First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | Principal
Amount ($) | | | Value ($) | |
| SENIOR LOANS(a) - 117.8% | | | | | | | | |
| | | | | | | | | |
| Advertising - 2.6% | | | | | | | | |
| Research Now Group, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 12/20/2024 | | | 4,970,194 | | | | 4,895,119 | |
| WH Borrower, LLC (aka WHP Global), Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.50%, 0.50% Floor), 6.00%, 2/15/2027‡ | | | 3,000,000 | | | | 2,955,000 | |
| | | | | | | | 7,850,119 | |
| Aerospace & Defense - 2.6% | | | | | | | | |
| Brown Group Holdings LLC (Signature Aviation), Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 2.50%, 0.50% Floor), 3.00%, 6/7/2028 | | | 997,317 | | | | 985,888 | |
| HDT Holdco, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 0.75% Floor), 6.50%, 7/8/2027‡ | | | 2,924,051 | | | | 2,847,294 | |
| MAG DS Corp., Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 4/1/2027‡(b)(c) | | | 1,663,550 | | | | 1,513,831 | |
| New Constellis Borrower LLC, Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 7.50%, 1.00% Floor), 8.50%, 3/27/2024‡ | | | 2,949,748 | | | | 2,617,902 | |
| | | | | | | | 7,964,915 | |
| Agricultural & Farm Machinery - 0.4% | | | | | | | | |
| Hydrofarm Holdings Group, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.50%, 1.00% Floor), 6.50%, 10/25/2028‡(b)(c) | | | 1,218,945 | | | | 1,170,187 | |
| | | | | | | | | |
| Air Freight & Logistics - 2.6% | | | | | | | | |
| AIT Worldwide Logistics Holdings, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 5.50%, 3/30/2028(b) | | | 995,000 | | | | 990,025 | |
| Lasership, Inc., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.50%, 0.75% Floor), 8.25%, 4/30/2029‡ | | | 4,000,000 | | | | 3,990,000 | |
| Omni Logistics, Delayed Draw Term Loan | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 11/30/2026‡(c) | | | 142,132 | | | | 141,066 | |
| Omni Logistics, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 12/30/2026‡(c) | | | 3,154,530 | | | | 3,130,871 | |
| | | | | | | | 8,251,962 | |
| Airport Services - 0.3% | | | | | | | | |
| KKR Apple Bidco, LLC, Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 3.00%, 0.50% Floor), 3.50%, 9/22/2028 | | | 997,500 | | | | 987,445 | |
| | | | | | | | | |
| Alternative Carriers - 1.6% | | | | | | | | |
| Intelsat Jackson Holdings S.A., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%), 5.00%, 1/25/2029 | | | 1,995,000 | | | | 1,965,853 | |
| Zacapa LLC (Ufinet), Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%, 0.50% Floor), 2/12/2029(f) | | | 3,000,000 | | | | 2,987,250 | |
| | | | | | | | 4,953,103 | |
| Apparel, Accessories & Luxury Goods - 0.0%(d) | | | | | | | | |
| Outerstuff LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 12/31/2023‡ | | | 105,821 | | | | 86,068 | |
| | | | | | | | | |
| Application Software - 5.4% | | | | | | | | |
| Certify, Inc., Fourth Amendment Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.50%, 1.00% Floor), 6.50%, 2/28/2024‡(b)(c)(e) | | | 1,000,000 | | | | 1,000,000 | |
| Great Dane Merger Sub Inc (CommerceHub), Term Loan B2 - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.00%, 0.75% Floor), 7.75%, 12/2/2028 | | | 5,000,000 | | | | 4,643,750 | |
| PDF Tron Systems, Inc., Delayed Draw Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.50%, 1.00% Floor), 6.50%, 7/13/2027‡(c)(e) | | | 357,991 | | | | 352,621 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| PDF Tron Systems, Inc., Term Loan - First Lien | | | | | | | | |
| (SOFR 1 Month + 6.50%, 1.00% Floor), 7.50%, 7/13/2027‡(c)(e) | | | 1,119,489 | | | | 1,102,696 | |
| PDF Tron Systems, Inc.,2022-1 Incremental Term Loan - First Lien | | | | | | | | |
| (SOFR 1 Month + 5.50%, 1.00% Floor), 6.50%, 7/15/2027‡(c)(e) | | | 3,500,000 | | | | 3,447,500 | |
| Quest Software (Dell Software Group / Seahawk Holding Cayman Ltd), Term Loan B - First Lien | | | | | | | | |
| (SOFR 1 Month + 4.25%, 0.50% Floor), 4.75%, 2/1/2029 | | | 5,000,000 | | | | 4,932,425 | |
| TMA Buyer LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 9/30/2027‡(b)(c)(e) | | | 1,251,612 | | | | 1,232,838 | |
| | | | | | | | 16,711,830 | |
| Asset Management & Custody Banks - 2.7% | | | | | | | | |
| Doxa Insurance Holdings LLC, Term Loan 2021- First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 12/4/2026‡(b)(c)(e) | | | 2,907,536 | | | | 2,907,536 | |
| Oak Point Partners LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 6 Month + 5.50%, 1.00% Floor), 6.50%, 11/30/2027‡(b)(c)(e) | | | 2,864,154 | | | | 2,821,192 | |
| Orion Services Group LLC, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.50%, 1.00% Floor), 6.50%, 3/19/2027‡(e) | | | 448,718 | | | | 439,744 | |
| Orion Services Group LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.50%+ 1.21% CSA, 1.00% Floor), 6.50%, 3/19/2027‡(b)(c)(e) | | | 2,197,674 | | | | 2,153,721 | |
| | | | | | | | 8,322,193 | |
| Auto Parts & Equipment - 1.3% | | | | | | | | |
| Power Stop LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%, 0.50% Floor), 5.25%, 1/24/2029‡ | | | 4,000,000 | | | | 3,930,000 | |
| | | | | | | | | |
| Broadcasting - 0.6% | | | | | | | | |
| Learfield Communications, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 3.25%, 1.00% Floor), 2/1/2023(f) | | | 1,989,501 | | | | 1,899,447 | |
| | | | | | | | | |
| Casinos & Gaming - 1.7% | | | | | | | | |
| Golden Nugget, Inc., Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 4.50%, 1/12/2029 | | | 2,000,000 | | | | 1,992,630 | |
| Jack Ohio Finance LLC, Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 4.75%, 0.75% Floor), 5.50%, 10/4/2028‡ | | | 2,992,500 | | | | 2,962,575 | |
| | | | | | | | 4,955,205 | |
| Commercial Printing - 1.0% | | | | | | | | |
| Astra Acquisition Corp., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.25%, 0.50% Floor), 5.75%, 10/25/2028 | | | 2,992,500 | | | | 2,912,077 | |
| | | | | | | | | |
| Commodity Chemicals - 1.6% | | | | | | | | |
| A & A Global Imports LLC, Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/1/2026‡(c)(e) | | | 15,468 | | | | 15,390 | |
| A&A Global Imports LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 7.00%, 6/1/2026‡(b)(c)(e) | | | 1,775,331 | | | | 1,766,454 | |
| USALCO LLC, Term Loan A - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 10/19/2027‡(b)(c)(e) | | | 2,992,500 | | | | 2,962,575 | |
| | | | | | | | 4,744,419 | |
| Communications Equipment - 1.5% | | | | | | | | |
| SonicWall US Holdings Inc., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.50%), 7.99%, 5/18/2026 | | | 4,640,000 | | | | 4,562,651 | |
| | | | | | | | | |
| Construction Materials - 1.6% | | | | | | | | |
| Foley Products Company LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.75%, 0.50% Floor), 5.25%, 2/10/2029‡ | | | 3,000,000 | | | | 2,985,000 | |
| Smyrna Ready Mix Concrete LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 3/24/2029‡(f) | | | 2,000,000 | | | | 1,977,500 | |
| | | | | | | | 4,962,500 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Construction & Engineering - 1.8% | | | | | | | | |
| Amentum Government Services Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 2 Month + 4.00%, 0.50% Floor), 4.50%, 12/7/2029 | | | 2,000,000 | | | | 1,987,500 | |
| Amentum Government Services Holdings LLC, Term Loan - Second Lien | | | | | | | | |
| (SOFR 2 Month + 7.50%, 0.75% Floor), 8.25%, 12/7/2029‡ | | | 2,000,000 | | | | 1,990,000 | |
| TriStrux LLC, Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/15/2026‡(c)(e) | | | 167,577 | | | | 165,064 | |
| Tristrux, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/15/2026‡(b)(c)(e) | | | 921,893 | | | | 908,065 | |
| | | | | | | | 5,050,629 | |
| Consumer Finance - 1.1% | | | | | | | | |
| NAC Holding Corp., 2021 Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 9/30/2024‡(b)(c)(e) | | | 996,050 | | | | 996,050 | |
| NAC Holding Corp., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 9/28/2024‡(b)(c)(e) | | | 1,918,090 | | | | 1,918,090 | |
| Riveron Consulting LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 5/22/2025‡(b)(c)(e) | | | 506,628 | | | | 506,628 | |
| | | | | | | | 3,420,768 | |
| Distributors - 1.0% | | | | | | | | |
| Deliver Buyer, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%), 6.01%, 5/1/2024 | | | 1,989,556 | | | | 1,989,556 | |
| Highline Aftermarket Acquisition, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.50%, 0.75% Floor), 11/9/2027(f) | | | 949,773 | | | | 912,969 | |
| | | | | | | | 2,902,525 | |
| Diversified Capital Markets - 0.3% | | | | | | | | |
| Reich & Tang Deposits Network, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 10/31/2027‡(b)(c)(e) | | | 933,333 | | | | 919,333 | |
| | | | | | | | | |
| Diversified Chemicals - 0.6% | | | | | | | | |
| AgroFresh, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.25%, 1.00% Floor), 7.25%, 12/31/2024(b) | | | 1,906,481 | | | | 1,909,664 | |
| | | | | | | | | |
| Diversified Metals & Mining - 1.1% | | | | | | | | |
| Dynacast International LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 9.00%, 1.00% Floor), 10.00%, 10/22/2025‡(b) | | | 289,315 | | | | 291,484 | |
| Dynacast International LLC, Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.50%, 1.00% Floor), 5.50%, 7/22/2025(b) | | | 329,280 | | | | 328,869 | |
| Prince International Corporation (PMHC II, Inc.), Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%, 0.50% Floor), 2/2/2029(f) | | | 3,000,000 | | | | 2,869,995 | |
| | | | | | | | 3,490,348 | |
| Education Services - 1.0% | | | | | | | | |
| American Public Education, Inc., Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.50%, 0.75% Floor), 6.25%, 9/1/2027‡ | | | 2,962,025 | | | | 2,939,810 | |
| | | | | | | | | |
| Electric Utilities - 0.3% | | | | | | | | |
| New Frontera Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 13.00%, 1.00% Floor), 14.00%, 7/28/2026‡ | | | 992,500 | | | | 1,032,200 | |
| | | | | | | | | |
| Electronic Equipment & Instruments - 1.0% | | | | | | | | |
| VeriFone Systems, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 8/20/2025 | | | 2,992,268 | | | | 2,954,865 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Electronic Manufacturing Services - 1.4% | | | | | | | | |
| Creation Technologies, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 0.50% Floor), 6.00%, 10/5/2028‡ | | | 250,000 | | | | 244,688 | |
| Natel Engineering Company, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 4/30/2026‡(b) | | | 3,977,631 | | | | 3,903,050 | |
| | | | | | | | 4,147,738 | |
| Environmental and Facilities Services - 0.5% | | | | | | | | |
| OWL Landfill Services LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.75%, 1.00% Floor), 6.75%, 6/30/2026‡(c)(e) | | | 1,404,706 | | | | 1,390,659 | |
| | | | | | | | | |
| Health Care Facilities - 0.9% | | | | | | | | |
| ConvenientMD, Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 6/15/2027‡(b)(c)(e) | | | 1,741,250 | | | | 1,741,250 | |
| Quorum Health Resources LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 5/28/2027‡(b)(c)(e) | | | 1,070,562 | | | | 1,062,533 | |
| | | | | | | | 2,803,783 | |
| Health Care Services - 13.1% | | | | | | | | |
| Accelerated Health Systems LLC (Athletico Management, LLC), Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 3.25%, 0.50% Floor), 2/15/2029(f) | | | 2,000,000 | | | | 1,991,260 | |
| Alcanza Clinical Research, Incremental Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/15/2027‡(b)(e) | | | 3,687,500 | | | | 3,632,188 | |
| Alcanza Clinical Research, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/15/2027‡(b)(c)(e) | | | 750,000 | | | | 738,750 | |
| Anne Arundel Dermatology Management LLC, Delayed Draw Term Loan A-7 - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/16/2025‡(b)(e) | | | 116,087 | | | | 114,194 | |
| Anne Arundel Dermatology Management LLC, Delayed Draw Term Loan B-7 - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/16/2025‡(b)(e) | | | 196,637 | | | | 193,431 | |
| Anne Arundel Dermatology Management LLC, Delayed Draw Term Loan C-7 - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/16/2025‡(e) | | | 12,712 | | | | 12,505 | |
| Anne Arundel Dermatology Management, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/16/2025‡(b)(c)(e) | | | 1,915,672 | | | | 1,884,446 | |
| CC Amulet Management LLC, Revolver | | | | | | | | |
| (Prime + 5.00%, 1.00% Floor), 6.00%, 8/31/2027‡(c)(e) | | | 25,351 | | | | 24,970 | |
| CC Amulet Management LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.00%, 1.00% Floor), 6.00%, 8/31/2027‡(b)(c)(e) | | | 1,709,671 | | | | 1,684,026 | |
| Civitas Solutions Inc. (National Mentor Holding), Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.25%, 0.75% Floor), 8.00%, 3/2/2029‡ | | | 5,000,000 | | | | 4,850,000 | |
| Community Based Care Acquisition, Inc., Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%), 6.51%, 9/15/2027‡(c)(e) | | | 355,835 | | | | 350,498 | |
| Community Based Care Acquisition, Inc., Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.50%, 1.00% Floor), 4.50%, 9/15/2027‡(c)(e) | | | 201,220 | | | | 198,201 | |
| Community Based Care Acquisition, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 9/15/2027‡(b)(c)(e) | | | 2,256,951 | | | | 2,223,097 | |
| Dermatology Intermediate Holdings III, Inc., Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%, 0.50% Floor), 3/23/2029‡(f) | | | 1,685,039 | | | | 1,668,189 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | Value ($) | |
| Endo1 Partners, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.00%, 1.00% Floor), 6.00%, 3/24/2026‡(c)(e) | | | 1,389,166 | | | | 1,361,383 | |
| Epic School Staffing Holdco, Inc., Closing Date Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 2/5/2027‡(b)(c)(e) | | | 3,354,919 | | | | 3,371,693 | |
| Global Medical Response, Inc., Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.25%, 1.00% Floor), 5.25%, 3/14/2025 | | | 2,992,262 | | | | 2,978,902 | |
| Integrated Pain Management Medical Group, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 7.50%, 6/17/2026‡(b)(c)(e) | | | 848,925 | | | | 848,925 | |
| LIFE NWPA, Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.75%, 1.00% Floor), 6.75%, 12/6/2027‡(b)(c)(e) | | | 1,760,870 | | | | 1,734,457 | |
| Lighthouse Lab Services, Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/25/2027‡(c)(e) | | | 223,152 | | | | 219,805 | |
| Lighthouse Lab Services, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 6.00%, 10/25/2027‡(b)(c)(e) | | | 1,961,376 | | | | 1,931,956 | |
| Napa Management Services Corp., Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.25%, 0.75% Floor), 6.00%, 2/23/2029 | | | 4,000,000 | | | | 3,957,500 | |
| Physician Partners LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 4.50%, 12/23/2028 | | | 2,000,000 | | | | 1,980,630 | |
| Women's Care Holdings, Inc., Term Loan B - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 8.25%, 0.75% Floor), 9.00%, 1/12/2029(b) | | | 2,179,247 | | | | 2,154,730 | |
| | | | | | | | 40,105,736 | |
| Health Care Supplies - 1.4% | | | | | | | | |
| Lifescan Global Corp., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%), 6.21%, 10/1/2024(b) | | | 4,579,315 | | | | 4,384,694 | |
| | | | | | | | | |
| Health Care Technology - 0.6% | | | | | | | | |
| nThrive, Inc. (fka Precyse Acquisition Corp.), Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.75%, 0.50% Floor), 7.25%, 12/17/2029 | | | 2,000,000 | | | | 1,976,000 | |
| | | | | | | | | |
| Heavy Electrical Equipment - 1.0% | | | | | | | | |
| Arcline FM Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 5.50%, 6/23/2028 | | | 2,985,000 | | | | 2,952,672 | |
| | | | | | | | | |
| Home Furnishings - 0.6% | | | | | | | | |
| Serta Simmons Bedding LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.50%, 1.00% Floor), 8/10/2023(f) | | | 1,994,924 | | | | 1,888,385 | |
| | | | | | | | | |
| Hotels, Resorts & Cruise Lines - 2.2% | | | | | | | | |
| Alpine X, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 12/21/2027‡(b)(c)(e) | | | 950,495 | | | | 931,485 | |
| AP Gaming I LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.75% Floor), 4.75%, 2/15/2029‡ | | | 4,000,000 | | | | 3,935,000 | |
| Stats Intermediate Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%), 5.72%, 7/10/2026 | | | 1,994,898 | | | | 1,985,422 | |
| | | | | | | | 6,851,907 | |
| Household Products - 0.6% | | | | | | | | |
| Lash Opco LLC, Term Loan - First Lien | | | | | | | | |
| (Prime + 6.00), 9.25%, 3/18/2026‡(b)(c)(e) | | | 1,923,326 | | | | 1,923,326 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Human Resource & Employment Services - 2.1% | | | | | | | | |
| Addison Group (AG Group Holdings Inc), Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%, 0.50% Floor), 4.75%, 12/29/2028 | | | 4,000,000 | | | | 3,987,520 | |
| Danforth Buyer, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/9/2027‡(c)(e) | | | 1,527,778 | | | | 1,504,861 | |
| Skillsoft Corp., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 7/14/2028(f) | | | 1,000,000 | | | | 991,500 | |
| | | | | | | | 6,483,881 | |
| Industrial Machinery - 1.4% | | | | | | | | |
| Engineered Machinery Holdings, Inc., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.50%, 0.75% Floor), 7.25%, 5/21/2029 | | | 500,000 | | | | 497,812 | |
| Restaurant Technologies, Inc., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.25%, 0.50% Floor), 3/17/2029(f) | | | 2,000,000 | | | | 1,987,500 | |
| SPX Flow, Inc., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.50%, 0.50% Floor), 3/17/2029(f) | | | 2,000,000 | | | | 1,950,830 | |
| | | | | | | | 4,436,142 | |
| Insurance Brokers - 2.7% | | | | | | | | |
| Newcleus LLC, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 8/2/2026‡(c)(e) | | | 31,638 | | | | 31,164 | |
| Newcleus LLC,Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 8/2/2026‡(b)(c)(e) | | | 1,180,508 | | | | 1,162,801 | |
| Portfolio Holding Inc. (Turbo Buyer), Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 12/2/2025‡(b)(c)(e) | | | 1,990,000 | | | | 1,990,000 | |
| Portfolio Holding Inc. (Turbo Buyer), Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 12/2/2025‡(b)(e) | | | 1,167,528 | | | | 1,167,528 | |
| Portfolio Holding, Inc. (Turbo Buyer), Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 12/2/2025‡(c)(e) | | | 421,363 | | | | 421,364 | |
| Socius Insurance Services, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 6/30/2027‡(b)(c)(e) | | | 1,221,930 | | | | 1,215,820 | |
| Tricor Borrower LLC, Delayed Draw Term Loan | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 10/22/2026‡(c)(e) | | | 242,968 | | | | 239,323 | |
| Tricor Borrower LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.25%, 1.00% Floor), 6.25%, 10/22/2026‡(b)(c)(e) | | | 1,933,927 | | | | 1,904,918 | |
| | | | | | | | 8,132,918 | |
| Interactive Media & Services - 0.4% | | | | | | | | |
| Ingenio LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 7.00%, 1.00% Floor), 8.00%, 8/3/2026‡(b)(c)(e) | | | 1,373,906 | | | | 1,353,298 | |
| | | | | | | | | |
| Internet & Direct Marketing Retail - 1.2% | | | | | | | | |
| Shutterfly LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 0.75% Floor), 5.75%, 9/25/2026 | | | 990,000 | | | | 912,780 | |
| Sweetwater Borrower LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 4.75%, 0.75% Floor), 5.50%, 8/7/2028‡ | | | 2,851,545 | | | | 2,823,029 | |
| | | | | | | | 3,735,809 | |
| Internet Services & Infrastructure - 0.7% | | | | | | | | |
| Technology Partners, LLC (Imagine Software), Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 11/16/2027‡(b)(c)(e) | | | 2,333,783 | | | | 2,287,107 | |
| | | | | | | | | |
| IT Consulting & Other Services - 5.5% | | | | | | | | |
| Alpine SG LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.50%, 1.00% Floor), 6.50%, 11/5/2027‡(b)(c)(e) | | | 4,107,041 | | | | 4,045,436 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Automated Control Concepts, Inc., Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 10/22/2026‡(c)(e) | | | 104,167 | | | | 102,604 | |
| Automated Control Concepts, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 10/22/2026‡(b)(c)(e) | | | 1,662,500 | | | | 1,637,563 | |
| Eliassen Group, LLC, 2022 Delayed Draw Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.75%), 3/31/2028‡(c)(f) | | | 600,000 | | | | 591,000 | |
| Eliassen Group, LLC, 2022 Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.75%), 3/31/2028‡(c)(f) | | | 2,400,000 | | | | 2,364,000 | |
| MarkLogic Corp., Incremental Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 10/20/2025‡(b)(c)(e) | | | 437,774 | | | | 437,774 | |
| MarkLogic Corp., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 10/20/2025‡(b)(c)(e) | | | 1,755,416 | | | | 1,755,416 | |
| Marlin DTC - LS Midco 2 LLC, Term Loan 2A - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 7.50%, 7/1/2025‡(b)(c)(e) | | | 1,524,327 | | | | 1,524,327 | |
| Park Place Technologies LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.00%, 1.00% Floor), 6.00%, 11/10/2027(b) | | | 3,932,053 | | | | 3,920,591 | |
| Veregy Consolidated, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 11/3/2027‡(b) | | | 493,750 | | | | 483,875 | |
| | | | | | | | 16,862,586 | |
| Life Sciences Tools & Services - 0.8% | | | | | | | | |
| Sequoia Consulting Group, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 11/23/2026‡(c)(e) | | | 2,360,656 | | | | 2,325,246 | |
| | | | | | | | | |
| Managed Health Care - 0.5% | | | | | | | | |
| Lighthouse Behavioral Health Solutions, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.75%, 1.00% Floor), 6.75%, 3/28/2028‡(b)(c)(e) | | | 1,526,718 | | | | 1,503,817 | |
| | | | | | | | | |
| Marine Ports & Services - 0.3% | | | | | | | | |
| Limetree Bay Terminals LLC (Limetree Bay Financing, LLC), Incremental Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 1.00% Floor), 5.00%, 2/15/2024 | | | 1,110,698 | | | | 939,001 | |
| | | | | | | | | |
| Metal & Glass Containers - 0.6% | | | | | | | | |
| Pretium PKG Holdings, Inc., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.75%, 0.50% Floor), 7.25%, 10/1/2029 | | | 1,963,091 | | | | 1,912,384 | |
| | | | | | | | | |
| Movies & Entertainment - 2.0% | | | | | | | | |
| Crown Finance US, Inc., Term Loan B-1 - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.00%, 1.00% Floor), 8.00%, 5/23/2024(b) | | | 4,987,406 | | | | 1,363,588 | |
| WildBrain Ltd., Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 4.25%, 0.75% Floor), 5.00%, 3/24/2028(b) | | | 1,151,917 | | | | 4,957,805 | |
| | | | | | | | 6,321,393 | |
| Multi-Sector Holdings - 1.5% | | | | | | | | |
| Auxey Bidco Ltd, Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 6 Month + 5.00%), 5.16%, 6/16/2025(c) | | | 4,562,500 | | | | 4,444,172 | |
| | | | | | | | | |
| Other Diversified Financial Services - 0.9% | | | | | | | | |
| Evergreen Services Group LLC (Redwood/Cypress/Cedar), Delayed Draw II Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 7.00%, 6/6/2024‡(b)(c)(e) | | | 500,000 | | | | 500,000 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Evergreen Services Group LLC (Redwood/Cypress/Cedar), Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/6/2024‡(c)(e) | | | 238,991 | | | | 238,992 | |
| Evergreen Services Group LLC (Redwood/Cypress/Cedar), Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/6/2023‡(b)(c)(e) | | | 1,916,814 | | | | 1,916,814 | |
| | | | | | | | 2,655,806 | |
| Packaged Foods & Meats - 3.1% | | | | | | | | |
| Alpine US Bidco LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 0.75% Floor), 6.00%, 5/3/2028 | | | 1,708,871 | | | | 1,670,421 | |
| Bengal Debt Merger Sub LLC, Term Loan | | | | | | | | |
| (SOFR 3 Month + 3.25%, 0.50% Floor), 3.75%, 1/24/2029 | | | 163,636 | | | | 161,299 | |
| Bengal Debt Merger Sub LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 3.25%, 0.50% Floor), 3.75%, 1/19/2029 | | | 2,836,364 | | | | 2,795,846 | |
| Bengal Debt Merger Sub LLC, Term Loan - Second Lien | | | | | | | | |
| (SOFR 3 Month + 6.00%, 0.50% Floor), 6.50%, 1/18/2030 | | | 4,915,863 | | | | 4,915,863 | |
| | | | | | | | 9,543,429 | |
| Paper Packaging - 1.1% | | | | | | | | |
| Advanced Web Technologies, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 12/17/2026‡(b)(c)(e) | | | 315,327 | | | | 315,327 | |
| Advanced Web Technologies, First Amendment Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 12/17/2026‡(e) | | | 333,333 | | | | 333,333 | |
| Advanced Web Technologies, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.00% Floor), 6.75%, 12/17/2026‡(b)(c)(e) | | | 800,706 | | | | 800,706 | |
| Golden West Packaging Group LLC, Term Loan B - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 5.25%, 0.75% Floor), 6.00%, 12/1/2027‡(c) | | | 1,987,500 | | | | 1,937,813 | |
| | | | | | | | 3,387,179 | |
| Paper Products - 1.6% | | | | | | | | |
| R-Pac International Corp., Term Loan | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.00%, 0.75% Floor), 6.75%, 1/15/2028‡(c)(e) | | | 5,000,000 | | | | 4,900,000 | |
| | | | | | | | | |
| Personal Products - 3.1% | | | | | | | | |
| Milk Specialties Co., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.50%, 0.75% Floor), 8.25%, 2/16/2026‡(b)(c) | | | 3,000,000 | | | | 3,015,000 | |
| Olaplex, Inc., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 3.75%, 0.50% Floor), 4.25%, 2/23/2029‡(c) | | | 2,000,000 | | | | 1,997,500 | |
| Osmosis Buyer Ltd., Delayed Draw Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7/31/2028(f) | | | 370,370 | | | | 367,015 | |
| Osmosis Buyer Ltd., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 7/31/2028(f) | | | 1,629,630 | | | | 1,614,865 | |
| Revlon Consumer Products Corp., Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 1.75% Floor), 7.50%, 5/7/2024‡(e) | | | 2,500,000 | | | | 2,500,000 | |
| | | | | | | | 9,494,380 | |
| Pharmaceuticals - 4.1% | | | | | | | | |
| Alvogen Pharma US, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/31/2023 | | | 3,910,513 | | | | 3,668,550 | |
| Ani Pharmaceuticals, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.00%, 0.75% Floor), 5/4/2027(f) | | | 4,987,500 | | | | 4,987,500 | |
| Bausch Health Companies, Inc., Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.25%, 0.50% Floor), 1/27/2027(f) | | | 3,000,000 | | | | 2,975,865 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Carestream Health, Inc., 2023 Extended Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.75%, 1.00% Floor), 7.75%, 5/8/2023(b) | | | 922,550 | | | | 913,325 | |
| | | | | | | | 12,545,240 | |
| Real Estate Services - 2.0% | | | | | | | | |
| Avison Young (Canada), Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%), 5.97%, 1/31/2026 | | | 2,971,847 | | | | 2,960,703 | |
| Hudson's Bay Co ULC, Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 7.33%, 1.00% Floor), 8.33%, 9/30/2026‡(b)(c)(e) | | | 3,000,000 | | | | 2,941,200 | |
| | | | | | | | 5,901,903 | |
| Research & Consulting Services - 4.7% | | | | | | | | |
| Axiom Global, Inc., Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%, 0.75% Floor), 5.50%, 10/1/2026‡(c) | | | 2,984,733 | | | | 2,917,576 | |
| Camin Cargo Control, Inc., Initial Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.50%, 1.00% Floor), 7.50%, 6/4/2026‡ lien (c)(e) | | | 720,826 | | | | 713,618 | |
| Cedar Services Group LLC, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/11/2027‡(c)(e) | | | 297,170 | | | | 294,941 | |
| Cedar Services Group LLC, Incremental Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/11/2027‡(b)(e) | | | 2,000,000 | | | | 1,985,000 | |
| Cedar Services Group LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 6/11/2027‡(b)(c)(e) | | | 677,529 | | | | 672,448 | |
| Own Yourself LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.50%, 1.00% Floor), 7.50%, 11/9/2025‡(b)(c)(e) | | | 2,926,552 | | | | 2,871,825 | |
| Teneo Holdings LLC, Term Loan B - First Lien | | | | | | | | |
| (SOFR 1 Month + 5.25%, 1.00% Floor), 6.25%, 7/11/2025(b) | | | 2,505,695 | | | | 2,488,480 | |
| Vaco Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.00%, 0.75% Floor), 5.75%, 1/21/2029 | | | 1,995,000 | | | | 1,986,272 | |
| Zenith American Holding, Inc., Term Loan-First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 12/13/2024‡(b)(c)(e) | | | 911,562 | | | | 911,562 | |
| | | | | | | | 14,841,722 | |
| Restaurants - 1.3% | | | | | | | | |
| Miller's Ale House, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 4.75%), 5.20%, 5/21/2025 | | | 3,231,156 | | | | 3,184,708 | |
| Quidditch Acquisition, Inc., Term Loan -First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.00%, 1.00% Floor), 3/21/2025(f) | | | 962,487 | | | | 938,425 | |
| | | | | | | | 4,123,133 | |
| Security & Alarm Services - 0.5% | | | | | | | | |
| Superhero Fire Protection LLC, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 9/1/2026‡(c)(e) | | | 184,348 | | | | 181,583 | |
| Superhero Fire Protection LLC, Revolver | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 9/1/2026‡(c)(e) | | | 11,192 | | | | 11,024 | |
| Superhero Fire Protection LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 9/1/2026‡(b)(c)(e) | | | 1,144,957 | | | | 1,127,782 | |
| | | | | | | | 1,320,389 | |
| Specialized Consumer Services - 2.4% | | | | | | | | |
| LaserAway Intermediate Holdings II LLC, Term Loan | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.75%, 0.75% Floor), 6.50%, 10/14/2027‡(c) | | | 2,700,000 | | | | 2,673,000 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| OVG Business Services LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7.25%, 11/20/2028‡(b)(c) | | | 4,596,000 | | | | 4,458,120 | |
| | | | | | | | 7,131,120 | |
| Specialized Finance - 2.7% | | | | | | | | |
| ECL Entertainment, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 7.50%, 0.75% Floor), 8.25%, 5/1/2028(b) | | | 1,986,588 | | | | 2,008,937 | |
| iLending LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 1 Month + 6.00%, 1.00% Floor), 7.00%, 6/21/2026‡(b)(c)(e) | | | 1,176,923 | | | | 1,176,923 | |
| QualTek USA, LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.25%, 1.00% Floor), 7/18/2025(c)(f) | | | 5,052,799 | | | | 4,901,215 | |
| | | | | | | | 8,087,075 | |
| Specialty Stores - 0.6% | | | | | | | | |
| 19th Holdings Golf LLC , Initial Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 3.25%, 0.50% Floor), 3.75%, 2/7/2029‡ | | | 1,000,000 | | | | 991,250 | |
| Travelcenters of America, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.00%, 1.00% Floor), 7.00%, 12/14/2027(b)(c) | | | 990,000 | | | | 1,004,850 | |
| | | | | | | | 1,996,100 | |
| Systems Software - 3.7% | | | | | | | | |
| Condor Merger Sub, Inc (McAfee), Tern Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 4.00%, 0.50% Floor), 2/2/2029(f) | | | 3,000,000 | | | | 2,983,125 | |
| Idera, Inc., Term Loan- Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.75%, 0.75% Floor), 7.50%, 3/2/2029‡ | | | 2,000,000 | | | | 1,975,000 | |
| McAfee Enterprise, Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 8.25%, 0.75% Floor), 9.00%, 7/27/2029(b) | | | 2,000,000 | | | | 1,987,500 | |
| RSA Security LLC (Redstone), Term Loan - Second Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 7.75%, 0.75% Floor), 8.50%, 4/27/2029 | | | 5,000,000 | | | | 4,603,125 | |
| | | | | | | | 11,548,750 | |
| Textiles - 0.6% | | | | | | | | |
| International Textile Group Inc., Term Loan, First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%), 5.97%, 5/1/2024 | | | 1,972,789 | | | | 1,826,990 | |
| | | | | | | | | |
| Trading Companies & Distributors - 4.5% | | | | | | | | |
| Apex Service Partners LLC, Delayed Draw Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 6 Month + 5.25%, 1.00% Floor), 6.25%, 7/31/2025‡(b)(c)(e) | | | 798,652 | | | | 798,652 | |
| Apex Service Partners LLC, Revolver - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 7/31/2024‡(c)(e) | | | 11,369 | | | | 11,369 | |
| Apex Service Partners LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.25%, 1.00% Floor), 6.25%, 7/31/2025‡(b)(c)(e) | | | 532,000 | | | | 532,000 | |
| FloWorks International LLC, Term Loan B - First Lien | | | | | | | | |
| (SOFR 3 Month + 5.75%, 0.50% Floor), 6.25%, 12/27/2028‡(c) | | | 3,000,000 | | | | 2,977,500 | |
| Parts Town (PT Intermediate Holdings III LLC), Term Loan | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 11/1/2028‡(c)(f) | | | 1,500,000 | | | | 1,494,375 | |
| Parts Town (PT Intermediate Holdings III LLC), Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.50%, 1.00% Floor), 6.50%, 10/15/2025‡(c) | | | 2,992,500 | | | | 2,981,278 | |
| PetroChoice Holdings, Inc., Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 5.00%, 1.00% Floor), 8/19/2022(f) | | | 4,984,905 | | | | 4,723,197 | |
| | | | | | | | 13,530,249 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Investments | | | Principal
Amount ($) | | | Value ($) | |
| Trucking - 2.9% | | | | | | | | |
| A and R Logistics Holdings, Inc., Tranche 7 Incremental Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 6.00%, 1.00% Floor), 7.00%, 5/3/2025‡(c)(e) | | | 3,313,439 | | | | 3,313,439 | |
| A and R Logistics Holdings, Inc., Tranche 9 Incremental Term Loan - First Lien | | | | | | | | |
| (SOFR 3 Month + 6.50%, 1.00% Floor), 7.50%, 5/3/2025‡(c)(e) | | | 626,924 | | | | 626,924 | |
| Stonepeak Taurus Lower Holdings LLC (TRAC), Term Loan - Second Lien | | | | | | | | |
| (SOFR 3 Month + 7.00%, 0.50% Floor), 7.50%, 1/28/2030‡ | | | 5,000,000 | | | | 4,925,000 | |
| | | | | | | | 8,865,363 | |
| Wireless Telecommunication Services - 0.3% | | | | | | | | |
| NWN Parent Holdings LLC, Term Loan - First Lien | | | | | | | | |
| (ICE LIBOR USD 3 Month + 6.50%, 1.00% Floor), 7.50%, 5/7/2026‡(b)(c)(e) | | | 984,652 | | | | 930,496 | |
| | | | | | | | | |
TOTAL SENIOR LOANS
(COST $362,451,185) | | | | | | | 360,664,363 | |
| | | | | | | | | |
| CORPORATE BONDS - 6.7% | | | | | | | | |
| | | | | | | | | |
| Airlines - 0.6% | | | | | | | | |
| American Airlines, Inc. | | | | | | | | |
| 5.50%, 4/20/2026(g) | | | 1,000,000 | | | | 1,007,500 | |
| 5.75%, 4/20/2029(g) | | | 1,000,000 | | | | 996,250 | |
| | | | | | | | 2,003,750 | |
| Chemicals - 0.9% | | | | | | | | |
| PMHC II, Inc. | | | | | | | | |
| 9.00%, 2/15/2030(g) | | | 3,000,000 | | | | 2,640,000 | |
| | | | | | | | | |
| Diversified Consumer Services - 0.3% | | | | | | | | |
| WW International, Inc. | | | | | | | | |
| 4.50%, 4/15/2029(g) | | | 1,000,000 | | | | 809,730 | |
| | | | | | | | | |
| Diversified Financial Services - 0.3% | | | | | | | | |
| Armor Holdco, Inc. | | | | | | | | |
| 8.50%, 11/15/2029(g) | | | 1,000,000 | | | | 969,805 | |
| | | | | | | | | |
| Entertainment - 1.0% | | | | | | | | |
| Allen Media LLC | | | | | | | | |
| 10.50%, 2/15/2028(g) | | | 3,000,000 | | | | 2,955,840 | |
| | | | | | | | | |
| Pharmaceuticals - 0.3% | | | | | | | | |
| Bausch Health Cos., Inc. | | | | | | | | |
| 6.13%, 2/1/2027(g) | | | 1,000,000 | | | | 1,006,340 | |
| | | | | | | | | |
| Real Estate Management & Development - 0.9% | | | | | | | | |
| WeWork Cos. LLC | | | | | | | | |
| 5.00%, 7/10/2025(g) | | | 200,000 | | | | 168,122 | |
| WeWork Cos., Inc. | | | | | | | | |
| 7.88%, 5/1/2025(g) | | | 3,000,000 | | | | 2,710,410 | |
| | | | | | | | 2,878,532 | |
| Road & Rail - 0.3% | | | | | | | | |
| PECF USS Intermediate Holding III Corp. | | | | | | | | |
| 8.00%, 11/15/2029(g) | | | 1,000,000 | | | | 965,000 | |
| | | | | | | | | |
| Software - 1.8% | | | | | | | | |
| Condor Merger Sub, Inc. | | | | | | | | |
| 7.38%, 2/15/2030(g) | | | 2,000,000 | | | | 1,918,480 | |
| Minerva Merger Sub, Inc. | | | | | | | | |
| 6.50%, 2/15/2030(g) | | | 1,000,000 | | | | 970,125 | |
| Rocket Software, Inc. | | | | | | | | |
| 6.50%, 2/15/2029(g) | | | 3,000,000 | | | | 2,722,500 | |
| | | | | | | | 5,611,105 | |
| Specialty Retail - 0.3% | | | | | | | | |
| Michaels Cos., Inc. | | | | | | | | |
| 7.88%, 5/1/2029(g) | | | 1,000,000 | | | | 856,250 | |
| | | | | | | | | |
TOTAL CORPORATE BONDS
(Cost $22,041,588) | | | | | | | 20,696,352 | |
| | | | | | | | | |
| Investments | | | Shares | | | Value ($) | |
| COMMON STOCKS - 0.1% | | | | | | | | |
| | | | | | | | | |
| Electric Utilities - 0.1% | | | | | | | | |
| New Frontera Holdings, LLC*‡ | | | | | | | | |
| (Cost $–) | | | 62,500 | | | | 187,500 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 4.1% | | | | | | | | |
| | | | | | | | | |
| INVESTMENT COMPANIES - 4.1% | | | | | | | | |
| JP Morgan U.S. Government Money Market Fund, Capital Shares, 0.25%, (h) | | | | | | | | |
| (Cost $12,459,655) | | | 12,459,655 | | | | 12,459,655 | |
| | | | | | | | | |
Total Investments - 128.7%
(Cost $396,952,428) | | | | | | | 394,007,870 | |
| Liabilities in excess of other assets - (28.7%) | | | | | | | (87,816,697 | ) |
| Net Assets - 100.0% | | | | | | | 306,191,173 | |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs. |
| (a) | Senior loans pay interest at rates that are periodically determined on the basis of a floating benchmark lending rate, sometimes subject to a floor, plus a spread, unless otherwise indicated. The most popular benchmark lending rates are LIBOR (the rate that contributor banks in London charge each other for interbank deposits), SOFR (a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market), and the prime rate offered by one or more major U.S. banks (“Prime”). LIBOR, SOFR and Prime were utilized as benchmark lending rates for the senior loans at March 31, 2022. The rates shown represent the contractual rates (benchmark rate or floor plus spread) in effect at period end. |
| (b) | The Credit Facility is secured by a lien on all or a portion of the security. |
| (c) | Represents a security that is subject to legal or contractual restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | Security fair valued as of March 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at March 31, 2022 amounted to $110,066,801, which represents approximately 35.95% of net assets of the Fund. |
| (f) | All or a portion of this position has not yet settled as of March 31, 2022. The Fund will not accrue interest on its Senior Loans until the settlement date at which point LIBOR, SOFR or Prime will be established. |
| (g) | Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Total value of all such securities at March 31, 2022 amounted to $20,696,352, which represents approximately 6.76% of net assets of the Fund. |
| (h) | Represents 7-day effective yield as of March 31, 2022. |
| Abbreviations |
| CSA | Credit Spread Adjustment |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Consolidated Schedule of Investments
March 31, 2022 (unaudited)
| Industry Diversification for Portfolio Holdings | | Percent of Net
Assets | |
| Advertising | | | 2.6 | % |
| Aerospace & Defense | | | 2.6 | |
| Agricultural & Farm Machinery | | | 0.4 | |
| Air Freight & Logistics | | | 2.6 | |
| Airlines | | | 0.6 | |
| Airport Services | | | 0.3 | |
| Alternative Carriers | | | 1.6 | |
| Apparel, Accessories & Luxury Goods | | | 0.0 | * |
| Application Software | | | 5.4 | |
| Asset Management & Custody Banks | | | 2.7 | |
| Auto Parts & Equipment | | | 1.3 | |
| Broadcasting | | | 0.6 | |
| Casinos & Gaming | | | 1.7 | |
| Chemicals | | | 0.9 | |
| Commercial Printing | | | 1.0 | |
| Commodity Chemicals | | | 1.6 | |
| Communications Equipment | | | 1.5 | |
| Construction Materials | | | 1.6 | |
| Construction & Engineering | | | 1.8 | |
| Consumer Finance | | | 1.1 | |
| Distributors | | | 1.0 | |
| Diversified Capital Markets | | | 0.3 | |
| Diversified Chemicals | | | 0.6 | |
| Diversified Consumer Services | | | 0.3 | |
| Diversified Financial Services | | | 0.3 | |
| Diversified Metals & Mining | | | 1.1 | |
| Education Services | | | 1.0 | |
| Electric Utilities | | | 0.4 | |
| Electronic Equipment & Instruments | | | 1.0 | |
| Electronic Manufacturing Services | | | 1.4 | |
| Entertainment | | | 1.0 | |
| Environmental and Facilities Services | | | 0.5 | |
| Health Care Facilities | | | 0.9 | |
| Health Care Services | | | 13.1 | |
| Health Care Supplies | | | 1.4 | |
| Health Care Technology | | | 0.6 | |
| Heavy Electrical Equipment | | | 1.0 | |
| Home Furnishings | | | 0.6 | |
| Hotels, Resorts & Cruise Lines | | | 2.2 | |
| Household Products | | | 0.6 | |
| Human Resource & Employment Services | | | 2.1 | |
| Industrial Machinery | | | 1.4 | |
| Insurance Brokers | | | 2.7 | |
| Interactive Media & Services | | | 0.4 | |
| Internet & Direct Marketing Retail | | | 1.2 | |
| Internet Services & Infrastructure | | | 0.7 | |
| IT Consulting & Other Services | | | 5.5 | |
| Life Sciences Tools & Services | | | 0.8 | |
| Managed Health Care | | | 0.5 | |
| Marine Ports & Services | | | 0.3 | |
| Metal & Glass Containers | | | 0.6 | |
| Movies & Entertainment | | | 2.0 | |
| Multi-Sector Holdings | | | 1.5 | |
| Other Diversified Financial Services | | | 0.9 | |
| Packaged Foods & Meats | | | 3.1 | |
| Paper Packaging | | | 1.1 | |
| Paper Products | | | 1.6 | |
| Personal Products | | | 3.1 | |
| Pharmaceuticals | | | 4.4 | |
| Real Estate Management & Development | | | 0.9 | |
| Real Estate Services | | | 2.0 | |
| Research & Consulting Services | | | 4.7 | |
| Restaurants | | | 1.3 | |
| Road & Rail | | | 0.3 | |
| Security & Alarm Services | | | 0.5 | |
| Software | | | 1.8 | |
| Specialized Consumer Services | | | 2.4 | |
| Specialized Finance | | | 2.7 | |
| Specialty Retail | | | 0.3 | |
| Specialty Stores | | | 0.6 | |
| Systems Software | | | 3.7 | |
| Textiles | | | 0.6 | |
| Trading Companies & Distributors | | | 4.5 | |
| Trucking | | | 2.9 | |
| Wireless Telecommunication Services | | | 0.3 | |
| Short-Term Investments | | | 4.1 | |
| Total Investments | | | 128.7 | % |
| See Notes to Consolidated Schedule of Investments. | (Continued) |
First Eagle Credit Opportunities Fund
Notes to Consolidated Schedule of Investments (unaudited)
Note 1 – Organization
First Eagle Credit Opportunities Fund (the “Fund”) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) that continuously offers its shares of beneficial interest (the “Common Shares”), and is operated as an “interval fund.” The Fund was organized as a Delaware statutory trust on July 8, 2020, pursuant to a Declaration of Trust governed by the laws of the State of Delaware as amended and restated by the Amended and Restated Declaration of Trust, dated as of September 4, 2020.
The Fund’s primary investment objective is to provide current income, with a secondary objective of providing long-term risk-adjusted returns. The Fund seeks to achieve its investment objective by investing in a portfolio of a variety of credit asset classes. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets, defined as total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes), in a credit portfolio of below investment grade credit assets including syndicated bank loans, middle market “club” loans (senior secured loans in middle market companies funded by an arranged group of lenders that generally does not involve syndication), direct lending (consisting of first lien loans, including unitranche loans), asset-based loans, and high-yield bonds (commonly referred to as “junk” bonds).
The Fund currently offers two classes of Common Shares: Class A Shares and Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.
First Eagle Investment Management, LLC (“FEIM” or the “Adviser “) is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership (“BCP CC Holdings”). BCP CC Holdings GP L.L.C., a Delaware limited liability company, is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. (“BCP VI”) and Corsair IV Financial Services Capital Partners L.P. (“Corsair IV”). BCP VI and Corsair IV are indirectly controlled by Blackstone Inc. (“Blackstone”) and Corsair Capital LLC (“Corsair”), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.
First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser”), in its capacity as the alternative credit group of FEIM, serves as the Fund’s investment subadviser. The Subadviser is an investment adviser for both direct lending and broadly syndicated investments, through public and private vehicles, collateralized loan obligations, separately managed accounts and commingled funds. The Subadviser was formed in 2009 under the name THL Credit Advisors LLC. In January 2020, the Subadviser was acquired by FEIM and is a wholly-owned subsidiary of the Adviser.
Note 2 - Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the “FASB”) Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
| a. | Investments in Subsidiaries - The First Eagle Credit Opportunities Fund SPV, LLC (the “SPV”), established on January 11, 2021, is a wholly-owned Delaware limited liability company, which functions as the Fund’s special purpose, bankruptcy-remote, financing subsidiary. The consolidated financial statements include the accounts of the Fund and the SPV. All intercompany transactions and balances have been eliminated. As of March 31, 2022, the SPV has $70,327,880 in net assets, representing 22.97% of the Fund’s net assets. |
| b. | Investment Valuation - The Fund’s net asset value (“NAV”) per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. |
Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Fund’s Board of Trustees (the “Board”) has adopted methods for determining the fair value of such securities and other assets.
The Fund’s securities are valued by various methods, as described below:
Senior Loans refers to Loans and Assignments, Bank Loans, Direct Lending and Middle Market “Club” Loans. Senior Loans are primarily valued by using a composite loan price at the mean of the bid and ask prices from an approved pricing service. Investments, including Direct Loans, which are in their early stages of a private investment are generally fair valued at their cost which approximates market value and are monitored by FEIM and FEAC (individually or collectively referred to as “First Eagle Management”) for any significant positive or negative events that would impact valuation of the investment.
All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. First Eagle Management's Oversight Committee, at least annually, will review the pricing service’s inputs, methods, models, assumptions for its evaluated prices.
Non-exchange traded equity securities may be valued at prices supplied by the Fund’s pricing agent based on the average of the bid/ask prices quoted by brokers that are knowledgeable about the securities. If broker quotes are unavailable then the equity will be fair valued pursuant to procedures adopted by the Board.
Investment companies, including money market funds, are valued at their net asset value.
If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued pursuant to procedures adopted by the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparable and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security’s most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund’s valuation of a security will not differ from the amount that it realizes upon the sale of such security.
The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Fund discloses the fair value of the investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities;
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);
Level 3 — Other significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).
The two primary significant unobservable inputs used in the fair value measurement of the Fund’s debt investments is the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Fund considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Fund considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis.
The primary significant unobservable input used in the fair value measurement of the Fund’s equity investments, investments in warrants, and other debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Fund considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach.
Fair valuation of securities, other financial instruments or other assets (collectively, “securities”) held by the Fund shall be determined in good faith under the supervision and responsibility of the Board. The Board has created a Credit Valuation and Allocation Committee to oversee the execution of the valuation and allocation procedures for the Fund.
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 following table summarizes the valuation of the Fund’s investments under the fair value hierarchy levels as of March 31, 2022:
First Eagle Credit Opportunities Fund
| Description† | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets | | | | | | |
| Common Stocks | | $ | – | | | $ | – | | | $ | 187,500 | | | $ | 187,500 | |
| Corporate Bonds | | | – | | | | 20,696,352 | | | | – | | | | 20,696,352 | |
| Senior Loans | | | | | | | | | | | | | | | | |
| Advertising | | | – | | | | 4,895,119 | | | | 2,955,000 | | | | 7,850,119 | |
| Aerospace & Defense | | | – | | | | 985,888 | | | | 6,979,027 | | | | 7,964,915 | |
| Agricultural & Farm Machinery | | | – | | | | – | | | | 1,170,187 | | | | 1,170,187 | |
| Air Freight & Logistics | | | – | | | | 990,025 | | | | 7,261,937 | | | | 8,251,962 | |
| Airport Services | | | – | | | | 987,445 | | | | – | | | | 987,445 | |
| Alternative Carriers | | | – | | | | 4,953,103 | | | | – | | | | 4,953,103 | |
| Apparel, Accessories & Luxury Goods | | | – | | | | – | | | | 86,068 | | | | 86,068 | |
| Application Software | | | – | | | | 9,576,175 | | | | 7,135,655 | | | | 16,711,830 | |
| Asset Management & Custody Banks | | | – | | | | – | | | | 8,322,193 | | | | 8,322,193 | |
| Auto Parts & Equipment | | | – | | | | – | | | | 3,930,000 | | | | 3,930,000 | |
| Broadcasting | | | – | | | | 1,899,447 | | | | – | | | | 1,899,447 | |
| Casinos & Gaming | | | – | | | | 1,992,630 | | | | 2,962,575 | | | | 4,955,205 | |
| Commercial Printing | | | – | | | | 2,912,077 | | | | – | | | | 2,912,077 | |
| Commodity Chemicals | | | – | | | | – | | | | 4,744,419 | | | | 4,744,419 | |
| Communications Equipment | | | – | | | | 4,562,651 | | | | – | | | | 4,562,651 | |
| Construction Materials | | | – | | | | – | | | | 4,962,500 | | | | 4,962,500 | |
| Construction & Engineering | | | – | | | | 1,987,500 | | | | 3,063,129 | | | | 5,050,629 | |
| Consumer Finance | | | – | | | | – | | | | 3,420,768 | | | | 3,420,768 | |
| Distributors | | | – | | | | 2,902,525 | | | | – | | | | 2,902,525 | |
| Diversified Capital Markets | | | – | | | | – | | | | 919,333 | | | | 919,333 | |
| Diversified Chemicals | | | – | | | | 1,909,664 | | | | – | | | | 1,909,664 | |
| Diversified Metals & Mining | | | – | | | | 3,198,864 | | | | 291,484 | | | | 3,490,348 | |
| Education Services | | | – | | | | – | | | | 2,939,810 | | | | 2,939,810 | |
| Electric Utilities | | | – | | | | – | | | | 1,032,200 | | | | 1,032,200 | |
| Electronic Equipment & Instruments | | | – | | | | 2,954,865 | | | | – | | | | 2,954,865 | |
| Electronic Manufacturing Services | | | – | | | | – | | | | 4,147,738 | | | | 4,147,738 | |
| Environmental and Facilities Services | | | – | | | | – | | | | 1,390,659 | | | | 1,390,659 | |
| Health Care Facilities | | | – | | | | – | | | | 2,803,783 | | | | 2,803,783 | |
| Health Care Services | | | – | | | | 13,063,022 | | | | 27,042,714 | | | | 40,105,736 | |
| Health Care Supplies | | | – | | | | 4,384,694 | | | | – | | | | 4,384,694 | |
| Health Care Technology | | | – | | | | 1,976,000 | | | | – | | | | 1,976,000 | |
| Heavy Electrical Equipment | | | – | | | | 2,952,672 | | | | – | | | | 2,952,672 | |
| Home Furnishings | | | – | | | | 1,888,385 | | | | – | | | | 1,888,385 | |
| Hotels, Resorts & Cruise Lines | | | – | | | | 1,985,422 | | | | 4,866,485 | | | | 6,851,907 | |
| Household Products | | | – | | | | – | | | | 1,923,326 | | | | 1,923,326 | |
| Human Resource & Employment Services | | | – | | | | 4,979,020 | | | | 1,504,861 | | | | 6,483,881 | |
| Industrial Machinery | | | – | | | | 4,436,142 | | | | – | | | | 4,436,142 | |
| Insurance Brokers | | | – | | | | – | | | | 8,132,918 | | | | 8,132,918 | |
| Interactive Media & Services | | | – | | | | – | | | | 1,353,298 | | | | 1,353,298 | |
| Internet & Direct Marketing Retail | | | – | | | | 912,780 | | | | 2,823,029 | | | | 3,735,809 | |
| Internet Services & Infrastructure | | | – | | | | – | | | | 2,287,107 | | | | 2,287,107 | |
| IT Consulting & Other Services | | | – | | | | 3,920,591 | | | | 12,941,995 | | | | 16,862,586 | |
| Life Sciences Tools & Services | | | – | | | | – | | | | 2,325,246 | | | | 2,325,246 | |
| Managed Health Care | | | – | | | | – | | | | 1,503,817 | | | | 1,503,817 | |
| Marine Ports & Services | | | – | | | | 939,001 | | | | – | | | | 939,001 | |
| Metal & Glass Containers | | | – | | | | 1,912,384 | | | | – | | | | 1,912,384 | |
| Movies & Entertainment | | | – | | | | 6,321,393 | | | | – | | | | 6,321,393 | |
| Multi-Sector Holdings | | | – | | | | 4,444,172 | | | | – | | | | 4,444,172 | |
| Other Diversified Financial Services | | | – | | | | – | | | | 2,655,806 | | | | 2,655,806 | |
| Packaged Foods & Meats | | | – | | | | 9,543,429 | | | | – | | | | 9,543,429 | |
| Paper Packaging | | | – | | | | – | | | | 3,387,179 | | | | 3,387,179 | |
| Paper Products | | | – | | | | – | | | | 4,900,000 | | | | 4,900,000 | |
| Personal Products | | | – | | | | 1,981,880 | | | | 7,512,500 | | | | 9,494,380 | |
| Pharmaceuticals | | | – | | | | 12,545,240 | | | | – | | | | 12,545,240 | |
| Real Estate Services | | | – | | | | 2,960,703 | | | | 2,941,200 | | | | 5,901,903 | |
| Research & Consulting Services | | | – | | | | 4,474,752 | | | | 10,366,970 | | | | 14,841,722 | |
| Restaurants | | | – | | | | 4,123,133 | | | | – | | | | 4,123,133 | |
| Security & Alarm Services | | | – | | | | – | | | | 1,320,389 | | | | 1,320,389 | |
| Specialized Consumer Services | | | – | | | | – | | | | 7,131,120 | | | | 7,131,120 | |
| Specialized Finance | | | – | | | | 6,910,152 | | | | 1,176,923 | | | | 8,087,075 | |
| Specialty Stores | | | – | | | | 1,004,850 | | | | 991,250 | | | | 1,996,100 | |
| Systems Software | | | – | | | | 9,573,750 | | | | 1,975,000 | | | | 11,548,750 | |
| Textiles | | | – | | | | 1,826,990 | | | | – | | | | 1,826,990 | |
| Trading Companies & Distributors | | | – | | | | 4,723,197 | | | | 8,795,174 | | | | 13,518,371 | |
| Trucking | | | – | | | | – | | | | 8,865,363 | | | | 8,865,363 | |
| Wireless Telecommunication Services | | | – | | | | – | | | | 930,496 | | | | 930,496 | |
| Total Senior Loans | | | – | | | | 160,491,732 | | | | 200,172,631 | | | | 360,664,363 | |
| Short-Term Investments | | | | | | | | | | | | | | | | |
| Investment Companies | | | 12,459,655 | | | | – | | | | – | | | | 12,459,655 | |
| Unfunded Commitments* | | | | | | | – | | | | 8,898 | | | | 8,898 | |
| Total Assets | | $ | 12,459,655 | | | $ | 181,188,084 | | | $ | 200,369,029 | | | $ | 394,016,768 | |
† See Consolidated Schedule of Investments for additional detailed categorizations.
* Unfunded commitments are presented at net unrealized appreciation(depreciation)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | Common Stocks | | | Senior Loans | | | Unfunded
Commitments* | | | Total | |
| Beginning Balance —market value | | $ | 46,875 | | | $ | 156,484,930 | | | $ | (23,290 | ) | | $ | 156,508,515 | |
| Purchases(1) | | | — | | | | 60,622,003 | | | | — | | | | 60,622,003 | |
| Sales(2) | | | — | | | | (1,351,614 | ) | | | — | | | | (1,351,614 | ) |
| Transfer In — Level 3 | | | — | | | | — | | | | — | | | | — | |
| Transfer Out — Level 3 | | | — | | | | (14,884,402 | ) | | | — | | | | (14,884,402 | ) |
| Accrued discounts/ (premiums) | | | — | | | | 118,052 | | | | — | | | | 118,052 | |
| Realized Gains (Losses) | | | — | | | | 16,034 | | | | — | | | | 16,034 | |
| Change in Unrealized Appreciation (Depreciation) | | | 140,625 | | | | (832,372 | ) | | | 32,188 | | | | (659,559 | ) |
| Ending Balance — market value | | $ | 187,500 | | | $ | 200,172,631 | | | $ | 8,898 | | | $ | 200,369,029 | |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | | $ | 140,625 | | | $ | (820,597 | ) | | $ | 8,898 | | | $ | (670,800 | ) |
| (1) | Purchases include all purchases of securities and securities received in corporate actions. |
| (2) | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| * | Unfunded commitments are presented at net unrealized appreciation (depreciation) |
Investments were transferred into Level 3 during the period ended March 31, 2022 due to changes in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the increased incidence of stale prices, as assessed by the Adviser. Investments were transferred out of Level 3 during the period ended March 31, 2022 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment and the reduced incidence of stale prices, as assessed by the Adviser.
The following is a summary of the Fund's valuation techniques and significant amounts of unobservable inputs used in the Fund’s Level 3 securities as of March 31, 2022:
| Investment Type_Reporting | | Fair Value at March 31,
2022* | | | Valuation Technique(s) | | Unobservable Input | | Range (Weighted Average) | | Direction Change in
Fair Value Resulting
from Increase in
Unobservable Inputs (a) |
| Common Stocks | | | 187,500 | | | Third-Party Vendor Pricing Service | | Broker Quotes | | N/A | | Increase |
| | | | | | | | | | | | | |
| Senior Loans | | | 102,092,572 | | | Discounted Cash Flow (Income Approach) | | Comparable Yield | | 6.62 - 10.38 (8.03) | | Decrease |
| | | | 8,313,025 | | | Liquidation Approach | | Collateral Value * | | 49.7 - 2,367.6 (952.9)* | | Increase |
| | | | 2,955,000 | | | Purchase Price | | N/A | | 98.5-98.5 (98.5) | | Increase |
| | | | 86,812,033 | | | Third-Party Vendor Pricing Service | | Broker Quotes | | N/A | | Increase |
| | | | 200,172,631 | | | | | | | | | |
| | | | | | | | | | | | | |
| Unfunded Commitments ** | | | 5,260 | | | Discounted Cash Flow (Income Approach) | | Comparable Yield | | 6.98 - 8.74 (7.65) | | Decrease |
| | | | 3,638 | | | Third-Party Vendor Pricing Service | | Broker Quotes | | N/A | | Increase |
| | | | 8,898 | | | | | | | | | |
| *Collateral values are presented in $ millions. |
| * Unfunded commitments are presented at net unrealized appreciation (depreciation). |
(a) This column represents the direction change in the fair value of Level 3 securities that would result from an increase to the corresponding unobservable inputs. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases of these inputs could result in significantly higher or lower gain value determination.
Note 3 - Securities and Other Investments
The Fund’s portfolio primarily consists of some combination of the following types of investments:
Syndicated Loans — Syndicated loans are typically underwritten and syndicated by large commercial and investment banks. These loans may be recently originated by such banks pursuant to the originating bank’s, or lead arranger’s, underwriting standards applicable to corporate borrowers at the time of issuance. The Fund may purchase syndicated loans either in the primary market in connection with their syndication or in the secondary market. In most cases, syndicated loans will be secured by specific collateral of the issuer. In general, most of the syndicated loans purchased by the Fund will be current on principal and interest payments at the time of purchase. However, the Fund can purchase syndicated loans that are not current on principal and are likely to default. In addition, syndicated loans held by the Fund may at times cease being current on principal and interest payments. When all or a portion of a loan held by the Fund has not yet settled, the Fund does not accrue interest on such a loan until the settlement date at which point LIBOR, SOFR or Prime will be established.
Middle Market “Club” Loans — Middle market “club” loans are loans made to upper middle market companies that may not have access to traditional capital markets. Middle market “club” loans are distinct from customary direct lending loans described herein in that they are generally more liquid, often rated by a third party and funded by more than one lender, often a “club” of unaffiliated lenders. Middle market “club” loans held by the Fund will consist of first lien senior secured loans.
Direct Lending — The Fund may invest in sponsor-backed, first lien senior secured directly originated loans (including “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position) of middle-market U.S. companies. Direct lending middle market loans are generally illiquid, unrated and funded by one affiliated lender group.
Asset-Based Loans — Asset-Based loans are loans that are secured by collateral consisting of inventory, accounts receivable, machinery/equipment, real estate, intellectual property/brands and/or other assets owned by the borrower(s) where by the underlying loan will be underwritten by the value of the collateral. These loans are highly structured and typically include frequent monitoring including but not limited to financial and collateral reporting. The term loans are provided to both private and public borrowers with varying ownership structures.
High Yield Bonds — The Fund may invest in high-yield bonds, which are securities rated below “Baa3” by Moody’s, lower than “BBB-” by S&P and/or lower than “BBB-” by Fitch Ratings and unrated debt securities and other types of credit instruments of similar quality, commonly referred to as “junk bonds.” Such securities are predominately speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. The ratings of S&P represent its opinion as to the credit quality of the securities it undertakes to rate. It should be emphasized, however, the ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market price risk of these securities. In seeking to achieve its investment objective, the Fund depends on credit analysis to identify investment opportunities.
Note 4 - Unfunded Commitment/Delayed Draw Loan Commitment
As of March 31, 2022, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:
| Loan | | Principal
Amount | | | Value | | | Net Unrealized Appreciaton
(Depreciation) | |
| A & A Global Imports LLC, Revolver | | $ | 15,033 | | | $ | 14,958 | | | $ | 225 | |
| Advanced Web Technologies, First Amendment Delayed Draw | | | 476,190 | | | | 476,190 | | | | 9,524 | |
| Alcanza Clinical Research, Delayed Draw Term Loan - First Lien | | | 375,000 | | | | 369,375 | | | | (3,750 | ) |
| Alcanza Clinical Research, Revolver | | | 187,500 | | | | 184,688 | | | | - | |
| Alpine SG LLC, Revolver | | | 105,232 | | | | 103,653 | | | | - | |
| Alpine X, Delayed Draw Term Loan - First Lien | | | 608,762 | | | | 596,586 | | | | (6,088 | ) |
| Alpine X, Revolver | | | 152,190 | | | | 149,147 | | | | - | |
| Anne Arundel Dermatology Management LLC, Delayed Draw Term Loan C-7 - First Lien | | | 581,450 | | | | 571,973 | | | | (4,753 | ) |
| Apex Service Partners LLC, Revolver - First Lien | | | 32,749 | | | | 32,749 | | | | 393 | |
| Automated Control Concepts, Inc., Revolver | | | 416,667 | | | | 410,417 | | | | - | |
| CC Amulet Management LLC, Delayed Draw Term Loan - First Lien | | | 307,436 | | | | 302,824 | | | | (3,074 | ) |
| CC Amulet Management LLC, Revolver | | | 22,182 | | | | 21,849 | | | | - | |
| Cedar Services Group LLC, Delayed Draw Term Loan - First Lien | | | 33,019 | | | | 32,771 | | | | 247 | |
| Cedar Services Group LLC, Delayed Draw Term Loan A - First Lien | | | 1,428,571 | | | | 1,417,857 | | | | 17,857 | |
| Cedar Services Group LLC, Revolver | | | 26,738 | | | | 26,537 | | | | 200 | |
| Certify, Inc., Fourth Amendment Delayed Draw Term Loan - First Lien | | | 1,000,000 | | | | 1,000,000 | | | | 10,000 | |
| Community Based Care Acquisition, Inc., Delayed Draw Term Loan - First Lien | | | 558,476 | | | | 550,098 | | | | (2,792 | ) |
| Community Based Care Acquisition, Inc., Revolver | | | 164,634 | | | | 162,165 | | | | (823 | ) |
| ConvenientMD, Initial Delayed Draw Term Loan - First Lien | | | 546,875 | | | | 546,875 | | | | 2,734 | |
| ConvenientMD, Revolver | | | 50,000 | | | | 50,000 | | | | 750 | |
| Danforth Buyer, Inc., Revolver | | | 208,333 | | | | 205,208 | | | | - | |
| Dermatology Intermediate Holdings III, Inc., Delayed Draw - First Lien | | | 314,961 | | | | 311,811 | | | | 3,150 | |
| Endo1 Partners, Delayed Draw Term Loan - First Lien | | | 606,045 | | | | 593,925 | | | | - | |
| Epic School Staffing Holdco, Inc., Delayed Draw Term Loan - First Lien | | | 616,000 | | | | 619,080 | | | | 6,160 | |
| Evergreen Services Group LLC (Redwood/Cypress/Cedar), Delayed Draw Term Loan - First Lien | | | 96,128 | | | | 96,128 | | | | 721 | |
| iLending LLC, Revolver | | | 35,036 | | | | 35,036 | | | | 525 | |
| Integrated Pain Management Medical Group, Inc., Delayed Draw Term Loan - First Lien | | | 101,138 | | | | 101,138.00 | | | | 2,023 | |
| LIFE-NWPA, Delayed Draw Term Loan - First Lien | | | 1,219,880 | | | | 1,201,581 | | | | (6,099 | ) |
| LIFE-NWPA, Revolver | | | 487,952 | | | | 480,633 | | | | 2,440 | |
| Lighthouse Behavioral Health Solutions, Delayed Draw Term Loan - First Lien | | | 1,526,718 | | | | 1,503,817 | | | | - | |
| Lighthouse Behavioral Health Solutions, Revolver | | | 763,359 | | | | 751,908 | | | | - | |
| Lighthouse Lab Services, Delayed Draw Term Loan | | | 198,456 | | | | 195,480 | | | | (2,977 | ) |
| Lighthouse Lab Services, Revolver | | | 334,728 | | | | 329,707 | | | | - | |
| MarkLogic Corp., Delayed Draw Term Loan - First Lien | | | 292,581 | | | | 292,581 | | | | 2,926 | |
| Newcleus LLC, Delayed Draw Term Loan - First Lien | | | 264,972 | | | | 260,997 | | | | (1,990 | ) |
| Newcleus LLC, Revolver | | | 34,803 | | | | 34,281 | | | | - | |
| Oak Point Partners LLC, Revolver | | | 292,659 | | | | 288,269 | | | | - | |
| Omni Logistics, Delayed Draw Term Loan | | | 195,431 | | | | 193,966 | | | | 488 | |
| Orion Services Group LLC, Delayed Draw Term Loan - First Lien | | | 448,718 | | | | 439,744 | | | | (4,487 | ) |
| Portfolio Holding, Inc. (Turbo Buyer), Term Loan - First Lien | | | 358,939 | | | | 358,939 | | | | 2,559 | |
| Reich & Tang Deposits Network, Delayed Draw Term Loan - First Lien | | | 860,691 | | | | 847,781 | | | | - | |
| R-Pac International Corp., Revolver | | | 621,891 | | | | 609,453 | | | | (98 | ) |
| Sequoia Consulting Group, LLC Revolver | | | 590,164 | | | | 581,311 | | | | - | |
| Socius Insurance Services, Inc., Delayed Draw Term Loan - First Lien | | | 767,544 | | | | 763,706 | | | | 3,838 | |
| Superhero Fire Protection LLC, Delayed Draw Term Loan - First Lien | | | 163,478 | | | | 161,026 | | | | - | |
| Superhero Fire Protection LLC, Revolver | | | 20,785 | | | | 20,473 | | | | - | |
| Technology Partners, LLC (Imagine Software), Delayed Draw Term Loan - First Lien | | | 518,618 | | | | 508,246 | | | | (5,186 | ) |
| Technology Partners, LLC (Imagine Software), Revolver | | | 373,405 | | | | 365,937 | | | | - | |
| TMA Buyer LLC, Delayed Draw - First Lien | | | 615,944 | | | | 606,705 | | | | (6,159 | ) |
| TMA Buyer LLC, Revolver | | | 153,986 | | | | 151,676 | | | | - | |
| Tricor Borrower LLC, Delayed Draw Term Loan | | | 795,494 | | | | 783,561 | | | | (5,966 | ) |
| Tricor Borrower LLC, Revolver | | | 173,077 | | | | 170,481 | | | | - | |
| TriStrux LLC, Delayed Draw Term Loan - First Lien | | | 482,622 | | | | 475,383 | | | | (3,620 | ) |
| TriStrux LLC, Revolver | | | 180,983 | | | | 178,269 | | | | - | |
| | | | | | | | | | | $ | 8,898 | |
Delayed draw loan commitments are marked to market on the relevant day of the valuation in accordance with the Fund’s valuation policy.
