests	5/8/2023	200,000	200	234	0.03	%
Spice World	(4) (8) (10)	LLC Common Units	3/31/2022	1,000	126	141	0.02	%
Sugar PPC Holdings LLC	(4) (8) (10) (13)	Parent Units	9/29/2023	2,000	200	230	0.03	%
Tech24	(4) (8) (10)	Company Unit	10/5/2023	200	200	216	0.03	%
Total Beverage, Food & Tobacco	1,180	1,309	0.18	%
Capital Equipment
EFC Holdings, LLC	(4) (8) (10) (13)	Class A Common Units	3/1/2023	114	46	118	0.02	%
EFC Holdings, LLC	(4) (8) (10) (13)	Series A Preferred Units	3/1/2023	114	114	126	0.02	%
E-Technologies	(4) (8) (10)	Partnership Interests	5/22/2024	1,000,000	1,010	1,000	0.13	%
Total Capital Equipment	1,170	1,244	0.17	%
Chemicals, Plastics & Rubber
Meyer Lab	(4) (8) (10) (13)	Units	2/27/2024	849,000	849	849	0.12	%
Total Chemicals, Plastics & Rubber	849	849	0.12	%
Construction & Building
Gannett Fleming	(4) (8) (10)	Series F Units	5/26/2023	142,296	147	246	0.03	%

Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share / Unit	Cost	Fair Value	% of Net Assets (5)
Gannett Fleming	(4) (8) (9) (10)	Limited Partnership Interests	12/20/2022	106,126	106	183	0.03	%
Trench Plate Rental Co.	(4) (8) (10)	Common Equity	3/28/2022	1,000	127	57	0.01	%
Total Construction & Building	380	486	0.07	%
Consumer Goods: Non-Durable
RVGD Aggregator LP (Revision Skincare)	(4) (8) (10)	Limited Partnership Interests	3/31/2022	100	98	102	0.01	%
Ultima Health Holdings, LLC	(4) (8) (10)	Preferred Units	9/12/2022	11	130	184	0.03	%
WCI Holdings LLC	(4) (8) (10) (13)	Class A1 Units	2/6/2023	534,934	535	561	0.08	%
Total Consumer Goods: Non-Durable	763	847	0.12	%
Containers, Packaging & Glass
Oliver Packaging	(4) (8) (10)	Class A Common Units	7/6/2022	6,710	671	287	0.04	%
PG Aggregator, LLC	(4) (8) (10) (13)	LLC Units	3/31/2022	100	109	113	0.01	%
Total Containers, Packaging & Glass	780	400	0.05	%
Healthcare & Pharmaceuticals
Churchill NYBG Blocker, LLC	(4) (7) (8) (10)	LLC Interest	4/10/2024	442,712	-	-	-	%
Health Management Associates	(4) (8) (10)	Class A Common Units	3/31/2023	161,953	162	201	0.03	%
Spectrum Science	(4) (8) (10)	Limited Partner Interests	10/2/2023	235,000	252	209	0.03	%
Total Healthcare & Pharmaceuticals	414	410	0.06	%
High Tech Industries
ITSavvy LLC	(4) (8) (10)	Class A Common Units	8/8/2022	119	119	336	0.04	%
Netchex	(4) (8) (10)	Limited Partnership Interest	3/28/2024	480,000	513	552	0.08	%
Total High Tech Industries	632	888	0.12	%
Media: Diversified & Production
BroadcastMed Holdco, LLC	(4) (8) (10)	Series A-3 Preferred Units	10/4/2022	43,679	655	528	0.07	%
Total Media: Diversified & Production	655	528	0.07	%
Services: Business
Class Valuation	(4) (8) (10)	Class A Common Units	12/8/2023	1,038	105	41	0.01	%
FCP-Cranium Holdings P/S A	(4) (8) (10) (13)	Class A Common Shares	9/11/2023	3,753,613	-	55	0.01	%

Portfolio Company (1) (2)	Footnotes	Investment	Acquisition Date	Share / Unit	Cost	Fair Value	% of Net Assets (5)
FCP-Cranium Holdings, LLC (Brain labs)	(4) (8) (10) (13)	Series A Preferred Shares	9/11/2023	10,256,410	389	450	0.06	%
FCP-Cranium Holdings, LLC (Brain labs)	(4) (8) (10) (13)	Series B Preferred Shares	9/11/2023	3,753,613	600	639	0.09	%
Kofile, Inc.	(4) (8) (10)	Class A-2 Common Units	3/31/2022	100	108	107	0.01	%
KRIV Acquisition, Inc	(4) (8) (10)	Class A Units	7/17/2023	200	200	177	0.02	%
Smith System	(4) (8) (10)	Common Units	12/13/2023	84,000	84	98	0.01	%
Worldwide Clinical Trials	(4) (8) (10)	Series A Preferred	12/12/2023	49	47	47	0.01	%
Worldwide Clinical Trials	(4) (8) (10)	Class A Interests	12/12/2023	7	74	75	0.01	%
Total Services: Business	1,607	1,689	0.23	%
Services: Consumer
AirX Climate Solutions Company	(4) (8) (10)	Partnership Interests	11/7/2023	96	77	121	0.02	%
COP Exterminators Investment, LLC	(4) (8) (10)	Class A Units	7/31/2023	770,000	862	938	0.13	%
Legacy Service Partners, LLC ("LSP")	(4) (8) (10)	Class B Units	1/9/2023	1,963	196	228	0.03	%
NearU	(4) (7) (8) (10)	Limited Partnership Interests	8/8/2022	1,419	142	89	0.01	%
Perennial Services Investors LLC	(4) (8) (10) (13)	Class A Units	9/8/2023	1,957	196	271	0.04	%
Total Services: Consumer	1,473	1,647	0.23	%
Sovereign & Public Finance
LMI Renaissance	(4) (8) (10)	Limited Partnership Interests	7/18/2022	106,984	107	206	0.03	%
Total Sovereign & Public Finance	107	206	0.03	%
Transportation: Consumer
ASTP Holdings Co-Investment LP	(4) (8) (10)	Limited Partnership Interest	9/11/2023	77,974	80	68	0.01	%
Total Transportation: Consumer	80	68	0.01	%
Utilities: Electric
Pinnacle Supply Partners, LLC	(4) (8) (10)	Subject Partnership Units	4/3/2023	111,875	112	121	0.02	%
Total Utilities: Electric	112	121	0.02	%
Utilities: Water
USA Water	(4) (8) (10) (13)	Common Units	2/21/2024	4,226	423	453	0.06	%
Total Utilities: Water	423	453	0.06	%
Total Equity Investments	$	13,165	$	14,442	1.99	%

Portfolio Company (1) (2)	Interest Rate	Share/Unit	Cost	Fair Value	% of Net Assets (5)
Cash Equivalents
BlackRock Liquidity Funds T-Fund - Institutional Class	5.20%	16,382	$	16,382	$	16,382	2.25	%
First American Government Obligations Fund - Class Z	5.20%	11	11	11	-	%
Total Cash Equivalents	$	16,393	$	16,393	2.25	%
Total Investments	$	951,897	$	946,007	129.99	%

____________________

(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be "non-controlled" when the Fund owns 25% or less of the portfolio company's voting securities and "controlled" when the Fund owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's voting securities.

(2)Unless otherwise indicated, issuers of debt and equity held by the Fund are domiciled in the United States.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at June 30, 2024. As of June 30, 2024, effective rates for 1M S, 3M S, 6M S and 12M S are 5.34%, 5.32%, 5.25% and 5.04%, respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3). See Note 2 "Significant Accounting Policies - Valuation of Portfolio Investments" for more information.

(5)Percentage is based on net assets of $727,778 as of June 30, 2024.

(6)Denotes that all or a portion of the assets are owned by SPV I (as defined inNote 1 "Organization"). SPV I entered into a senior secured revolving credit facility (the "Bank of America Credit Facility") on April 19, 2022. The lenders of the Bank of America Credit Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund. See Note 6 "Secured Borrowings" for more information.

(7)Investment is a unitranche position.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of June 30, 2024, the Fund held forty-seven restricted securities with an aggregate fair value of $14,442, or 1.98% of the Fund's net assets.

(9)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(10)This portfolio company is not domiciled in the United States. A portfolio company that is not domiciled in the United States is considered a non-qualifying asset under Section 55(a) of the 1940 Act. See Note 3 "Investments" for more information.

(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 "Commitments and Contingencies". The investment may be subject to unused commitment fees.

(12)Investments valued using observable inputs (Level 2), if applicable. See Note 2 "Significant Accounting Policies - Valuation of Portfolio Investments" and Note 4 "Fair Value Measurements" for more information.

(13)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of June 30, 2024, total non-qualifying assets at fair value represented 15.38% of the Fund's total assets calculated in accordance with the 1940 Act.

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Investments
Debt Investments
Aerospace & Defense
Precision Aviation Group	(4) (6)	First Lien Term Loan	S+ 5.75%	11.12	%	12/21/2029	7,520	7,370	7,370	2.08	%
Precision Aviation Group (Delayed Draw)	(4) (11)	First Lien Term Loan	S+ 5.75%	11.12	%	12/21/2029	2,480	(25)	(49)	(0.01)	%
Turbine Engine Specialist, Inc	(4)	Subordinated Debt	S+ 9.50%	14.96	%	3/1/2029	1,973	1,925	1,937	0.54	%
Total Aerospace & Defense	9,270	9,258	2.61	%
Automotive
Adient US LLC	(6) (12)(13)	First Lien Term Loan	S+ 3.25%	8.72	%	4/13/2028	875	878	879	0.25	%
Belron Finance US LLC	(6) (12)(13)	First Lien Term Loan	S+ 2.43%	8.07	%	4/13/2028	871	874	874	0.24	%
Randys Holdings, Inc	(4) (6) (7)	First Lien Term Loan	S+ 6.50%	11.88	%	11/1/2028	3,957	3,888	3,907	1.10	%
Randys Holdings, Inc (Delayed Draw)	(4) (6) (7) (11)	First Lien Term Loan	S+ 6.50%	11.88	%	11/1/2028	1,332	-	(17)	-	%
Total Automotive	5,640	5,643	1.59	%
Banking, Finance, Insurance, Real Estate
Patriot Growth Insurance Service (Delayed Draw) (Incremental)	(4) (6) (7)	First Lien Term Loan	S+ 5.75%	11.25	%	10/14/2028	5,972	5,924	5,836	1.65	%
Ryan Specialty Group LLC	(6) (12)(13)	First Lien Term Loan	S+ 3.00%	8.46	%	9/1/2027	1,245	1,248	1,247	0.35	%
SS&C Technology Holdings Inc	(6) (12)(13)	First Lien Term Loan	S+ 2.25%	7.71	%	3/22/2029	297	298	298	0.08	%
SS&C Technology Holdings Inc	(6) (12)(13)	First Lien Term Loan	S+ 2.25%	7.71	%	3/22/2029	177	177	177	0.05	%
Total Banking, Finance, Insurance, Real Estate	7,647	7,558	2.13	%
Beverage, Food & Tobacco
Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries)	(4) (6) (10)(13)	First Lien Term Loan	S+ 6.25%	11.60	%	9/25/2029	4,236	4,156	4,152	1.17	%
Cold Spring Brewing Company	(4) (6)	First Lien Term Loan	S+ 4.75%	10.11	%	12/19/2025	6,188	6,188	6,188	1.75	%
Fortune International, LLC	(4) (6)	First Lien Term Loan	S+ 4.75%	10.20	%	1/17/2026	6,878	6,839	6,812	1.92	%
Fresh Edge	(4) (6)	Subordinated Debt	S+ 4.50% (Cash) + 5.13% (PIK)	15.20	%	4/3/2029	2,954	2,888	2,886	0.81	%
Harvest Hill Beverage Company	(4)	Subordinated Debt	S+ 9.00%	14.46	%	2/28/2029	2,800	2,723	2,749	0.77	%
Nonni's Foods, LLC	(4) (6)	First Lien Term Loan	S+ 5.50%	11.10	%	3/1/2025	6,890	6,887	6,849	1.93	%
Palmetto Acquisitionco, Inc.	(4) (6)	First Lien Term Loan	S+ 5.75%	11.10	%	9/18/2029	3,348	3,292	3,291	0.93	%
Palmetto Acquisitionco, Inc. (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 5.75%	11.10	%	9/18/2029	1,217	294	277	0.08	%
Sugar Foods	(4) (6) (7)	First Lien Term Loan	S+ 6.00%	11.34	%	10/2/2030	4,221	4,128	4,130	1.16	%
Sugar Foods (Delayed Draw)	(4) (6) (7) (11)	First Lien Term Loan	S+ 6.00%	11.34	%	10/2/2030	1,173	(13)	(25)	(0.01)	%
Summit Hill Foods	(4) (6)	First Lien Term Loan	S+ 6.00%	11.39	%	11/29/2029	2,893	2,850	2,850	0.80	%
Sunny Sky Products	(4) (6)	First Lien Term Loan	S+ 5.25%	10.60	%	12/23/2028	1,857	1,839	1,839	0.52	%

Portfolio Company (1) (2)	Footnotes	Investment	Spread Above Reference Rate (3)	Interest Rate (3)	Maturity Date	Par Amount / Unit	Cost	Fair Value	% of Net Assets (5)
Sunny Sky Products (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 5.25%	10.60	%	12/23/2028	464	-	(4)	-	%
SW Ingredients Holdings, LLC	(4)	Subordinated Debt	N/A	10.50% (Cash) 1.00% (PIK)	7/3/2026	10,179	10,179	9,898	2.79	%
Total Beverage, Food & Tobacco	52,250	51,892	14.62	%
Capital Equipment
Clarios Global LP (f/k/a Johnson Controls Inc)	(6) (10)(12)(13)	First Lien Term Loan	S+ 3.75%	9.11	%	5/6/2030	998	998	1,001	0.28	%
EFC Holdings, LLC	(4)	Subordinated Debt	N/A	11.00% (Cash) 2.50% (PIK)	5/1/2028	2,436	2,372	2,413	0.68	%
GenServe LLC	(4) (6) (7)	First Lien Term Loan	S+ 5.75%	11.21	%	6/30/2024	6,878	6,865	6,843	1.93	%
Hayward Industries, Inc.	(6) (12)(13)	First Lien Term Loan	S+ 2.75%	8.22	%	5/30/2028	747	741	748	0.21	%
Motion & Control Enterprises	(4) (6)	First Lien Term Loan	S+ 5.50%	11.03	%	6/1/2028	1,600	1,581	1,581	0.45	%
Motion & Control Enterprises (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 5.50%	11.03	%	6/1/2028	4,400	2,691	2,643	0.74	%
Ovation Holdings, Inc.	(4) (6)	First Lien Term Loan	S+ 6.25%	11.78	%	2/3/2029	2,973	2,914	2,941	0.83	%
Ovation Holdings, Inc. (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 6.25%	11.78	%	2/3/2029	703	568	568	0.16	%
RTH Buyer LLC (dba Rhino Tool House)	(4) (6)	First Lien Term Loan	S+ 6.25%	11.97	%	4/4/2029	2,673	2,623	2,651	0.75	%
RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 6.25%	11.97	%	4/4/2029	626	317	315	0.09	%
Total Capital Equipment	21,670	21,704	6.12	%
Chemicals, Plastics, & Rubber
Chroma Color Corporation (dba Chroma Color)	(4) (6)	First Lien Term Loan	S+ 6.00%	11.41	%	4/21/2029	1,744	1,712	1,712	0.49	%
Chroma Color Corporation (dba Chroma Color) (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 6.00%	11.41	%	4/21/2029	381	(3)	(7)	-	%
INEOS US Finance LLC	(6) (12)(13)	First Lien Term Loan	S+ 3.75%	9.21	%	11/8/2027	497	497	500	0.14	%
INEOS US Petrochem LLC	(6) (12)(13)	First Lien Term Loan	S+ 4.25%	9.71	%	4/3/2029	874	874	869	0.24	%
Kraton Polymers LLC	(6) (12)(13)	First Lien Term Loan	S+ 3.25%	8.90	%	3/15/2029	497	491	488	0.14	%
Nouryon Finance B.V.	(6) (12)(13)	First Lien Term Loan	S+ 4.00%	9.35	%	4/3/2028	747	744	751	0.21	%
Spartech	(4) (6) (7)	First Lien Term Loan	S+ 4.75%	10.16	%	5/6/2028	3,930	3,930	3,166	0.89	%
SupplyOne, Inc.	(4)	Subordinated Debt	N/A	10.00% (Cash) 1.50% (PIK)	2/1/2025	10,227	10,227	10,227	2.88	%
Tronox Finance LLC	(6) (12)(13)	First Lien Term Loan	S+ 3.50%	8.85	%	8/16/2028	1,000	996	1,001	0.28	%
Total Chemicals, Plastics, & Rubber	19,468	18,707	5.27	%
Construction & Building
Gannett Fleming	(4) (6)	First Lien Term Loan	S+ 6.60%	11.95	%	12/20/2028	1,980	1,946	1,982	0.55	%
Hyphen Solutions, LLC	(4) (6) (7)	First Lien Term Loan	S+ 5.50%	10.98	%	10/27/2026	6,877	6,839	6,752	1.90	%
MEI Rigging & Crating	(4) (6)	First Lien Term Loan	S+ 6.50%	11.86	%	6/30/2029	3,158	3,097	3,130	0.88	%
MEI Rigging & Crating (Delayed Draw)	(4) (6) (11)	First Lien Term Loan	S+ 6.50%	11.86	%	6/30/2029	501	(2)	(4)	-	%
Quikrete Holdings, Inc.	(6) (12)	First Lien Term Loan	S+ 2.75%	8.22	%	3/19/2029	996	998	1,000	0.28	%
SPI LLC	(4) (6) (7)	First Lien Term Loan	S+ 5.00%	10.46	%	12/21/2027	6,878	6,800	6,878	1.94	%