| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) | March 31, 2021 |
| Investments | | Principal | | | Value | |
| | | | | | | |
| SENIOR LOANS(a) – 125.0% (90.0% of Total Investments) |
| Aerospace & Defense – 1.3% | | | | | | | | |
| New Constellis Borrower LLC, Term B Loan - First Lien, 8.500% (1-Month USD LIBOR + 7.500%, 1.000% Floor), 03/27/24(b)(c) | | $ | 485,677 | | | $ | 484,665 | |
| New Constellis Borrower LLC, PIK - Second Lien, 12.000% (1-Month USD LIBOR + 11.00%, 1.000% Floor), 03/27/25 | | | 454,413 | | | | 407,079 | |
| Peraton Corp., Term Loan B - First Lien, 4.500% (3-Month USD LIBOR + 3.750%, 0.750% Floor), 02/22/28 | | | 591,324 | | | | 592,312 | |
| Total Aerospace & Defense | | | | | | | 1,484,056 | |
| | | | | | | | | |
| Automotive – 4.2% | | | | | | | | |
| Douglas Dynamics LLC, Term Loan B – First Lien, 4.750% (1-Month USD LIBOR + 3.750%, 1.000% Floor), 06/08/26 | | | 367,216 | | | | 366,988 | |
| GC EOS Buyer, Inc., Initial Term Loan - First Lien, 4.609% (3-Month USD LIBOR + 4.500%), 08/01/25 | | | 830,681 | | | | 822,063 | |
| Navistar, Inc., Tranche B Term Loan - First Lien, 3.620% (1-Month USD LIBOR + 3.500%), 11/06/24 | | | 1,940,000 | | | | 1,943,638 | |
| Panther BF Aggregator 2 LP, Amendment No. 1 Dollar Term Loan - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 04/30/26 | | | 997,916 | | | | 989,184 | |
| Truck Hero, Inc., Initial Term Loan - First Lien, 4.500% (1-Month USD LIBOR + 3.750%, 0.750% Floor), 01/31/28 | | | 780,000 | | | | 779,298 | |
| Total Automotive | | | | | | | 4,901,171 | |
| | | | | | | | | |
| Banking, Finance, Insurance & Real Estate – 7.6% | | | | | | | | |
| Alliant Holdings Intermediate LLC (Alliant Holdings I LLC), 2020 New Term Loan - First Lien, 4.250% (1-Month USD LIBOR + 3.750%, 0.500% Floor), 11/05/27 | | | 486,796 | | | | 486,752 | |
| Aretec Group, Inc. (Cetera Financial Group), Term Loan - First Lien, 4.359% (1-Month USD LIBOR + 4.250%), 10/01/25 | | | 1,162,069 | | | | 1,162,795 | |
| AssuredPartners, Inc., 2020 February Refinancing Term Loan - First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 02/12/27 | | | 1,128,915 | | | | 1,117,626 | |
| Avison Young Canada, Inc., Term Loan - First Lien, 5.212% (3-Month USD LIBOR + 5.000%), 02/01/26(b) | | | 1,636,771 | | | | 1,634,725 | |
| Citadel LLC, Term Loan B - First Lien, 2.615% (3-Month USD LIBOR + 2.500%), 02/27/28 | | | 785,718 | | | | 778,513 | |
| Hub International Limited, Incremental Term Loan B-3 - First Lien, 4.000% (3-Month USD LIBOR + 3.250%, 0.750% Floor), 04/25/25 | | | 1,357,847 | | | | 1,358,974 | |
| Jane Street Group, LLC, Dollar Term Loan - First Lien, 2.859% (1-Month USD LIBOR + 2.750%), 01/26/28 | | | 778,050 | | | | 771,728 | |
| Kestra Advisor Services Holdings A, Inc. (Kestra Financial), Term Loan - First Lien, 4.360% (1-Month USD LIBOR + 4.250%), 06/03/26 | | | 812,625 | | | | 809,578 | |
| Ryan Specialty Group, LLC, Initial Term Loan - First Lien, 3.750% (1-Month USD LIBOR + 3.250%, 0.750% Floor), 09/01/27 | | | 394,958 | | | | 395,616 | |
| Sedgwick Claims Management Services, Inc., Term Loan B - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 12/31/25 | | | 452,094 | | | | 446,662 | |
| Total Banking, Finance, Insurance & Real Estate | | | | | | | 8,962,969 | |
| | | | | | | | | |
| Beverage, Food & Tobacco – 0.5% | | | | | | | | |
| Arterra Wines Canada, Inc. (Constellation Brands), Term Loan - First Lien, 4.250% (3-Month USD LIBOR + 3.500%, 0.750% Floor), 11/24/27 | | | 578,293 | | | | 579,739 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | Principal | | | Value | |
| | | | | | | |
| SENIOR LOANS(a) (continued) |
| Capital Equipment – 0.6% | | | | | | | | |
| Blount International, Inc., 2018 Term Loan B - First Lien (LIBOR + 3.750%, 1.000% Floor), 04/12/23(c) | | $ | 386,609 | | | $ | 388,058 | |
| Granite Holdings US Acquisition Co (Howden), Replacement Term Loan B - First Lien, 4.203% (3-Month USD LIBOR + 4.000%), 09/30/26(b) | | | 271,736 | | | | 271,397 | |
| Total Capital Equipment | | | | | | | 659,455 | |
| | | | | | | | | |
| Chemicals, Plastics & Rubber – 1.2% | | | | | | | | |
| Polar US Borrower (SI Group, Inc.), Term Loan - First Lien, 4.857% (1-Month USD LIBOR + 4.750%), 10/15/25(b) | | | 1,461,313 | | | | 1,454,006 | |
| | | | | | | | | |
| Construction & Building – 1.7% | | | | | | | | |
| Amentum Government Services Holdings LLC (AECOM Technology Corp.), Term Loan - First Lien, 5.500% (3-Month USD LIBOR + 4.750%, 0.750% Floor), 01/29/27 | | | 750,000 | | | | 753,750 | |
| Brookfield WEC Holdings Inc., Initial Term Loan 2021 - First Lien, 3.250% (1-Month USD LIBOR + 2.750%, 0.500% Floor), 08/01/25 | | | 589,443 | | | | 585,208 | |
| Yak Access LLC (Yak Mat), Term Loan B - First Lien, 5.109% (1-Month USD LIBOR + 5.000%), 07/11/25 | | | 683,077 | | | | 627,720 | |
| Total Construction & Building | | | | | | | 1,966,678 | |
| | | | | | | | | |
| Consumer Goods: Durable – 0.7% | | | | | | | | |
| Spectrum Brands, Inc., Term Loan B - First Lien, 2.500% (3-Month USD LIBOR + 2.000%, 0.500% Floor), 02/19/28 | | | 810,833 | | | | 810,582 | |
| | | | | | | | | |
| Consumer Goods: Non-Durable – 3.3% | | | | | | | | |
| Alphabet Holding Co., Inc. (Nature's Bounty), Initial Term Loan - First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 09/26/24 | | | 1,215,613 | | | | 1,208,873 | |
| International Textile Group, Inc., Term Loan - First Lien, 5.260% (LIBOR + 5.000%), 05/01/24 | | | 3,147 | | | | 2,966 | |
| Olaplex, Inc., Term Loan - First Lien, 7.500% (LIBOR + 6.500%, 1.000% Floor), 01/08/26(b) | | | 987,341 | | | | 987,341 | |
| Outerstuff LLC, Closing Date Loan - First Lien, 6.000% (3-Month USD LIBOR + 5.000%, 1.000% Floor), 12/29/23(c) | | | 965,327 | | | | 641,947 | |
| Pure Fishing, Inc. (SP PF Buyer), Term Loan - First Lien, 4.609% (1-Month USD LIBOR + 4.500%), 12/21/25 | | | 998,820 | | | | 967,188 | |
| Renfro Corp., Term Loan - First Lien, 10.000% (1-Month USD LIBOR + 9.000%, 1.000% Floor), 02/12/21(b) | | | 52,387 | | | | 49,505 | |
| Total Consumer Goods: Non-Durable | | | | | | | 3,857,820 | |
| | | | | | | | | |
| Containers, Packaging & Glass – 2.0% | | | | | | | | |
| Fortress Merger Sub, Inc. (Fort Dearborn), Initial Term Loan - First Lien, 5.000% (3-Month USD LIBOR + 4.000%, 1.000% Floor), 10/19/23 | | | 398,195 | | | | 398,446 | |
| Fortress Merger Sub, Inc. (Fort Dearborn), Initial Term Loan - Second Lien, 9.500% (3-Month USD LIBOR + 8.500%, 1.000% Floor), 10/21/24(b) | | | 1,140,000 | | | | 1,138,575 | |
| Reynolds Group Holdings, Inc., Term Loan - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 02/05/26 | | | 807,950 | | | | 800,072 | |
| Total Containers, Packaging & Glass | | | | | | | 2,337,093 | |
| | | | | | | | | |
| Energy: Oil & Gas – 2.3% | | | | | | | | |
| HGIM Corp. (Harvey Gulf), Term Loan (Exit) - First Lien, 7.000% (3-Month USD LIBOR + 6.000%, 1.000% Floor), 07/03/23 | | | 2,500,835 | | | | 1,436,730 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| Energy: Oil & Gas – 2.3% (continued) | | | | | | | | |
| PSS Industrial Group (Pipeline Supply & Service), Term Loan - First Lien, 7.500% (LIBOR + 6.000%, 1.500% Floor), 04/10/25(b) | | $ | 411,857 | | | $ | 329,486 | |
| W3 Topco LLC (Total Safety), Term Loan B - First Lien, 6.000% (3-Month USD LIBOR + 6.000%, 1.000% Floor), 08/16/25 | | | 925,000 | | | | 928,154 | |
| Total Energy: Oil & Gas | | | | | | | 2,694,370 | |
| | | | | | | | | |
| Environmental Industries – 2.1% | | | | | | | | |
| EnergySolutions (Energy Capital Partners), Term Loan B - First Lien, 4.750% (3-Month USD LIBOR + 3.750%, 1.000% Floor), 05/09/25 | | | 1,652,181 | | | | 1,649,084 | |
| PSC Industrial Outsourcing, LP, Term Loan - First Lien, 4.750% (1-Month USD LIBOR + 3.750%, 1.000% Floor), 10/11/24 | | | 795,940 | | | | 780,590 | |
| Total Environmental Industries | | | | | | | 2,429,674 | |
| | | | | | | | | |
| Healthcare & Pharmaceuticals – 13.7% | | | | | | | | |
| Alvogen Pharma US, Inc., January 2020 Loan - First Lien, 6.250% (LIBOR + 5.250%, 1.000% Floor), 12/31/23 | | | 3,451,840 | | | | 3,448,388 | |
| Carestream Health, Inc. (Onex), 2023 Extended Term Loan - First Lien, 7.750% (LIBOR + 6.750%, 1.000% Floor), 05/08/23 | | | 2,207,301 | | | | 2,203,858 | |
| Carestream Health, Inc. (Onex), 2023 Extended Term Loan - Second Lien, 13.500% (3-Month USD LIBOR + 4.500%, 1.000% Floor), 08/08/23(b) | | | 1,588,187 | | | | 1,450,547 | |
| Civitas Solutions Inc. (National Mentor Holdings), Term Loan - Second Lien, 8.000% (1-Month USD LIBOR + 7.250%, 0.750% Floor), 02/17/29(b) | | | 280,000 | | | | 283,500 | |
| Civitas Solutions Inc. (National Mentor Holdings), Term Loan B - First Lien, 4.500% (3-Month USD LIBOR + 3.750%, 0.750% Floor), 02/17/28 | | | 705,539 | | | | 702,100 | |
| Civitas Solutions Inc. (National Mentor Holdings), Term Loan C - First Lien, 4.500% (3-Month USD LIBOR + 3.750%, 0.750% Floor), 02/18/28 | | | 23,518 | | | | 23,403 | |
| EyeCare Partners, LLC, Initial Term Loan - First Lien, 3.859% (1-Month USD LIBOR + 3.750%), 02/18/27 | | | 1,815,235 | | | | 1,800,995 | |
| LifeScan Global Corp., Term Loan - First Lien, 6.238% (3-Month USD LIBOR + 6.000%), 10/01/24 | | | 1,428,882 | | | | 1,388,816 | |
| National Seating & Mobility, Inc., Term Loan - First Lien, 5.359% (1-Month USD LIBOR + 5.250%), 11/16/26 | | | 685,079 | | | | 687,220 | |
| RegionalCare Hospital Partners Holdings, Inc. (Lifepoint Health), Term Loan B - First Lien, 3.865% (1-Month USD LIBOR + 3.750%), 11/16/25 | | | 1,183,526 | | | | 1,182,520 | |
| Women's Care Holdings Inc., Term Loan B - First Lien, 5.250% (3-Month USD LIBOR + 4.500%, 0.750% Floor), 01/14/28(b) | | | 483,333 | | | | 484,742 | |
| Women's Care Holdings Inc., Term Loan B - Second Lien, 9.000% (3-Month USD LIBOR + 8.250%, 0.750% Floor), 01/14/29(b) | | | 430,000 | | | | 430,000 | |
| WP Citymd Bidco, Term Loan B - First Lien, 4.500% (3-Month USD LIBOR + 3.750%, 0.750% Floor), 08/13/26 | | | 1,977,088 | | | | 1,977,918 | |
| Total Healthcare & Pharmaceuticals | | | | | | | 16,064,007 | |
| | | | | | | | | |
| High Tech Industries – 21.9% | | | | | | | | |
| Advanced Computer Software (Air Newco LLC / Aston FInCo S.a.r.l.), Term Loan B - First Lien, 4.360% (1-Month USD LIBOR + 4.250%), 10/09/26 | | | 990,000 | | | | 985,981 | |
| AppLovin Corp., Term Loan B - First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 08/15/25(c) | | | 3,096,180 | | | | 3,097,325 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| High Tech Industries – 21.9% (continued) | | | | | | | | |
| AQA Acquisition Holding, Inc., Term Loan B - First Lien, 4.750% (3-Month USD LIBOR + 4.250%, 0.500% Floor), 11/20/27 | | $ | 972,656 | | | $ | 976,916 | |
| Banff Merger Sub Inc., 2021 Replacement Dollar Term Loan - First Lien, 3.859% (1-Month USD LIBOR + 3.750%), 10/02/25 | | | 1,003,476 | | | | 1,000,455 | |
| Cision (Castle US Holding Corp.), Term Loan B - First Lien, 3.953% (3-Month USD LIBOR + 3.750%), 01/29/27 | | | 1,276,562 | | | | 1,262,998 | |
| Cornerstone OnDemand, Inc., Term Loan B - First Lien, 4.361% (1-Month USD LIBOR + 4.250%), 04/22/27 | | | 444,359 | | | | 445,332 | |
| Dcert Buyer Inc., Term Loan - Second Lien, 7.109% (1-Month USD LIBOR + 7.000%), 02/16/29 | | | 1,000,000 | | | | 1,009,380 | |
| Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories), Term Loan B - First Lien, 4.750% (1-Month USD LIBOR + 4.000%, 0.750% Floor), 12/01/27 | | | 719,427 | | | | 720,147 | |
| Idera Inc., Term Loan - Second Lien, 7.500% (3-Month USD LIBOR + 6.750%), 02/03/29(b) | | | 1,000,000 | | | | 1,002,500 | |
| ION Trading Technologies, Term Loan B - First Lien (LIBOR + 4.750%), 03/26/28(c) | | | 1,200,000 | | | | 1,201,500 | |
| MH Sub I LLC and Micro Holding Corp. (Internet Brands), Amendment No 2 Initial Term Loan – First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 09/16/24 | | | 1,872,922 | | | | 1,855,486 | |
| MH Sub I LLC/Indigo/WebMD Health, Term Loan - Second Lien, 6.365% (1-Month USD LIBOR + 6.250%), 02/12/29 | | | 180,000 | | | | 181,350 | |
| Milano Acquisition Corp., Term Loan - First Lien (LIBOR + 4.000%, 0.750% Floor), 10/01/27(c) | | | 1,305,000 | | | | 1,301,737 | |
| Perforce Software, Inc., Refinancing Term Loan B - First Lien, 3.859% (1-Month USD LIBOR + 3.750%), 07/01/26 | | | 985,031 | | | | 977,028 | |
| Quest Software (Dell Software Group / Seahawk Holding Cayman Ltd.), Term Loan - First Lien, 4.462% (3-Month USD LIBOR + 4.250%), 05/16/25 | | | 1,356,588 | | | | 1,357,681 | |
| QuickBase, Inc., Term Loan - First Lien, 4.109% (1-Month USD LIBOR + 4.000%), 03/27/26 | | | 1,031,625 | | | | 1,030,124 | |
| Rocket Software, Inc., Term Loan - First Lien, 4.359% (1-Month USD LIBOR + 4.250%), 11/28/25 | | | 1,308,852 | | | | 1,308,282 | |
| S2P Acquisition Borrower, Inc. (Jaggaer), Term Loan - First Lien, 4.109% (1-Month USD LIBOR + 4.000%), 08/14/26 | | | 942,315 | | | | 944,087 | |
| SonicWALL, Inc., Term Loan - First Lien, 3.682% (3-Month USD LIBOR + 3.500%), 05/16/25 | | | 519,637 | | | | 514,313 | |
| SonicWALL, Inc., Term Loan - Second Lien, 7.682% (3-Month USD LIBOR + 7.500%), 05/18/26 | | | 193,408 | | | | 183,496 | |
| Starfish-V Merger Sub Inc., 2021 Refinancing Term Loan - First Lien, 5.500% (3-Month USD LIBOR + 4.750%, 0.750% Floor), 08/16/24 | | | 2,193,290 | | | | 2,193,290 | |
| TriTech Software Systems (Superion/SuperMoose), Term Loan - First Lien, 3.953% (3-Month USD LIBOR + 3.750%), 08/29/25 | | | 1,303,333 | | | | 1,252,132 | |
| VeriFone Systems, Inc., Term Loan - First Lien, 4.182% (3-Month USD LIBOR + 4.000%), 08/20/25 | | | 999,798 | | | | 977,853 | |
| Total High Tech Industries | | | | | | | 25,779,393 | |
| | | | | | | | | |
| Hotel, Gaming & Leisure – 6.9% | | | | | | | | |
| Alterra Mountain Co., Term B Loan - First Lien, 5.500% (1-Month USD LIBOR + 4.500%, 1.000% Floor), 08/01/26(b) | | | 1,305,730 | | | | 1,312,259 | |
| AP Gaming I LLC (American Gaming Systems), 2018 Term Loan B - First Lien, 4.500% (3-Month USD LIBOR + 3.500%, 1.000% Floor), 02/15/24 | | | 1,216,093 | | | | 1,193,674 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| Hotel, Gaming & Leisure – 6.9% (continued) | | | | | | | | |
| Cineworld Finance US, Inc. (Crown Finance US, Inc.), Initial Dollar Tranche Term Loan – First Lien, 3.500% (3-Month USD LIBOR + 2.500%, 1.000% Floor), 02/28/25 | | $ | 461,052 | | | $ | 395,269 | |
| Cineworld Finance US, Inc. (Crown Finance US, Inc.), Term Loan B1 – First Lien, 7.000% (1.000% Floor), 05/23/24 | | | 366,779 | | | | 465,580 | |
| Miller's Ale House, Inc., Term Loan - First Lien, 4.862% (3-Month USD LIBOR + 4.750%), 05/30/25 | | | 1,167,000 | | | | 1,115,459 | |
| Portillo's Holdings LLC, Term Loan - First Lien, 6.500% (3-Month USD LIBOR + 5.500%, 1.000% Floor), 09/06/24 | | | 492,500 | | | | 491,577 | |
| Stats, LLC (Peak Jersey Holdco Ltd), Term Loan - First Lien, 5.448% (3-Month USD LIBOR + 5.250%), 07/10/26 | | | 1,556,684 | | | | 1,556,692 | |
| Twin River Management Group, Inc., Term Loan B1 - First Lien, 9.000% (3-Month USD LIBOR + 8.000%, 1.000% Floor), 05/10/26(b) | | | 178,650 | | | | 192,272 | |
| Whatabrands LLC, Term Loan B - First Lien, 2.856% (1-Month USD LIBOR + 2.750%), 07/31/26 | | | 1,435,807 | | | | 1,428,628 | |
| Total Hotel, Gaming & Leisure | | | | | | | 8,151,410 | |
| | | | | | | | | |
| Media: Broadcasting & Subscription – 4.4% | | | | | | | | |
| Mega Broadband Investments Holdings LLC, Initial Term Loan - First Lien, 3.750% (3-Month USD LIBOR + 3.000%, 0.750% Floor), 11/12/27 | | | 786,075 | | | | 785,340 | |
| Radiate Holdco LLC (RCN Grande), Term Loan B - First Lien, 4.250% (1-Month USD LIBOR + 3.500%, 0.750% Floor), 09/25/26 | | | 379,050 | | | | 379,351 | |
| Terrier Media Buyer Inc. (Cox Media Group), 2021 Term Loan B - First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 12/17/26 | | | 2,357,674 | | | | 2,339,826 | |
| Univision Communications, Inc., 2020 Repalcement Term Loan - First Lien, 4.750% (1-Month USD LIBOR + 3.750%, 1.000% Floor), 03/15/26 | | | 542,071 | | | | 542,564 | |
| UPC Financing Partnership, Term Loan B1 - First Lien, 3.606% (1-Month USD LIBOR + 3.500%), 01/31/29 | | | 565,817 | | | | 565,011 | |
| UPC Financing Partnership, Term Loan B2 – First Lien, 3.606% (1-Month USD LIBOR + 3.500%), 01/31/29 | | | 565,817 | | | | 565,011 | |
| Total Media: Broadcasting & Subscription | | | | | | | 5,177,103 | |
| | | | | | | | | |
| Media: Diversified & Production – 3.8% | | | | | | | | |
| Abe Investment Holdings, Inc. (Getty Images, Inc.), Term Loan B - First Lien, 4.625% (1-Month USD LIBOR + 4.500%), 02/19/26 | | | 2,331,764 | | | | 2,314,521 | |
| William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), New Term Loan B-1 – First Lien, 2.940% (3-Month USD LIBOR + 2.750%), 05/16/25 | | | 1,336,467 | | | | 1,266,490 | |
| William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC), Term B-2 Loan - First Lien, 9.500% (3-Month USD LIBOR + 8.500%, 1.000% Floor), 05/16/25 | | | 874,668 | | | | 929,334 | |
| Total Media: Diversified & Production | | | | | | | 4,510,345 | |
| | | | | | | | | |
| Metals & Mining – 0.7% | | | | | | | | |
| ASP Prince Merger Sub, Inc. (PMHC II), Term Loan - First Lien, 4.500% (3-Month USD LIBOR + 3.500%, 1.000% Floor), 03/31/25 | | | 792,056 | | | | 774,730 | |
| | | | | | | | | |
| Retail – 4.0% | | | | | | | | |
| Apro LLC (United Pacific), Term Loan B - First Lien, 5.000% (3-Month USD LIBOR + 4.000%, 1.000% Floor), 11/14/26 | | | 1,267,174 | | | | 1,267,972 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| Retail – 4.0% (continued) | | | | | | | | |
| Bass Pro Group, LLC, Term Loan B - First Lien, 5.000% (LIBOR + 4.250%, 0.750% Floor), 02/26/28 | | $ | 1,187,025 | | | $ | 1,190,438 | |
| Mavis Tire Express Services (EOC Group, Inc.), Closing Date Term Loan - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 03/20/25 | | | 800,135 | | | | 798,635 | |
| Mavis Tire Express Services (EOC Group, Inc.), Term Loan B2 - First Lien, 5.000% (1-Month USD LIBOR + 4.000%, 1.000% Floor), 03/20/25 | | | 389,025 | | | | 388,904 | |
| Wand Newco 3, Inc. (Caliber Collision/ABRA Augo Body), Term Loan B - First Lien, 3.109% (1-Month USD LIBOR + 3.000%), 02/05/26 | | | 1,105,383 | | | | 1,094,218 | |
| Total Retail | | | | | | | 4,740,167 | |
| | | | | | | | | |
| Services: Business – 19.5% | | | | | | | | |
| ABC Financials (Project Accelerate Parent LLC), New Tranche Term Loan - First Lien, 5.250% (1-Month USD LIBOR + 4.250%, 1.000% Floor), 01/02/25(b) | | | 869,841 | | | | 838,670 | |
| Air Methods Corp., Term Loan B - First Lien, 4.500% (3-Month USD LIBOR + 3.500%, 1.000% Floor), 04/21/24 | | | 818,454 | | | | 794,158 | |
| CCI Buyer, Inc. (Consumer Cellular), Term Loan B - First Lien, 4.750% (3-Month USD LIBOR + 4.000%, 0.750% Floor), 12/11/27 | | | 788,667 | | | | 790,765 | |
| CIBT Solutions Inc., Initial Term Loan - First Lien (LIBOR + 3.750%, 1.000% Floor), 06/03/24(c) | | | 470,002 | | | | 392,306 | |
| CT Technologies Intermediate Holdings, Inc. (HealthPort), Term Loan - First Lien, 6.000% (1-Month USD LIBOR + 5.000%, 1.000% Floor), 12/16/25 | | | 1,579,694 | | | | 1,584,299 | |
| Deliver Buyer (Material Handling Systems, Inc./MHS), Term Loan B - First Lien, 7.250% (3-Month USD LIBOR + 6.250%, 1.000% Floor), 05/01/24 | | | 1,181,325 | | | | 1,190,924 | |
| Deluxe Entertainment Services Group, Inc., Term Loan - First Lien, 7.500% (3-Month USD LIBOR + 5.000%, 1.000% Floor + 1.500% PIK), 03/25/24(b)(d)(e) | | | 238,275 | | | | 114,372 | |
| EagleView Technology Corp., Term Loan - First Lien, 3.690% (1-Month USD LIBOR + 3.500%), 08/14/25 | | | 977,500 | | | | 964,670 | |
| Ensemble Health Partners, Term Loan - First Lien, 3.962% (3-Month USD LIBOR + 3.750%), 08/03/26 | | | 608,456 | | | | 608,313 | |
| Enterprise Merger Sub, Inc. (Envision Healthcare), Term Loan - First Lien, 3.859% (1-Month USD LIBOR + 3.750%), 10/10/25 | | | 1,908,300 | | | | 1,652,674 | |
| Great Dane Merger Sub, Inc. (CommerceHub), Term Loan B1 - First Lien, 4.750% (1-Month USD LIBOR + 4.000%, 0.750% Floor), 12/02/27 | | | 802,156 | | | | 803,913 | |
| Great Dane Merger Sub, Inc. (CommerceHub), Term Loan B2 - Second Lien, 7.750% (3-Month USD LIBOR + 7.000%, 0.750% Floor), 12/02/28(b) | | | 480,000 | | | | 492,000 | |
| Guidehouse LLP, Term Loan - First Lien, 4.109% (1-Month USD LIBOR + 4.000%), 05/01/25 | | | 1,186,303 | | | | 1,188,634 | |
| Hertz Corp., DIP Delayed Draw Term Loan - First Lien, 8.250% (1-Month USD LIBOR + 7.250%, 1.000% Floor), 12/31/21 | | | 1,172,727 | | | | 1,186,653 | |
| IRI Holdings, Inc. (Information Resources), Term Loan (Add-On) - First Lien, 5.109% (1-Month USD LIBOR + 5.000%), 12/01/25(b) | | | 1,630,803 | | | | 1,638,957 | |
| Mitchell International, Inc., Term Loan - First Lien, 3.365% (3-Month USD LIBOR + 3.250%), 11/29/24 | | | 1,759,409 | | | | 1,734,364 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| Services: Business – 19.5% (continued) | | | | | | | | |
| Pharmaceutical Product Development, Inc., Initial Term Loan - First Lien, 2.750% (1-Month USD LIBOR + 2.250%, 0.500% Floor), 01/13/28 | | $ | 790,000 | | | $ | 787,251 | |
| Red Ventures LLC, Term Loan B - First Lien, 4.250% (1-Month USD LIBOR + 3.500%, 0.750% Floor), 11/08/24 | | | 309,901 | | | | 310,288 | |
| Red Ventures LLC, Term Loan B-2 - First Lien, 2.609% (1-Month USD LIBOR + 2.500%), 11/08/24 | | | 1,551,421 | | | | 1,514,458 | |
| RXB Holdings, Inc. (RxBenefits), Term Loan - First Lien, 6.000% (3-Month USD LIBOR + 5.250%, 0.750% Floor), 12/15/27(b) | | | 780,644 | | | | 780,643 | |
| Teneo Holdings LLC, Term Loan B – First Lien, 6.250% (1-Month USD LIBOR + 5.250%, 1.000% Floor), 07/12/25 | | | 1,477,500 | | | | 1,478,793 | |
| Travel Leaders Group LLC, New Term Loan B - First Lien, 4.109% (1-Month USD LIBOR + 4.000%), 01/25/24 | | | 972,500 | | | | 914,442 | |
| Upstream Newco, Inc., Term Loan - First Lien, 4.609% (1-Month USD LIBOR + 4.500%), 11/20/26 | | | 734,355 | | | | 733,899 | |
| Verra Mobility Corp. (VM Corp./ATS Consolidated), Term Loan B-1 - First Lien, 3.364% (1-Month USD LIBOR + 3.250%), 02/28/25 | | | 446,256 | | | | 444,192 | |
| Total Services: Business | | | | | | | 22,939,638 | |
| | | | | | | | | |
| Services: Consumer – 7.7% | | | | | | | | |
| Air Medical Group Holdings, Inc., Term Loan B – First Lien, 5.750% (3-Month USD LIBOR + 4.750%, 1.000% Floor), 10/02/25 | | | 1,177,050 | | | | 1,175,137 | |
| Aspen Dental Management Inc., Amendment No. 4 Refinancing Term Loan - First Lien, 3.750% (LIBOR + 3.250%, 0.500% Floor), 12/23/27 | | | 786,667 | | | | 780,712 | |
| Cambium Learning, Inc., Initial Term Loan - First Lien, 5.250% (3-Month USD LIBOR + 4.500%, 0.750% Floor), 12/18/25 | | | 1,187,756 | | | | 1,190,654 | |
| Phoenix Guarantor (BrightSpring Health), Term Loan - First Lien (LIBOR + 3.500%), 03/05/26(c) | | | 808,000 | | | | 802,825 | |
| Pre-Paid Legal Services, Inc. (Legalshield), Term Loan - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 05/01/25 | | | 789,635 | | | | 780,653 | |
| Pre-Paid Legal Services, Inc. (Legalshield), Term Loan - First Lien, 4.750% (3-Month USD LIBOR + 4.000%, 0.750% Floor), 05/01/25 | | | 394,305 | | | | 396,111 | |
| Renaissance Holding Corp., Initial Term Loan - First Lien, 3.359% (1-Month USD LIBOR + 3.250%), 05/30/25 | | | 398,974 | | | | 390,039 | |
| Renaissance Holding Corp., Term Loan - Second Lien, 7.115% (1-Month USD LIBOR + 7.000%), 05/30/26 | | | 360,000 | | | | 360,090 | |
| Revint Intermediate II, LLC, Initial Term Loan - First Lien, 5.750% (1-Month USD LIBOR + 5.000%, 0.750% Floor), 10/15/27 | | | 316,236 | | | | 317,818 | |
| Storable Inc., Term Loan - First Lien (LIBOR + 3.250%, 0.500% Floor), 02/26/28(c) | | | 598,352 | | | | 593,679 | |
| Uber Technologies, Inc., 2021 Incremental Term Loan - First Lien, 3.609% (1-Month USD LIBOR + 3.500%), 04/04/25 | | | 1,206,897 | | | | 1,202,999 | |
| United PF Holdings LLC, Term Loan - First Lien, 9.500% (LIBOR + 8.500%, 1.000% Floor), 12/30/26(b) | | | 995,000 | | | | 1,002,462 | |
| Total Services: Consumer | | | | | | | 8,993,179 | |
| | | | | | | | | |
| Telecommunications – 6.2% | | | | | | | | |
| CenturyLink, Inc., Term Loan B - First Lien, 2.359% (1-Month USD LIBOR + 2.250%), 03/15/27 | | | 691,881 | | | | 685,706 | |
| GTT Communications B.V., Delayed Draw - First Lien, 6.000% (1-Month USD LIBOR + 5.000%, 1.000% Floor), 12/28/21 | | | 597,149 | | | | 610,211 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Principal | | | | Value | |
| SENIOR LOANS(a) (continued) | | | | | | | | |
| Telecommunications – 6.2% (continued) | | | | | | | | |
| GTT Communications B.V., Term Loan - First Lien, 6.000% (1-Month USD LIBOR + 5.000%, 1.000% Floor), 12/31/21 | | $ | 522,670 | | | $ | 534,103 | |
| GTT Communications, Inc. - Closing Date Term Loan - First Lien, 2.860% (3-Month USD LIBOR + 2.750%), 05/31/25 | | | 868,832 | | | | 737,013 | |
| Rackspace Technology Global Inc., 2021 Term Loan B - First Lien, 3.500% (3-Month USD LIBOR + 2.750%, 0.750% Floor), 02/02/28 | | | 1,181,275 | | | | 1,172,351 | |
| Zayo Group Holdings, Inc., Initial Dollar Term Loan - First Lien, 3.109% (1-Month USD LIBOR + 3.000%), 03/09/27(c) | | | 3,628,739 | | | | 3,604,336 | |
| Total Telecommunications | | | | | | | 7,343,720 | |
| | | | | | | | | |
| Transportation: Cargo – 3.0% | | | | | | | | |
| Genesee & Wyoming, Inc., Term Loan - First Lien, 2.203% (3-Month USD LIBOR + 2.000%), 12/30/26 | | | 1,195,885 | | | | 1,193,457 | |
| Gruden Acquisition, Inc. (Quality Distribution LLC), Incremental Term Loan - First Lien, 6.500% (3-Month USD LIBOR + 5.500%, 1.000% Floor), 08/18/22 | | | 1,806,238 | | | | 1,806,238 | |
| Gruden Acquisition, Inc. (Quality Distribution LLC), Term Loan - Second Lien, 9.500% (3-Month USD LIBOR + 8.500%, 1.000% Floor), 08/18/23(b) | | | 500,000 | | | | 492,500 | |
| Total Transportation: Cargo | | | | | | | 3,492,195 | |
| | | | | | | | | |
| Utilities: Electric – 1.3% | | | | | | | | |
| Granite Acquisition Inc. (Wheelabrator), Term Loan - First Lien, 3.250% (1-Month USD LIBOR + 2.750%, 0.500% Floor), 03/16/28 | | | 798,000 | | | | 796,671 | |
| PG&E (Pacific Gas and Electric Co.), Term Loan - First Lien, 3.500% (3-Month USD LIBOR + 3.000%, 0.500% Floor), 06/23/25 | | | 744,375 | | | | 744,606 | |
| Total Utilities: Electric | | | | | | | 1,541,277 | |
| | | | | | | | | |
| Wholesale – 4.4% | | | | | | | | |
| Foundation Building Materials - Term Loan - First Lien, 3.750% (1-Month USD LIBOR + 3.250%, 0.500% Floor), 01/29/28 | | | 792,000 | | | | 785,763 | |
| United Natural Foods, Term Loan B - First Lien, 3.615% (1-Month USD LIBOR + 3.500%), 10/22/25 | | | 3,624,214 | | | | 3,626,950 | |
| White Cap Buyer, LLC, Initial Closing Date Term Loan - First Lien, 4.500% (3-Month USD LIBOR + 4.000%, 0.500% Floor), 10/19/27 | | | 798,000 | | | | 797,557 | |
| Total Wholesale | | | | | | | 5,210,270 | |
| | | | | | | | | |
Total Senior Loans
(Cost $146,714,656) | | | | | | | 146,855,047 | |
| | | | | | | | | |
| CORPORATE BONDS – 1.6% (1.1% of Total Investments) | | | | | | | | |
| Automotive – 0.3% | | | | | | | | |
| GC EOS Buyer, Inc., 9.250%, 08/01/25(f) | | | 344,000 | | | | 376,293 | |
| | | | | | | | | |
| Transportation: Consumer – 1.3% | | | | | | | | |
| American Airlines, Inc./Aadvantage Loyalty Ip Ltd., 5.500%, 04/20/26(f) | | | 712,000 | | | | 741,416 | |
| American Airlines, Inc./Aadvantage Loyalty Ip Ltd., 5.750%, 04/20/29(f) | | | 712,000 | | | | 757,527 | |
| Total Transportation: Consumer | | | | | | | 1,498,943 | |
| | | | | | | | | |
Total Corporate Bonds
(Cost $1,760,892) | | | | | | | 1,875,236 | |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (continued) | March 31, 2021 |
| Investments | | | Shares | | | | Value | |
| COMMON STOCK – 0.1% (0.1% of Total Investments) | | | | | | | | |
| Aerospace & Defense – 0.1% | | | | | | | | |
| New Constellis Borrower LLC*(b) | | | | | | | | |
| (Cost $235,318) | | | 23,090 | | | $ | 150,085 | |
| WARRANT – 0.1% (0.0% of Total Investments) | | | | | | | | |
| Healthcare & Pharmaceuticals – 0.1% | | | | | | | | |
| Carestream Health, Inc. (Onex), Expiration date: 01/06/22*(b) | | | | | | | | |
| (Cost $0) | | | 32 | | | | 50,934 | |
| MONEY MARKET FUND – 12.2% (8.8% of Total Investments) | | | | | | | | |
| | | | | | | | | |
| Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Share Class, 0.01%(g)(h) | | | | | | | | |
| (Cost $14,324,382) | | | 14,324,382 | | | | 14,324,382 | |
| | | | | | | | | |
Total Investments in Securities - 139.0%
(Cost $163,035,248) | | | | | | | 163,255,684 | |
| Borrowings (Cost $45,500,000) – (38.7)% | | | | | | | (45,500,000 | ) |
| Liabilities in Excess of Other Assets – (0.3)% | | | | | | | (298,896 | ) |
| Net Assets – 100.0% | | | | | | $ | 117,456,788 | |
| * | Non-income producing security. |
| † | Securities are US securities, unless otherwise noted. |
| (a) | Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, often subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are the London Interbank Offered Rate (“LIBOR”), the rate that contributor banks in London charge each other for interbank deposits, and the prime rate offered by one or more major U.S. banks (“Prime”). Both LIBOR and Prime were utilized as benchmark lending rates for the senior loans at March 31, 2021. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
| (b) | Fair Value Level 3 security. All remaining securities are categorized as Level 2 unless otherwise noted. |
| (c) | All or a portion of this position has not settled as of March 31, 2021. The Fund will not accrue interest on its senior loans until the settlement date at which point LIBOR will be established. |
| (d) | Security has been deemed illiquid and has been fair valued in good faith in accordance with procedures established by the Board of Trustees. |
| (e) | The Fund held defaulted securities for which the income has been deemed uncollectible. As of March 31, 2021, the aggregate value of those securities was $114,372, representing 0.1% of the Fund’s net assets. The Fund no longer accrues income on securities once the income has been deemed uncollectible. |
| (f) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Total fair value of Rule 144A securities amounts to $1,875,236 which represents approximately 1.6% of net assets as of March 31, 2021. Unless otherwise noted, 144A securities are deemed to be liquid. |
| (g) | Fair Value Level 1 security. |
| (h) | Rate shown reflects the 7-day yield as of March 31, 2021. |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Schedule of Investments† (unaudited) (concluded) | March 31, 2021 |
| SUMMARY OF SCHEDULE OF INVESTMENTS | | % of Net Assets | |
| Aerospace & Defense | | | 1.4 | % |
| Automotive | | | 4.5 | |
| Banking, Finance, Insurance & Real Estate | | | 7.6 | |
| Beverage, Food & Tobacco | | | 0.5 | |
| Capital Equipment | | | 0.6 | |
| Chemicals, Plastics & Rubber | | | 1.2 | |
| Construction & Building | | | 1.7 | |
| Consumer Goods: Durable | | | 0.7 | |
| Consumer Goods: Non-Durable | | | 3.3 | |
| Containers, Packaging & Glass | | | 2.0 | |
| Energy: Oil & Gas | | | 2.3 | |
| Environmental Industries | | | 2.1 | |
| Healthcare & Pharmaceuticals | | | 13.8 | |
| High Tech Industries | | | 21.9 | |
| Hotel, Gaming & Leisure | | | 6.9 | |
| Media: Broadcasting & Subscription | | | 4.4 | |
| Media: Diversified & Production | | | 3.8 | |
| Metals & Mining | | | 0.7 | |
| Retail | | | 4.0 | |
| Services: Business | | | 19.5 | |
| Services: Consumer | | | 7.7 | |
| Telecommunications | | | 6.2 | |
| Transportation: Cargo | | | 3.0 | |
| Transportation: Consumer | | | 1.3 | |
| Utilities: Electric | | | 1.3 | |
| Wholesale | | | 4.4 | |
| Money Market Fund | | | 12.2 | |
| Total Investments | | | 139.0 | |
| Borrowings | | | (38.7 | ) |
| Liabilities in Excess of Other Assets | | | (0.3 | ) |
| Net Assets | | | 100.0 | % |
See Notes to Schedule of Investments
| First Eagle Senior Loan Fund | |
| Notes to Schedule of Investments (unaudited) | March 31, 2021 |
1. ORGANIZATION
First Eagle Senior Loan Fund (the “Fund”) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is a statutory trust established under the laws of Delaware by a Certificate of Trust dated July 30, 2013. The Fund commenced operations on September 20, 2013. The Fund is managed by First Eagle Alternative Credit, LLC (the “Adviser”).
The Fund’s investment objective is to provide current income and preservation of capital primarily through investments in U.S. dollar-denominated senior secured corporate loans and notes (“Senior Loans”). Under normal circumstances, the Fund will invest 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 Senior Loans. The Senior Loans in which the Fund will invest are fully collateralized, first lien corporate loans and notes. The Fund may also invest up to 20% of its Managed Assets in other securities, including high yield securities, notes, bonds, convertible securities, second lien loans and other subordinated debt and collateralized loan obligations. The Fund’s investments in high yield bonds, not including Senior Loans, will be limited to 10% of the Fund’s Managed Assets.
2. SIGNIFICANT ACCOUNTING POLICIES
The Fund is an investment company that applies the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 “Financial Services — Investment Companies”. The Fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the Adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The Fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
The following summarizes the significant accounting policies followed by the Fund in the preparation of its financial statements.
Securities Valuation: The Fund holds portfolio securities that are fair valued at the close of each day on the New York Stock Exchange, normally at 4:00 P.M., Eastern Time. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has delegated fair valuation responsibilities to a valuation committee (the “Committee”), subject to the Board’s supervision and direction, through the adoption of procedures for valuation of the Fund’s securities (the “Valuation Procedures”). The Committee consists of certain designated individuals of the Adviser. Under the current Valuation Procedures, the Committee is responsible for, among other things, determining and monitoring the value of the Fund’s assets. The Valuation Procedures allow the Fund to utilize independent pricing vendor services, quotations from market makers and other valuation methods in events when market quotations are not readily available or not representative of the fair value of the securities.
The Fund’s securities are valued by various methods, as described below:
Senior Loans are valued at prices supplied by the Fund’s pricing agent based on broker-dealer supplied valuations (including mid or average prices) and other criteria if the Committee does not believe that the pricing agent price reflects the current market value, the Adviser will determine a recommended method of valuing the Senior Loan for consideration by the Committee.
Fixed income securities (including short-term obligations) are valued at prices supplied by the Fund’s pricing agent based on broker-dealer supplied valuations, or in the absence of broker-dealer supplied valuations, matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.
| First Eagle Senior Loan Fund | |
| Notes to Schedule of Investments (unaudited) (continued) | March 31, 2021 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Exchange traded equity securities and warrants are valued at the last quoted sales price as of the close of the exchange or, in the absence of a sale, the closing bid price, with the exception that for securities traded on the London Stock Exchange and National Association of Securities Dealers’ Automated Quotation System, those securities are valued at the official closing price.
Non-exchange traded equity securities are 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.
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 would appear to be 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.
Fair Value Measurement
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, quoted prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions that a market participant would use in valuing the asset or liability based on the best information available.
Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation;(vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets on which the security is traded but before the time as of which a Fund’s net asset value is computed and that may materially affect the value of the Fund’s investment). Examples of events that may be “significant events” are government actions, natural disasters, armed conflicts and acts of terrorism.
The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of investing in those securities.
The valuation techniques used by the Fund to measure fair value for the period ended March 31, 2021 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
| First Eagle Senior Loan Fund | |
| Notes to Schedule of Investments (unaudited) (continued) | March 31, 2021 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair Value Measurement (continued)
The following table summarizes the valuation of the Fund’s investments under the fair value hierarchy levels as of March 31, 2021:
| Asset Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Senior Loans | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | $ | – | | | $ | 999,391 | | | $ | 484,665 | | | $ | 1,484,056 | |
| Automotive | | | – | | | | 4,901,171 | | | | – | | | | 4,901,171 | |
| Banking, Finance, Insurance & Real Estate | | | – | | | | 7,328,244 | | | | 1,634,725 | | | | 8,962,969 | |
| Beverage, Food & Tobacco | | | – | | | | 579,739 | | | | – | | | | 579,739 | |
| Capital Equipment | | | – | | | | 388,058 | | | | 271,397 | | | | 659,455 | |
| Chemicals, Plastics & Rubber | | | – | | | | – | | | | 1,454,006 | | | | 1,454,006 | |
| Construction & Building | | | – | | | | 1,966,678 | | | | – | | | | 1,966,678 | |
| Consumer Goods: Durable | | | – | | | | 810,582 | | | | – | | | | 810,582 | |
| Consumer Goods: Non-Durable | | | – | | | | 2,820,974 | | | | 1,036,846 | | | | 3,857,820 | |
| Containers, Packaging & Glass | | | – | | | | 1,198,518 | | | | 1,138,575 | | | | 2,337,093 | |
| Energy: Oil & Gas | | | – | | | | 2,364,884 | | | | 329,486 | | | | 2,694,370 | |
| Environmental Industries | | | – | | | | 2,429,674 | | | | – | | | | 2,429,674 | |
| Healthcare & Pharmaceuticals | | | – | | | | 13,415,218 | | | | 2,648,789 | | | | 16,064,007 | |
| High Tech Industries | | | – | | | | 24,776,893 | | | | 1,002,500 | | | | 25,779,393 | |
| Hotel, Gaming & Leisure | | | – | | | | 6,646,879 | | | | 1,504,531 | | | | 8,151,410 | |
| Media: Broadcasting & Subscription | | | – | | | | 5,177,103 | | | | – | | | | 5,177,103 | |
| Media: Diversified & Production | | | – | | | | 4,510,345 | | | | – | | | | 4,510,345 | |
| Metals & Mining | | | – | | | | 774,730 | | | | – | | | | 774,730 | |
| Retail | | | – | | | | 4,740,167 | | | | – | | | | 4,740,167 | |
| Services: Business | | | – | | | | 19,074,996 | | | | 3,864,642 | | | | 22,939,638 | |
| Services: Consumer | | | – | | | | 7,990,717 | | | | 1,002,462 | | | | 8,993,179 | |
| Telecommunications | | | – | | | | 7,343,720 | | | | – | | | | 7,343,720 | |
| Transportation: Cargo | | | – | | | | 2,999,695 | | | | 492,500 | | | | 3,492,195 | |
| Utilities: Electric | | | – | | | | 1,541,277 | | | | – | | | | 1,541,277 | |
| Wholesale | | | – | | | | 5,210,270 | | | | – | | | | 5,210,270 | |
| Corporate Bonds* | | | – | | | | 1,875,236 | | | | – | | | | 1,875,236 | |
| Common Stock* | | | – | | | | – | | | | 150,085 | | | | 150,085 | |
| Warrant* | | | – | | | | – | | | | 50,934 | | | | 50,934 | |
| Money Market Fund | | | 14,324,382 | | | | – | | | | – | | | | 14,324,382 | |
| Total Investments | | $ | 14,324,382 | | | $ | 131,865,159 | | | $ | 17,066,143 | | | $ | 163,255,684 | |
* Please refer to Schedule of Investments for a breakdown of valuations by industry.
| First Eagle Senior Loan Fund | |
| Notes to Schedule of Investments (unaudited) (continued) | March 31, 2021 |
2. SIGNIFICANT ACCOUNTING POLICIES (concluded)
Fair Value Measurement (continued)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | Senior Loans | | | Common Stocks | | | Warrants | | | Total | |
| Balance as of December 31, 2020 | | $ | 21,729,054 | | | $ | 192,990 | | | $ | 53,261 | | | $ | 21,975,305 | |
| Realized gain/loss | | | (44,240 | ) | | | 44,275 | | | | 62,235 | | | | 62,270 | |
| Change in unrealized appreciation / (depreciation) | | | (424,874 | ) | | | 69,781 | | | | 33,324 | | | | (321,769 | ) |
| Amortization (accretion) | | | 28,026 | | | | - | | | | - | | | | 28,026 | |
| Purchases | | | 5,147,137 | | | | - | | | | - | | | | 5,147,137 | |
| Sales and principal paydowns | | | (4,950,567 | ) | | | (156,961 | ) | | | (97,886 | ) | | | (5,205,414 | ) |
| Transfers into Level 3 | | | 5,750,961 | | | | - | | | | - | | | | 5,750,961 | |
| Transfers out of Level 3 | | | (10,370,373 | ) | | | - | | | | - | | | | (10,370,373 | ) |
| Balance as of March 31, 2021 | | $ | 16,865,124 | | | $ | 150,085 | | | $ | 50,934 | | | $ | 17,066,143 | |
| Net change in unrealized / (depreciation) attributable to level 3 investments held at March 31, 2021 | | $ | 631,151 | | | $ | 112,552 | | | $ | 50,934 | | | $ | 794,637 | |
Investments were transferred into Level 3 during the period ended March 31, 2021 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 March 31, 2021 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 valuation techniques and significant amounts of unobservable inputs used in Fund’s Level 3 securities are outlined in the table below:
| | Fair Value | | | Valuation Technique | | Unobservable Input | | Range | | | Direction Change in Fair Value Resulting from Increase in Unobservable Inputs(1) |
| Senior Loans | | $ | 16,750,752 | | | Third-party pricing service | | Broker quotes | | | N/A | | | Increase |
| Senior Loans | | | 114,372 | | | Recoverability | | Liquidation proceeds | | | $15M | | | Increase |
| Common Stocks | | | 150,085 | | | Third-party pricing service | | Broker quotes | | | N/A | | | Increase |
| Warrants | | | 50,934 | | | Market comparable companies (2) | | EBITDA | | | $219.2M | | | Increase |
| | | | | | | | | EV Multiple | | | 5.0x | | | Increase |
| (1) | 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 input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower gain value determination. |
| (2) | Earnings multiples are based on comparable companies and transactions of comparable companies. |
| First Eagle Senior Loan Fund | |
| Notes to Schedule of Investments (unaudited) (concluded) | March 31, 2021 |
3. DELAYED DRAW LOAN COMMITMENTS
As of March 31, 2021, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:
| | | | | | | | | | | | Net | |
| | | Principle | | | | | | | | | Unrealized | |
| Loan | | Amount | | | Cost | | | Value | | | Appreciation | |
| Civitas Solutions Inc. (National Mentor Holdings), Delayed Draw Term Loan - First Lien | | $ | 77,609 | | | $ | 77,221 | | | $ | 77,231 | | | $ | 10 | |
| Hertz Corp., DIP Delayed Draw Term Loan - First Lien | | | 1,407,273 | | | | 1,386,164 | | | | 1,423,984 | | | | 37,820 | |
| Peraton Corp., Delayed Draw Term Loan - First Lien | | | 1,040,676 | | | | 1,035,472 | | | | 1,042,414 | | | | 6,942 | |
Delayed draw loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund’s valuation policy.
