CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
First Lien Debt (69.8%)
222 North Miami, LLCTerm Loan, Tranche B(4) (5) (6) (14)Real Estate Management & DevelopmentSOFR + 131818.56%9/1/2025$3,547,322 $3,447,023 $3,547,322 
AAdvantage Loyalty IP Ltd.Term Loan(2) (3) (4) (13) (14)Aerospace & DefenseSOFR + 47510.34%4/20/20284,750,000 4,716,639 4,887,750 
ABG Intermediate Holdings 2, LLCTerm Loan, Tranche B1(3) (4) (13) (14)Media: Advertising, Printing & PublishingSOFR + 3508.92%12/21/20282,000,000 2,000,000 1,995,360 
Acrisure, LLCTerm Loan, 2020 Tranche B(2) (3) (4) (13) (14) (19)InsuranceSOFR + 3508.93%2/15/20271,984,576 1,887,003 1,954,093 
Acrisure, LLCTerm Loan, 2021 Tranche B(2) (3) (4) (13) (14) (19)InsuranceSOFR + 4259.68%2/15/20274,507,838 4,477,610 4,488,139 
ADPD Holdings, LLCTerm Loan(2) (4) (5) (13) (14)Consumer ServicesSOFR + 60011.68%8/16/202810,144,153 9,913,260 9,043,985 
Advanced Web Technologies Holding CompanyDelayed Draw Term Loan 2(4) (5) (13) (14)Containers, Packaging & GlassSOFR + 65012.05%12/17/2026941,945 929,350 939,701 
Advanced Web Technologies Holding CompanyIncremental Term Loan, 3rd Amendment(4) (5) (13) (14)Containers, Packaging & GlassSOFR + 67512.30%12/17/2026399,814 388,743 404,219 
Advanced Web Technologies Holding CompanyDelayed Draw Term Loan(4) (5) (13) (14)Containers, Packaging & GlassSOFR + 62511.80%12/17/20261,130,500 1,117,425 1,127,808 
Advanced Web Technologies Holding CompanyDelayed Draw Term Loan(4) (5) (6) (13) (14)Containers, Packaging & GlassSOFR + 62511.80%12/17/2026651,556 637,378 648,831 
Advanced Web Technologies Holding CompanyTerm Loan(2) (3) (4) (5) (13) (14)Containers, Packaging & GlassSOFR + 62511.80%12/17/20262,874,070 2,839,896 2,867,224 
AI Aqua Merger Sub, Inc.Term Loan, Tranche B(2) (3) (4) (14)Consumer ServicesSOFR + 3759.08%7/31/20286,181,850 6,168,306 6,113,293 
Allied Universal Holdco, LLCIncremental Term Loan, Tranche B(2) (3) (4) (14)Business ServicesSOFR + 3759.17%5/12/20284,942,279 4,887,123 4,766,482 
Alpine Acquisition Corp IIRevolver(4) (5) (6) (13) (14)TransportationSOFR + 60011.47%11/30/20261,378,802 1,330,652 1,218,376 
Alpine Acquisition Corp IITerm loan(2) (3) (4) (5) (13) (14)TransportationSOFR + 60011.47%11/30/202620,731,341 20,425,484 19,766,494 
Alterra Mountain CompanyTerm Loan, Tranche B-2(2) (3) (4) (13) (14)Hotels, Restaurants & LeisureSOFR + 3508.93%8/17/20283,974,658 3,955,695 3,961,422 
Altice Financing SATerm Loan(3) (4) (14)TelecommunicationsSOFR + 50010.32%10/31/20272,000,000 1,985,000 1,976,660 
Altice France S.A.Term Loan, Tranche B14(2) (3) (4) (14)TelecommunicationsSOFR + 55010.81%8/15/20281,974,380 1,970,672 1,782,371 
Amentum Government Services Holdings, LLCTerm Loan(2) (3) (4) (14)Aerospace & DefenseSOFR + 4009.33%2/15/20292,962,500 2,950,497 2,916,226 
American Physician Partners, LLCDelayed Draw Term Loan(3) (4) (5) (8) (13) (14) (15)Health Care Providers & ServicesSOFR + 10.25% PIK15.65%2/15/2023494,900 440,550 — 
American Physician Partners, LLCDelayed Draw Term Loan, Tranche E(4) (5) (8) (13) (14) (15)Health Care Providers & ServicesSOFR + 10.25% PIK15.65%6/30/2023250,315 229,444 — 
American Physician Partners, LLCRevolver(3) (4) (5) (8) (13) (14) (15)Health Care Providers & ServicesSOFR + 10.25% PIK15.65%2/15/2023146,253 145,976 — 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
American Physician Partners, LLCTerm Loan, Tranche A(3) (4) (5) (8) (13) (14) (15)Health Care Providers & ServicesSOFR + 10.25% PIK15.65%2/15/20232,656,653 2,348,018 — 
Amynta Agency Borrower, Inc.Term Loan, Tranche B(3) (4) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 50010.42%2/28/20281,995,000 1,995,000 1,991,948 
Anticimex International ABTerm Loan, Tranche B1(2) (3) (4) (14)Commercial Services & SuppliesSOFR + 3508.45%11/16/20282,994,937 2,935,385 2,966,874 
Apex Companies Holdings, LLCSpecified Delayed Draw Term Loan(4) (5) (6) (14)Environmental IndustriesSOFR + 62511.62%1/31/2028147,541 125,516 141,471 
Apex Companies Holdings, LLCTerm Loan(2) (3) (4) (5) (14)Environmental IndustriesSOFR + 62511.62%1/31/20283,190,574 3,111,993 3,169,431 
Applied Technical Services, LLCDelayed Draw Term Loan, 1st Amendment, Tranche A(4) (5) (13) (14)Business ServicesSOFR + 60011.54%12/29/20262,734,182 2,693,241 2,730,716 
Applied Technical Services, LLCDelayed Draw Term Loan, 1st Amendment, Tranche B(4) (5) (13) (14)Business ServicesSOFR + 60011.54%12/29/20262,794,866 2,754,150 2,791,323 
Applied Technical Services, LLCTerm Loan, 4th Amendment(3) (4) (5) (13) (14)Business ServicesSOFR + 60011.54%12/29/20261,070,947 1,028,531 1,082,765 
Applied Technical Services, LLCDelayed Draw Term Loan(4) (5) (13) (14)Business ServicesSOFR + 60011.54%12/29/2026969,121 956,352 967,892 
Applied Technical Services, LLCRevolver(4) (5) (6) (13) (14)Business ServicesSOFR + 60011.54%12/29/2026158,103 153,070 157,602 
Applied Technical Services, LLCTerm Loan(2) (3) (4) (5) (13) (14)Business ServicesSOFR + 60011.54%12/29/20262,882,905 2,843,937 2,879,250 
Appriss Health, LLCTerm Loan(2) (3) (4) (5) (13) (14)Health Care Providers & ServicesSOFR + 67512.23%5/6/202713,233,333 13,046,308 13,110,556 
Armor Holding II, LLCTerm Loan, Tranche B(2) (3) (4) (13) (14)Business ServicesSOFR + 45010.09%12/10/20281,965,000 1,948,108 1,970,738 
Ascend Buyer, LLCTerm Loan(2) (3) (4) (5) (13) (14)Containers, Packaging & GlassSOFR + 64011.94%9/30/202816,537,036 16,258,119 16,281,230 
Associations, Inc.Delayed Draw Term Loan, Tranche A(2) (3) (4) (5) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/2027503,108 499,832 503,108 
Associations, Inc.Delayed Draw Term Loan, Tranche B(2) (4) (5) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/20271,047,238 1,040,434 1,047,238 
Associations, Inc.Delayed Draw Term Loan, Tranche C(2) (4) (5) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/20271,047,355 1,040,556 1,047,355 
Associations, Inc.Delayed Draw Term Loan, Tranche D(2) (3) (4) (5) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/2027632,428 625,762 632,428 
Associations, Inc.Delayed Draw Term Loan, Tranche E(4) (5) (6) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/20271,296,236 1,283,532 1,296,236 
Associations, Inc.Term Loan(3) (4) (5) (8) (13) (14)Construction & BuildingSOFR + 400, 2.50% PIK12.06%7/2/20274,253,746 4,228,196 4,253,746 
AssuredPartners, Inc.Term Loan, Tranche B(2) (3) (4) (13) (14)InsuranceSOFR + 3508.93%2/12/20273,971,636 3,943,678 3,960,476 
AssuredPartners, Inc.Term Loan, Tranche B(3) (4) (14)InsuranceSOFR + 3508.82%2/12/20271,000,000 998,750 998,750 
Astra Acquisition Corp.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 52510.90%10/25/20285,968,427 5,153,655 4,456,923 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Asurion, LLCTerm Loan, Tranche B10(2) (3) (4) (13) (14)InsuranceSOFR + 4009.42%8/19/2028980,050 938,183 949,218 
Athenahealth, Inc.Term Loan, Tranche B(2) (3) (4) (14)SoftwareSOFR + 3258.57%2/15/20295,164,184 5,131,559 5,059,299 
Atlas AU Bidco Pty Ltd.Term Loan(2) (3) (4) (5) (14)High Tech IndustriesSOFR + 72512.58%12/12/20292,890,277 2,803,730 2,919,179 
Avalara, IncTerm Loan(2) (4) (5) (14)Banking, Finance, Insurance & Real EstateSOFR + 72512.64%10/19/20289,000,000 8,782,039 9,135,000 
Barnes & Noble, Inc.Term Loan(2) (3) (4) (5) (11) (13) (14)Specialty RetailSOFR + 88114.23%12/20/20262,667,330 2,648,407 2,649,137 
Barracuda Networks, Inc.Term Loan(3) (4) (14)SoftwareSOFR + 4509.87%8/15/20293,984,950 3,902,621 3,940,637 
Bausch & Lomb Corp.Term Loan(3) (4) (5) (14)Health Care Providers & ServicesSOFR + 4009.32%9/14/20285,000,000 4,950,000 4,931,250 
Berlin Packaging LLCTerm Loan, Tranche B5(2) (3) (4) (13) (14)Containers, Packaging & GlassSOFR + 3759.19%3/11/20282,984,772 2,918,941 2,949,074 
BlueCat Networks, Inc.Delayed Draw Term Loan, Tranche A(4) (5) (8) (14)Wireless Telecommunication ServicesSOFR + 400, 2.00% PIK11.39%8/8/2028448,520 441,142 442,090 
BlueCat Networks, Inc.Delayed Draw Term Loan, Tranche B(4) (5) (6) (8) (14)Wireless Telecommunication ServicesSOFR + 400, 2.00% PIK11.39%8/8/202845,226 41,322 41,788 
BlueCat Networks, Inc.Term Loan, Tranche A(2) (3) (4) (5) (8) (14)Wireless Telecommunication ServicesSOFR + 400, 2.00% PIK11.39%8/8/20283,189,168 3,135,703 3,143,448 
Boxer Parent Company Inc.Term Loan(2) (3) (4) (14)SoftwareSOFR + 3759.18%10/2/20253,978,092 3,978,092 3,972,045 
BradyIFS Holdings, LLCDelayed Draw Term Loan(2) (3) (4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/2025480,795 475,089 479,349 
BradyIFS Holdings, LLCDelayed Draw Term Loan(4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/20252,590,139 2,560,853 2,582,349 
BradyIFS Holdings, LLCDelayed Draw Term Loan(4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/20258,950,523 8,845,177 8,923,601 
BradyIFS Holdings, LLCDelayed Draw Term Loan, Tranche 2(4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/20253,269,135 3,227,155 3,259,302 
BradyIFS Holdings, LLCRevolver(2) (3) (4) (5) (6) (13) (14)DistributorsSOFR + 62511.68%11/22/202443,647 40,554 42,403 
BradyIFS Holdings, LLCTerm Loan(2) (3) (4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/20254,851,228 4,795,652 4,836,637 
BradyIFS Holdings, LLCTerm Loan, Tranche B(2) (3) (4) (5) (13) (14)DistributorsSOFR + 62511.68%11/22/20256,363,748 6,285,956 6,344,607 
Brave Parent Holdings, Inc.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 4009.52%4/18/20256,629,063 6,605,717 6,605,596 
Broadstreet Partners, Inc.Term Loan, Tranche B3(2) (3) (4) (14)InsuranceSOFR + 4009.32%1/27/20292,992,500 2,956,798 2,988,759 
Brown Group Holding, LLCTerm Loan, Tranche B2(2) (3) (4) (14)Banking, Finance, Insurance & Real EstateSOFR + 3759.07%7/2/20293,964,975 3,901,041 3,958,591 
Cambrex CorporationTerm Loan(2) (3) (4) (13) (14)Health Care Providers & ServicesSOFR + 3508.92%12/4/20264,915,105 4,915,105 4,884,386 
Cano Health, LLCTerm Loan(2) (3) (4) (14)Health Care Providers & ServicesSOFR + 4009.42%11/23/20275,175,693 5,165,715 3,298,055 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
CD&R Madison Parent Ltd.Term Loan, Tranche B1(2) (3) (4) (5) (8) (14)Commercial Services & SuppliesSONIA + 650, 2.00% PIK13.69%2/28/2030£12,293,188 14,271,441 15,273,540 
CD&R Madison Parent Ltd.Term Loan, Tranche B2(2) (3) (4) (5) (8) (14)Commercial Services & SuppliesEURIBOR + 600, 2.00% PIK11.78%2/28/2030€6,059,630 6,232,903 6,502,642 
CDK Global, Inc.Term Loan, Tranche B(2) (3) (4) (14)SoftwareSOFR + 4259.64%7/6/20295,761,475 5,651,134 5,758,364 
Celerion Buyer, Inc.Term Loan(2) (4) (5) (14)Health Care Providers & ServicesSOFR + 65011.93%11/3/20281,564,139 1,520,414 1,582,274 
Chemical Computing GroupTerm Loan, Tranche A(2) (3) (4) (5) (13) (14)SoftwareSOFR + 4509.92%8/30/20241,786,415 1,783,900 1,777,394 
City Football Group Ltd.Term Loan(2) (3) (4) (13) (14)Hotels, Restaurants & LeisureSOFR + 3008.44%7/21/20281,965,000 1,961,109 1,952,719 
Cobham Ultra SeniorCo S.a.r.lTerm Loan, Tranche B(2) (3) (4) (14)Aerospace & DefenseSOFR + 3509.36%8/4/20292,970,112 2,970,112 2,950,302 
CommerceHub, Inc.Term Loan, Tranche B(2) (3) (4) (13) (14)Health Care Providers & ServicesSOFR + 4009.52%12/29/20273,902,211 3,903,972 3,763,214 
Cordstrap Holding B.VTerm Loan, Facility B(2) (3) (4) (5) (8) (14)TransportationEURIBOR + 563, 2.06% PIK11.32%5/11/2028€24,118,988 24,592,927 25,691,050 
CoreLogic, Inc.Term Loan(2) (3) (4) (13) (14)Commercial Services & SuppliesSOFR + 3508.93%6/2/20282,131,190 2,123,479 1,965,128 
Coreweave Compute Acquisition Co. II, LLCDelayed Draw Term Loan(4) (5) (6) (14)Computers and Electronics RetailSOFR + 87514.13%6/30/2028179,403 110,005 108,457 
Cornerstone OnDemand, Inc.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 3759.18%10/16/20282,969,887 2,623,006 2,817,680 
Coupa Holdings, LLCTerm Loan(2) (4) (5) (14)SoftwareSOFR + 75012.82%2/27/20306,478,637 6,302,956 6,620,498 
CP Developer S.a.r.l.Term Loan(2) (3) (4) (5) (8) (14)Banking, Finance, Insurance & Real EstateEURIBOR + 800, 2.00% PIK13.80%5/21/2026€12,498,216 13,759,739 11,495,954 
CPI Intermediate Holdings IncTerm Loan(2) (3) (4) (5) (14)TelecommunicationsSOFR + 55010.87%10/8/20293,852,842 3,778,207 3,788,582 
CQP Holdco LPTerm Loan, Tranche B(2) (3) (4) (13) (14)Energy: Oil & GasSOFR + 3508.99%6/5/20286,901,882 6,892,067 6,900,295 
CST Holding CompanyTerm Loan(2) (3) (4) (5) (13) (14)Consumer Goods: Non-DurableSOFR + 65011.92%11/1/20282,473,472 2,401,632 2,474,441 
DCA Investment Holdings, LLCDelayed Draw Term Loan, 3rd Amendment(2) (4) (5) (6) (14)Health Care Providers & ServicesSOFR + 65011.89%4/3/2028613,011 596,795 606,015 
DCA Investment Holdings, LLCDelayed Draw Term Loan(2) (3) (4) (5) (14)Health Care Providers & ServicesSOFR + 64111.80%4/3/2028484,888 481,395 477,826 
DCA Investment Holdings, LLCIncremental Term Loan(2) (3) (4) (5) (14)Health Care Providers & ServicesSOFR + 64111.80%4/3/20281,460,898 1,448,954 1,439,621 
DCA Investment Holdings, LLCTerm Loan(2) (3) (4) (5) (14)Health Care Providers & ServicesSOFR + 64111.80%4/3/20283,232,193 3,198,436 3,185,120 
DCert Buyer, Inc.Term Loan, Tranche B(2) (3) (4) (14)SoftwareSOFR + 4009.32%10/16/20264,966,554 4,873,209 4,928,759 
Delta TopCo, Inc.Term Loan, Tranche B(2) (3) (4) (14)Computers and Electronics RetailSOFR + 3759.07%12/1/20274,967,018 4,692,106 4,912,033 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Deltatre Bidco Ltd.Term Loan, Tranche B Facility(2) (3) (4) (5) (14)EntertainmentEURIBOR + 77511.72%9/14/2028€17,046,379 16,927,286 17,751,952 
Deltatre Bidco Ltd.Term Loan(3) (4) (5) (14)EntertainmentSOFR + 77513.22%9/14/20284,724,846 4,583,778 4,653,973 
Denali Midco 2 LLCIncremental Delayed Draw Term Loan, Tranche 4(4) (5) (13) (14)Consumer ServicesSOFR + 65011.92%12/22/20271,333,333 1,300,641 1,300,641 
Denali Midco 2, LLCIncremental Delayed Draw Term Loan(4) (5) (6) (13) (14)Consumer ServicesSOFR + 65011.92%12/22/2027661,667 607,967 616,321 
Denali Midco 2, LLCIncremental Delayed Draw Term Loan, Tranche 3(4) (5) (13) (14)Consumer ServicesSOFR + 65011.92%12/22/20271,127,667 1,099,600 1,104,371 
Denali Midco 2, LLCIncremental Delayed Draw Term Loan, Tranche 2(4) (5) (13) (14)Consumer ServicesSOFR + 65011.92%12/22/2027330,833 322,561 323,999 
Denali Midco 2, LLCIncremental Term Loan(2) (3) (4) (5) (13) (14)Consumer ServicesSOFR + 65011.92%12/22/20274,950,000 4,824,668 4,847,740 
DexKo Global, Inc.Term Loan, Tranche B(2) (3) (4) (14)AutomotiveSOFR + 3759.40%10/4/20281,703,851 1,699,610 1,658,546 
DG Investment Intermediate Holdings 2, Inc.Term Loan(2) (3) (4) (14)SoftwareSOFR + 3759.18%3/31/20285,793,817 5,750,951 5,686,400 
Digital Intelligence Systems, LLCTerm Loan(2) (3) (5)Consumer Services9.00%9.00%4/2/202611,695,788 11,175,599 11,871,224 
Diligent CorporationDelayed Draw Term Loan, Tranche B1(4) (5) (13) (14)TelecommunicationsSOFR + 62511.77%8/4/2025191,933 190,012 189,367 
Diligent CorporationRevolver(4) (5) (6) (13) (14)TelecommunicationsSOFR + 62511.77%8/4/202548,052 46,931 46,485 
Diligent CorporationTerm Loan, Tranche B1(2) (3) (4) (5) (13) (14)TelecommunicationsSOFR + 62511.77%8/4/20251,407,132 1,392,463 1,388,323 
Diligent CorporationTerm Loan, Tranche B2(2) (3) (4) (5) (13) (14)TelecommunicationsSOFR + 57511.27%8/4/20251,657,500 1,649,915 1,621,477 
Diligent CorporationTerm Loan, Tranche B3(2) (3) (4) (5) (13) (14)TelecommunicationsSOFR + 57511.27%8/4/20252,242,500 2,226,658 2,193,764 
Dwyer Instruments, Inc.Delayed Draw Term Loan(4) (5) (13) (14)Capital EquipmentSOFR + 57511.22%7/21/2027990,882 955,986 990,882 
Dwyer Instruments, Inc.Revolver(4) (5) (6) (13) (14)Capital EquipmentSOFR + 57511.22%7/21/2027511,919 483,737 511,919 
Dwyer Instruments, Inc.Term Loan(2) (3) (4) (5) (13) (14)Capital EquipmentSOFR + 57511.22%7/21/202719,334,190 19,050,881 19,346,463 
EAB Global, Inc.Term Loan(2) (3) (4) (13) (14) (19)Professional ServicesSOFR + 3508.87%8/16/20282,992,386 2,973,853 2,966,951 
EFS Cogen Holdings I, LLCTerm Loan, Tranche B(2) (3) (4) (14)UtilitiesSOFR + 3509.16%10/1/20272,869,414 2,860,093 2,850,677 
Electronics for Imaging, Inc.Term Loan(2) (3) (4) (13) (14)High Tech IndustriesSOFR + 50010.42%7/23/20268,535,060 7,449,750 5,633,140 
Element Materials Technology Group US Holdings, Inc.Delayed Draw Term Loan(2) (3) (4) (13) (14)Business ServicesSOFR + 4259.74%6/22/20291,598,447 1,597,393 1,576,469 
Element Materials Technology Group US Holdings, Inc.Term Loan(2) (3) (4) (13) (14)Business ServicesSOFR + 4259.74%6/22/20293,463,303 3,451,787 3,415,682 
Eliassen Group, LLCDelayed Draw Term Loan(4) (5) (6) (14)Business ServicesSOFR + 55010.84%4/14/20281,220,937 1,176,061 1,205,352 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Eliassen Group, LLCTerm Loan(2) (3) (4) (5) (14)Business ServicesSOFR + 55010.83%4/14/202820,219,662 19,976,169 20,138,628 
Ellkay, LLCTerm Loan(3) (4) (5) (13) (14)Health Care Providers & ServicesSOFR + 62511.77%9/14/202713,999,500 13,775,425 12,900,874 
Engineered Machinery Holdings, Inc.Incremental Term Loan(2) (3) (4) (14)Capital EquipmentSOFR + 3509.15%5/21/20281,965,000 1,957,818 1,952,719 
Epicor Software CorporationIncremental Term Loan(3) (4) (14)SoftwareSOFR + 3759.09%7/30/2027500,000 495,000 500,125 
Epicor Software CorporationTerm Loan(3) (4) (13) (14)SoftwareSOFR + 3258.68%7/30/20271,994,872 1,979,993 1,990,503 
EPS Nass Parent, Inc.Delayed Draw Term Loan(4) (5) (13) (14)UtilitiesSOFR + 57511.29%4/19/202846,746 46,105 45,844 
EPS Nass Parent, Inc.Revolver(4) (5) (6) (13) (14)UtilitiesSOFR + 57511.29%4/19/202658,102 57,373 56,794 
EPS Nass Parent, Inc.Term Loan(2) (3) (4) (5) (13) (14)UtilitiesSOFR + 57511.29%4/19/2028830,509 818,652 814,489 
eResearchTechnology, Inc.Term Loan(2) (3) (4) (13) (14)High Tech IndustriesSOFR + 4509.93%2/4/20271,949,622 1,949,622 1,911,683 
Excel Fitness Holdings, Inc.Term Loan(2) (3) (4) (5) (13) (14)Hotels, Restaurants & LeisureSOFR + 52510.79%4/27/20296,172,031 6,053,990 6,044,804 
Excel Fitness Holdings, Inc.Term Loan(2) (4) (5) (14)Hotels, Restaurants & LeisureSOFR + 55010.89%4/27/20293,693,939 3,558,571 3,651,466 
Excelitas Technologies Corp.Revolver(4) (5) (6) (13) (14)Capital EquipmentSOFR + 57511.21%8/14/2028219,240 213,053 215,162 
Excelitas Technologies Corp.Term Loan(2) (3) (4) (5) (13) (14)Capital EquipmentSOFR + 57511.21%8/13/20292,994,956 2,940,559 2,960,809 
Excelitas Technologies Corp.Term Loan(2) (4) (5) (13) (14)Capital EquipmentEURIBOR + 5759.54%8/13/2029€1,265,825 1,276,362 1,323,856 
FCG Acquisitions, Inc.Term Loan(2) (3) (4) (14)Commercial Services & SuppliesSOFR + 3759.40%4/1/20284,902,322 4,887,646 4,851,780 
Fertitta Entertainment, LLCTerm Loan, Tranche B(2) (3) (4) (14)Hotels, Restaurants & LeisureSOFR + 4009.32%1/27/20294,939,962 4,889,062 4,884,387 
Finastra USA, Inc.Revolver(4) (5) (6) (14)Banking, Finance, Insurance & Real EstateSOFR + 72512.58%9/13/2029796,020 721,395 720,832 
Finastra USA, Inc.Term Loan(2) (3) (4) (5) (14)Banking, Finance, Insurance & Real EstateSOFR + 72512.71%9/13/202936,240,602 35,519,898 35,515,789 
Floating Infrastructure Holdings Finance, LLCTerm Loan, Tranche A(2) (3) (5)Transportation9.00%9.00%8/13/202714,573,276 14,337,191 14,318,244 
Flynn Restaurant Group LPTerm Loan, Tranche B(2) (3) (4) (13) (14)Specialty RetailSOFR + 4259.68%12/1/20284,937,373 4,880,253 4,911,650 
FPG Intermediate Holdco, LLCTerm Loan, 3rd Amendment(4) (5) (6) (14)Consumer ServicesSOFR + 65012.07%3/5/202772,179 57,974 60,685 
Gainwell Acquisition Corp.Term Loan, Tranche B(2) (3) (4) (13) (14)Health Care Providers & ServicesSOFR + 4009.49%10/1/20274,402,089 4,390,340 4,287,899 
Genesys Cloud ServicesTerm Loan, Tranche B4(2) (3) (4) (13) (14)TelecommunicationsSOFR + 4009.43%12/1/20274,750,765 4,723,193 4,750,765 
Great Canadian Gaming Corp.Term Loan(2) (3) (4) (14)Hotels, Restaurants & LeisureSOFR + 4009.66%11/1/20261,984,925 1,971,346 1,986,691 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Greenhouse Software, Inc.Incremental Term Loan, 2nd Amendment(2) (3) (4) (5) (14)SoftwareSOFR + 70012.39%9/1/20281,600,000 1,565,407 1,588,496 
Greenhouse Software, Inc.Term Loan(2) (3) (4) (5) (14)SoftwareSOFR + 70012.39%9/1/20287,598,039 7,478,624 7,537,645 
GTCR W Merger Sub, LLCTerm Loan, Tranche B(3) (4) (14)Banking, Finance, Insurance & Real EstateSOFR + 3008.34%9/20/20305,000,000 4,975,000 4,996,350 
Guidehouse LLPTerm Loan(2) (3) (4) (5) (13) (14)Sovereign & Public FinanceSOFR + 62511.67%10/16/202878,902 77,523 79,287 
Hadrian Acquisition Ltd.Acquisition Term Loan(2) (3) (4) (5) (6) (8) (11) (14)Banking, Finance, Insurance & Real EstateSONIA + 500, 2.75% PIK12.94%2/28/2029£4,876,747 5,639,371 5,884,423 
Hadrian Acquisition Ltd.Term Loan, Tranche B2(2) (3) (4) (5) (8) (11) (14)Banking, Finance, Insurance & Real EstateSONIA + 526, 3.47% PIK13.92%2/28/2029£18,821,993 24,522,274 22,792,476 
Heartland Home Services, Inc.Delayed Draw Term Loan, 2nd Amendment(4) (5) (14)Consumer ServicesSOFR + 57511.07%12/15/20264,825,723 4,792,364 4,727,728 
Heartland Home Services, Inc.Delayed Draw Term Loan, 1st Amendment(4) (5) (14)Consumer ServicesSOFR + 60011.32%12/15/20268,607,819 8,544,310 8,490,123 
Heartland Home Services, Inc.Delayed Draw Term Loan(2) (4) (5) (14)Consumer ServicesSOFR + 60011.32%12/15/20262,283,664 2,249,434 2,242,936 
Heartland Home Services, Inc.Term Loan(2) (3) (4) (5) (14)Consumer ServicesSOFR + 60011.32%12/15/20266,875,605 6,808,235 6,781,594 
Helios Software Holdings, Inc.Term Loan, Tranche B(2) (3) (4) (14)Banking, Finance, Insurance & Real EstateSOFR + 3759.29%3/11/20282,822,144 2,756,715 2,797,450 
Helios Software Holdings, Inc.Term Loan, Tranche B(2) (3) (4) (14)Banking, Finance, Insurance & Real EstateSOFR + 4259.74%7/12/20306,000,000 5,859,290 5,965,500 
Hercules Borrower, LLCDelayed Draw Term Loan(2) (4) (5) (6) (13) (14)Environmental IndustriesSOFR + 55010.99%12/14/20262,052,193 2,011,923 1,992,826 
Hercules Borrower, LLCRevolver(2) (4) (5) (6) (13) (14)Environmental IndustriesSOFR + 62511.74%12/14/202638,398 28,547 38,398 
Hercules Borrower, LLCTerm Loan(2) (3) (4) (5) (13) (14)Environmental IndustriesSOFR + 62511.74%12/14/20266,042,428 5,951,949 6,042,428 
Hercules Borrower, LLCTerm Loan(3) (4) (5) (13) (14)Environmental IndustriesSOFR + 55010.99%12/14/2026343,546 339,019 337,105 
Hoosier Intermediate, LLCTerm Loan(2) (3) (4) (5) (14)Health Care Providers & ServicesSOFR + 50010.51%11/15/202812,174,600 11,957,549 11,088,499 
HS S.p.A Holding, Inc.Revolver(4) (5) (6) (14)Consumer ServicesSOFR + 57511.07%6/2/2028155,977 136,590 147,593 
HS S.p.A Holding, Inc.Term Loan(2) (3) (4) (5) (14)Consumer ServicesSOFR + 57511.07%6/1/20298,540,153 8,393,761 8,482,195 
HUB International Ltd.Term Loan, Tranche B(2) (3) (4) (14)InsuranceSOFR + 4009.37%11/10/20295,964,950 5,941,228 5,969,006 
HUB International Ltd.Term Loan, Tranche B(2) (3) (4) (14)InsuranceSOFR + 4259.58%6/20/20303,000,000 2,970,357 3,005,010 
Hunter Holdco 3 Ltd.Term Loan, Tranche B(2) (3) (4) (13) (14)Health Care Providers & ServicesSOFR + 4259.74%8/19/20283,719,688 3,707,071 3,705,739 
iCIMS, Inc.Revolver(4) (5) (6) (14)SoftwareSOFR + 72512.63%8/18/2028407,214 372,644 401,672 
iCIMS, Inc.Term Loan(2) (3) (4) (5) (14)SoftwareSOFR + 72512.63%8/18/202826,374,280 26,001,680 26,314,339 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Imperva, Inc.Term Loan(3) (4) (13) (14)SoftwareSOFR + 4009.63%1/12/20262,984,416 2,702,855 2,987,072 
Infront Luxembourg Finance S.a.r.l.Term Loan, Tranche B(2) (3) (4) (5) (14)Hotels, Restaurants & LeisureEURIBOR + 90012.78%5/28/2027€20,800,000 24,818,316 21,880,848 
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan, 4th Amendment(2) (3) (4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 60511.57%8/27/20265,859,059 5,819,221 5,792,269 
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan, 6th Amendment(4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 60511.57%8/27/20264,412,495 4,379,708 4,362,194 
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan, 8th Amendment(4) (5) (6) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 60211.54%8/27/20262,955,739 2,834,630 2,802,720 
Internap Holding, LLCTerm Loan(3) (5) (8)High Tech Industries1.00%, 7.00% PIK8.00%7/31/2028197,315 195,015 190,863 
ION Trading Finance Ltd.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 47510.24%4/1/20287,126,509 7,099,457 7,016,619 
IQN Holding Corp.Term Loan(2) (3) (4) (5) (14)Business ServicesSOFR + 52510.67%5/2/20296,922,703 6,857,706 6,961,570 
IRIS Holdings, Inc.Term Loan(2) (3) (4) (14)Chemicals, Plastics & RubberSOFR + 47510.22%6/28/20282,970,000 2,778,172 2,759,635 
iRobot CorporationTerm Loan(2) (3) (4) (5) (8) (13) (14)Consumer Goods: DurableSOFR + 650, 2.50% PIK14.48%7/24/202629,447,853 29,447,853 31,509,202 
Jeg's Automotive, LLCRevolver(4) (5) (6) (13) (14)AutomotiveSOFR + 60011.55%12/22/20272,604,166 2,505,966 1,600,939 
Jeg's Automotive, LLCTerm Loan(2) (3) (4) (5) (13) (14)AutomotiveSOFR + 60011.55%12/22/202717,910,157 17,638,649 15,256,429 
Kaseya, Inc.Delayed Draw Term Loan(4) (5) (6) (8) (14)High Tech IndustriesSOFR + 375, 2.50% PIK11.62%6/25/202970,080 51,298 63,919 
Kaseya, Inc.Revolver(4) (5) (6) (8) (14)High Tech IndustriesSOFR + 375, 2.50% PIK11.62%6/25/2029516,801 483,021 505,745 
Kaseya, Inc.Term Loan(2) (3) (4) (5) (8) (14)High Tech IndustriesSOFR + 375, 2.50% PIK11.62%6/25/202935,529,178 34,920,566 35,338,235 
KRE HYOD Owner, LLCTerm Loan, Tranche A1(4) (5) (11) (14)Banking, Finance, Insurance & Real EstateSOFR + 4219.65%9/13/20261,363,636 1,363,636 1,353,409 
KRE HYOD Owner, LLCTerm Loan, Tranche A2(4) (5) (11) (14)Banking, Finance, Insurance & Real EstateSOFR + 104615.90%9/13/20243,962,943 3,962,943 3,943,128 
Legence Holdings, LLCTerm Loan(2) (3) (4) (14)Commercial Services & SuppliesSOFR + 3759.17%12/16/20273,435,394 3,429,117 3,418,217 
LinQuest CorporationTerm Loan(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 57511.22%7/28/20289,800,000 9,653,164 9,209,427 
Loyalty Ventures, Inc.Term Loan, Tranche B(3) (4) (5) (14) (15)Business ServicesPRIME + 55014.00%11/3/20274,143,312 3,767,038 20,717 
LVF Holdings, Inc.Delayed Draw Term Loan(2) (3) (4) (5) (13) (14)Beverage, Food & TobaccoSOFR + 60011.54%6/10/20275,731,809 5,654,355 5,639,543 
LVF Holdings, Inc.Initial Term Loan(2) (3) (4) (5) (13) (14)Beverage, Food & TobaccoSOFR + 60011.54%6/10/20275,989,225 5,897,111 5,878,720 
Material Holdings, LLCDelayed Draw Term Loan(4) (5) (6) (13) (14)Business ServicesSOFR + 60011.49%8/19/2027768,793 749,689 696,058 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Material Holdings, LLCRevolver(4) (5) (6) (13) (14)Business ServicesSOFR + 60011.49%8/19/2027230,179 220,528 193,588 
Material Holdings, LLCTerm Loan(2) (3) (4) (5) (13) (14)Business ServicesSOFR + 60011.49%8/19/202710,855,818 10,703,256 10,303,591 
Maverick Acquisition, Inc.Delayed Draw Term Loan(2) (4) (5) (14)Aerospace & DefenseSOFR + 62511.64%6/1/20272,405,288 2,373,519 1,851,275 
Maverick Acquisition, Inc.Initial Term Loan(3) (4) (5) (14)Aerospace & DefenseSOFR + 62511.64%6/1/202710,552,155 10,410,627 8,121,663 
Mavis Tire Express Services Corp.Term Loan, Tranche B(2) (3) (4) (14)Specialty RetailSOFR + 4009.43%5/4/20283,421,250 3,409,161 3,409,276 
McAfee, LLCTerm Loan, Tranche B(2) (3) (4) (13) (14)SoftwareSOFR + 3759.18%3/1/20292,947,538 2,839,511 2,874,763 
Medical Manufacturing Technologies, LLCDelayed Draw Term Loan(4) (5) (13) (14)Health Care Providers & ServicesSOFR + 55011.05%12/23/20275,112,392 5,037,023 5,072,779 
Medical Manufacturing Technologies, LLCRevolver(4) (5) (6) (13) (14)Health Care Providers & ServicesSOFR + 55011.05%12/23/20271,136,317 1,113,767 1,124,310 
Medical Manufacturing Technologies, LLCTerm Loan(2) (3) (4) (5) (13) (14)Health Care Providers & ServicesSOFR + 55011.05%12/23/202712,686,718 12,494,722 12,588,414 
MI Windows and Doors, LLCTerm Loan(2) (3) (4) (13) (14)Consumer ServicesSOFR + 3508.92%12/18/20271,217,421 1,219,254 1,217,421 
Mileage Plus Holdings, LLCTerm Loan, Tranche B(2) (3) (4) (13) (14)Aerospace & DefenseSOFR + 52510.80%6/20/20271,875,000 1,852,487 1,945,519 
Mitchell International, Inc.Term Loan, Tranche B(2) (3) (4) (13) (14)SoftwareSOFR + 3759.18%10/15/20284,925,000 4,851,238 4,837,384 
NEFCO Holding Company, LLCDelayed Draw Term Loan, Tranche A(4) (5) (13) (14)Construction & EngineeringSOFR + 65011.86%8/5/2028594,502 584,594 594,296 
NEFCO Holding Company, LLCDelayed Draw Term Loan, Tranche B(4) (5) (6) (13) (14)Construction & EngineeringSOFR + 65011.86%8/5/202810,771 4,581 10,638 
NEFCO Holding Company, LLCDelayed Draw Term Loan, Tranche C(4) (5) (13) (14)Construction & EngineeringSOFR + 65011.86%8/5/2028832,741 818,512 832,451 
NEFCO Holding Company, LLCRevolver(4) (5) (6) (13) (14)Construction & EngineeringSOFR + 65011.86%8/5/2028330,796 318,166 330,530 
NEFCO Holding Company, LLCTerm Loan(2) (3) (4) (5) (13) (14)Construction & EngineeringSOFR + 65011.86%8/5/20284,608,348 4,529,660 4,606,745 
North Haven Fairway Buyer, LLCDelayed Draw Term Loan, Tranche C1(4) (5) (14)Consumer ServicesSOFR + 65011.88%5/17/202896,575 93,921 94,520 
North Haven Fairway Buyer, LLCDelayed Draw Term Loan, Tranche C2(4) (5) (6) (14)Consumer ServicesSOFR + 65011.89%5/17/20283,845,048 3,544,715 3,607,575 
North Haven Fairway Buyer, LLCRevolver(4) (5) (6) (14)Consumer ServicesSOFR + 65011.89%5/17/20281,250,000 1,209,050 1,196,402 
North Haven Fairway Buyer, LLCTerm Loan(2) (3) (4) (5) (14)Consumer ServicesSOFR + 65011.89%5/17/202810,150,078 9,985,467 9,934,097 
North Haven Stallone Buyer, LLCDelayed Draw Term Loan, 3rd Amendment(4) (5) (6) (13) (14)Consumer ServicesSOFR + 57511.47%5/24/2027112,079 108,884 110,747 
Oak Purchaser, Inc.Delayed Draw Term Loan(4) (5) (6) (14)Business ServicesSOFR + 55010.97%4/28/20281,090,385 1,071,355 1,023,117 
Oak Purchaser, Inc.Term Loan(2) (3) (4) (5) (14)Business ServicesSOFR + 55010.97%4/28/20285,030,030 4,984,949 4,875,566 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Ontario Gaming GTA LPTerm Loan, Tranche B(2) (3) (4) (14)Hotels, Restaurants & LeisureSOFR + 4259.57%7/1/20301,500,000 1,485,186 1,500,000 
Optiv Security, Inc.Term Loan(2) (3) (4) (14)Business ServicesSOFR + 52510.34%8/16/20265,000,000 4,847,075 4,832,500 
Oranje Holdco, Inc.Term Loan(2) (3) (4) (5) (14)Business ServicesSOFR + 77513.12%2/1/20296,038,961 5,882,972 6,059,272 
Packaging Coordinators Midco, Inc.Term Loan(2) (3) (4) (14)Containers, Packaging & GlassSOFR + 3509.15%11/30/20274,892,142 4,895,414 4,866,165 
Pactiv Evergreen GroupTerm Loan, Tranche B(3) (4) (13) (14)Containers, Packaging & GlassSOFR + 3508.93%9/24/20282,000,000 1,997,500 1,996,620 
Parkway Generation, LLCTerm Loan, Tranche B(2) (3) (4) (13) (14)Energy: Oil & GasSOFR + 47510.18%2/18/20291,727,647 1,724,075 1,723,052 
Parkway Generation, LLCTerm Loan, Tranche C(2) (3) (4) (13) (14)Energy: Oil & GasSOFR + 47510.18%2/18/2029228,342 227,870 227,735 
PEARLS Bidco B.VTerm Loan, Tranche B(2) (3) (4) (14)TransportationSOFR + 3759.12%2/26/20292,955,000 2,948,982 2,942,087 
Peraton Corp.Term Loan, Tranche B(2) (3) (4) (13) (14)Aerospace & DefenseSOFR + 3759.17%2/1/20283,892,543 3,847,905 3,880,398 
Performance Health Holdings, Inc.Term Loan, Tranche B(2) (3) (4) (5) (13) (14)Health Care Providers & ServicesSOFR + 60011.57%7/12/20273,222,000 3,177,616 3,184,305 
Pestco Intermediate, LLCTerm Loan(2) (3) (4) (5) (13) (14)Commercial Services & SuppliesSOFR + 65011.92%2/17/20283,687,973 3,545,489 3,594,301 
PF Atlantic Holdco 2, LLCDelayed Draw Term Loan(2) (3) (4) (5) (6) (13) (14)Hotels, Restaurants & LeisureSOFR + 55011.06%11/12/20278,143,751 7,959,908 8,117,133 
PF Atlantic Holdco 2, LLCRevolver(2) (4) (5) (6) (13) (14)Hotels, Restaurants & LeisureSOFR + 55011.06%11/12/2027948,251 924,184 944,665 
PF Atlantic Holdco 2, LLCTerm Loan(2) (3) (4) (5) (13) (14)Hotels, Restaurants & LeisureSOFR + 55011.06%11/12/202710,163,526 10,013,272 10,142,388 
Phoenix Guarantor, Inc.Term Loan, Tranche B3(2) (3) (4) (13) (14)Health Care Providers & ServicesSOFR + 3508.93%3/5/20263,979,592 3,943,015 3,958,022 
Planview Parent, Inc.Term Loan(3) (4) (13) (14)SoftwareSOFR + 4009.65%12/17/20274,013,041 3,793,444 3,952,284 
Polaris Newco, LLCTerm Loan, Tranche B(2) (3) (4) (13) (14)SoftwareSOFR + 4009.43%6/4/20283,675,000 3,661,818 3,513,557 
Primetech Holdco S.a.r.l.Term Loan(3) (5) (8)Insurance12.00% PIK12.00%7/28/2029€25,779,577 25,108,087 25,075,023 
Proampac PG Borrower, LLCTerm Loan(2) (3) (4) (14)Containers, Packaging & GlassSOFR + 3758.93%11/3/20255,861,539 5,856,233 5,823,439 
Project Castle, Inc.Term Loan, Tranche B(2) (3) (4) (14)Business ServicesSOFR + 55010.76%6/1/20294,950,000 4,499,005 4,380,750 
Project Leopard Holdings, Inc.Term Loan, Tranche B(2) (3) (4) (13) (14)SoftwareSOFR + 52510.72%7/20/20293,989,975 3,707,009 3,511,178 
Proofpoint, Inc.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 3258.68%8/31/20286,949,710 6,825,634 6,885,008 
Prophix Software Inc.Incremental Term Loan(2) (3) (4) (5) (13) (14)SoftwareSOFR + 65011.93%2/1/20266,907,722 6,825,916 6,907,722 
Prophix Software Inc.Term Loan(2) (3) (4) (5) (13) (14)SoftwareSOFR + 65011.93%2/1/20265,481,728 5,397,597 5,481,728 
Propulsion (BC) Finco S.a.r.l.Term Loan(2) (3) (4) (14)Aerospace & DefenseSOFR + 3759.14%9/14/20295,061,750 5,059,091 5,050,665 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Pushpay USA Inc.Term Loan(2) (3) (4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 67512.27%5/10/203020,061,728 19,439,158 19,804,272 
PXO Holdings I Corp.Delayed Draw Term Loan(4) (5) (6) (13) (14)Chemicals, Plastics & RubberSOFR + 55011.03%3/8/20282,371,131 2,301,501 2,257,020 
PXO Holdings I Corp.Term Loan(2) (3) (4) (5) (13) (14)Chemicals, Plastics & RubberSOFR + 55011.03%3/8/202814,567,988 14,339,133 14,204,333 
QBS Parent, Inc.Term Loan(2) (3) (4) (5) (14)IT ServicesSOFR + 4259.67%9/22/20255,968,668 5,121,254 5,491,175 
Qnnect, LLCDelayed Draw Term Loan(4) (5) (6) (14)Aerospace & DefenseSOFR + 70012.08%11/2/202930,349 12,142 38,274 
Qnnect, LLCTerm Loan(2) (3) (4) (5) (14)Aerospace & DefenseSOFR + 70012.08%11/2/20292,627,320 2,555,505 2,657,383 
Quantic Electronics, LLCIncremental Term Loan, 2nd Amendment(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 62511.74%11/19/20261,985,431 1,961,305 1,933,360 
Quantic Electronics, LLCDelayed Draw Term Loan, 3rd Amendment(4) (5) (13) (14)Aerospace & DefenseSOFR + 62511.74%3/1/20271,798,632 1,775,780 1,751,461 
Quantic Electronics, LLCRevolver, 3rd Amendment(4) (5) (13) (14)Aerospace & DefenseSOFR + 62511.74%11/19/2026460,282 454,812 448,211 
Quantic Electronics, LLCTerm Loan, 3rd Amendment(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 62511.74%11/19/20262,803,582 2,767,113 2,730,055 
Quantic Electronics, LLCDelayed Draw Term Loan(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 62511.74%3/1/20271,451,373 1,433,284 1,413,310 
Quest Software US Holdings, Inc.Term Loan(2) (3) (4) (13) (14)High Tech IndustriesSOFR + 4259.77%2/1/20296,355,201 5,014,836 5,278,820 
Rackspace Technology Global, Inc.Term Loan, Tranche B(2) (3) (4) (5) (13) (14)High Tech IndustriesSOFR + 2758.19%2/15/20284,974,490 2,329,826 2,235,436 
Radwell Parent LLCTerm Loan, 1st Amendment(2) (3) (4) (5) (14)DistributorsSOFR + 67512.14%4/1/202918,465,121 17,967,022 18,526,073 
Radwell Parent LLCRevolver(2) (4) (5) (6) (14)DistributorsSOFR + 67512.14%4/1/2028279,069 243,569 279,069 
Redstone Holdco 2 LPTerm Loan(2) (3) (4) (13) (14)Computers and Electronics RetailSOFR + 47510.18%4/27/20289,307,959 7,744,833 7,929,264 
Rocket Software, Inc.Term Loan(3) (4) (14)SoftwareSOFR + 47510.07%11/28/20285,000,000 4,925,000 4,925,000 
Rocket Software, Inc.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 4259.68%11/28/20251,989,583 1,977,893 1,987,096 
Rome Bidco Ltd.Delayed Draw Term Loan, Capex Facility(3) (4) (5) (6) (8) (14)Hotels, Restaurants & LeisureSONIA + 125, 6.50% PIK12.94%12/23/2027£2,741,713 3,463,814 3,314,519 
Rome Bidco Ltd.Term Loan(2) (3) (4) (5) (8) (14)Hotels, Restaurants & LeisureSONIA + 125, 6.50% PIK12.94%12/23/2027£33,972,203 45,255,364 40,827,740 
RSC Acquisition, Inc.Delayed Draw Term Loan, Tranche 2(4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 55011.03%11/1/20261,218,630 1,187,853 1,217,488 
RSC Acquisition, Inc.Term Loan, Tranche C(2) (3) (4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 55011.03%11/1/20266,017,289 5,958,523 5,971,289 
Sapphire Convention, Inc.Revolver(2) (3) (4) (5) (6) (13) (14)TelecommunicationsSOFR + 60011.74%11/20/202550,939 50,553 48,866 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Sapphire Convention, Inc.Term Loan(2) (3) (4) (5) (13) (14)TelecommunicationsSOFR + 60011.74%11/20/20254,124,168 4,095,542 4,111,580 
Scientific Games LotteryTerm Loan, Tranche B(3) (4) (14)Hotels, Restaurants & LeisureSOFR + 3508.77%4/4/20295,994,975 5,940,092 5,954,988 
SCP Eye Care HoldCo, LLCDelayed Draw Term Loan(4) (5) (6) (13) (14)Health Care Providers & ServicesSOFR + 57511.18%10/5/202918,531 17,511 18,055 
SCP Eye Care HoldCo, LLCRevolver(4) (5) (6) (13) (14)Health Care Providers & ServicesSOFR + 57511.18%10/5/20299,720 9,225 9,491 
SCP Eye Care HoldCo, LLCTerm Loan(4) (5) (13) (14)Health Care Providers & ServicesSOFR + 57511.18%10/5/2029119,810 116,579 118,352 
Sedgwick Claims Management Services, Inc.Term Loan, Tranche B(2) (3) (4) (14)Business ServicesSOFR + 3759.07%2/24/20281,990,000 1,946,677 1,984,786 
Skopima Merger Sub, Inc.Term Loan, Tranche B(2) (3) (4) (14)High Tech IndustriesSOFR + 4009.43%5/17/20282,940,000 2,922,810 2,858,885 
Smarsh, Inc.Delayed Draw Term Loan(4) (5) (6) (14)SoftwareSOFR + 65011.84%2/16/2029510,180 493,717 500,684 
Smarsh, Inc.Term Loan(2) (3) (4) (5) (14)SoftwareSOFR + 65011.84%2/16/20294,081,438 4,010,225 4,041,079 
SolarWinds Holdings, Inc.Term Loan, Tranche B(2) (3) (4) (14)SoftwareSOFR + 3759.07%2/5/20272,985,000 2,978,315 2,985,806 
SonicWall US Holdings, Inc.Term Loan(3) (4) (14)Electronic Equipment, Instruments & ComponentsSOFR + 50010.40%5/16/20283,000,000 2,910,414 2,937,660 
Sophia, L.P.Term Loan, Tranche B(2) (3) (4) (13) (14)SoftwareSOFR + 3508.92%10/7/20274,929,922 4,901,952 4,914,540 
Speedstar Holding Corp.Delayed Draw Term Loan, 1st Amendment(2) (4) (5) (13) (14)AutomotiveSOFR + 72512.82%1/22/2027216,827 211,198 218,646 
Speedstar Holding Corp.Incremental Term Loan, 1st Amendment(2) (3) (4) (5) (13) (14)AutomotiveSOFR + 72512.82%1/22/2027922,809 898,833 930,548 
Speedstar Holding Corp.Term Loan(2) (3) (4) (5) (13) (14)AutomotiveSOFR + 72512.82%1/22/20276,507,478 6,414,389 6,562,058 
Spotless Brands, LLCDelayed Draw Term Loan, Tranche A(4) (5) (6) (13) (14)Consumer ServicesSOFR + 65011.99%7/25/20284,155,467 4,067,725 4,140,348 
Spotless Brands, LLCDelayed Draw Term Loan, Tranche B(4) (5) (13) (14)Consumer ServicesSOFR + 65011.99%7/25/2028939,724 723,792 983,060 
Spotless Brands, LLCTerm Loan(2) (3) (4) (5) (13) (14)Consumer ServicesSOFR + 65011.99%7/25/202821,028,134 20,675,186 20,967,597 
Summit Acquisition, Inc.Term Loan(2) (3) (4) (5) (14)Banking, Finance, Insurance & Real EstateSOFR + 67512.14%5/1/20307,443,763 7,156,196 7,349,056 
Sunshine Luxembourg VII S.a.r.lTerm Loan, Tranche B3(2) (3) (4) (13) (14)Consumer Goods: Non-DurableSOFR + 3759.24%10/1/20265,956,730 5,895,525 5,943,506 
Syneos Health, Inc.Term Loan, Tranche B(3) (4) (14)Health Care Providers & ServicesSOFR + 4009.31%9/2/20303,000,000 2,955,000 2,929,590 
Tank Holding Corp.Incremental Term Loan(2) (3) (4) (5) (13) (14)Capital EquipmentSOFR + 60011.42%3/31/20287,301,241 7,006,953 7,079,096 
Tank Holding Corp.Revolver(4) (5) (6) (13) (14)Capital EquipmentSOFR + 57511.17%3/31/20281,296,551 1,271,289 1,247,026 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Tank Holding Corp.Term Loan(2) (3) (4) (5) (13) (14)Capital EquipmentSOFR + 57511.17%3/31/202837,456,896 36,859,314 36,336,122 
Teneo Holdings, LLCTerm Loan(2) (3) (4) (13) (14)Business ServicesSOFR + 52510.67%7/12/20251,229,423 1,216,020 1,227,579 
The Carlstar Group, LLCTerm Loan(2) (3) (4) (5) (13) (14)AutomotiveSOFR + 65011.92%7/8/20275,618,701 5,487,146 5,648,922 
TIBCO Software, IncTerm Loan, Tranche B(2) (3) (4) (13) (14)High Tech IndustriesSOFR + 4509.99%3/30/20299,950,000 9,151,886 9,554,089 
Tiger Acquisition, LLCTerm Loan(2) (3) (4) (13) (14)High Tech IndustriesSOFR + 3258.67%6/1/20282,940,000 2,940,000 2,899,105 
TK Elevator Midco GmnHTerm Loan, Tranche B(2) (3) (4) (13) (14)Capital EquipmentSOFR + 3509.38%7/30/20275,856,479 5,861,493 5,838,909 
Trader CorporationTerm Loan(2) (3) (4) (5) (14)AutomotiveCDOR + 67512.13%12/22/2029C$3,005,134 2,154,758 2,231,950 
Triton Water Holdings, Inc.Term Loan(2) (3) (4) (13) (14)Beverage, Food & TobaccoSOFR + 3258.90%3/31/20285,288,335 5,255,458 5,147,295 
Tufin Software North America, Inc.IRA Delayed Draw Term Loan(4) (5) (6) (13) (14)SoftwareSOFR + 76913.23%8/25/2028186,259 165,019 148,541 
Tufin Software North America, Inc.Term Loan(2) (3) (4) (5) (13) (14)SoftwareSOFR + 76913.23%8/25/202826,503,226 26,055,776 25,946,101 
UKG Inc.Term Loan(2) (3) (4) (14)SoftwareSOFR + 3258.62%5/4/20265,895,323 5,831,508 5,873,864 
United Airlines, Inc.Term Loan, Tranche B(2) (3) (4) (13) (14)Aerospace & DefenseSOFR + 3759.18%4/21/20283,135,756 3,134,086 3,136,477 
USALCO, LLCTerm Loan, Tranche A(2) (3) (4) (5) (13) (14)Chemicals, Plastics & RubberSOFR + 60011.43%10/19/20274,912,500 4,840,690 4,912,500 
USI, Inc.Term Loan(3) (4) (14)InsuranceSOFR + 3258.57%9/14/20301,000,000 997,500 996,670 
USI, Inc.Term Loan(3) (4) (14)InsuranceSOFR + 3258.57%9/14/20304,000,000 3,990,000 3,988,320 
USR Parent, Inc.Term Loan, 3rd Amendment(2) (3) (4) (5) (14)Specialty RetailSOFR + 76012.93%4/25/20273,888,889 3,859,223 3,837,816 
Verifone Systems, Inc.Term Loan(2) (3) (4) (14)High Tech IndustriesSOFR + 4009.65%8/20/20252,641,564 2,630,708 2,428,997 
VGL Midco Ltd.Term Loan, Tranche B1(5) (8)Retail8.75%, 5.25% PIK14.00%7/17/2024£11,516,981 15,632,025 13,419,533 
VGL Midco Ltd.Term Loan, Tranche B2(5) (8)Retail14.00% PIK14.00%7/17/2024£11,692,753 15,739,019 13,624,344 
Vision Solutions, Inc.Incremental Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 4009.61%4/24/20282,974,058 2,635,518 2,876,776 
Voyage Australia Pty Ltd.Term Loan, Tranche B(2) (3) (4) (13) (14)TelecommunicationsSOFR + 3509.09%7/20/20285,894,930 5,891,673 5,835,981 
WCG Purchaser CorpTerm Loan(2) (3) (4) (13) (14)SoftwareSOFR + 4009.43%1/8/20271,907,381 1,910,885 1,883,539 
Windsor Holdings III, LLCTerm Loan, Tranche B(2) (3) (4) (14)Chemicals, Plastics & RubberSOFR + 4509.83%8/1/20303,000,000 2,940,928 2,985,000 
Wineshipping.Com, LLCDelayed Draw Term Loan(2) (3) (4) (5) (6) (13) (14)Beverage, Food & TobaccoSOFR + 57511.31%10/29/2027373,601 346,042 269,366 
Wineshipping.Com, LLCRevolver(2) (3) (4) (5) (6) (13) (14)Beverage, Food & TobaccoSOFR + 57511.31%10/29/20271,509,500 1,481,656 1,405,066 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Wineshipping.Com, LLCTerm Loan(2) (3) (4) (5) (13) (14)Beverage, Food & TobaccoSOFR + 57511.31%10/29/202713,659,981 13,459,289 12,941,737 
Yellowstone Buyer Acquisition, LLCTerm Loan(2) (3) (4) (5) (13) (14)Consumer Goods: DurableSOFR + 57511.20%9/13/20276,623,820 6,529,215 6,373,561 
YLG Holdings, Inc.Delayed Draw Term Loan(2) (3) (4) (5) (13) (14)Consumer ServicesSOFR + 50010.32%11/1/2025771,859 761,638 771,859 
YLG Holdings, Inc.Incremental Term Loan(3) (4) (5) (13) (14)Consumer ServicesSOFR + 50010.32%11/1/20251,173,500 1,158,479 1,173,500 
Zelis Healthcare Corp.Term Loan(2) (3) (4) (13) (14)Health Care TechnologySOFR + 3508.93%9/30/20263,979,540 3,963,424 3,977,470 
First Lien Debt Total (Cost of $1,539,550,658)$1,539,550,658 $1,514,350,016 
Second Lien Debt (10.1%)
11852604 Canada, Inc.Term Loan(4) (5) (8) (13) (14)Health Care Providers & ServicesSOFR + 9.50% PIK15.04%9/30/2028$33,839,413 $33,355,073 $33,331,821 
520 Mezz Owner 2, LLCTerm Loan, Mezzanine(4) (5) (6) (8) (14)Banking, Finance, Insurance & Real EstateSOFR + 12.62% PIK17.95%3/2/20267,596,054 7,385,585 7,462,632 
Aimbridge Acquisition Co., Inc.Term Loan(2) (3) (4) (5) (13) (14)Hotels, Restaurants & LeisureSOFR + 75012.94%2/1/20271,712,000 1,696,322 1,636,678 
AP Plastics Acquisition Holdings, LLCTerm Loan(2) (3) (4) (5) (13) (14)Chemicals, Plastics & RubberSOFR + 75012.92%8/10/202919,090,000 18,667,248 18,558,309 
Apex Group Treasury, LLCTerm Loan(2) (3) (4) (5) (13) (14)Banking, Finance, Insurance & Real EstateSOFR + 67512.40%7/27/202913,864,250 13,641,983 13,760,268 
AQA Acquisition Holding, Inc.Incremental Term Loan(2) (3) (4) (5) (13) (14)High Tech IndustriesSOFR + 75012.97%3/3/20295,538,462 5,431,732 5,458,740 
ARCO BPS Holdings Ltd.Term Loan, Mezzanine(2) (3) (4) (5) (14)Banking, Finance, Insurance & Real EstateEURIBOR + 85012.28%6/30/2026€1,876,305 2,114,775 1,983,723 
Blackbird Purchaser, Inc.Term Loan, 3rd Amendment(2) (3) (4) (5) (13) (14)Capital EquipmentSOFR + 75012.92%4/8/202718,388,382 18,123,909 18,388,382 
Boxer Parent Company Inc.Term Loan(2) (3) (4) (13) (14)SoftwareSOFR + 55010.93%2/27/20264,000,000 3,952,801 3,976,440 
Brave Parent Holdings, Inc.Term Loan(2) (3) (4) (5) (14)SoftwareSOFR + 75012.97%4/19/20263,639,355 3,605,839 3,639,355 
Drilling Info Holdings, Inc.Incremental Term Loan(2) (3) (4) (5) (13) (14)Energy: Oil & GasSOFR + 82513.67%7/30/20264,200,000 4,132,800 4,200,000 
Fastlane Parent Co., Inc.Term Loan(2) (3) (4) (5) (13) (14)AutomotiveSOFR + 87514.18%12/21/20262,500,000 2,439,659 2,425,000 
National Mentor Holdings, Inc.Term Loan(2) (3) (4) (5) (13) (14)Health Care Providers & ServicesSOFR + 72512.74%3/2/20292,000,000 1,984,929 1,340,000 
Neptune Bidco US, Inc.Term Loan(2) (3) (4) (5) (13) (14)Professional ServicesSOFR + 97515.15%10/11/202943,000,000 41,808,484 42,355,000 
Outcomes Group Holdings, Inc.Term Loan(2) (3) (4) (5) (14)Business ServicesSOFR + 75013.02%10/26/2026384,615 384,195 381,604 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
PAI Holdco, Inc.Term Loan(2) (3) (4) (5) (8) (13) (14)AutomotiveSOFR + 550, 2.00% PIK13.02%10/28/20283,576,064 3,503,907 3,428,263 
Peraton Corp.Term Loan, Tranche B1(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 77513.23%2/1/20294,444,944 4,393,457 4,434,405 
Quartz Holding CompanyTerm Loan(2) (3) (4) (5) (13) (14)SoftwareSOFR + 80013.42%4/2/20271,200,000 1,187,947 1,182,804 
Queensgate Gem UK Midco Ltd.Term Loan(5) (8)Hotels, Restaurants & Leisure12.75% PIK12.75%3/15/2024£2,803,399 3,746,531 3,420,427 
Queensgate Gem UK Midco Ltd.Term Loan, Mezzanine(5) (8)Hotels, Restaurants & Leisure5.31%, 5.63% PIK10.94%3/15/2024£5,230,985 7,032,412 6,398,281 
R&F International Sub 2 Ltd.Term Loan, Mezzanine(3) (4) (5) (6) (14)Business ServicesSONIA + 130318.23%6/13/2026£25,700,920 30,848,017 30,896,010 
RXR Atlas Mezz, LLCTerm Loan, Mezzanine(4) (5) (14)Real Estate Management & DevelopmentSOFR + 100015.32%8/25/20255,000,000 4,950,973 4,987,500 
SonicWall US Holdings, Inc.Term Loan(2) (3) (4) (13) (14)Electronic Equipment, Instruments & ComponentsSOFR + 75013.04%5/18/20261,500,000 1,433,605 1,405,320 
TruGreen Limited PartnershipTerm Loan(2) (3) (4) (5) (13) (14)Consumer ServicesSOFR + 85014.13%11/2/20282,000,000 1,970,791 1,897,864 
Zippy Shell IncorporatedDelayed Draw Term Loan(5)Commercial Services & Supplies13.00%13.00%11/2/2025600,000 589,077 612,000 
Zippy Shell IncorporatedTerm Loan(2) (3) (5)Commercial Services & Supplies13.00%13.00%11/2/20252,400,000 2,354,262 2,448,000 
Second Lien Debt Total (Cost of $220,736,313)$220,736,313 $220,008,826 
Corporate Loans Total (Cost of $1,760,286,971)$1,760,286,971 $1,734,358,842 
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
522 Funding CLO Ltd.Series 2019-5A, Class DR(4) (5) (7) (14)SOFR + 3258.56%4/15/2035$8,100,000 $7,301,745 $7,461,072 
522 Funding CLO Ltd.Series 2019-5A,Class ER(4) (5) (7) (14)SOFR + 67612.07%4/15/20351,400,000 1,243,329 1,252,444 
720 East CLO Ltd.Series 2023-2A, Class D(4) (5) (7) (14)SOFR + 51510.55%10/15/20362,000,000 2,000,000 2,000,504 
AGL CLO 1 Ltd.Series 2019-1A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 65012.09%10/20/20345,500,000 5,154,798 5,003,565 
AGL CLO 19 Ltd.Series 2022-19A, Class E(2) (4) (5) (7) (14)SOFR + 80113.34%7/21/20356,050,000 5,883,099 6,038,826 
AGL CLO 5 Ltd.Series 2020-5A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 64512.04%7/20/20342,000,000 1,814,525 1,890,144 
AGL CLO Ltd.Series 2020-9A, Class E(2) (4) (5) (7) (13) (14)SOFR + 72612.85%1/20/20341,000,000 983,767 981,364 
AGL CLO Ltd.Series 2022-20A, Class E(2) (4) (5) (7) (14)SOFR + 83613.69%7/20/20352,700,000 2,606,196 2,709,002 
Allegany Park CLO Ltd.Series 2019-1A, Class ER(4) (5) (7) (14)SOFR + 64011.73%1/20/20351,500,000 1,408,611 1,403,565 
American Money Management Corp.Series 2014-14A, Class B2L1(2) (4) (5) (7) (13) (14)SOFR + 73512.96%7/25/20291,503,036 1,448,786 1,432,479 
Anchorage Capital CLO Ltd.Series 2021-18A, Class E(2) (4) (5) (7) (13) (14)SOFR + 64612.03%4/15/20344,000,000 3,967,259 3,587,896 
Anchorage Capital CLO Ltd.Series 2021-21A, Class SUB(4) (5) (7) (12)10/20/20348,830,000 6,979,509 5,537,655 
Anchorage Capital CLO Ltd.Series 2016-8A, Class DR2(4) (5) (7) (13) (14)SOFR + 3609.22%10/27/20343,100,000 2,987,664 3,002,195 
Anchorage Capital CLO Ltd.Series 2019-13A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 67012.27%4/15/20346,400,000 6,308,028 5,900,045 
Antares CLO Ltd.Series 2017-1A, Class DR(4) (5) (7) (13) (14)SOFR + 3659.24%4/20/20335,000,000 4,673,803 4,691,425 
Antares CLO Ltd.Series 2017-2A, Class DR(4) (5) (7) (13) (14)SOFR + 3759.34%10/20/20332,000,000 1,907,742 1,865,710 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Apidos CLO Ltd.Series 2012-11A, Class ER3(4) (5) (7) (13) (14)SOFR + 65712.14%4/17/20341,528,500 1,351,127 1,440,737 
Apidos CLO Ltd.Series 2018-18A, Class E(2) (4) (5) (7) (13) (14)SOFR + 57011.31%10/22/20304,100,000 3,968,037 3,799,966 
Apidos CLO Ltd.Series 2023-45A, Class E(4) (5) (7) (14)SOFR + 84013.56%4/26/20362,470,000 2,424,210 2,525,061 
Arbour CLO IX DACSeries 9X, Class E(4) (5) (14) (16)EURIBOR + 5799.45%4/15/2034€2,337,000 2,167,099 2,134,469 
Ares CLO Ltd.Series 2021-60A, Class SUB(4) (5) (7) (12)7/18/20346,500,000 4,873,002 3,390,748 
Ares CLO Ltd.Series 2022-66A, Class DR(4) (5) (7) (14)SOFR + 50010.35%7/25/20366,750,000 6,750,000 6,749,514 
Ares CLO Ltd.Series 2017-43A, Class ER(4) (5) (7) (13) (14)SOFR + 68612.43%7/15/20347,333,334 6,919,150 6,885,971 
Avoca CLOSeries 28A, Class E(4) (5) (7) (14)EURIBOR + 73610.70%4/15/2037€1,350,000 1,370,842 1,365,646 
Babson CLO Ltd.Series 2017-1A, Class F(2) (4) (5) (7) (13) (14)SOFR + 74513.02%7/18/20292,500,000 2,472,260 2,240,790 
Babson CLO Ltd.Series 2019-2A, Class DR(4) (5) (7) (13) (14)SOFR + 67812.35%4/15/20361,600,000 1,440,019 1,498,547 
Babson CLO Ltd.Series 2020-1A, Class ER(4) (5) (7) (13) (14)SOFR + 66512.22%10/15/20361,600,000 1,458,684 1,514,277 
Babson CLO Ltd.Series 2021-3A, Class SUB(4) (5) (7) (12)1/18/203514,100,000 10,802,159 8,314,686 
Babson CLO Ltd.Series 2022-4A, Class E(4) (5) (7) (14)SOFR + 84013.73%10/20/20341,333,334 1,239,732 1,340,051 
Bain Capital Credit CLO Ltd.Series 2022-3A, Class E(2) (4) (5) (7) (14)SOFR + 73512.66%7/17/20354,250,000 4,146,486 3,915,733 
Bain Capital Euro CLOSeries 2022-1X, Class E(2) (4) (5) (14) (16)EURIBOR + 69910.68%10/19/2034€2,000,000 2,132,821 1,982,143 
Ballyrock CLO Ltd.Series 2022-20A, Class D(4) (5) (7) (14)SOFR + 81913.50%7/15/20341,333,334 1,323,910 1,318,805 
Ballyrock CLO Ltd.Series 2022-21A, Class D(4) (5) (7) (14)SOFR + 87614.09%10/20/20351,000,000 962,364 1,004,222 
Ballyrock CLO Ltd.Series 2023-24A, Class D(4) (5) (7) (14)SOFR + 83713.63%7/15/20363,350,000 3,325,936 3,393,657 
Bardin Hill CLO Ltd.Series 2021-2A, Class D(4) (5) (7) (13) (14)SOFR + 3368.97%10/25/20342,000,000 1,798,975 1,836,064 
Barings Private Credit Corp. CLO Ltd.Series 2023-1A, Class C(4) (5) (7) (14)SOFR + 63511.76%7/15/20312,000,000 2,000,000 1,999,258 
Battalion CLO Ltd.Series 2021-19A, Class D(4) (5) (7) (13) (14)SOFR + 3258.82%4/15/20342,500,000 2,210,107 2,327,798 
Battalion CLO Ltd.Series 2017-11A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 68512.46%4/24/20343,000,000 2,974,835 2,490,495 
BCC Middle Market CLO, LLCSeries 2023-1A, Class D(4) (5) (7) (14)SOFR + 66512.07%7/20/20353,350,000 3,350,000 3,348,000 
Benefit Street Partners CLO Ltd.Series 2014-IVA, Class DRR(2) (4) (5) (7) (13) (14)SOFR + 72012.79%1/20/20322,500,000 2,480,572 2,340,260 
Benefit Street Partners CLO Ltd.Series 2016-10A, Class DRR(2) (4) (5) (7) (13) (14)SOFR + 67512.34%4/20/20343,500,000 3,442,195 3,416,802 
Benefit Street Partners CLO Ltd.Series 2019-19A, Class E(4) (5) (7) (13) (14)SOFR + 70212.59%1/15/20332,690,000 2,503,619 2,612,886 
Benefit Street Partners CLO Ltd.Series 2022-29A, Class E(4) (5) (7) (14)SOFR + 78113.16%1/25/20361,666,667 1,650,741 1,664,430 
Benefit Street Partners CLO Ltd.Series 2022-27A, Class E(2) (4) (5) (7) (14)SOFR + 81213.45%7/20/20353,734,483 3,561,750 3,742,934 
Birch Grove CLO 4 Ltd.Series 2022-4A, Class D(4) (5) (7) (14)SOFR + 3869.17%4/15/20342,250,000 2,164,396 2,138,508 
Birch Grove CLO Ltd.Series 2023-6A, Class D(4) (5) (7) (14)SOFR + 58311.12%7/20/20355,000,000 4,951,981 4,971,950 
BlackRock European CLO DACSeries 14A, Class E(4) (5) (7) (14)EURIBOR + 76711.44%7/15/2036€1,150,000 1,195,697 1,187,926 
BlackRock European CLO DACSeries 5X, Class SUB(4) (5) (12) (16)7/16/2031€2,750,000 1,497,743 1,093,714 
BlueMountain CLO Ltd.Series 2019-24A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 68412.43%4/20/20344,000,000 3,996,663 3,634,464 
BlueMountain CLO Ltd.Series 2019-25A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 72512.82%7/15/20365,725,000 5,705,714 5,132,262 
BlueMountain CLO Ltd.Series 2021-31A, Class E(4) (5) (7) (13) (14)SOFR + 65312.11%4/19/2034735,000 638,062 664,567 
BlueMountain CLO Ltd.Series 2021-33A, Class SUB(4) (5) (7) (12)11/20/20345,900,000 4,623,239 3,720,893 
Brightwood Capital MM CLO Ltd.Series 2023-1A, Class C(4) (5) (7) (14)SOFR + 48010.20%10/15/20352,900,000 2,842,003 2,842,000 
Bryant Park Funding Ltd.Series 2023-21A, Class D(4) (5) (7) (14)SOFR + 54510.94%10/18/20364,800,000 4,800,000 4,800,816 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Buckhorn Park CLO Ltd.Series 2019-1A, Class SUB(4) (5) (7) (12)7/18/203414,400,000 10,558,296 8,212,623 
CBAM CLO ManagementSeries 2017-3A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 71112.68%7/17/20344,000,000 3,966,003 3,520,628 
CBAM CLO ManagementSeries 2021-15A, Class SUB(4) (5) (7) (12)1/15/203611,267,262 8,663,503 6,847,656 
Cedar Funding CLO Ltd.Series 2016-6A, Class SUB(4) (5) (7) (12)4/20/203417,821,729 13,060,858 11,019,221 
Cent CLO 29 LtdSeries 2020-29A, Class D1R(4) (5) (7) (13) (14)SOFR + 3609.19%10/20/20343,900,000 3,694,230 3,708,338 
CIFC European Funding CLOSeries 4X, Class E(4) (5) (14) (16)EURIBOR + 5979.63%8/18/2035€2,845,000 2,738,214 2,703,509 
CIFC Funding Ltd.Series 2015-4A, Class SUB(4) (5) (7) (12)4/20/20345,952,500 2,771,578 2,187,759 
CIFC Funding Ltd.Series 2019-2A, Class ER(4) (5) (7) (13) (14)SOFR + 65912.16%4/17/20342,850,000 2,831,902 2,785,376 
CIFC Funding Ltd.Series 2020-4A, Class E(4) (5) (7) (13) (14)SOFR + 68512.42%1/15/20342,250,000 2,230,903 2,189,277 
CIFC Funding Ltd.Series 2021-3A, Class E1(4) (5) (7) (13) (14)SOFR + 64011.97%7/15/20361,500,000 1,473,648 1,447,131 
CIFC Funding Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 71512.52%10/15/20376,000,000 6,000,000 6,000,000 
Clover CLO Ltd.Series 2021-1A, Class E(2) (4) (5) (7) (13) (14)SOFR + 66012.21%4/22/20343,000,000 3,000,000 2,827,218 
Cordatus CLO PLCSeries 27A, Class E(4) (5) (7) (14)EURIBOR + 83512.13%4/15/2035€2,125,000 2,214,653 2,249,002 
Cordatus CLO PLCSeries 22X, Class E(4) (5) (14) (16)EURIBOR + 61610.01%12/15/2034€1,550,000 1,533,795 1,479,698 
Crown Point CLO Ltd.Series 2021-10A, Class E(2) (4) (5) (7) (13) (14)SOFR + 68512.44%7/20/20343,000,000 2,923,571 2,774,202 
Crown Point CLO Ltd.Series 2019-8A, Class ER(4) (5) (7) (13) (14)SOFR + 71312.72%10/20/20343,462,500 3,013,896 3,230,599 
Crown Point CLO Ltd.Series 2020-9A, Class DR(4) (5) (7) (13) (14)SOFR + 3759.32%7/14/20342,000,000 1,835,741 1,954,518 
Danby Park CLO Ltd.Series 2022-1A, Class M1(4) (5) (7) (12)10/21/20357,190,750 — 122,041 
Danby Park CLO Ltd.Series 2022-1A, Class M2(4) (5) (7) (12)10/21/20357,190,750 — 274,140 
Danby Park CLO Ltd.Series 2022-1A, Class SUB(4) (5) (7) (12)10/21/20357,190,750 5,836,034 6,596,248 
Davis Park CLO Ltd.Series 2022-1A, Class E(2) (4) (5) (7) (14)SOFR + 69512.28%4/20/20355,000,000 5,000,000 4,850,155 
Dryden Senior Loan Fund CLO Ltd.Series 2021-95A, Class SUB(4) (5) (7) (12)8/20/20344,915,323 3,781,531 3,022,540 
Dryden Senior Loan Fund CLO Ltd.Series 2022-106A, Class E(4) (5) (7) (14)SOFR + 88714.18%10/15/20351,333,334 1,283,037 1,353,330 
Elevation CLO Ltd.Series 2021-13A, Class E(2) (4) (5) (7) (13) (14)SOFR + 69512.52%7/15/20343,000,000 2,949,170 2,563,722 
Elmwood CLO 22 Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 76512.43%4/17/20363,350,000 3,350,000 3,384,626 
Elmwood CLO III Ltd.Series 2019-3A, Class ER(4) (5) (7) (13) (14)SOFR + 65012.09%10/20/20342,650,000 2,638,869 2,581,495 
Empower CLO Ltd.Series 2022-1A, Class E(4) (5) (7) (14)SOFR + 85513.88%10/20/20341,000,000 953,432 1,015,228 
Empower CLO Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 82213.29%4/25/20362,470,000 2,453,644 2,512,314 
Empower CLO Ltd.Series 2023-2A, Class D(4) (5) (7) (14)SOFR + 54010.74%7/15/20362,000,000 2,000,000 1,999,370 
Flatiron CLO Ltd.Series 2021-1A, Class E(4) (5) (7) (13) (14)SOFR + 60011.58%7/19/20343,750,000 3,643,110 3,601,890 
Generate CLO 8 Ltd.Series 8A, Class ER(4) (5) (7) (13) (14)SOFR + 69512.54%10/20/20342,820,000 2,613,954 2,685,545 
Glenbrook Park CLO DACSeries 1A, Class E(4) (5) (7) (14)EURIBOR + 75811.27%7/21/2036€2,750,000 2,783,152 2,762,560 
Golub Capital Partners CLO Ltd.Series 2021-53A, Class E(2) (4) (5) (7) (13) (14)SOFR + 67012.29%7/20/20344,000,000 3,966,222 3,838,196 
Golub Capital Partners CLO Ltd.Series 2023-68A, Class D(4) (5) (7) (14)SOFR + 54510.85%7/25/20366,750,000 6,750,000 6,767,570 
Golub Capital Partners CLO Ltd.Series 2021-54A, Class D(4) (5) (7) (13) (14)SOFR + 3859.48%8/5/20333,750,000 3,570,141 3,399,653 
Golub Capital Partners CLO Ltd.Series 2013-16A, Class DR2(4) (5) (7) (13) (14)SOFR + 4009.61%7/25/20332,000,000 1,927,508 1,818,352 
Halseypoint CLO Ltd.Series 2023-7A, Class D(4) (5) (7) (14)SOFR + 58411.10%7/20/20363,100,000 3,070,357 3,124,915 
Henley Funding Ltd.Series 7X, Class E(2) (4) (5) (14) (16)EURIBOR + 71410.86%4/25/2034€2,000,000 2,143,283 2,051,255 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
HPS Loan Management Ltd.Series 2023-18A, Class D(4) (5) (7) (14)SOFR + 57511.01%7/20/20363,750,000 3,750,000 3,756,041 
HPS Private Credit CLO 2023 1, LLCSeries 2023-1A, Class D(4) (5) (7) (14)SOFR + 67512.01%7/15/20356,000,000 6,000,000 5,965,776 
Invesco CLO Ltd.Series 2021-1A, Class E(4) (5) (7) (13) (14)SOFR + 64612.03%4/15/20343,075,000 2,942,721 2,879,950 
Invesco CLO Ltd.Series 2023-3A, Class D(4) (5) (7) (14)SOFR + 54010.82%7/15/20363,900,000 3,900,000 3,926,618 
Invesco CLO Ltd.Series 2023-3A, Class E(4) (5) (7) (14)SOFR + 81613.58%7/15/20363,000,000 2,940,528 3,004,746 
Ivy Hill Middle Market Credit Fund Ltd.Series 21A, Class D(4) (5) (7) (14)SOFR + 64011.82%7/18/20352,000,000 2,000,000 1,999,122 
KKK Financial CLO Ltd.Series 10, Class ER(2) (4) (5) (7) (13) (14)SOFR + 65012.17%9/15/20293,000,000 2,970,217 2,936,670 
KKK Financial CLO Ltd.Series 2021-36A, Class SUB(4) (5) (7) (12)10/15/20348,600,000 6,631,792 6,255,964 
KKK Financial CLO Ltd.Series 2023-46A, Class E(4) (5) (7) (14)SOFR + 82112.86%4/20/20352,100,000 2,074,551 2,071,497 
KKK Financial CLO Ltd.Series 2023-52A, Class E(4) (5) (7) (14)SOFR + 88114.09%7/16/20361,000,000 975,792 999,870 
KKR Financial CLO Ltd.Series 35A, Class E(4) (5) (7) (13) (14)SOFR + 68212.41%10/20/20341,500,000 1,377,796 1,394,399 
Madison Park Euro FundingSeries 9X, Class ER(4) (5) (14) (16)EURIBOR + 6119.77%7/15/2035€5,725,000 5,486,674 5,268,743 
Madison Park Funding Ltd.Series 2018-32A, Class ER(4) (5) (7) (13) (14)SOFR + 62011.81%1/22/20311,800,000 1,667,996 1,714,298 
Madison Park Funding Ltd.Series 2022-54A, Class E1(4) (5) (7) (14)SOFR + 89514.28%10/21/2034750,000 728,946 763,931 
Madison Park Funding Ltd.Series 2023-63A, Class D(4) (5) (7) (14)SOFR + 55010.58%4/21/20353,500,000 3,500,000 3,560,214 
Madison Park Funding Ltd.Series 2023-63A, Class E(4) (5) (7) (14)SOFR + 85713.65%4/21/20356,000,000 5,864,899 6,041,256 
Madison Park Funding Ltd.Series 2022-55A, Class E(2) (4) (5) (7) (14)SOFR + 81713.48%7/18/20355,818,182 5,710,764 5,856,605 
Madison Park Funding Ltd.Series 2020-47A, Class E(2) (4) (5) (7) (13) (14)SOFR + 74613.04%1/19/2034700,000 690,139 699,941 
Madison Park Funding Ltd.Series 2015-17A, Class SUB(4) (5) (7) (12)7/21/203024,315,250 8,081,807 4,481,396 
Marble Point CLO XX Ltd.Series 2021-1A, Class E(2) (4) (5) (7) (13) (14)SOFR + 71112.72%4/23/20342,500,000 2,478,959 2,294,595 
Marble Point CLO XXI Ltd.Series 2021-3A, Class E(2) (4) (5) (7) (13) (14)SOFR + 72012.77%10/17/20344,000,000 3,930,925 3,576,732 
Morgan Stanley Eaton Vance CLOSeries 2022-18A, Class D(4) (5) (7) (14)SOFR + 50010.33%10/20/20354,000,000 3,975,811 4,018,536 
Neuberger Berman CLO LtdSeries 2015-20A, Class ERP(4) (5) (7) (13) (14)SOFR + 65012.07%7/15/20341,000,000 907,737 922,760 
Neuberger Berman CLO LtdSeries 2022-49A, Class E(4) (5) (7) (14)SOFR + 70012.35%7/25/2034480,000 461,733 472,952 
Neuberger Berman Loan AdvisersSeries 2023-1A, Class D1(4) (5) (7) (14)SOFR + 50010.42%10/25/20363,850,000 3,811,500 3,811,500 
Oak Hill Credit PartnersSeries 2023-15A, Class E(4) (5) (7) (14)SOFR + 80013.12%4/20/20352,450,000 2,450,000 2,457,223 
Oak Hill Credit PartnersSeries 2014-10RA, Class ER(4) (5) (7) (13) (14)SOFR + 62511.84%4/20/20341,500,000 1,471,468 1,467,608 
OCP CLO Ltd.Series 2023-28A, Class D(4) (5) (7) (14)SOFR + 53510.77%7/16/20365,062,500 5,062,500 5,140,012 
Octagon 70 Alto Ltd.Series 2023-1A, Class D(4) (5) (7) (14)SOFR + 4099.50%10/20/20364,850,000 4,704,507 4,705,310 
Octagon 70 Alto Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 66612.07%10/20/20361,575,000 1,496,253 1,496,507 
Octagon Investment Partners 40 Ltd.Series 2019-1A, Class SUB(4) (5) (7) (12)1/20/203522,500,000 15,041,209 10,920,461 
Octagon Investment Partners 44 Ltd.Series 2019-1A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 67512.32%10/15/20346,425,000 6,325,664 5,592,609 
Octagon Investment Partners 58 Ltd.Series 2022-1A, Class E(2) (4) (5) (7) (14)SOFR + 72012.51%7/15/20379,500,000 9,500,000 8,905,718 
OFSI Fund Ltd.Series 2023-12A, Class E(4) (5) (7) (14)SOFR + 88513.81%1/20/2035350,000 344,908 350,638 
OHA Credit Funding 16 Ltd.Series 2023-16A, Class E(4) (5) (7) (14)SOFR + 67512.07%10/20/20368,000,000 8,000,000 8,000,000 
Palmer Square CLO Ltd.Series 2022-4A, Class E(4) (5) (7) (14)SOFR + 85813.91%10/20/20352,666,667 2,540,198 2,715,272 
Palmer Square CLO Ltd.Series 2023-2A, Class E(4) (5) (7) (14)SOFR + 82413.52%4/20/20362,820,000 2,780,344 2,865,255 
Palmer Square European CLOSeries 2023-1A, Class E(4) (5) (7) (14)EURIBOR + 75911.44%7/15/2036€1,150,000 1,194,074 1,167,582 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Providus CLO DACSeries 7X, Class E(2) (4) (5) (14) (16)EURIBOR + 76911.35%7/15/2036€2,250,000 2,251,738 2,307,543 
Regatta VI Funding Ltd.Series 2016-1A, Class ER2(2) (4) (5) (7) (13) (14)SOFR + 67512.34%4/20/20342,500,000 2,294,595 2,338,675 
Regatta XV Funding Ltd.Series 2018-4A, Class D(2) (4) (5) (7) (13) (14)SOFR + 65012.11%10/25/20313,000,000 2,979,839 2,755,686 
Regatta XXIII Funding Ltd.Series 2021-4A, Class E(2) (4) (5) (7) (13) (14)SOFR + 67012.29%1/20/20355,000,000 4,818,447 4,775,600 
Regatta XXV Funding Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 84113.66%7/15/20364,250,000 4,168,326 4,294,940 
Rockford Tower CLO Ltd.Series 2021-3A, Class D(4) (5) (7) (13) (14)SOFR + 3258.84%10/20/20345,500,000 5,189,068 5,265,557 
RR Ltd.Series 2021-16A, Class D(4) (5) (7) (13) (14)SOFR + 62511.82%7/15/20362,825,000 2,565,886 2,643,279 
RR Ltd.Series 2023-26A, Class D(4) (5) (7) (14)SOFR + 82512.98%4/15/20382,750,000 2,730,264 2,796,030 
Silver Point CLO Ltd.Series 2023-2A, Class E(4) (5) (7) (14)SOFR + 89914.07%4/20/20351,150,000 1,108,435 1,155,292 
Sixth Street CLO XXIII Ltd.Series 2023-23A, Class E(4) (5) (7) (14)SOFR + 70512.37%10/23/20364,000,000 4,000,000 4,000,000 
Sound Point CLO Ltd.Series 2021-1A, Class D(4) (5) (7) (13) (14)SOFR + 3509.11%4/25/20343,000,000 2,703,320 2,783,877 
Sound Point CLO Ltd.Series 2023-36A, Class D(4) (5) (7) (14)SOFR + 57011.12%7/26/20363,000,000 3,000,000 2,998,329 
Sound Point CLO Ltd.Series 2019-2A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 64712.04%7/15/20343,000,000 2,949,620 2,433,195 
Sound Point CLO Ltd.Series 2021-1A, Class E(2) (4) (5) (7) (13) (14)SOFR + 68512.46%4/25/20344,000,000 3,932,820 3,371,820 
Sound Point CLO Ltd.Series 2021-3A, Class D(4) (5) (7) (13) (14)SOFR + 3258.86%10/25/20345,000,000 4,469,971 4,513,320 
Symphony CLO Ltd.Series 2023-30A, Class D(4) (5) (7) (14)SOFR + 58510.92%4/20/20354,000,000 4,000,000 4,039,348 
Symphony CLO Ltd.Series 2021-25A, Class E(2) (4) (5) (7) (13) (14)SOFR + 65012.08%4/19/20343,458,334 3,073,294 3,188,491 
Symphony CLO Ltd.Series 2021-26A, Class ER(2) (4) (5) (7) (13) (14)SOFR + 75013.09%4/20/20333,500,000 3,500,000 3,147,585 
Symphony CLO Ltd.Series 2022-33A, Class E(2) (4) (5) (7) (14)SOFR + 71012.45%4/24/20355,000,000 5,000,000 4,749,715 
Tikehau CLO IX DACSeries 9A, Class E(4) (5) (7) (14)EURIBOR + 69110.27%4/20/2036€2,130,000 2,083,334 2,070,589 
Trimaran Cavu Ltd.Series 2021-1A, Class E(2) (4) (5) (7) (13) (14)SOFR + 65012.11%4/23/20323,000,000 2,930,772 2,798,595 
Trinitas CLO Ltd.Series 2019-10A, Class DR(4) (5) (7) (14)SOFR + 3608.91%1/15/20355,600,000 5,032,690 5,233,071 
Trinitas CLO Ltd.Series 2020-12A, Class D(4) (5) (7) (13) (14)SOFR + 4009.61%4/25/20334,150,000 3,974,013 4,039,984 
Trinitas CLO Ltd.Series 2023-23A, Class D(4) (5) (7) (14)SOFR + 53510.69%10/20/20362,000,000 2,000,000 1,999,634 
Trinitas Euro CLOSeries 4A, Class E(4) (5) (7) (14)EURIBOR + 71110.89%5/15/2038€1,400,000 1,393,677 1,382,192 
Venture CLO Ltd.Series 2022-45A, Class E(4) (5) (7) (14)SOFR + 77013.03%7/20/203510,000,000 9,772,055 7,874,130 
Voya CLO Ltd.Series 2020-3A, Class SUB(4) (5) (7) (12)10/20/20315,450,000 4,087,126 4,275,167 
Voya CLO Ltd.Series 2021-2A, Class E(4) (5) (7) (13) (14)SOFR + 66012.19%10/20/20341,000,000 894,244 918,605 
Voya Euro CLOSeries 6A, Class E(4) (5) (7) (14)EURIBOR + 72010.75%4/15/2037€2,500,000 2,529,951 2,581,384 
Voya Euro CLOSeries 5X, Class E(4) (5) (14) (16)EURIBOR + 5819.47%4/15/2035€1,416,000 1,357,751 1,330,622 
Wellfleet CLO Ltd.Series 2019-1A, Class D(2) (4) (5) (7) (13) (14)SOFR + 69012.49%7/20/20325,000,000 4,973,127 3,912,235 
Wellfleet CLO Ltd.Series 2021-1A, Class E(2) (4) (5) (7) (13) (14)SOFR + 66112.20%4/20/20345,000,000 4,939,490 4,277,055 
Wellfleet CLO Ltd.Series 2021-2A, Class E(2) (4) (5) (7) (13) (14)SOFR + 69612.53%7/15/20346,875,000 6,755,913 5,809,031 
Wind River CLO Ltd.Series 2017-3A, Class DR(4) (5) (7) (13) (14)SOFR + 3859.42%4/15/20354,300,000 4,106,743 3,967,821 
Wind River CLO Ltd.Series 2019-3A, Class SUB(4) (5) (7) (12)7/15/203117,900,000 11,943,258 6,719,037 
Wind River CLO Ltd.Series 2021-4A, Class SUB(4) (5) (7) (12)1/20/20354,814,180 3,600,554 3,137,069 
Wind River CLO Ltd.Series 2023-1A, Class D(4) (5) (7) (14)SOFR + 63311.40%4/25/20365,500,000 5,451,965 5,549,038 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%)FootnotesReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Wind River CLO Ltd.Series 2023-1A, Class E(4) (5) (7) (14)SOFR + 85213.59%4/25/20361,150,000 1,109,222 1,120,564 
Collateralized Loan Obligations Total (Cost of $594,853,146)$594,853,146 $558,013,253 
Investments—Asset Backed Securities (0.6%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Adams Outdoor Advertising LPSeries 2023-1, Class C(5) (7)Media: Advertising, Printing & Publishing11.71%11.71%7/15/2053$10,000,000 $9,999,911 $9,939,622 
Craft Ltd.Series 2023-IA, Class CLN(4) (5) (7) (14)Diversified Investment VehiclesSOFR + 1175 17.06%11/28/20322,000,000 2,000,000 2,035,000 
Asset Backed Securities Total (Cost of $11,999,911)$11,999,911 $11,974,622 
Investments—Common Stock (0.4%)FootnotesIndustryAcquisition DateUnits / SharesCostFair Value
Apex Group Ltd.(3) (5) (9) (10)Banking, Finance, Insurance & Real Estate5/11/2022163 $250,000 $305,124 
Avenu Holdings, LLC(5) (9) (10)Sovereign & Public Finance9/28/201821,552 12,954 68,237 
Buckeye Parent, LLC(5) (9) (10)Automotive12/22/2021221,234 221,234 8,453 
Cobham Ultra 1 CY S.C.A.(5) (9) (10)Aerospace & Defense7/29/20224,907,800 49,078 49,078 
Cobham Ultra S.à r.l.(5) (9) (10)Aerospace & Defense7/29/20227,695 9,376 11,266 
Cordstrap Holding B.V.(3) (5) (9) (10)Transportation5/12/2022424,234 440,079 2,523,880 
Dwyer Instruments, Inc.(5) (9) (10)Capital Equipment7/21/20215,454 54,543 128,849 
Internap Holding, LLC(3) (5) (9) (10)High Tech Industries7/31/2023352,994 114,299 114,299 
iQOR US, Inc.(3) (5) (9) (10)Business Services11/27/202055,976 713,694 44,333 
KRE HYOD JV, LLC(5) (9) (10)Banking, Finance, Insurance & Real Estate9/22/2021103,817 103,817 109,008 
NearU Holdings LLC(5) (9) (10)Consumer Services8/4/20229,881 988,143 632,752 
Primetech Holdco S.a.r.l.(5) (9) (10)Insurance7/28/2022330 1,957,394 1,990,736 
PXO Holdings I Corp.(5) (9) (10)Chemicals, Plastics & Rubber3/8/20225,232 523,244 451,335 
Sinch AB(9)High Tech Industries3/1/20225,304 — 9,325 
Tank Holding Co.(5) (9) (10)Capital Equipment3/26/2019200,000 — 556,167 
Tufin Software North America, Inc.(5) (9) (10)Software8/25/2022678,938 970,874 1,160,291 
Wineshipping.Com, LLC(5) (9) (10)Beverage, Food & Tobacco10/29/2021702 70,174 58,620 
WP Summit Co. Invest, L.P.(5) (9) (10)Banking, Finance, Insurance & Real Estate4/27/2023151,515 151,515 154,405 
Common Stock Total (Cost of $6,630,418)$6,630,418 $8,376,158 

Investments—Corporate Bonds (8.1%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Secured (7.1%)
Air Canada Pass Through Trust(2) (3) (7)Aerospace & Defense9.00%9.00%10/1/2025$846,296 $846,296 $852,643 
Artera Services, LLC(2) (3) (7)Capital Equipment9.03%9.03%12/4/20251,000,000 1,007,323 924,700 
Athena S.p.A(3) (5) (8)Entertainment8.75% PIK 8.75%4/12/2027€28,754,989 30,442,569 30,021,200 
British Airways Pass Through Trust(2) (3) (7)Aerospace & Defense8.38%8.38%11/15/2028414,916 414,916 421,005 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Bonds (8.1%)FootnotesIndustryReference Rate & SpreadInterest RateMaturity DatePar / Principal Amount *Amortized CostFair Value
Cartiere Villa Lagarina S.p.A.(4) (5) (8) (14)Containers, Packaging & GlassEURIBOR + 600, 4.75% PIK 14.35%12/22/2025€2,746,668 3,279,887 2,947,474 
Cartitalia S.p.A(4) (5) (8) (14)Containers, Packaging & GlassEURIBOR + 600, 4.75% PIK 14.35%12/22/2025€2,224,653 2,647,115 2,428,455 
Cloud Software Group, Inc.(7)Software9.00%9.00%9/30/202911,329,000 9,062,796 9,849,580 
Cobham Ultra PikCo S.a.r.l.(3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 825 13.78%8/4/203112,242,553 12,000,915 12,150,734 
Cobham Ultra Sunco S.a.r.l(2) (3) (4) (5) (13) (14)Aerospace & DefenseSOFR + 725 12.78%8/4/203023,131,000 22,618,271 22,899,690 
Constellation Automotive Financing PLC(3) (7)Specialty Retail4.88%4.88%7/15/2027£2,490,000 2,619,223 2,302,044 
Fideicomiso Fiduoccidente - Acciones TCBuen(5)Banking, Finance, Insurance & Real Estate9.45%9.45%12/30/202911,000,000 10,905,500 10,807,500 
GasLog Ltd.(2) (3) (5)Energy: Oil & Gas7.75%7.75%3/21/202923,069,968 22,934,078 22,377,869 
GoTo Group, Inc.(2) (3) (7)Software5.50%5.50%9/1/20278,000,000 4,589,622 4,424,000 
GREC II CWF LLC(3) (5)Independent Power and Renewable Electricity Producers8.25%8.25%7/28/20288,820,000 8,713,106 8,709,750 
ION Trading Technologies S.a.r.l.(2) (3) (7)High Tech Industries5.75%5.75%5/15/20283,000,000 2,474,338 2,616,000 
Rackspace Technology Global, Inc.(2) (3) (7)High Tech Industries5.38%5.38%12/1/20282,000,000 1,730,325 656,571 
Team KGK, LLC(2) (3) (5)Energy: Oil & Gas8.25%8.25%12/31/20289,252,273 9,183,323 9,136,619 
Tolentino S.p.A.(4) (5) (8) (14)Containers, Packaging & GlassEURIBOR + 600, 4.75% PIK 14.35%12/22/2025€1,030,000 1,229,958 1,105,303 
Windstream Holdings, Inc.(2) (3) (7)Telecommunications7.75%7.75%8/15/20287,000,000 6,064,262 5,530,000 
Zayo Group Holdings, Inc.(2) (3) (7)Telecommunications4.00%4.00%3/1/20277,000,000 5,729,683 5,188,750 
Secured Total (Cost of $158,493,506)$158,493,506 $155,349,887 
Unsecured (1.0%)
Aretec Escrow Issuer, Inc.(2) (3) (7)Banking, Finance, Insurance & Real Estate7.50%7.50%4/1/2029$9,140,000 $9,239,294 $8,148,310 
CCO Holdings LLC.(2) (3) (7)Telecommunications4.50%4.50%6/1/20332,000,000 1,622,575 1,530,800 
Covanta Holding Corp.(2) (3) (7)Environmental Industries4.88%4.88%12/1/20293,000,000 2,623,798 2,461,200 
Radiate Holdco, LLC(2) (3) (7)Telecommunications6.50%6.50%9/15/20281,790,000 1,546,272 939,571 
Rocket Software, Inc.(2) (3) (7)Software6.50%6.50%2/15/20294,500,000 3,864,628 3,712,500 
SPX FLOW, Inc.(2) (3) (7)Chemicals, Plastics & Rubber8.75%8.75%4/1/20302,500,000 2,395,743 2,311,500 
VistaJet Malta Finance Plc(2) (3) (7)Passenger Airlines7.88%7.88%5/1/20272,500,000 2,480,877 2,153,125 
Unsecured Total (Cost of $23,773,187)$23,773,187 $21,257,006 
Corporate Bonds Total (Cost of $182,266,693)$182,266,693 $176,606,893 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Preferred Stock (6.1%)FootnotesIndustryReference Rate & SpreadInterest RateAcquisition DateUnits / SharesCostFair Value
Apex Group Ltd.Series A5(3) (5) (8)Banking, Finance, Insurance & Real Estate14.00% PIK14.00%1/29/20216,523 $7,517,476 $6,982,949 
Apex Group Ltd.Series A3(3) (5) (8)Banking, Finance, Insurance & Real Estate14.00% PIK14.00%1/29/2021835 973,180 893,821 
Apex Group Ltd.Series A1(3) (5) (8)Banking, Finance, Insurance & Real Estate14.00% PIK14.00%1/29/20211,815 2,114,764 1,937,826 
Apex Group Ltd.Series A1 Liquidation(3) (5) (8)Banking, Finance, Insurance & Real Estate14.00% PIK14.00%1/29/202141 14,110 43,715 
Apex Group Ltd.Series A15(5) (8)Banking, Finance, Insurance & Real Estate11.50% PIK11.50%4/25/202223,531,002 23,031,002 23,001,555 
Appriss Health, LLC(5) (8)Health Care Providers & Services11.00% PIK11.00%5/6/2021167 162,674 158,867 
Arrowhead GS Holdings, Inc.(4) (5) (8) (13) (14)Trading Companies & DistributorsSOFR + 10.75% PIK16.09%10/19/20227,914 7,742,781 7,577,495 
Blackbird Purchaser, Inc.(5) (8)Capital Equipment12.50% PIK12.50%12/14/202116,057 15,800,992 15,463,987 
Cordstrap Holding B.V(3) (4) (5) (8) (14)TransportationEURIBOR + 9.61% PIK13.24%5/12/20222,834,721 2,946,971 3,049,456 
Drilling Info Holdings, Inc.(5) (8)Energy: Oil & Gas13.50% PIK13.50%2/11/20201,812,930 1,805,125 1,772,139 
Integrity Marketing Group, LLC(5) (8)Banking, Finance, Insurance & Real Estate10.50% PIK10.50%12/21/20219,015,130 8,865,130 8,747,281 
NEFCO Holding Company, LLC(5) (8)Construction & Engineering8.00% PIK8.00%8/5/2022304 304,238 304,238 
PCF Holdco, LLC(4) (5) (6) (8)Banking, Finance, Insurance & Real EstateSOFR + 15.00% PIK15.00%2/16/20237,198 6,061,617 6,323,819 
Picard Holdco, Inc.(4) (5) (8) (13)High Tech IndustriesSOFR +12.00% PIK17.34%9/30/202219,017 18,490,237 19,017,021 
Propulsion BC Finco S.a.r.l.(4) (5) (8) (14)Aerospace & DefenseSOFR + 10.75% PIK16.16%9/13/20223,392,382,633 33,048,585 34,178,255 
Zippy Shell, Inc.(5) (8) (10)Commercial Services & Supplies8.00% PIK8.00%11/2/202039,191 1,010,534 1,803,042 
Preferred Stock Total (Cost of $129,889,416)$129,889,416 $131,255,466 
Investments—Warrant (0.2%)FootnotesIndustryAcquisition DateExpiration DateUnits / Shares / % of OwnershipCostFair Value
CP Developers S.a.r.l.(5) (9) (10)Banking, Finance, Insurance & Real Estate5/21/20215/24/20319.5%$2,093,085 $1,675,319 
Digital Intelligence Systems, LLC(5) (9) (10)Consumer Services4/2/20214/2/2026145,025579,130 1,878,074 
PCF Holdco, LLC(5) (9) (10)Banking, Finance, Insurance & Real Estate2/16/20232/16/2033386,981814,339 814,340 
PCF Holdco, LLC(5) (9) (10)Banking, Finance, Insurance & Real Estate2/16/20232/16/2033386,981214,516 251,436 
Warrant Total (Cost of $3,701,070)$3,701,070 $4,619,169 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Short Term Investment (6.0%)FootnotesReference Rate & SpreadInterest RateUnits / SharesCostFair Value
Fidelity Investments Money Market Government Portfolio 5.28%5.28%40,000,000 $40,000,000 $40,000,000 
Morgan Stanley Institutional Liquidity Funds: Government Portfolio5.26%5.26%34,843,862 34,843,862 34,843,862 
State Street Institutional U.S. Government Money Market Fund5.30%5.30%56,268,728 56,268,728 56,268,728 
Short Term Investment Total (Cost of $131,112,590)$131,112,590 $131,112,590 
Total Investments, at Fair Value (Cost of $2,820,740,215) (1)127.0 %$2,756,316,993 
Net Other Assets (Liabilities)(27.0)%$(585,648,585)
Net Assets100.0 %$2,170,668,408 

Interest Rate Swaps as of September 30, 2023
CounterpartyHedged InstrumentFootnotesFund ReceivesFund PaysMaturity DateNotional AmountFair ValueChange in Unrealized Gain/ (Loss)
Macquarie Bank LimitedSeries A MRP Shares(17)3.55%SOFR3/8/2027$75,000,000 $(2,382,825)$(1,515,627)
Macquarie Bank LimitedSeries B MRP Shares(17)3.29%SOFR3/7/202925,000,000 (1,289,097)(748,074)
Macquarie Bank LimitedSeries C MRP Shares(17)2.79%SOFR9/1/202775,000,000 (4,517,547)(1,334,845)
Macquarie Bank LimitedSeries C MRP Shares(17)4.07%SOFR9/1/202725,000,000 (381,676)(660,980)
    Total$200,000,000 $(8,571,145)$(4,259,526)
Cash Collateral— 8,853,370 — 
Total Interest Rate Swaps$200,000,000 $282,225 $(4,259,526)

Forward Foreign Currency Contracts as of September 30, 2023
CounterpartySettlement DateNotional Amount to be PurchasedNotional Amount to be SoldFair ValueChange in Unrealized Appreciation/ (Depreciation)
Macquarie Bank Limited10/16/2023$154,256 €145,805 $2,441 $2,441 
Macquarie Bank Limited11/17/2023$12,406,609 €11,710,933 $464,994 $464,994 
Macquarie Bank Limited11/17/2023$71,823,999 €67,796,610 $3,176,001 $3,176,001 
Macquarie Bank Limited11/17/2023$8,682,682 €8,195,818 $95,039 $95,039 
Goldman Sachs & Co. LLC11/17/2023$2,052,006 €1,936,944 $18,587 $18,587 
Macquarie Bank Limited11/17/2023$980,224 €925,260 $(4,908)$(4,908)
Macquarie Bank Limited11/17/2023$244,182 €230,490 $(1,223)$(1,223)
Macquarie Bank Limited11/17/2023$1,145,593 €1,081,356 $(5,736)$(5,736)
Macquarie Bank Limited11/17/2023$2,219,233 €2,094,794 $(11,111)$(11,111)
Macquarie Bank Limited11/17/2023$1,822,587 €1,720,389 $(9,125)$(9,125)
Macquarie Bank Limited1/17/2024$157,239 €147,929 $2,584 $2,584 
Macquarie Bank Limited4/15/2024$158,621 €148,619 $3,908 $3,908 
Macquarie Bank Limited7/15/2024$159,767 €149,062 $2,457 $2,457 


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Forward Foreign Currency Contracts as of September 30, 2023
CounterpartySettlement DateNotional Amount to be PurchasedNotional Amount to be SoldFair ValueChange in Unrealized Appreciation/ (Depreciation)
Macquarie Bank Limited10/15/2024$158,289 €147,064 $2,232 $2,232 
Macquarie Bank Limited1/15/2025$154,627 €143,105 $1,945 $1,945 
Macquarie Bank Limited4/15/2025$151,726 €139,887 $1,660 $1,660 
Macquarie Bank Limited7/15/2025$154,933 €142,292 $1,390 $1,390 
Macquarie Bank Limited10/15/2025$7,119,667 €6,515,206 $14,483 $14,483 
Macquarie Bank Limited10/16/2023$408,607 £334,863 $(2,670)$(2,670)
Macquarie Bank Limited11/17/2023$23,825,403 £19,522,050 $955,302 $955,302 
Goldman Sachs & Co. LLC11/17/2023$71,951,155 £58,955,312 $3,048,845 $3,048,845 
Macquarie Bank Limited11/17/2023$2,388,118 £1,956,775 $37,305 $37,305 
Macquarie Bank Limited1/17/2024$409,605 £335,445 $(2,006)$(2,006)
Macquarie Bank Limited2/15/2024$683,074 £559,324 $28,414 $28,414 
Macquarie Bank Limited4/15/2024$408,259 £334,213 $(1,522)$(1,522)
Macquarie Bank Limited7/15/2024$408,150 £334,051 $(1,176)$(1,176)
Macquarie Bank Limited10/15/2024$403,686 £330,398 $(964)$(964)
Macquarie Bank Limited1/15/2025$395,769 £324,054 $(698)$(698)
Macquarie Bank Limited4/15/2025$389,025 £318,663 $(671)$(671)
Macquarie Bank Limited7/15/2025$396,235 £324,703 $(682)$(682)
Macquarie Bank Limited10/15/2025$16,159,873 £13,246,550 $(104,392)$(104,392)
Total$7,710,703 $7,710,703 
Cash Collateral (18)(4,631,209)— 
Total Forward Foreign Currency Contracts$3,079,494 $7,710,703 

* Par / Principal Amount is denominated in USD (“$”) unless otherwise noted, as denominated in British Pound (“£”), Canadian Dollar (“C$”), or Euro (“€”).
(1) All of the Fund's Corporate Loans, Collateralized Loan Obligations, Asset Backed Securities, Common Stock, Corporate Bonds, Preferred Stock, Warrants and Short-Term Investments, if applicable, which as of September 30, 2023 represented 127.0% of the Fund's net assets or 82.3% of the Fund's total assets. Certain investments are subject to contractual restrictions on sales.
(2) The security position has been segregated as collateral against outstanding borrowings.
(3) All or a portion of this security is owned by OCPC Credit Facility SPV LLC (the “SPV”). See Note 1. Organization. As of September 30, 2023, the aggregate fair value of these securities is $1,676,971,220, or 60.8% of the Fund’s Total Investments, at Fair Value.
(4) Represents the interest rate for a variable or increasing rate security, determined as Reference Rate + Basis-point spread. Stated interest rate represents the “all-in” rate as of September 30, 2023. Reference Rates are defined as follows:
CDORCanadian Dollar Offered Rate
EURIBOREuro Interbank Offered Rate
LIBORLondon Interbank Offered Rate
LOCAs defined by respective Letter of Credit Agreement
PRIMEU.S. Prime Rate
SOFRSecured Overnight Financing Rate
SONIASterling Overnight Index Average


CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
As of September 30, 2023, the reference rates for our variable rate loans were the 30-day LIBOR at 5.43%, the 90-day LIBOR at 5.58%, the daily SOFR at 5.31%, the 30-day SOFR at 5.32%, the 90-day SOFR at 5.40%, the 180-day SOFR at 5.47%, the 30-day CDOR at 5.51%, the 90-day EURIBOR at 3.95%, the 180-day EURIBOR at 4.13%, the daily SONIA at 5.19%, and the daily PRIME rate at 8.50%.
(5) The value of this security was determined using significant unobservable inputs. See Note 3. Fair Value Measurements.
(6) The Fund has an unfunded commitment to fund delayed draw and/or revolving senior secured loans. See Note 5. Commitments and Contingencies.
(7) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under the guidelines established by the Board of Trustees. As of September 30, 2023, the aggregate fair value of these securities is $603,658,478 or 27.8% of the Fund's net assets.
(8) Interest or dividend is paid-in-kind, when applicable.
(9) Non-income producing security.
(10) Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted, excluding 144A securities, Regulation S securities, and loans. As of September 30, 2023, the aggregate fair value of these securities is $14,789,044, or 0.7% of the Fund’s net assets.
(11) In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Fund is entitled to receive additional interest as a result of an agreement among lenders. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.
(12) Class SUB are equity tranches of CLO issuances. These notes receive excess distributions, if any, once all other senior obligations are satisfied in the CLO structure. CLO equity tranches are generally issued at a discount and have no contractual principal and interest payments.
(13) Securities include a credit spread adjustment that ranges from 0.10% to 0.43%.
(14) Securities include an interest rate floor feature, which is generally around 1.00%.
(15) Loan was on non-accrual status as of September 30, 2023.
(16) Represents securities sold outside the U.S. and exempt from registration under the Securities Act of 1933, as amended, under Regulation S. These securities have been determined to be liquid under the guidelines established by the Board of Trustees. As of September 30, 2023, the aggregate fair value of these securities is $20,351,696 or 0.9% of the Fund's net assets.
(17) Interest rate swap contains a variable rate structure and bears interest at a rate determined by three-month term SOFR.
(18) As of September 30, 2023, there was $4,631,209 of cash collateral available to offset with Macquarie Bank Limited, and $0 available to offset with Goldman Sachs & Co. LLC.
(19) The reference rate is either using synthetic LIBOR or will transition from LIBOR to SOFR effective at the commencement of the subsequent interest rate period. As of September 30, 2023, the current reference rate was LIBOR.

See accompanying Notes to Consolidated Schedule of Investments.



CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
As of September 30, 2023

1. ORGANIZATION
Carlyle Tactical Private Credit Fund (together with its consolidated subsidiary, the “Fund”) is a Delaware statutory trust formed on December 13, 2017, and structured as an externally managed, diversified closed-end investment company. The Fund is managed by its Adviser, Carlyle Global Credit Investment Management L.L.C. (“CGCIM” or the “Adviser”), a wholly owned subsidiary of Carlyle Investment Management L.L.C. The Fund is registered under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”) and operates as an interval fund. In addition, the Fund has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value.
On June 4, 2018 (Commencement of Operations), the Fund completed its initial offering of shares of beneficial interest and subsequently commenced substantial investment operations. Effective November 4, 2019, the Fund changed its name from “OFI Carlyle Private Credit Fund” to “Carlyle Tactical Private Credit Fund.” Prior to October 24, 2019, the Fund’s Adviser was OC Private Capital, LLC, a joint venture between an affiliate of Invesco Ltd. and Carlyle Investment Management L.L.C., the parent company of CGCIM.
OCPC Credit Facility SPV LLC (the “SPV”) is a Delaware limited liability company that was formed on March 11, 2018. The SPV is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation, March 11, 2018. As of September 30, 2023, the Fund’s net assets were $2,170,668,408, of which $1,387,777,080, or 63.9%, are represented by the SPV’s net assets.
The Fund’s investment objective is to produce current income. The Fund seeks to achieve its investment objective by opportunistically allocating its assets across a wide range of credit strategies. Under normal circumstances, the Fund will invest at least 80% of its assets in private credit instruments. The Fund will opportunistically allocate its investments in private credit instruments across any number of the following credit strategies: (a) liquid credit (including broadly syndicated loans); (b) direct lending (including first lien loans, second lien loans, unitranche loans and mezzanine debt); (c) opportunistic credit; (d) structured credit (including collateralized loan obligations, or “CLOs”); and (e) real assets credit (including infrastructure, aviation and real estate). To a lesser extent, the Fund also may invest in special situations, including stressed and non-control distressed credit and opportunities arising due to market dislocation. The Fund may invest in additional strategies in the future. While some of the loans in which the Fund will invest pursuant to the foregoing may be secured, the Fund may also invest in debt securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. The Fund normally will invest in a number of different countries. There is no minimum or maximum limit on the amount of the Fund’s assets that may be invested in non-U.S. securities. The Fund’s portfolio composition is expected to change over time as the Adviser’s view changes on, among other things, the economic and credit environment (including with respect to interest rates) in which the Fund is operating.
The Fund may invest a substantial portion of its assets in loans to companies whose debt, if rated, is rated below investment grade, and, if not rated, would likely be rated below investment grade if it were rated (that is, below BBB- or Baa3, which is often referred to as “high yield” or “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’s capacity to pay interest and repay principal.
To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. Pursuant to this election, the Fund generally does not have to pay corporate level taxes on any income that it distributes to shareholders, provided that the Fund satisfies those requirements.


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Foreside Fund Services, LLC (the “Distributor”) serves as the Fund’s principal underwriter and the distributor of the Fund’s shares. The Fund offers Class A, Class I, Class L, Class M, Class N, Class U, and Class Y shares. During the reporting period, the Fund’s shares were offered for sale on a daily basis for all of its share classes. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications directly attributable to that class. Class A, L, M, U and Y have separate distribution and/or service plans under which they pay fees. Class I and Class N do not pay such fees. The sales load payable by each investor depends upon the amount invested by the investor in the Fund, but may range from 0.00% to 3.50%.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated schedule of investments have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The consolidated schedule of investments include the accounts of the Fund and its wholly owned subsidiary, the SPV. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.
3. FAIR VALUE MEASUREMENTS
The Fund applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. The Fund values securities/instruments traded in active markets on the measurement date by multiplying the bid price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Fund may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Fund may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.
The Board of Trustees has designated the Adviser as the Fund’s valuation designee for purposes of Rule 2a-5 under the Investment Company Act to perform the fair value determination of all of the Fund’s assets in accordance with the terms of ASC 820. Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Adviser, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The Adviser engages third-party valuation firms to provide independent prices on securities/instruments that are illiquid or for which the pricing source does not provide a valuation. The Adviser’s Valuation Committee (the “Valuation Committee”) reviews the assessments of the third-party valuation firms and provides any recommendations with respect to changes to the fair value of each investment in the portfolio and approves the fair value of each investment in the portfolio in good faith based on the input of the third-party valuation firms. If the Adviser reasonably believes a valuation from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Valuation Committee will consider an “override” of the particular valuation. The Valuation Committee will consider all available information at its disposal prior to making a valuation determination.
All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:
•the nature and realizable value of any collateral;


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


•call features, put features and other relevant terms of debt;
•the portfolio company’s leverage and ability to make payments;
•the portfolio company’s public or private credit rating;
•the portfolio company’s actual and expected earnings and discounted cash flow;
•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;
•the markets in which the portfolio company does business and recent economic and/or market events; and
•comparisons to comparable transactions and publicly traded securities.
Investment performance data utilized are the most recently available financial statements and compliance certificate received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation.
U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:
•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Adviser does not adjust the quoted price for these investments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.
Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. During the nine month period ended September 30, 2023, there were transfers of $4,856,980 into Level 3 and transfers of $8,587,644 out of Level 3. Transfers into and out of Level 3 were primarily due to decreased or increased price transparency, respectively, and are based on the Fund’s policy to determine the fair value hierarchy utilizing available quoted prices in active markets, the bid-ask spread and the liquidity of the investment.
The following table summarizes the Fund’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of September 30, 2023:
As of September 30, 2023
Level 1Level 2Level 3Total
Assets
Corporate Loans
First Lien Debt$— $401,861,158 $1,112,488,858 $1,514,350,016 
Second Lien Debt— 5,381,761 214,627,065 220,008,826 
Collateralized Loan Obligations— — 558,013,253 558,013,253 
Asset Backed Securities— — 11,974,622 11,974,622 
Common Stock9,324 — 8,366,834 8,376,158 
Corporate Bonds
Secured— 32,765,293 122,584,594 155,349,887 
Unsecured— 21,257,006 — 21,257,006 
Preferred Stock— — 131,255,466 131,255,466 
Warrants— — 4,619,169 4,619,169 
Short Term Investment131,112,590 131,112,590 
      Total Investments, at Fair Value$131,121,914 $461,265,218 $2,163,929,861 $2,756,316,993 
Interest Rate Swaps$— $(8,571,145)$— $(8,571,145)
Forward Foreign Currency Contracts— 7,710,703 — 7,710,703 


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


The changes in the Fund’s investments at fair value for which the Fund has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:
For the nine month period ended September 30, 2023
Corporate LoansCollateralized Loan ObligationsAsset Backed SecuritiesCommon StockSecured Corporate BondsPreferred StockWarrantsTotal
First Lien DebtSecond Lien Debt
Balance, beginning of period$964,399,904 $204,105,732 $298,919,191 $— $8,903,635 $142,412,885 $116,425,719 $4,695,567 $1,739,862,633 
Purchases276,242,884 15,724,055 287,121,464 11,999,911 265,815 13,298,848 17,672,518 1,028,856 623,354,351 
Sales(111,783,385)(9,044,525)(42,999,072)— (125,560)(33,722,281)(4,354,229)(640,874)(202,669,926)
Paydowns(24,173,469)— — — — — — — (24,173,469)
Accretion of discount (premium)4,014,368 545,002 587,573 — — 954,321 — — 6,101,264 
Net realized gains (losses)(271,028)(2,519,738)(3,476,015)— (308,345)(1,509,927)(46,817)595,069 (7,536,801)
Net change in unrealized appreciation (depreciation)7,790,248 5,816,539 17,860,112 (25,289)(368,711)1,150,748 1,558,275 (1,059,449)32,722,473 
Transfers into Level 34,856,980 — — — — — — — 4,856,980 
Transfers out of Level 3(8,587,644)— — — — — — — (8,587,644)
Balance, end of period$1,112,488,858 $214,627,065 $558,013,253 $11,974,622 $8,366,834 $122,584,594 $131,255,466 $4,619,169 $2,163,929,861 
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date$10,293,977 $4,251,665 $12,730,377 $(25,289)$(484,613)$181,148 $1,734,383 $(433,425)$40,978,600 
The Fund generally uses the following framework when determining the fair value of investments that are categorized as Level 3:
Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Fund carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.
Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.
Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using market-based methodologies. Investments in debt securities may also be valued using consensus pricing.
The fair value of CLOs is estimated based on various valuation models from third-party pricing services. Those analyses consider the current trading activity, position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates, and default forecasts. The Fund corroborates quotations from pricing services either with other available pricing data and subsequent or recent trading information. These securities are classified as Level 3.


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


The fair value of asset-backed securities (“ABS”) is generally valued by third-party pricing services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available.
Investments in equities are generally valued using consensus pricing, or a market approach and/or an income approach. The market approach utilizes EBITDA multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company.
The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of September 30, 2023:
Fair Value as of September 30, 2023Valuation TechniquesSignificant Unobservable InputsRangeWeighted Average
LowHigh
Corporate Loans
First Lien Debt$1,048,567,264 Income ApproachDiscount Rate9.0 %43.0 %13.0 %
53,948,656 Consensus PricingIndicative Quotes0.50 98.63 95.26 
9,972,938 Market ApproachComparable Multiple12.00 x12.00 x12.00 x
Second Lien Debt213,287,065 Income ApproachDiscount Rate12.4 %21.3 %16.3 %
1,340,000 Consensus PricingIndicative Quotes67.00 67.00 67.00 
Secured Corporate Bonds122,584,594 Income ApproachDiscount Rate7.2 %15.4 %10.8 %
Asset Backed Securities2,035,000 Income ApproachDiscount Rate15.8 %15.8 %15.8 %
9,939,622 Consensus PricingIndicative Quotes99.40 99.40 99.40 
Collateralized Loan Obligations558,013,253 Consensus PricingIndicative Quotes1.70 102.23 89.07 
Preferred Stock129,148,186 Income ApproachDiscount Rate12.6 %21.3 %15.9 %
2,107,280 Market ApproachComparable Multiple11.50 x13.80 x11.83 x
Common Stock109,008 Income ApproachDiscount Rate17.5 %17.5 %17.5 %
44,333 Consensus PricingIndicative Quotes0.79 0.79 0.79 
8,213,493 Market ApproachComparable Multiple5.50 x20.25 x10.35 x
Warrants4,619,169 Market ApproachComparable Multiple8.75 x14.50 x10.83 x
Total Level 3 Investments$2,163,929,861 
The significant unobservable inputs used in the fair value measurement of the Fund’s investments in corporate loans, secured corporate bonds, ABS and CLOs are discount rates and indicative quotes. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in indicative quotes may result in a significantly lower fair value measurement.
The significant unobservable inputs used in the fair value measurement of the Fund’s investments in equities are indicative quotes, discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.
4. RISK FACTORS
Investment Risks
Portfolio Fair Value Risk
Under the Investment Company Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value. There is not a public market for the securities of the privately held companies in which the Fund may invest. Many of the Fund’s investments are not exchange-traded, but are, instead, traded on a privately negotiated over-the-counter (“OTC”) secondary market for institutional investors. The Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio investments


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


and implementing the portfolio valuation process set forth in the Fund’s valuation policy. Valuations of Fund investments are disclosed quarterly in reports publicly filed with the SEC.
A high proportion of the Fund’s investments relative to its total investments are valued at fair value. Certain factors that may be considered in determining the fair value of the Fund’s investments include dealer quotes for securities traded on the OTC secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to selected publicly-traded companies, discounted cash flow and other relevant factors. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. Such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, and they often reflect only periodic information received by the Adviser about such companies' financial condition and/or business operations, which may be on a lagged basis and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed. Investments in private companies are typically governed by privately negotiated credit agreements and covenants, and reporting requirements contained in the agreements may result in a delay in reporting their financial position to lenders, which in turn may result in the Fund’s investments being valued on the basis of this reported information. Due to these various factors, the Adviser’s fair value determinations could cause the Fund’s NAV on a valuation day to materially differ from what it would have been had such information been fully incorporated. As a result, investors who purchase shares may receive more or less shares and investors who tender their shares may receive more or less cash proceeds than they otherwise would receive.
Potential Conflicts of Interest Risk—Allocation of Investment Opportunities
The Adviser has adopted allocation procedures that are intended to treat each fund they advise in a manner that, over a period of time, is fair and equitable. The Adviser and its affiliates currently provide investment advisory and administration services and may provide in the future similar services to other entities (collectively, “Advised Funds”). Certain existing Advised Funds have, and future Advised Funds may have, investment objectives similar to those of the Fund, and such Advised Funds will invest in asset classes similar to those targeted by the Fund. Certain other existing Advised Funds do not, and future Advised Funds may not, have similar investment objectives, but such funds may from time to time invest in asset classes similar to those targeted by the Fund. The Adviser will endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to the Fund and other clients and in an effort to avoid favoring one client over another and taking into account all relevant facts and circumstances, including (without limitation): (i) differences with respect to available capital, size of client, and remaining life of a client; (ii) differences with respect to investment objectives or current investment strategies, including regarding: (a) current and total return requirements, (b) emphasizing or limiting exposure to the security or type of security in question, (c) diversification, including industry or company exposure, currency and jurisdiction, or (d) rating agency ratings; (iii) differences in risk profile at the time an opportunity becomes available; (iv) the potential transaction and other costs of allocating an opportunity among various clients; (v) potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such security; (vi) the nature of the security or the transaction, including minimum investment amounts and the source of the opportunity; (vii) current and anticipated market and general economic conditions; (viii) existing positions in a borrower/loan/security; and (ix) prior positions in a borrower/loan/security. Nevertheless, it is possible that the Fund may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with the Adviser.
Loans
The Fund invests in loans, either through primary issuances or in secondary transactions, including potentially on a synthetic basis. The value of the Fund’s loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can there be any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a borrower) that could cause the Fund’s security interest in


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


the loan’s collateral to be invalidated. Also, much of the collateral will be subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchases if the Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral.
Collateralized Loan Obligations
The Fund invests in CLOs. CLOs are backed by a portfolio of senior secured loans. The Fund’s CLO investments may include senior/mezzanine CLO debt tranches (rated investment grade), mezzanine CLO debt tranches (rated below investment grade or unrated), subordinated CLO equity tranches (unrated), leveraged loans (including warehouse facilities that hold such loans) and vehicles that invest indirectly in CLO securities or leveraged loans. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in right of payment to subordinated/equity tranches. In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund’s principal investment. CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment to other senior classes of CLO debt; and (4) the complex structure of a particular security may produce disputes with the issuer or unexpected investment results, especially during times of market stress or volatility.
Securities on a When-Issued or Forward Commitment Basis
The Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions. The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants are subject to delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.
Covenant-Lite Loans Risk
Some of the loans in which the Fund may invest may be “covenant-lite” loans. “Covenant-lite” loans refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent the Fund invests in “covenant-lite” loans, the Fund may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Equity Security Risk
Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.
Risks of Foreign Investing
The Fund may make investments in non-U.S. entities, including issuers in emerging markets. The Fund expects that its investment in non-U.S. issuers will be made primarily in U.S. dollar denominated securities, but it reserves the right to purchase securities that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers.
Real Assets Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments associated with real assets, including infrastructure and aviation, which have historically experienced substantial price volatility. The value of companies engaged in these industries is affected by (i) changes in general economic and market conditions; (ii) changes in environmental, governmental and other regulations; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) surplus capacity and depletion concerns; (viii) the availability of financing; and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success of these investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in these industries may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.
Real Estate Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments of companies in the real estate industry, which has historically experienced substantial price volatility. The value of companies engaged in the real estate industry is affected by (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success of real estate investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in this industry may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Interest Rate Swaps Risk
The Fund may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect itself from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.
Market Risks
The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund’s investments), trade barriers, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China, an escalation in conflict between Russia and Ukraine or other systemic issuer or industry-specific economic disruptions, could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us.
Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by uncertainty, volatility and instability. Serious economic disruptions may result in governmental authorities and regulators enacting significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably increasing or lowering interest rates, which, in some cases resulted in negative interest rates.
U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers it invests in. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.
Brexit Risk
The Fund may invest a portion of its capital in debt securities issued by issuers domiciled in Europe, including issuers domiciled in the United Kingdom (“UK”). The government of the UK held an in-or-out referendum on the UK’s membership in the EU on June 23, 2016. The referendum resulted in a vote in favor of the exit of the UK from the EU (“Brexit”). The UK ceased to be a member state of the EU on January 31, 2020, and the transition period provided for in the withdrawal agreement entered by the UK and the EU ended on December 31, 2020. In December 2020, the UK and the EU agreed on a trade and cooperation agreement, which was subsequently ratified by the parties. The trade and cooperation agreement covers the general objectives and framework of the


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


relationship between the UK and the EU. The impact of Brexit on the UK and EU and the broader global economy is unknown but could be significant and could result in increased volatility and illiquidity and potentially lower economic growth. Brexit also may lead to greater volatility in the global currency and financial markets, which could adversely affect the Fund. In connection with investments in non-U.S. issuers, the Fund may engage in foreign currency exchange transactions but is not required to hedge its currency exposure. As such, the Fund makes investments that are denominated in British pound sterling or Euros. The Fund’s assets are valued in U.S. dollars, and the depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in British pound sterling or Euros that are not fully hedged, regardless of the performance of the underlying issuer.
COVID-19 Pandemic Risk
While several countries, as well as certain states in the United States, have relaxed public health restrictions with a view to partially or fully reopening their economies, recurring COVID-19 outbreaks and any related public health restrictions may lead to or prolong a global economic downturn. Even after the COVID-19 pandemic fully subsides, the U.S. economy and most other major global economies may experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the U.S. and other major markets.
Inflation Risk
Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to shareholders.
Interest Rate Risk
As of September 30, 2023, on a fair value basis, approximately 10% of the Fund’s debt investments bear interest at a fixed rate and approximately 90% of the Fund’s debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Interest rates on the investments held within the Fund’s portfolio of investments are typically based on floating SOFR, with many of these investments also having a SOFR floor. Additionally, the Fund’s credit facilities are also subject to floating interest rates and are currently paid based on floating CDOR, EURIBOR, SOFR and SONIA rates.
General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund’s rate of return on invested capital, the Fund’s net investment income and the Fund’s NAV.
The Fund is exposed to medium to long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest rates.
The Adviser regularly measures exposure to interest rate risk. Interest rate risk is assessed on an ongoing basis by comparing the Fund’s interest rate sensitive assets to its interest rate sensitive liabilities. Based on that review, the Adviser determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
Payment-in-Kind (“PIK”) Income Risk
The Fund may hold investments that result in PIK interest income or PIK dividends. PIK income creates the risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse the Fund for these fees. PIK income may have a negative impact on liquidity, as it represents a non-cash component of the Fund’s taxable income that may require


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


cash distributions to shareholders in order to maintain the Fund’s ability to be subject to tax as a RIC. PIK income has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality. Because PIK income results in an increase in the size of the PIK securities held, the Fund’s exposure to potential losses increases when a security pays PIK income.
Unitranche Loans
Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the “last out” tranche, which is generally paid after the “first out” tranche is paid. The Fund intends to participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans.
Risks Associated with Changes in LIBOR
The one, three and six month U.S. Dollar LIBOR settings will continue to be published under a synthetic methodology for a temporary period until September 30, 2024. As a result, LIBOR may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBOR-linked financial instruments in the Fund's portfolio. It is not possible to predict the effect of these changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be enacted in the United Kingdom or elsewhere.
To identify a successor rate for U.S. Dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, was formed. Financial regulators in the United Kingdom, the European Union, Japan and Switzerland also formed working groups with the aim of recommending alternatives to LIBOR denominated in their local currencies. On July 22, 2021, the ARRC formally recommended the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. Although SOFR appears to be the preferred replacement rate for U.S. Dollar LIBOR, it is unclear if other benchmarks may emerge or if other rates will be adopted outside the U.S. The Bank of England's current nominated replacement for GBP-LIBOR is the Sterling Overnight Index Average Rate (“SONIA”). Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, including SONIA, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.
In any event, LIBOR is likely to perform differently than in the past and, ultimately, cease to exist as a global benchmark going forward. The uncertainty as to the future of LIBOR, its phase-out, the transition to one or more alternate benchmark rate(s), and the implementation of such new benchmark rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund's performance and our ability to achieve its investment objective. The Adviser does not have prior experience in investing during a period of benchmark rate transition and there can be no assurance that the Adviser will be able to manage our business in a profitable manner during or after such transition.
The discontinuance of LIBOR has required and may continue to require the Fund to renegotiate credit agreements entered into prior to the discontinuation of LIBOR and extending beyond the discontinuance with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our ability to receive attractive returns.


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Depending on several factors, including those set forth above, and the related costs of negotiating and documenting necessary changes to documentation, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, the specific terms and parameters for and market acceptance of any alternative reference rates, prices and liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates.
Regulatory Risk
Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund, affect the value of its investments and limit the Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential new costs and expenses, additional regulation or changes to existing regulation may also require changes to the Fund’s investment practices.
Credit Risk
Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as they become due. The Fund’s investments in loans and other debt instruments are subject to risk of missing an interest and/or principal payment.
Credit Spread Risk
Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, the conflict between Russia and Ukraine and other economic disruptions, which increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and cash flows.
Prepayment Risk
Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable at any time, and certain loans may be callable at any time at no premium to par. Having the loan or other debt instrument called early may have the effect of reducing the Fund’s actual investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or greater yields.
Volatility Risk
Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
Equity Risk
Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.


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NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Foreign Exchange Rate Risk
Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Currency Hedging Risk
The Adviser may seek to hedge all or a portion of the Fund’s foreign currency risk. For example, the Fund may enter into foreign currency forward contracts to reduce the Fund’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. There is no guarantee that it will be practical to hedge currency risks or that any efforts to do so will be successful. The use of foreign currency forward contracts is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the use of foreign currency forward contracts will achieve their intended result. If the Adviser is incorrect in its expectation of the timing or level of fluctuation in securities prices, currency prices or other variables, the use of foreign currency forward contracts could result in losses, which in some cases may be significant. A lack of correlation between changes in the value of foreign currency forward contracts and the value of the portfolio assets (if any) being hedged could also result in losses.
Cybersecurity Risk
Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its proprietary information, destroy data or disable, degrade or sabotage its systems. These security threats could originate from a wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these threats will be sufficient to prevent disruptions to its systems.
5. COMMITMENTS AND CONTINGENCIES
As of September 30, 2023, the Fund had unfunded commitments to fund delayed draw and revolving debt of $120,620,005 and $43,907,380, respectively, along with preferred stock of $3,500,000. The fair value of the unfunded positions is included in the investments at fair value on the Consolidated Schedule of Investments.
Investments—Corporate LoansFootnoteUnused RatePar / Principal AmountFair Value
222 North Miami, LLCDelayed Draw Term Loan— %$11,558,028 $— 
520 Mezz Owner 2, LLCDelayed Draw Term Loan— %19,088,436 (95,442)
ADPD Holdings, LLCDelayed Draw Term Loan B-11.00 %1,795,122 (144,752)
ADPD Holdings, LLCDelayed Draw Term Loan B-21.00 %1,083,032 (87,332)
ADPD Holdings, LLCRevolver0.50 %621,302 (50,099)
Advanced Web Technologies Holding CompanyRevolver0.50 %492,557 (1,173)
Alpine Acquisition Corp IIRevolver0.50 %2,068,203 (96,255)
Apex Companies Holdings, LLCDelayed Draw Term Loan1.00 %768,443 (5,092)
Applied Technical Services, LLCRevolver0.50 %237,154 (301)
Applied Technical Services, LLCDelayed Draw Term Loan1.00 %1,070,947 5,909 
Appriss Health, LLCRevolver0.50 %888,889 (7,728)


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Investments—Corporate LoansFootnoteUnused RatePar / Principal AmountFair Value
Ascend Buyer, LLCRevolver0.50 %1,711,687 (23,994)
Associations, Inc.Delayed Draw Term Loan1.00 %368,136 — 
Associations, Inc.Revolver0.50 %413,282 — 
Atlas AU Bidco Pty Ltd.Revolver0.50 %267,618 — 
Avalara, IncRevolver0.50 %900,000 — 
BlueCat Networks, Inc.Delayed Draw Term Loan1.00 %194,569 (2,789)
BradyIFS Holdings, LLCRevolver0.50 %369,853 (1,112)
CD&R Madison Parent Ltd.Delayed Draw Term Loan(1)1.50 %3,309,168 49,638 
Celerion Buyer, Inc.Delayed Draw Term Loan1.00 %249,361 2,494 
Celerion Buyer, Inc.Revolver0.50 %124,680 — 
Chemical Computing GroupRevolver0.50 %135,379 (635)
Coreweave Compute Acquisition Co. II, LLCDelayed Draw Term Loan1.00 %3,874,651 (67,806)
Coupa Holdings, LLCDelayed Draw Term Loan1.00 %578,450 11,628 
Coupa Holdings, LLCRevolver0.50 %442,913 — 
CPI Intermediate Holdings IncDelayed Draw Term Loan1.00 %927,474 (12,468)
CST Holding CompanyRevolver0.50 %235,110 969 
DCA Investment Holdings, LLCDelayed Draw Term Loan1.00 %7,530 (85)
Denali Midco 2, LLCDelayed Draw Term Loan1.00 %1,533,333 (31,676)
Diligent CorporationRevolver0.50 %69,148 (924)
Dwyer Instruments, Inc.Delayed Draw Term Loan1.00 %1,418,512 — 
Dwyer Instruments, Inc.Revolver0.50 %1,485,815 — 
Eliassen Group, LLCDelayed Draw Term Loan1.00 %2,667,757 (10,691)
Ellkay, LLCRevolver0.50 %1,785,651 (124,279)
EPS Nass Parent, Inc.Revolver0.50 %9,695 (187)
Excel Fitness Holdings, Inc.Delayed Draw Term Loan1.00 %1,846,969 (14,158)
Excel Fitness Holdings, Inc.Revolver0.50 %890,625 (16,044)
Excelitas Technologies Corp.Delayed Draw Term Loan1.00 %98,635 (1,089)
Excelitas Technologies Corp.Revolver0.50 %150,266 (1,659)
Finastra USA, Inc.Revolver0.50 %2,963,379 (59,268)
FPG Intermediate Holdco, LLCDelayed Draw Term Loan1.00 %866,239 (10,609)
Greenhouse Software, Inc.Incremental Revolver0.50 %66,667 (479)
Greenhouse Software, Inc.Revolver0.50 %735,294 (5,287)
Hadrian Acquisition Ltd.Delayed Draw Term Loan(1)2.33 %2,809,320 (21,070)
Heartland Home Services, Inc.Revolver0.50 %695,028 (9,503)
Hercules Borrower, LLCDelayed Draw Term Loan1.00 %1,114,339 (20,892)
Hercules Borrower, LLCRevolver0.50 %681,556 — 
Hoosier Intermediate, LLCRevolver0.50 %1,800,000 (139,895)
HS S.p.A Holding, Inc.Revolver0.50 %1,079,488 (7,326)
iCIMS, Inc.Delayed Draw Term Loan— %6,029,629 — 
iCIMS, Inc.Revolver0.50 %2,031,194 (4,616)
Integrity Marketing Acquisition, LLCDelayed Draw Term Loan1.00 %9,250,000 (116,768)
Integrity Marketing Acquisition, LLCRevolver1.00 %750,000 (387)
IQN Holding Corp.Delayed Draw Term Loan1.00 %394,938 2,098 
IQN Holding Corp.Revolver0.50 %488,923 — 
Jeg's Automotive, LLCDelayed Draw Term Loan1.00 %4,166,667 (617,370)
Kaseya, Inc.Delayed Draw Term Loan1.00 %1,076,380 (5,785)
Kaseya, Inc.Revolver0.50 %1,540,541 (8,279)
LVF Holdings, Inc.Revolver0.50 %875,567 (14,094)
Material Holdings, LLCDelayed Draw Term Loan— %661,049 (33,627)
Material Holdings, LLCRevolver1.00 %489,131 (24,882)
Medical Manufacturing Technologies, LLCRevolver0.50 %413,206 (3,202)
NEFCO Holding Company, LLCDelayed Draw Term Loan B1.00 %369,398 (128)
NEFCO Holding Company, LLCRevolver0.50 %432,579 (150)


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


Investments—Corporate LoansFootnoteUnused RatePar / Principal AmountFair Value
North Haven Fairway Buyer, LLCDelayed Draw Term Loan0.50 %7,315,042 (155,655)
North Haven Fairway Buyer, LLCRevolver0.50 %1,268,846 (26,999)
North Haven Stallone Buyer, LLCDelayed Draw Term Loan1.00 %87,467 (584)
Oak Purchaser, Inc.Delayed Draw Term Loan0.50 %1,354,424 (37,266)
Oak Purchaser, Inc.Revolver0.50 %583,878 (16,065)
Oranje Holdco, Inc.Revolver0.50 %754,870 — 
PCF Holdco, LLCPreferred Stock(2)3.75 %3,500,000 28,525 
Pestco Intermediate, LLCDelayed Draw Term Loan2.00 %1,387,316 (24,458)
Pestco Intermediate, LLCRevolver0.50 %238,095 (4,197)
PF Atlantic Holdco 2, LLCRevolver0.50 %775,842 (1,614)
PF Atlantic Holdco 2, LLCDelayed Draw Term Loan1.00 %4,655,050 (9,681)
Prophix Software Inc.Delayed Draw Term Loan— %391,123 — 
Prophix Software Inc.Revolver0.50 %996,678 — 
Pushpay USA Inc.Revolver0.50 %1,543,210 (18,390)
PXO Holdings I Corp.Delayed Draw Term Loan1.00 %885,485 (22,104)
PXO Holdings I Corp.Revolver0.50 %1,314,652 (32,817)
Qnnect, LLCDelayed Draw Term Loan1.00 %662,309 7,579 
R&F International Sub 2 Ltd.Delayed Draw Term Loan(1)— %5,576,718 (69,709)
Radwell Parent LLCRevolver0.38 %1,116,275 — 
Rome Bidco Ltd.Delayed Draw Term Loan(1)2.71 %2,783,723 (13,919)
RSC Acquisition, Inc.Delayed Draw Term Loan1.00 %1,529,233 8,173 
Sapphire Convention, Inc.Revolver0.50 %628,251 (1,918)
SCP Eye Care HoldCo, LLCDelayed Draw Term Loan1.00 %20,600 (251)
SCP Eye Care HoldCo, LLCRevolver0.50 %9,093 (111)
Smarsh, Inc.Delayed Draw Term Loan1.00 %510,180 (4,748)
Smarsh, Inc.Revolver0.50 %255,090 (2,374)
Spotless Brands, LLCDelayed Draw Term Loan1.00 %7,500,000 46,041 
Spotless Brands, LLCRevolver0.50 %1,096,033 (3,155)
Summit Acquisition, Inc.Delayed Draw Term Loan1.00 %1,717,791 (16,235)
Summit Acquisition, Inc.Revolver0.50 %858,896 (8,118)
Tank Holding Corp.Delayed Draw Term Loan1.00 %3,144,828 (66,878)
Tank Holding Corp.Revolver0.38 %358,621 (10,731)
The Carlstar Group, LLCRevolver0.50 %1,828,571 — 
Trader CorporationRevolver(1)0.50 %166,772 — 
Tufin Software North America, Inc.Delayed Draw Term Loan— %313,395 (6,588)
Tufin Software North America, Inc.Revolver0.50 %1,294,643 (27,215)
Wineshipping.Com, LLCDelayed Draw Term Loan1.00 %1,608,809 (84,592)
Wineshipping.Com, LLCRevolver0.50 %476,684 (25,064)
Total Unfunded Commitments$168,027,385 $(2,429,769)
(1) Par / Principal Amount is converted to USD using the GBP/USD of 0.82 or CAD/USD of 1.36, as applicable.
(2) Par / Principal Amount is based on the issuance price of $1,000 per share.
The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered to be remote.


CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)


6. SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the consolidated schedule of investments was issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated schedule of investments was issued, except as disclosed below.
On October 2, 2023, the Fund closed on the sale of 2,000,000 Series D Mandatory Redeemable Preferred Shares and 2,000,000 Series E Mandatory Redeemable Preferred Shares, each to seven accredited investors for gross proceeds of $50,000,000 each, in an offering exempt from registration under Rule 506(c) under the Securities Act of 1933, as amended.
The Fund commenced a quarterly repurchase offer beginning on September 5, 2023 and ending on October 13, 2023 (the “Repurchase Pricing Date”). The following table summarizes the share repurchases completed following the Repurchase Pricing Date.
Repurchase Pricing DateShares RepurchasedPurchase Price per ShareAggregate Consideration for Repurchased SharesSize of Repurchase Offer% of Outstanding Shares Offered to be Repurchased% of Outstanding Shares Repurchased
October 13, 20237,044,893 $8.41 $59,273,363 13,002,377 5.00 %2.71 %